<SEC-DOCUMENT>0001140361-22-012538.txt : 20220401
<SEC-HEADER>0001140361-22-012538.hdr.sgml : 20220401
<ACCEPTANCE-DATETIME>20220401133651
ACCESSION NUMBER:		0001140361-22-012538
CONFORMED SUBMISSION TYPE:	N-CSR/A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220401
DATE AS OF CHANGE:		20220401
EFFECTIVENESS DATE:		20220401

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		22797365

	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/A
<SEQUENCE>1
<FILENAME>brhc10035913_ncsra.htm
<DESCRIPTION>N-CSR/A
<TEXT>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt;">United States</div>
    <font style="font-size: 14pt;"> </font>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt;">Securities and Exchange Commission</div>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Washington, D.C. 20549</div>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold; font-size: 18pt;">Form N-CSR/A</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Certified Shareholder Report of Registered Management</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Investment Companies</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Investment Company Act file number: 811-05807</div>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 24pt;">Eagle Capital Growth Fund, Inc.</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">(Exact name of registrant as specified in charter)</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">225 East Mason Street, Suite 802, Milwaukee, WI 53202</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">(Address of principal executive offices) (zip code)</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Luke E. Sims, President and Chief Executive Officer</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Eagle Capital Growth Fund, Inc.</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">225 East Mason Street, Suite 802,</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Milwaukee, WI 53202</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;(Name and address of agent for service)</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Registrant&#8217;s telephone number, including area code: (414) 765-1107</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Date of fiscal year end: December 31</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Date of reporting period: December 31, 2021</div>
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  <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">Changes Reflected in the Amended N-CSR</div>
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        <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 1.</td>
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          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">REPORT TO STOCKHOLDERS</div>
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  <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Eagle Capital Growth Fund, Inc.</div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Annual Report</div>
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  <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">December 31, 2021</div>
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  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Top Ten Equity Holdings (as of December 31, 2021)</u></div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">Berkshire Hathaway Inc. B</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">8,372,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">19.5</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">White Mountains Insurance Group, Ltd.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,129,190</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.9</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">Starbucks Corp.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,105,460</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.9</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">Diamond Hill Investment Group, Inc.</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,859,946</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.3</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman', Times, serif;">Franklin Resources, Inc.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,841,950</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.3</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman', Times, serif;">Colgate-Palmolive Company</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">1,792,140</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.2</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman', Times, serif;">PepsiCo, Inc.</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,737,100</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.0</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman', Times, serif;">Illinois Tool Works Inc.</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,727,600</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.0</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman', Times, serif;">Markel Corp.</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,604,200</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">3.7</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman', Times, serif;">Alphabet, Inc. A</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,448,520</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">3.4</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
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    <div id="DSPFPageFooter"></div>
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  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">Dear Fellow Shareholders,</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The most recent calendar year produced wonderful stock market returns.&#160; &#160; For 2021 our Fund&#8217;s net asset value (NAV) was up 24.1%, which lagged the S&amp;P 500 (total return)
    index which notched a 28.7% return.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">A cautionary note----we are almost 13 years into a bull market that has provided terrific returns.&#160;&#160; Many of the current stock market investors have never experienced a bear
    market.&#160;&#160; For those of us with a little gray hair, we know that bear markets lurk around every corner.&#160;&#160; We won&#8217;t be surprised to see the stock market go down, and go down in a big way.&#160;&#160; Current market valuations are fairly high, and thus future
    returns are likely to be below recent historic numbers (and below the long-term 10% annual gross return that the stock market has provided).</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Here is another take on the current market euphoria in certain sectors.&#160;&#160; A fellow portfolio manager shared with us a chart that shows the number and market value of companies
    trading at more than 20x <font style="font-weight: bold;">revenues</font>.&#160;&#160; Right now, the number and combined market value dramatically exceed the same figures from 2000-2001, just prior to the burst of the Internet bubble.&#160;&#160; We&#8217;re reminded of the
    perspective of Scott McNeely, the then-CEO of Sun Microsystems who was commenting a few years after the Sun Microsystems stock price exceeded 10x revenues (and peaked at $64) before falling to $5/share:</div>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends.&#160;&#160; That assumes I can get that by
    my shareholders.&#160; That assumes I have zero cost of goods sold, which is very hard for a computer company.&#160; That assumes zero expenses, which is really hard with 39,000 employees.&#160; That assumes I pay no taxes, which is very hard.&#160; And that assumes you
    pay no taxes on your dividends, which is kind of illegal.&#160; And that assumes with zero R&amp;D for the next 10 years, I can maintain the current revenue run rate.&#160; Now, having done that, would any of you like to buy my stock at $64?&#160;&#160; Do you realize how
    ridiculous those basic assumptions are?&#160; You don&#8217;t need any transparency.&#160; You don&#8217;t need any footnotes.&#160;&#160; What were you thinking?</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">A few of those expensively-valued companies will prove to be good investments.&#160;&#160; Query:&#160; can you confidently pick the one, or two, or three?&#160;&#160; And what happens to all of the
    rest?</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">In our annual shareholder letter from last year, we talked a little about DoorDash (DASH) and its nose-bleed level valuation.&#160;&#160; As we write this letter, DASH is $128 a share,
    down about 36% from its year-ago level.&#160;&#160; The jury is still out, but we&#8217;re sticking with our valuation analysis--- companies currently generating profits are easier to value than those promising future profits while sustaining current losses.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Our portfolio isn&#8217;t immune from holding richly-priced shares.&#160;&#160; Sure, we bought them at lower levels and have seen them appreciate, but we&#8217;re still holding high quality
    companies with price/earnings multiples well into the 20s, and in some cases the 30s.&#160; And, yes, that makes us nervous.&#160;&#160; But we have to balance the certainty of incurring capital gains taxes if we sell against the potential downside risk.</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
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    <div id="DSPFPageHeader"></div>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">As we&#8217;ve said often before, even high-quality companies can trade at excessive valuations.&#160; Coca-Cola (KO) is a good example.&#160; Coke is a wonderful company that has delivered
    excellent returns for decades.&#160; KO has terrific operating metrics, with a gross margin of 61%, an operating margin above 31%, and a pretax margin of 30%.&#160;&#160; But, right now KO is expensive, and trades at a P/E of 30x, despite low single digit growth
    expectations going forward.&#160;&#160; The Coke dividend yield of 2.7% provides some comfort, although the KO payout ratio is about 83% (so there is little opportunity to boost the dividend much in the near future.)&#160;&#160; [Note:&#160; when Buffett and Berkshire Hathaway
    were accumulating their KO position in the late 1980s they paid approximately 15x earnings.]</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Fund&#8217;s cash balance reflects our careful attitude about prevailing share prices.&#160; We prefer to be fully invested, though there are times when it makes sense to reduce,
    partially or fully, our investment in portfolio companies.&#160; We look forward to finding opportunities where we can deploy that capital to add to our portfolio at reasonable prices.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">As always, we love hearing from our Fund shareholders.&#160;&#160; As we constantly remind you, we won&#8217;t comment on any Fund portfolio purchase or sale that hasn&#8217;t been publicly
    reported, or that is contemplated.&#160;&#160; With that one caveat, all other topics are fair game.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zf02b4da4d1ce46318d195d8430ef285e">

      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
        </td>
        <td style="width: 35%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Luke E. Sims</div>
        </td>
        <td style="width: 5%; vertical-align: top;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
        </td>
        <td style="width: 35%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">David C. Sims, CFA</div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Email:</div>
        </td>
        <td style="width: 35%; vertical-align: top;">
          <div style="font-family: 'Times New Roman',Times,serif;">luke@simscapital.com</div>
        </td>
        <td style="width: 5%; vertical-align: top;">
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        <td style="width: 35%; vertical-align: top;">
          <div style="font-family: 'Times New Roman',Times,serif;">dave@simscapital.com</div>
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      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Phone:</div>
        </td>
        <td style="width: 35%; vertical-align: top;">
          <div style="font-family: 'Times New Roman',Times,serif;">414/530-5680</div>
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        <td style="width: 5%; vertical-align: top;">
          <div style="font-family: 'Times New Roman',Times,serif;">Phone:</div>
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        <td style="width: 35%; vertical-align: top;">
          <div style="font-family: 'Times New Roman',Times,serif;">414/765-1107</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">January 18, 2022</div>
  <div><br>
  </div>
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  <div style="text-align: center;"><img src="image00003.jpg"></div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" align="left" class="cfttable" id="z08460d65002140b3a6cc5c8ae6a80322" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"> 1-year</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Net Asset Value return</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">24.05</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">13.43</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">12.77</div>
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      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 14%;">
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        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">30.70</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">13.23</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">11.55</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>

