<SEC-DOCUMENT>0001133228-25-002187.txt : 20250306
<SEC-HEADER>0001133228-25-002187.hdr.sgml : 20250306
<ACCEPTANCE-DATETIME>20250306123043
ACCESSION NUMBER:		0001133228-25-002187
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250306
DATE AS OF CHANGE:		20250306
EFFECTIVENESS DATE:		20250306

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		25714356

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ecgf-efp14956_ncsr.htm
<DESCRIPTION>EAGLE CAPITAL GROWTH FUND - N-CSR
<TEXT>
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<BODY STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">United
States</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Securities
and Exchange Commission&nbsp;</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #000000"><B>Form
N-CSR</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Certified
Shareholder Report of Registered Management</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Investment
Companies</