  </table>
  <div style="clear: both;"><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">Disclosures:</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Fund did not have an offering of shares on December 31, 2011; shareholders and potential shareholders should not confuse the Fund with funds that have regular share
    offerings.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Past Performance does not predict future performance.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The table and graph do not reflect the deduction of taxes an investor would pay on Fund distributions or the sale of Fund shares.&#160; Likewise, the S&amp;P 500 estimate does not
    factor in taxes on dividends nor the impact realized gains had an investor owned the underlying index securities.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Reinvestment in Fund shares is calculated at the price received by participants of the Fund&#8217;s Dividend Reinvestment Plan (&#8220;DRIP&#8221;), which may understate Fund performance but is
    the best proxy for describing a continued investment in the Fund.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The S&amp;P 500 Index is included as an equity comparable; however, the Fund holds short-term investments and cash, with different returns and a different impact on Fund
    returns in bear or bull markets.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Fund&#8217;s return can be estimated using net asset value (NAV) or market price.&#160; Market price is used here.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The Fund has a &#8220;total return&#8221; fundamental investment objective.&#160; The S&amp;P 500 has no fundamental investment objective.</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageFooter"></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div id="DSPFPageHeader"></div>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Statement of Assets, Liabilities and Shareholders&#8217; Equity</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">As of December 31, 2021</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" class="cfttable" id="z776c5c0356ab4d4d8b91404c0df47bac" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">Assets</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Common stock--at market value (cost $17,223,622)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">36,505,900</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Money market funds</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">
          <div style="font-family: 'Times New Roman', Times, serif;">6,524,013</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Short-term interest receivable</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">71</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Dividends receivable</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">
          <div style="font-family: 'Times New Roman', Times, serif;">45,478</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <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; font-family: 'Times New Roman', Times, serif;">Prepaid fees</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">13,564</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">43,089,026</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Liabilities</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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: 76%; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Accounts payable</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">28,574</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Investment advisor fee payable</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">31,250</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">59,824</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Total net assets</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">43,029,202</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholders' Equity</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 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; font-family: 'Times New Roman', Times, serif;">Common stock- $0.001 par value per share; authorized</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,991</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">50,000,000 shares, outstanding 3,991,647 shares</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">Paid-in capital</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">23,691,332</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">Undistributed net investment income</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">51,601</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Unrealized appreciation on investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">19,282,278</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Shareholders' equity</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">43,029,202</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Net asset value per share</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">10.78</div>
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  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">See Notes to Financial Statements.</div>
  <div style="font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="page-break-after:always;" id="DSPFPageBreak">
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  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Statement of Operations</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">For the Year Ended December 31, 2021</div>
  <div><br>
  </div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
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        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">667,313</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Interest</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">653</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Total investment income</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">667,966</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expenses</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Advisory fees</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">324,969</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Legal fees</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">
          <div style="font-family: 'Times New Roman', Times, serif;">10,040</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Insurance</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">15,268</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Transfer agent</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">45,464</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">72,258</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Custodian fees</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">
          <div style="font-family: 'Times New Roman', Times, serif;">9,424</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Listing fee</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">15,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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;">
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        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Total expenses</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">540,252</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Net investment income</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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 style="font-family: 'Times New Roman', Times, serif;">127,714</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" style="vertical-align: bottom; width: 64%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" colspan="4" style="vertical-align: bottom;">
          <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Realized Gain and Unrealized Appreciation on Investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Realized gain on investments:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 16.2pt; font-family: 'Times New Roman',Times,serif;">Proceeds from sale of investment securities</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">9,318,641</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Less: cost of investment securities sold</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">5,531,647</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Net realized gain on investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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 style="font-family: 'Times New Roman', Times, serif;">3,786,994</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Unrealized appreciation on investments:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Unrealized appreciation at end of year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">19,282,278</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Less: unrealized appreciation at beginning of year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">14,381,254</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 64%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Net change in unrealized appreciation on investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">4,901,024</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Net realized gain and unrealized appreciation on investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">8,688,018</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 64%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Net increase from operations</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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 style="font-family: 'Times New Roman', Times, serif;">8,815,732</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">See Notes to Financial Statements.</div>
  <div style="font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div id="DSPFPageHeader"></div>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Statements of Changes in Net Assets</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
  </div>
  <table cellspacing="0" cellpadding="0" class="cfttable" id="z37adbbfa3f7f4f5a8841b0cc69d0312a" 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" class="cftguttercell" 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-family: 'Times New Roman', Times, serif;">Year Ended</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">December 31, 2020</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Year Ended</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">December 31, 2021</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#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-family: 'Times New Roman', Times, serif; font-weight: bold;">From Operations:</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Net investment income</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">200,801</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">127,714</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">Net realized gain on investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,978,582</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,786,994</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Net change in unrealized appreciation on investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,373,106</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,901,024</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman',Times,serif;">Net increase from operations</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,552,489</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">8,815,732</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions to Shareholders from:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">Net investment income</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(262,295</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(84,904</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</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; font-family: 'Times New Roman', Times, serif;">Net realized gain from investment transactions</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">(1,978,582</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">(3,786,994</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman',Times,serif;">Total distributions</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(2,240,877</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(3,871,898</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
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      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">From Capital Stock Transactions:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">Reinvested capital from distribution of shares</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">--</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">--</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Net Assets:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">Beginning of year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">37,530,271</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">38,841,883</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman',Times,serif;">
            <div>End of year (including undistributed net investment income of $8,791 and $51,601)</div>
          </div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">38,841,883</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">43,029,202</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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-family: 'Times New Roman', Times, serif;">Shares at beginning of year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,074,321</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,074,321</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Shares repurchased</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">--</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">(82,674</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
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      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Shares at end of year (A)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,074,321</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,991,647</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">(A) On January 25, 2022, 20,416 shares related to the December 2021 distribution were issued, increasing total shares outstanding to 4,012,063.</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">See Notes to Financial Statements.</div>
  <div style="font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageFooter"></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    <div id="DSPFPageHeader"></div>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Highlights</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" class="cfttable" id="z7e692877d85c42748c6cd618ed70d3a6" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">For the years ended December 31:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2019</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2020</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2021</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" 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: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Net asset value at beginning of year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">8.26</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.14</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">8.15</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.21</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.53</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Net investment income</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.10</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.09</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.05</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.03</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman',Times,serif;">
            <div>Net realized gain and unrealized appreciation (loss) on investments</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.44</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.52</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.61</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.82</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">2.15</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Total from investment operations</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.44</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.42</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.70</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.87</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">2.18</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Distribution from:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman',Times,serif;">Net investment income</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.09</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.07</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.06</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$&#160;</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.02</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Realized gains</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.51</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.44</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.49</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.49</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$&#160;</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.95</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</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; font-family: 'Times New Roman', Times, serif;">Total distributions</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.51</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.53</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.56</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.55</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$&#160;</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.97</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Dilution from share issuance</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.05</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.04</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.08</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Accretion from share purchases</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.04</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Net asset value at end of year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.14</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">8.15</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.21</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.53</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">10.78</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Per share market price, end of year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">last traded price</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">7.94</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">7.30</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">8.02</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">7.98</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.51</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Investment Return:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Average annual return, based on Market Value:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1 Year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">15.02</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">(1.44</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">18.13</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">6.36</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">30.70</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">5 Year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">11.58</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">5.62</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">6.97</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.80</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">13.23</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
          <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">10 Year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">7.39</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">11.84</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">10.88</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">10.73</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">11.55</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Average annual return, based on Net Asset Value:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">1 Year</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">17.82</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(4.41</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">21.35</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">10.75</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">24.05</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
          <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">5 Year</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">13.19</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">6.70</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">9.20</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">11.17</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">13.43</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">10 Year</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">8.45</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">11.55</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">11.29</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">10.87</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">12.77</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Net assets, end of year (000s omitted)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">34,064</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">31,712</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">37,530</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">38,842</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">43,029</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Ratios to average net assets^:</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman',Times,serif;">Expenses to average net assets</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.36</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.34</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.29</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">1.30</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.26</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Net investment income to average net assets</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.00</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.10</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.95</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.57</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.30</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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; font-family: 'Times New Roman', Times, serif;">Portfolio turnover</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">50</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">42</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">26</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">19</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">5</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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; font-family: 'Times New Roman', Times, serif;">Average commission paid per share</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.04</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.05</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.05</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.04</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">0.01</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">^&#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; During the years reported, the Fund did not have
    investments in investment companies.</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">See Notes to Financial Statements.</div>
  <div style="font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageFooter"></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    <div id="DSPFPageHeader"></div>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Portfolio of Investments (as of December 31, 2021)</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" class="cfttable" id="z3cdfed707bd64e4a82a48a43f7a428cd" 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-family: 'Times New Roman', Times, serif;">Common Stock (84.8% of total investments)</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="font-family: 'Times New Roman',Times,serif; text-align: center;">LEVEL ONE</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">Percent of Total</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
          <div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Industry</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Shares</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Cost</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Market Value</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Investments</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Advertising</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Alphabet, Inc. A*</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">583,844</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">1,448,520</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">MediaAlpha, Inc.*</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">617,600</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">2,066,120</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.8</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bank</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 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; font-family: 'Times New Roman', Times, serif;">Wells Fargo &amp; Co.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">10,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">403,661</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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 style="font-family: 'Times New Roman', Times, serif;">479,800</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" 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" style="vertical-align: bottom; width: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">479,800</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1.1</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </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: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Brokerage</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Charles Schwab</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">10,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">337,286</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">841,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Kimberly-Clark Corp.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Procter &amp; Gamble Company</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,619,520</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">6.1</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Credit Card</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Mastercard Inc</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">219,636</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">359,320</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Visa Inc.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">1,500</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">325,065</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">684,385</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">1.6</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Data Processing</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Automatic Data Processing, Inc.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">739,740</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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      <tr>
        <td valign="bottom" nowrap="nowrap" rowspan="1" 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; font-family: 'Times New Roman', Times, serif;">Paychex, Inc.</div>
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        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">6,000</div>
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        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
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        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">819,000</div>
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        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><br>
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        <td valign="bottom" nowrap="nowrap" rowspan="1" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><br>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,558,740</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">3.6</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        <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-family: 'Times New Roman', Times, serif; font-weight: bold;">Drug/Medical Device</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Johnson &amp; Johnson</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">45,500</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">684,280</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <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; font-family: 'Times New Roman', Times, serif;">Stryker Corp.</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,500</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">4.4</div>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Food</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">29,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,041,100</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">PepsiCo, Inc.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">10,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">1,737,100</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,778,200</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">6.5</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Industrial</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Illinois Tool Works Inc.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">7,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">295,051</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,727,600</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Waters Corp.*</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Berkshire Hathaway Inc. B*</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <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-family: 'Times New Roman', Times, serif;">Markel Corp.*</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,604,200</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">White Mountains Insurance Group, Ltd.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,100</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,785,903</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">2,129,190</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,105,390</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">28.1</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mutual Fund Managers</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Diamond Hill Investment Group</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">9,576</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">T. Rowe Price Group Inc.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">10.2</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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      <tr>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Starbucks Corp.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">18,000</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">940,052</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">2,105,460</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,105,460</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">4.9</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">See Notes to Financial Statements.</div>
  <div style="font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageFooter"></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    <div id="DSPFPageHeader"></div>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Portfolio of Investments (as of December 31, 2021), continued</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" class="cfttable" id="z743a864bb3b74c978b47b177cfea950b" 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" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="font-family: 'Times New Roman', Times, serif;">LEVEL ONE</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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-family: 'Times New Roman', Times, serif; font-weight: bold;">Percent of Total</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
          <div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Industry</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Shares</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;"><br>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Cost</u></div>
        </td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;"><br>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,257,834</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">eBay Inc.</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <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; font-family: 'Times New Roman', Times, serif;">O'Reilly Automotive Inc.*</div>
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        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" 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" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">2,516,679</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">5.8</div>
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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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Total common stock investments</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">36,505,900</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Money Market Funds (15.2% of total investments)</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: 'Times New Roman', Times, serif;">Morgan Stanley Inst. Liquidity Fund, Treasury, 0.01%</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">6,524,013</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#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" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">6,524,013</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">15.2</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
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      <tr>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Total investments</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">43,029,913</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">All other assets</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">59,113</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; background-color: #CCEEFF;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">Accrued investment advisory fees</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">(31,250</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%; padding-bottom: 2px;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; font-family: 'Times New Roman',Times,serif;">All other liabilities</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">(28,574</div>
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        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#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: 16.2pt; font-family: 'Times New Roman',Times,serif;">Total net assets</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="font-family: 'Times New Roman', Times, serif;">43,029,202</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" 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: 52%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 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; font-family: 'Times New Roman',Times,serif;">*Non-dividend paying security</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">See Notes to Financial Statements.</div>
  <div style="font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
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  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notes to Financial Statements</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68c313120ae640f2b91e26ac0e1ef719">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 19.5pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-style: italic;">(1)</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-style: italic;">Organization</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">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.&#160; The Fund has
    opted into the Maryland Control Share Acquisition Act.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze100417aa1d34934a215969e14a17a4a">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 19.5pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-style: italic;">(2)</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-style: italic;">Significant Accounting Policies</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">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-family: 'Times New Roman', Times, serif;"><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-family: 'Times New Roman', Times, serif;"><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; font-family: 'Times New Roman', Times, serif;">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, 2021, the Fund has not held a security which required an illiquid pricing valuation.</div>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">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-family: 'Times New Roman', Times, serif;"><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-family: 'Times New Roman', Times, serif;"><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; font-family: 'Times New Roman', Times, serif;">The following information is based upon the Federal income tax basis of equity portfolio investments as of December 31, 2021:</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="z9a53ddc8dfe444a9bdfb93c4e29ff68b" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

      <tr>
        <td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Gross unrealized appreciation</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">19,468,838</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 48%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">Gross unrealized depreciation</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">(186,560</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Net unrealized appreciation</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">19,282,278</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 48%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Federal income tax basis</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">17,223,622</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;"><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>
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  </div>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Repurchases</font>&#8212;The Fund repurchases shares with the purpose of reducing total shares outstanding. The price paid for the repurchased
    shares is recorded to reduce common stock and paid-in capital.</div>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;"><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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f29cc5705fc47c0a8226a6949e4978d">

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

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;"><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; font-family: 'Times New Roman', Times, serif;">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>
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  </div>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;"><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-family: 'Times New Roman', Times, serif;"><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>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7ba1f05b03343a2983cfd791e76d5f4">

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

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">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" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z180cfbf408ca4ec4be7f9b9177e83ce4">

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

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">On November 8, 2021, a distribution of $0.97 per share aggregating $3,871,898 was declared from net investment income and net realized long-term capital gains.
    The dividend was paid on December 23, 2021, to shareholders of record on November 19, 2021. The tax character of distributions paid during 2020 and 2021 was as follows:</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" align="center" class="cfttable" id="zad889de384244d94b4184a7f464f5f5d" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

      <tr>
        <td valign="bottom" style="vertical-align: top; width: 36%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <u>2020</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <u>2021</u></div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 36%;">
          <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Distributions paid from:</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 36%; background-color: rgb(204, 238, 255);">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Net investment income:</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">262,295</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">84,904</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 36%;">
          <div style="text-indent: -7.2pt; margin-left: 16.2pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Net realized long-term capital gains:</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,978,582</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">3,786,994</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">In 2020 and 2021, the distributions were paid in cash.</div>
  <div><br>
  </div>
  <div style="margin-left: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">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" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c1c4c768d4949f08fd9548b36410439">

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

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">Purchases and sales of securities, other than short-term securities, for the twelve-month period ended December 31, 2021, were $2,201,412 and $9,318,640, respectively.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ee37696a5df4930843af594c2c07095">

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

  </table>
  <div><br>
  </div>
  <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">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 market price and sold out of the Fund at
    the market 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; font-family: 'Times New Roman', Times, serif;"> <br>
  </div>
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  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
  <div>&#160;</div>
  <div style="font-family: 'Times New Roman', Times, serif;">To the Shareholders and Board of Directors</div>
  <div style="font-family: 'Times New Roman', Times, serif;">Eagle Capital Growth Fund, Inc.</div>
  <div>&#160;</div>
  <div style="font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Opinion on the Financial Statements</div>
  <div>&#160;</div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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, 2021 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, 2021; 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-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Basis for Opinion</div>
  <div>&#160;</div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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 style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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, 2021 by correspondence with the custodian. We believe that our audits provide a
    reasonable basis for our opinion.</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">/s/ Plante &amp; Moran, PLLC</div>
  <div>&#160;</div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">We have served as the Company&#8217;s auditor since 2002.</div>
  <div>&#160;</div>
  <div style="font-family: 'Times New Roman', Times, serif;">Auburn Hills, Michigan</div>
  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 17, 2022</div>
  <div><br>
  </div>
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  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Directors Who Are Interested Persons of the Fund and Officers</div>
  <div><br>
  </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="za8135bcedfae409d936aa154322addee">

      <tr>
        <td style="width: 13.01%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Name, Address and Age</div>
        </td>
        <td style="width: 13.59%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Position(s) Held with Fund</div>
        </td>
        <td style="width: 13.01%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Term of Office and Length of Time Served</div>
        </td>
        <td style="width: 31.59%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Principal Occupation(s) During Past 5 Years (in addition to positions held in the Fund)</div>
        </td>
        <td style="width: 13.01%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Number of Portfolios in Fund Complex Overseen by Director or Nominee for Director</div>
        </td>
        <td style="width: 15.8%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Other Directorships Held by Director or Nominee for Director</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Public</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Companies)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.01%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">David C.&#160; Sims*, age 40</div>
        </td>
        <td style="width: 13.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">VP, CFO, CCO,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">Treasurer, Secretary, and Director</div>
        </td>
        <td style="width: 13.01%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2024 (Class II).&#160; Served as a director since 2015.</div>
        </td>
        <td style="width: 31.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">President of Sims Capital Management LLC (investment advisor to the Fund); Manager of Peregrine Investment Fund LLC (private investment fund); and roles with the Fund as previously
            identified.</div>
        </td>
        <td style="width: 13.01%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 15.8%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.01%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Luke E. Sims**, age 72</div>
        </td>
        <td style="width: 13.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">President, CEO and Director</div>
        </td>
        <td style="width: 13.01%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2022 (Class III); nominee for director. Served as a director since 2002.</div>
        </td>
        <td style="width: 31.59%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">President and Chief Executive Officer of the Fund; Chairman of Sims Capital Management LLC (the Advisor to the Fund); and Retired Partner of Foley &amp; Lardner LLP (national law firm)
            where he was affiliated from 1976 through 2010.</div>
        </td>
        <td style="width: 13.01%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 15.8%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">*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 style="font-family: 'Times New Roman', Times, serif;">**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>
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  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Directors Who Are Not Interested Persons</div>
  <div>&#160;</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="z5338562c9f37466bb4d82cea1adb7c60">

      <tr>
        <td style="width: 13.51%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Name, Address and Age*</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Position(s) Held with Fund</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Term of Office and Length of Time Served</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Principal Occupation(s) During Past Five Years</div>
        </td>
        <td style="width: 16.22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Number of Portfolios in Fund Complex Overseen by Director or Nominee for Director</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Other Directorships Held by Director or Nominee for Director</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Public</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Companies)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Jason W. Allen, age 50</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2023 (Class I); nominee for director.&#160; Served as a director since 2021.</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Partner of Foley &amp; Lardner LLP (law firm) where he has been a practicing corporate lawyer since 1999.</div>
        </td>
        <td style="width: 16.22%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Robert M. Bilkie, Jr.,&#160;&#160; age 61</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Chairman; Director</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2023 (Class I).&#160; Served as a director since 2006.</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">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 style="width: 16.22%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Phillip J. Hanrahan,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">age 82</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2023 (Class I).&#160; Served as a director since 2008.</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">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 style="width: 16.22%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Carl A. Holth,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">age 89</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2024 (Class II).&#160; Served as a director since 1989.</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Retired.</div>
        </td>
        <td style="width: 16.22%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Anne M. Nichols, age 60</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2024 (Class II); nominee for director.&#160; Served as a director since 2021.</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Managing director at Fern Capital Inc, an investment advisor.</div>
        </td>
        <td style="width: 16.22%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Donald G. Tyler,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">age 69</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2022 (Class III); nominee for director. Served as a director since 2010.</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">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 style="width: 16.22%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Neal F. Zalenko,&#160; &#160; &#160; age 76</div>
        </td>
        <td style="width: 10.81%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;Director</div>
        </td>
        <td style="width: 13.51%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Term of office expires 2022 (Class III) ; nominee for director. Served as a director since 2008.</div>
        </td>
        <td style="width: 28.83%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Retired; Founder and Managing partner of Zalenko &amp; Associates, P.C. (accounting firm), that merged with Baker Tilly in early 2005.</div>
        </td>
        <td style="width: 16.22%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">One</div>
        </td>
        <td style="width: 17.12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">*The address of each is the address of the principal executive office of the Fund.</div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageFooter"></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    <div id="DSPFPageHeader"></div>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compensation.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">The following tables identify the aggregate compensation paid to all directors and nominees in 2021.&#160; Directors&#8217; fees are only payable to directors who are not officers of the
    Fund or affiliated with the Advisor<a name="z_Hlk32328342"></a>.&#160; For 2021, 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 for 2022 will be a $12,000 annual retainer, $1,250 for serving on the Audit Committee, and $750 for the Audit Committee Chairman; the
    2022 fees will be paid quarterly.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">Sims Capital Management LLC (&#8220;SCM&#8221;), the investment advisor for the Fund, was paid $324,969 by the Fund in 2021.&#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 style="font-family: 'Times New Roman', Times, serif;">Directors who are Interested Persons of the Fund:</div>
  <div><br>
  </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="zaac6fd7d94b74abd8c9c775cd391cd63">

      <tr>
        <td style="width: 20%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Name, Position</div>
        </td>
        <td style="width: 20%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Aggregate </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Compensation </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">From Fund</div>
        </td>
        <td style="width: 20%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Pension or Retirement</div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"> Benefits Accrued as </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">part of Fund </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Expenses</div>
        </td>
        <td style="width: 20%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Estimated </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Annual </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Benefits upon </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Retirement</div>
        </td>
        <td style="width: 20%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Total </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Compensation </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">from Fund and </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Complex paid to </div>
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Directors</div>
        </td>
      </tr>
      <tr>
        <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>
        <td style="width: 20%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">David C. Sims,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">VP, CFO, CCO,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">Treasurer, Secretary,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">and Director</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;None</div>
        </td>
      </tr>
      <tr>
        <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>
        <td style="width: 20%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">Luke E. Sims,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">Director, President,</div>
          <div style="font-family: 'Times New Roman', Times, serif;">CEO</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;None</div>
        </td>
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  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageFooter"></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    <div id="DSPFPageHeader"></div>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">Directors who are not Interested Persons of the Fund:</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" class="cfttable" id="zba4cdd13fc0a47f5959f06ee10bd0724" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Name, Position</div>
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        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Aggregate Compensation From Fund</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="text-align: center; vertical-align: bottom; width: 1.07%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Pension or Retirement </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Benefits Accrued as </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">part of Fund </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Expenses</div>
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          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Estimated </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Annual </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Benefits upon </div>
          <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Retirement</div>
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        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">Total Compensation from Fund and Complex paid to Directors</div>
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        <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Jason W. Allen,Director</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">7,792</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">7,792</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Robert M. Bilkie, Jr.,Director</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">11,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">11,000</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Phillip J. Hanrahan,Director</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,000</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Carl A. Holth, Director</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,000</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Anne M. Nichols,Director</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,050</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">4,050</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Peggy L. Schmeltz,Director, until 04/2021</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,208</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,208</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Donald G. Tyler Director</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,000</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">Neal F. Zalenko,Director</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,500</div>
        </td>
        <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;None</div>
        </td>
        <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 25%;">
          <div style="font-family: 'Times New Roman', Times, serif;">None</div>
        </td>
        <td valign="bottom" class="cftguttercell" colspan="1" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.07%;">&#160;</td>
        <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;">
          <div style="font-family: 'Times New Roman', Times, serif;">12,500</div>
        </td>
        <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z149ab2b0b0414c13a99b2d52acbf92af">

      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Board of Directors</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">&#160;</td>
        <td style="width: 27.56%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">&#160;</td>
        <td style="width: 37.03%; vertical-align: top;">&#160;</td>
        <td style="width: 27.56%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Jason W. Allen</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Robert M. Bilkie, Jr.</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Phillip J. Hanrahan</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Chairman of the Board</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Fox Point, WI</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Northville, MI</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Whitefish Bay, WI</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">&#160;</td>
        <td style="width: 37.03%; vertical-align: top;">&#160;</td>
        <td style="width: 27.56%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Carl A. Holth</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Anne M. Nichols</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Luke E. Sims</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">President &amp; CEO</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Dearborn, MI</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Huntington Woods, MI</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Milwaukee, WI</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">&#160;</td>
        <td style="width: 37.03%; vertical-align: top;">&#160;</td>
        <td style="width: 27.56%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">David C. Sims</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Donald G. Tyler</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Neal F. Zalenko</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">VP, Treasurer, CFO, CCO</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Secretary &amp; Director</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Whitefish Bay, WI</div>
        </td>
        <td style="width: 27.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Birmingham, MI</div>
        </td>
      </tr>
      <tr>
        <td style="width: 35.42%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Milwaukee, WI</div>
        </td>
        <td style="width: 37.03%; vertical-align: top;">&#160;</td>
        <td style="width: 27.56%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
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    <div id="DSPFPageHeader"></div>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC. (&#8220;Fund&#8221;)</div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M1"></a>DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN (&#8220;Plan&#8221;)</div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M2"></a>ADVANTAGE OF THE PLAN</div>
  <div><br>
  </div>
  <div><a name="z_DV_M3"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M4"></a>JOINING THE PLAN</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M5"></a>You can enroll in the Plan by going to www.amstock.com<a name="z_DV_M6"></a> or calling <a name="z_DV_M7"></a>American Stock Transfer &amp; Trust Company <a name="z_DV_C4"></a><u style="border-bottom: 1px solid;">(the</u><a name="z_DV_M8"></a>&#160;<a name="z_DV_C6"></a>&#8220;P<u style="border-bottom: 1px solid;">lan Agent</u><a name="z_DV_M9"></a>&#8221;) at 877-739-9994. <a name="z_DV_M10"></a> Plan information is also available at the
    Fund&#8217;s website at www.eaglecapitalgrowthfund.com/drip.html<a name="z_DV_M13"></a>.</div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M14"></a>COSTS<a name="z_DV_C8"></a> OF PARTICIPATION IN THE PLAN</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M15"></a>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-family: 'Times New Roman', Times, serif;"><a name="z_DV_M16"></a><a name="z_DV_M17"></a><font style="font-weight: bold;">REINVESTMENT</font>&#160;<font style="font-weight: bold;">OF FUND DISTRIBUTIONS</font></div>
  <div><br>
  </div>
  <div><a name="z_DV_M18"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M19"></a>If the Fund pays a distribution in Fund shares, Participants<a name="z_DV_C10"></a>&#8217; accounts under the Plan<a name="z_DV_M20"></a>
      will <a name="z_DV_C12"></a>be credited with<a name="z_DV_M21"></a> newly-issued Fund shares at the distribution price, which is the price described in the distribution notice to shareholders.<a name="z_DV_C13"></a>&#160; These shares will be held by the
      Plan Agent pursuant to the Plan.</font></div>
  <div><br>
  </div>
  <div><a name="z_DV_M22"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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<a name="z_DV_C14"></a> (&#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<a name="z_DV_M23"></a>.&#160;
      Should the market price rise to or above the <a name="z_DV_C16"></a>calculated NAV per share<a name="z_DV_M24"></a>, the Fund may issue new shares to the Plan at the greater of <a name="z_DV_C18"></a>NAV per share<a name="z_DV_M25"></a> or 95% of
      the market price.&#160; <a name="z_DV_C19"></a>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.</font></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">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.<a name="z_DV_M26"></a></div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VOLUNTARY CASH PAYMENTS</div>
  <div><br>
  </div>
  <div><a name="z_DV_M27"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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; <a name="z_DV_M28"></a></font></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M29"></a>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<a name="z_DV_C20"></a> (the &#8220;Investment Date&#8221;)<a name="z_DV_M30"></a>.&#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 <a name="z_DV_C22"></a>within thirty (30) days of the Investment Date<a name="z_DV_M31"></a>, then the balance of such voluntary cash payments will be returned to participants on a pro rata basis. <a name="z_DV_M32"></a>&#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; font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M35"></a>Optional cash payments may be made <a name="z_DV_C24"></a>online<a name="z_DV_M36"></a> at <font style="font-weight: bold;">www.amstock.com</font><a name="z_DV_M37"></a><font style="font-weight: bold;">. </font>&#160;&#160; You will need to know your 10-digit Plan account number to access your account.<a name="z_DV_C25"></a>&#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 style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;"><u style="border-bottom: 1px solid;"> <br>
    </u></div>
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  <div style="text-align: center; text-indent: 9pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M38"></a><a name="z_DV_M39"></a>HOLDING OF SHARES</div>
  <div><br>
  </div>
  <div><a name="z_DV_M40"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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 <a name="z_DV_C27"></a>online<a name="z_DV_M41"></a> at <font style="font-weight: bold;">www.amstock.com</font><a name="z_DV_M42"></a><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.</font></div>
  <div><br>
  </div>
  <div><a name="z_DV_M43"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M44"></a>STATEMENT OF ACCOUNT</div>
  <div><br>
  </div>
  <div><a name="z_DV_M45"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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; <a name="z_DV_C28"></a>You may also access your account information online at <a name="z_DV_C29"></a><u><font style="font-weight: bold;">www.amstock.com</font></u><a name="z_DV_C30"></a>.&#160; <a name="z_DV_M46"></a>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.</font></div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M47"></a>FEDERAL INCOME TAX CONSIDERATIONS</div>
  <div><br>
  </div>
  <div><a name="z_DV_M48"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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 (<a name="z_DV_C32"></a>whether<a name="z_DV_M49"></a> such cash is used to purchase
      additional Fund shares in the open market or otherwise).</font></div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M50"></a>SHAREHOLDERS&#8217; RIGHTS</div>
  <div><br>
  </div>
  <div><a name="z_DV_M51"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">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; <a name="z_DV_M52"></a>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. <a name="z_DV_M55"></a> 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="z_DV_M58"></a>ADDITIONAL INFORMATION</div>
  <div><br>
  </div>
  <div><a name="z_DV_M59"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">If you have any questions regarding participation in the Plan, please visit <a name="z_DV_C34"></a>the Plan Agent<a name="z_DV_M60"></a> online at <font style="font-weight: bold;">www.amstock.com</font><a name="z_DV_M61"></a>, call<a name="z_DV_C36"></a>&#160;the Plan Agent<a name="z_DV_M62"></a> at (877) 739-9994, or write <a name="z_DV_C38"></a>the Plan Agent<a name="z_DV_M63"></a> at:</font></div>
  <div><br>
  </div>
  <div style="margin-left: 36pt;"><a name="z_DV_M64"></a><a name="z_DV_M65"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;">American Stock Transfer &amp; Trust Company</font></div>
  <div style="margin-left: 36pt;"><a name="z_DV_M66"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;">DRP Plan</font></div>
  <div style="margin-left: 36pt;"><a name="z_DV_M67"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;">P. O. Box 922, Wall Street Station</font></div>
  <div style="margin-left: 36pt;"><a name="z_DV_M68"></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman',Times,serif;">New York, NY&#160;&#160; 10269-0560</font></div>
  <div style="text-align: center;"><a name="z_DV_M70"></a><a name="z_DV_M74"></a><br>
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  <div style="text-align: center; font-family: 'Times New Roman', Times, serif; 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 style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M75"></a>1.&#160; <a name="z_DV_M76"></a>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;"><a name="z_DV_M78"></a><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">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-family: 'Times New Roman', Times, serif;"><a name="z_DV_M84"></a>2.&#160; <a name="z_DV_C51"></a>The Plan Agent<a name="z_DV_M85"></a> may commingle participant funds in connection with the receipt of cash distributions from the Fund, and
    from voluntary cash payments from participants.&#160;&#160; <a name="z_DV_C53"></a>The Plan Agent<a name="z_DV_M86"></a> will allocate<a name="z_DV_C54"></a> purchased Fund<a name="z_DV_M87"></a> shares among participant accounts based upon the average price
    paid (net of any costs).</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M88"></a>3.&#160; <a name="z_DV_C56"></a>The Plan Agent<a name="z_DV_M89"></a> shall hold shares for participants in its own name or in the name of its nominee.&#160; <a name="z_DV_C58"></a>The


    Plan Agent<a name="z_DV_M92"></a> will acquire Fund shares in the open market at such price or prices then reasonably available to it. <a name="z_DV_M93"></a>&#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 <a name="z_DV_C60"></a>the Plan Agent<a name="z_DV_M96"></a>&#8217;s efforts to purchase Fund shares.&#160; <a name="z_DV_C62"></a>The Plan Agent<a name="z_DV_M99"></a> 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 style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M100"></a>4. <a name="z_DV_M101"></a>&#160; With respect to the voting of Fund shares held in the Plan, <a name="z_DV_C64"></a>the Plan Agent<a name="z_DV_M103"></a> will <a name="z_DV_C66"></a>provide<a name="z_DV_M104"></a> participants <a name="z_DV_C67"></a>with proxy solicitation materials <a name="z_DV_M105"></a>and request their direction.&#160; If a participant does not direct the Plan Agent as to the manner of
    voting, <a name="z_DV_C69"></a>the Plan Agent<a name="z_DV_M106"></a> will not vote such participant&#8217;s shares<a name="z_DV_M107"></a>.</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M108"></a>5.&#160; <a name="z_DV_C72"></a>Plan participation may be terminated upon request to <a name="z_DV_C76"></a>the Plan Agent<a name="z_DV_M112"></a>. A participant may
    terminate by providing written notice to <a name="z_DV_C80"></a>the Plan Agent<a name="z_DV_M114"></a> (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 <a name="z_DV_C81"></a>business <a name="z_DV_M115"></a>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 <a name="z_DV_C82"></a>receipt of Fund shares or <a name="z_DV_M116"></a>reinvestment of the declared dividend<a name="z_DV_C83"></a>, as applicable<a name="z_DV_M117"></a>.&#160; <a name="z_DV_C85"></a>The Plan Agent<a name="z_DV_M119"></a> 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 <a name="z_DV_M120"></a>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><a name="z_DV_C87"></a><font style="font-weight: bold;">on</font><a name="z_DV_M121"></a><font style="font-weight: bold;"> the </font><a name="z_DV_M122"></a><font style="font-weight: bold;">Investment Date</font><a name="z_DV_C89"></a><font style="font-weight: bold;"> as a result of voluntary cash payments</font><a name="z_DV_M123"></a><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><a name="z_DV_C90"></a><font style="font-weight: bold;">the address above at </font><a name="z_DV_M124"></a><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; <a name="z_DV_M125"></a>If a
    participant so requests, the Plan Agent may sell <a name="z_DV_C91"></a>a <a name="z_DV_M126"></a>terminating <a name="z_DV_C93"></a>participant&#8217;s<a name="z_DV_M127"></a> shares and remit the proceeds (less related brokerage commissions and service
    fees).</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;">6.&#160; The Plan Agent<a name="z_DV_M109"></a> 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 <a name="z_DV_C74"></a>the Plan Agent<a name="z_DV_M110"></a> 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 style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M111"></a><a name="z_DV_M128"></a>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. <a name="z_DV_M129"></a>&#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 style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M132"></a>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 style="font-family: 'Times New Roman', Times, serif;"><a name="z_DV_M133"></a>9.&#160; <a name="z_DV_M134"></a> The Plan has been last amended and revised as of <a name="z_DV_C95"></a>February 15,<a name="z_DV_M136"></a> 2018.<br>
    <br>
  </div>
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  <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder Information</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;"><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 style="font-family: 'Times New Roman', Times, serif;"><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 1,000,000 shares, with 992,029 shares under its current authorization.</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman', Times, serif;"><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 style="font-family: 'Times New Roman', Times, serif;">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 style="font-family: 'Times New Roman', Times, serif;"><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 style="font-family: 'Times New Roman', Times, serif;"><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-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Fund Privacy Policy/Customer Privacy Notice (January 1, 2022).&#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 style="font-family: 'Times New Roman', Times, serif;"><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 style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Approval of Renewal of Investment Advisory Agreement.</font>&#160; At its December 6, 2021 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 0.75% (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 declared a distribution of $3.9 Million to its shareholders at the end of December 2021, thereby
    reducing AUM from slightly over $47 Million to approximately $43 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>
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  <div style="font-family: 'Times New Roman', Times, serif;"><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 style="font-family: 'Times New Roman', Times, serif;"><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>
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      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z067d075aa9ef45bba7aa7f2896b7283c" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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            <td style="vertical-align: top; width: 54pt;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', Times, serif; color: #000000;">ITEM 2.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', Times, serif; color: #000000;">CODE OF ETHICS</font></div>
            </td>
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    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>
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    </div>
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              <div style="text-align: left;"><font style="font-family: 'Times New Roman', Times, serif; color: #000000;">ITEM 3.</font></div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', Times, serif; color: #000000;">AUDIT COMMITTEE FINANCIAL EXPERT</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zdf1d0de066594e588ddbb6fd57f956e5" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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            <td style="vertical-align: top; width: 54pt;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">ITEM 4.</font></div>
            </td>
            <td style="vertical-align: top; width: auto;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Audit Fees.&#160; The Fund paid Plante &amp; Moran, PLLC $25,000 for the calendar year ended December 31, 2021, and $20,000 for the calendar year ended December 31, 2020.</div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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 style="color: #000000; font-family: 'Times New Roman', Times, serif;">Tax Fees.&#160; The Fund paid Plante &amp; Moran, PLLC $5,000 for the calendar year ended December 31, 2021, and 4,500 for the calendar year ended December 31, 2020, 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 style="color: #000000; font-family: 'Times New Roman', Times, serif;">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 style="color: #000000; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
  </div>
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  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8220;Audit fees&#8221; are fees paid by the Fund to Plante &amp; Moran, PLLC for professional services for the audit of our financial statements, or for services that are usually provided
      by an auditor in connection with statutory and regulatory filings and engagements. &#8220;Audit-related fees&#8221; are fees for assurance and related services that are reasonably related to the performance of the audit or review of financial statements. &#8220;Tax
      fees&#8221; are fees for tax compliance, tax advice and tax planning. All other Fund fees are fees billed for any services not included in the first three categories.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
  </div>
  <div>
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        <tr>
          <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 5.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">AUDIT COMMITTEE OF LISTED REGISTRANTS</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
  </div>
  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
  </div>
  <div>
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          <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 6.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">SCHEDULE OF INVESTMENTS</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
  </div>
  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160; <br>
    </div>
  </div>
  <div>
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        <tr>
          <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 7.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">DISCLOSURE OF PROXY VOTING AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
  </div>
  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">The Company will vote proxies for its clients and, therefore, will adhere to the following requirements:</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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 style="color: #000000; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">C. Record Keeping. The Company will maintain the following records with respect to proxy voting:</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(1) A copy of this proxy voting policy;</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(2) A copy of all proxy statements received (the Company may rely on the EDGAR system to satisfy this requirement);</div>
    <div>&#160;</div>
  </div>
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  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div>
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          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 54pt;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">ITEM 8.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Luke E. Sims</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">David C. Sims</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">The Advisor is also the investment advisor of Peregrine Investment Fund LLC (&#8220;Peregrine&#8221;), a private investment fund, with approximately $3.3 million in assets under management
      as of December 31, 2021.&#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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160; <br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Dollar range of equity securities of the Fund. beneficially owned as of December 31, 2021, by Luke Sims is in excess of $1 million and by David Sims is in excess of $1 million.</div>
    <div>&#160;</div>
  </div>
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        <tr>
          <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 9.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
  </div>
  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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 style="color: #000000; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
  </div>
  <div>
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        <tr>
          <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 10.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
  </div>
  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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 2021 proxy statement.</div>
    <div>&#160;</div>
  </div>
  <div>
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        <tr>
          <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ITEM 11.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">CONTROLS AND PROCEDURES.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
  </div>
  <div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(i) As of March 3, 2022, 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>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(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>&#160;</div>
    <div>
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          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 54pt;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">ITEM 12.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">
                <div style="color: #000000;">DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">The Fund neither lent any securities this year nor received any income related to securities lending.</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd724f602b89747d59b92b0f464e9be12" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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            <td style="vertical-align: top; width: 54pt;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">ITEM 13.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif;">
                <div style="color: #000000;">EXHIBITS</div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>(A)(1). <br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Attached hereto as <a href="brhc10035913_ex99-codeeth.htm">Exhibit 99a1</a>.</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(A)(2).</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">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="brhc10035913_ex99-cert.htm">Exhibit 99a2</a>.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(B)</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Certification pursuant to Rule 30a-2(b) and 18 U.S.C. Section 1350, --- attached as <a href="brhc10035913_ex99-906cert.htm">Exhibit 99b</a>.</div>
    <div>&#160;</div>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">SIGNATURES</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif;">[See General Instruction F]</div>
  </div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">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>
  <div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Eagle Capital Growth Fund, Inc.</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">By: /s/ Luke E. Sims, President</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Date: 4/1/2022</div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">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>
  <div>
    <div><br>
    </div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">By: /s/ David C. Sims, Vice-President, Chief Financial Officer, Chief Compliance Officer, and Secretary</div>
    <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Date: 4/1/2022</div>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
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<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>2
<FILENAME>brhc10035913_ex99-b.htm
<DESCRIPTION>EXHIBIT 99.B
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.B</font><br>
  </div>
  <div><br>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', Times, serif;">To the Shareholders and Board of Directors</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Eagle Capital Growth Fund, Inc.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Opinion on the Financial Statements</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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, 2021 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,
      2021; 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-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Basis for Opinion</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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 style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">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, 2021 by correspondence with the custodian. We believe
      that our audits provide a reasonable basis for our opinion.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', Times, serif;">/s/ Plante &amp; Moran, PLLC</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">We have served as the Company&#8217;s auditor since 2002.</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman', Times, serif;">Auburn Hills, Michigan</div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">February 17, 2022</div>
    <div><br>
      <br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>brhc10035913_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99_906 CERT
<TEXT>
<html>
  <head>
    <title></title>
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         Document created using EDGARfilings PROfile 8.2.0.0
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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>
      <div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit (b)</div>
    </div>
    <div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1350, AS ADOPTED PURSUANT TO SECTION 906 OF</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THE SARBANES-OXLEY ACT OF 2002</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 27pt; color: #000000; font-family: 'Times New Roman', Times, serif;">In connection with the accompanying Form N-CSR/A of Eagle Capital Growth Fund, Inc. (the &#8220;Registrant&#8221;) for the period
        ended December 31, 2021 (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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z619e848c1fca437385f0097df3483ab2" 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: bottom; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', Times, serif;">By: /s/ Luke E. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', Times, serif;">Luke E. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', Times, serif;">President and Chief Executive Officer (principal executive officer)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', Times, serif;">Dated: <font style="color: #000000;">April 1, 2022</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 style="font-family: 'Times New Roman', Times, serif;">By: /s/ David C. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', Times, serif;">David C. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', Times, serif;">Vice-President and Chief Financial Officer (principal financial officer)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', Times, serif;">Dated: <font style="color: #000000;">April 1, 2022</font></div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </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>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>brhc10035913_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99_CERT
<TEXT>
<html>
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    <title></title>
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    <div>
      <div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit (a)(2)</div>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CERTIFICATION OF CHIEF EXECUTIVE OFFICER</div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">I, Luke E. Sims, certify that:</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-indent: 72pt; color: #000000; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">Date: April 1, 2022</div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zafd1028f0d674ca2aba748c7fc220b93" 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 style="font-family: 'Times New Roman', Times, serif;">/s/ Luke E. Sims</div>
          </td>
          <td style="width: 69.92%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="font-family: 'Times New Roman', Times, serif;">Luke E. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="font-family: 'Times New Roman', Times, serif;">President and Chief Executive Officer (principal executive officer)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CERTIFICATION OF CHIEF FINANCIAL OFFICER</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
    </div>
    <div>
      <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>CERTIFICATIONS</u></div>
      <div>&#160;</div>
    </div>
    <div>
      <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">I, David C. Sims, certify that:</div>
      <div>&#160;</div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-indent: 72pt; color: #000000; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">(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; font-family: 'Times New Roman', Times, serif;">Date: April 1, 2022</div>
      <div>&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z798529fbc7fa4b5082223838a31da54d" 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 style="font-family: 'Times New Roman', Times, serif;">/s/ David C. Sims</div>
          </td>
          <td style="width: 69.92%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="font-family: 'Times New Roman', Times, serif;">David C. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="font-family: 'Times New Roman', Times, serif;">Vice-President and Chief Financial Officer (principal financial officer)</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div>&#160;
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>5
<FILENAME>brhc10035913_ex99-codeeth.htm
<DESCRIPTION>EXHIBIT 99_CODEETH
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99A1</font> </div>
    <div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">
        <div style="text-align: left;"> <img src="image00001.jpg"></div>
        <div><br>
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      <div style="text-align: center; font-weight: bold;">AMENDED AND RESTATED</div>
      <div style="text-align: center; font-weight: bold;">CODE OF ETHICS</div>
      <div style="text-align: center; font-weight: bold;">OF</div>
      <div style="text-align: center; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div style="text-align: center; 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>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z3e6622289d13411c879aab8329002ba7" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 36pt;">
                    <div style="text-align: justify;">I.</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify;"><font style="font-weight: bold;">Applicability</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="text-align: justify;"> <img src="image00001.jpg"></div>
      <div style="text-align: justify;"> <br>
      </div>
      <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="z4545d2e9df32440c879d69e81140af53" 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="z9137b2e7ebff4670bf68d9ff3c8f2019" 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;">&#9632;</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="z70e07411af4b48bea74f7111e1abeb5f" 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;">&#9632;</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="zee34dadebfdb493e9ef724dd5350f2f9" 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;">&#9632;</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="z3abce605540a4450a031ebcca482eb87" 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;">&#9632;</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>
      <br>
      <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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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      </div>
      <div style="text-align: justify;"><img src="image00001.jpg"></div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#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 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;&#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="zfac4fbc77a5b4c6aa88f44cd8633ee44" 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>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <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> <img src="image00001.jpg">
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zccc592efd07c4a4ebd4675babcac5ca1" 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;">&#9632;</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="z4c4a29646dcd4f57b0da477a72426d36" 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;">&#9632;</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 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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <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="text-align: justify;"> <img src="image00001.jpg"></div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </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 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="z98d5cade312f4c49a0c5d6a5db979a72" 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="zad184506cb82469e800c917a172c427f" 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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <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>
        <div> <img src="image00001.jpg"></div>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="za959393b765b457b86730f835922e94d" 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 style="text-align: justify; text-indent: 36pt;">1.&#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; 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="z466f26a0a4d740c3a53d8221148c2eeb" 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; 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;&#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;&#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;&#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="z204b827efe7f438d978f39f54d1056c6" 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 style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <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>
      <!--PROfilePageNumberReset%Num%7%%%--> <img src="image00001.jpg">
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">1.&#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; 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 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;&#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; 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;&#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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <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="text-align: justify;"><img src="image00001.jpg"></div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">7.&#160;&#160;&#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 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; 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; 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="z43c8d035d992439db6293fd36381b163" 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="z913ef685a95248a8b6bfcac88c95757f" 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>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <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> <img src="image00001.jpg"></div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za17df80528c94580964a9d074eafc9e8" 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="z634fcc4604e7476f9fb20a3f9b97cb62" 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 style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#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; 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; 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; 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;&#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; 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="z6b168d982c9e42cdbd12df511498414b" 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>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <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> <img src="image00001.jpg"></div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze32c3e91e1a2462f8d832db74b75330b" 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>
      <table cellspacing="0" cellpadding="0" id="z81d0990a0e414a61a21ede161592bd67" 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>
      <table cellspacing="0" cellpadding="0" id="z1517bcf1b0d54088a1bbfbe90e423129" 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;">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 April 15, 2021..</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="font-weight: bold;"> <img src="image00001.jpg"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <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;">&#160;&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>
      <br>
      <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="font-weight: bold;"> <img src="image00001.jpg"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <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 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-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;">

            <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;">Name (Print):</td>
              <td style="width: 52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 30%; 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: 52%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 30%; 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;">Signature:</td>
              <td style="width: 52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 30%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
      </div>
      <div>&#160;
        <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;">

            <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: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 4%; padding-bottom: 2px; vertical-align: bottom; text-align: center;">
                <div>, 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>
      </div>
      <br>
      <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="font-weight: bold;"> <img src="image00001.jpg"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <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-01)</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>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td colspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">Access Person Name (Print):</td>
              <td style="width: 28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td colspan="1" style="width: 47%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            </tr>

        </table>
        <div> <br>
        </div>
      </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;">

            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
              <td style="width: 20%; vertical-align: top;">
                <div>Date Became an Access Person:</div>
              </td>
              <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <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: 3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
              </td>
              <td style="width: 52%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
      </div>
      <br>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Brokerage Accounts:</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top;">&#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="z45b39a5d11d34301b9ecd9e50b010ac5" 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;">&#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" border="0" id="zad6024bdb08c483a9ce67499a805d8b3" 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; font-weight: bold;">Name of Financial Services Firm(s)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#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; font-weight: bold;"> <img src="image00001.jpg"></div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Securities Holdings:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Complete the following, 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; .</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z7895d56fcb6040a89d1010e408289621" 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: 12%; vertical-align: top; background-color: rgb(219, 229, 241); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Company</div>
            </td>
            <td nowrap="nowrap" style="width: 6.86%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Symbol</div>
            </td>
            <td nowrap="nowrap" style="width: 8.46%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Purchase/
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Sale</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 5.89%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Trade</div>
              <div style="font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 5.53%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Settle
                <div style="font-weight: bold;">Date</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 6.51%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">CUSIP</div>
            </td>
            <td nowrap="nowrap" style="width: 7.84%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Quantity</div>
            </td>
            <td nowrap="nowrap" style="width: 5.27%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Unit
                <div style="font-weight: bold;">Price</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 8.01%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Principal</div>
              <div style="font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 10.76%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Commissions</div>
            </td>
            <td nowrap="nowrap" style="width: 4.74%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Fees</div>
            </td>
            <td nowrap="nowrap" style="width: 10.48%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Net
                <div style="font-weight: bold;">Proceeds</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 6.59%; vertical-align: top; background-color: rgb(219, 229, 241); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div style="font-weight: bold;">Broker</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 12%; 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: 6.86%; 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: 8.46%; 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: 5.89%; 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: 5.53%; 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: 6.51%; 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: 7.84%; 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: 5.27%; 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: 8.01%; 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: 10.76%; 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: 4.74%; 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: 10.48%; 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: 6.59%; vertical-align: bottom; 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: 12%; 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: 6.86%; 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>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;"> <img src="image00001.jpg"></div>
      <div style="text-align: justify; text-indent: 36pt;"> <br>
      </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>
        <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;">

            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
              <td style="width: 10%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Signature:</div>
              </td>
              <td style="width: 52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 33%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div> <br>
        </div>
      </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;">

            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
              <td style="width: 10%; 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: 48%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
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      <br>
      <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="font-weight: bold;"> <img src="image00001.jpg"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <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-02)</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><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td colspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 18%; vertical-align: top; padding-bottom: 2px;">Access Person Name (Print):</td>
            <td style="width: 28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><br>
              </div>
            </td>
            <td colspan="1" style="width: 49%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <div>
          <div style="margin-left: 36pt;"> </div>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">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; during the above-referenced quarter.</div>
      <div>&#160;</div>
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          <tr>
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              <div style="color: rgb(0, 0, 0); font-weight: bold;">Company</div>
            </td>
            <td nowrap="nowrap" style="width: 6.86%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Symbol</div>
            </td>
            <td nowrap="nowrap" style="width: 8.46%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">
                <div>Purchase/</div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Sale</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 5.89%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Trade</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 5.53%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">
                <div>Settle</div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Date</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 6.51%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">CUSIP</div>
            </td>
            <td nowrap="nowrap" style="width: 7.84%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Quantity</div>
            </td>
            <td nowrap="nowrap" style="width: 5.27%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Unit</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Price</div>
            </td>
            <td nowrap="nowrap" style="width: 8.01%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">
                <div>Principal</div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Proceeds</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 10.76%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Commissions</div>
            </td>
            <td nowrap="nowrap" style="width: 4.74%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Fees</div>
            </td>
            <td nowrap="nowrap" style="width: 10.48%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Net</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 6.59%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Broker</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 12%; 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: 6.86%; 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: 8.46%; 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: 5.89%; 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: 5.53%; 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: 6.51%; 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: 7.84%; 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: 5.27%; 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: 8.01%; 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: 10.76%; 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: 4.74%; 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: 10.48%; 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: 6.59%; 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: 12%; 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: 6.86%; 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: 8.46%; 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: 5.89%; 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: 5.53%; 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: 6.51%; 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: 7.84%; 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: 5.27%; 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: 8.01%; 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: 10.76%; 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: 4.74%; 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: 10.48%; 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: 6.59%; 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: 6.86%; 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: 8.46%; 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: 5.89%; 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: 5.53%; 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: 6.51%; 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: 7.84%; 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: 5.27%; 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: 8.01%; 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: 10.76%; 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: 4.74%; 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: 10.48%; 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: 6.59%; 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: 12%; 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: 6.86%; 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: 8.46%; 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: 5.89%; 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: 5.53%; 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: 6.51%; 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: 7.84%; 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: 5.27%; 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: 8.01%; 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: 10.76%; 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: 4.74%; 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: 10.48%; 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: 8.46%; 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: 5.89%; 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: 5.53%; 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: 6.51%; 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: 7.84%; 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: 5.27%; 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: 8.01%; 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: 10.76%; 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: 4.74%; 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: 10.48%; 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: 6.59%; 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: 12%; 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: 6.86%; 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: 8.46%; 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: 5.89%; 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: 5.53%; 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: 6.51%; 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: 7.84%; 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: 5.27%; 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: 8.01%; 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: 10.76%; 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: 4.74%; 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: 10.48%; 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: 6.59%; 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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      </table>
      <div>&#160;</div>
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      <div> <img src="image00001.jpg"></div>
      <div> <br>
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          <tr>
            <td style="width: 36pt; vertical-align: top;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I have no securities transactions to report.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Brokerage Accounts Established During the Calendar Quarter:</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top;">&#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>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z42c1a7b13e514e128b3c2e86473d8029" 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;">&#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: 60%; 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: 40%; 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: 60%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </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>
        <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;">

            <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: 52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 30%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div> <br>
        </div>
      </div>
      <div style="text-align: justify;">
        <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;">

            <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: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 4%; 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>
      </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">D-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>
      <!--PROfilePageNumberReset%Num%1%E-%%-->
      <div style="font-weight: bold;"> <img src="image00001.jpg"></div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <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-03)</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;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td colspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td style="width: 18%; vertical-align: top; padding-bottom: 2px;">
                <div style="text-align: justify;">Access Person Name (Print):</div>
              </td>
              <td style="width: 28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td colspan="1" style="width: 49%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Brokerage Accounts:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z14ee38862b9b45298ded0609ff5606c2" 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;">&#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="zceaaa2e52f6b4575a7c0d9370f22d65f" 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;">&#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" border="0" id="z685e74c71cc14ae6a228b67f75312a1f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 60%; 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: 40%; 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: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#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">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>
      <!--PROfilePageNumberReset%Num%2%E-%%-->
      <div style="text-align: justify; font-weight: bold;"> <img src="image00001.jpg"></div>
      <div style="text-align: justify; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">Securities Holdings:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Complete the following, 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.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;">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" border="0" id="zf52b6cc043e24cbd9f37451764a1a415" 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: 12%; vertical-align: top; background-color: rgb(219, 229, 241); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Company</div>
            </td>
            <td nowrap="nowrap" style="width: 6.86%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Symbol</div>
            </td>
            <td nowrap="nowrap" style="width: 8.46%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Purchase/
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Sale</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 5.89%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Trade
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Date</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 5.53%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Settle
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Date</div>
              </div>
            </td>
            <td nowrap="nowrap" style="width: 6.51%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">CUSIP</div>
            </td>
            <td nowrap="nowrap" style="width: 7.84%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Quantity</div>
            </td>
            <td nowrap="nowrap" style="width: 5.27%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Unit</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Price</div>
            </td>
            <td nowrap="nowrap" style="width: 8.01%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Principal</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 10.76%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Commissions</div>
            </td>
            <td nowrap="nowrap" style="width: 4.74%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Fees</div>
            </td>
            <td nowrap="nowrap" style="width: 10.48%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Net</div>
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 6.59%; vertical-align: top; background-color: rgb(219, 229, 241); 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="color: rgb(0, 0, 0); font-weight: bold;">Broker</div>
            </td>
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          <tr>
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            <td style="width: 36pt; vertical-align: top;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I have no securities holdings to report.</div>
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      <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; and (b) bankers&#8217; acceptances,
        bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements.</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>
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                <div style="text-align: justify;">Signature:</div>
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                <div style="text-align: justify;"><br>
                </div>
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                <div style="text-align: justify;">Date:</div>
              </td>
              <td style="width: 29%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
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                <div style="text-align: center;">, 20</div>
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              <td style="width: 4%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
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              <td style="width: 45%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">E-2</font></div>
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      <img src="image00001.jpg">
      <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; 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>
      <u></u><br>
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      <div style="text-align: center;"><u> <br>
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      <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 style="width: 90pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#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;</div>
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          <tr>
            <td style="width: 90pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9726;</td>
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              <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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <div>
        <div><u><img src="image00001.jpg"></u></div>
      </div>
      <div> <br>
      </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 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;</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;</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;</div>
      <div>PREVENT MISUSE OF INSIDE INFORMATION</div>
      <div>&#160;</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;</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 style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div>
        <div><u><img src="image00001.jpg"></u></div>
      </div>
      <div> <br>
      </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;</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;</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><u><img src="image00001.jpg"></u></div>
      <div> <br>
      </div>
      <div>WAIVER AND AMENDMENTS</div>
      <div>&#160;</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;</div>
      <table cellspacing="0" cellpadding="0" id="z1fcecab231c04f6aa75f66e66eee1bb2" 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: 54pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>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="zb9868387cc34485881c219fce8c7251b" 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: 54pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>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="z79c848c8507e46489d19e2beb9998bdd" 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: 54pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>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>&#160;</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;
        <div>
          <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000;"></div>
        <br>
        <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>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>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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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>
      </div>
      <div>
        <div><u><img src="image00001.jpg"></u></div>
      </div>
      <div> <br>
      </div>
      <div>January 15, 2021.</div>
      <div>&#160;</div>
      <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-08)</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 January 15, 2021, 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;
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">
                <div style="text-align: justify;">Please sign here:</div>
              </td>
              <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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              </td>
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            </tr>
            <tr>
              <td style="width: 20%; vertical-align: top; padding-bottom: 2px;">
                <div style="text-align: justify;">Date:</div>
              </td>
              <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 25%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td style="width: 35%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
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                <div style="text-align: justify;">Please print your name:</div>
              </td>
              <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
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            </tr>

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<SEQUENCE>7
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end
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</DOCUMENT>
</SEC-DOCUMENT>
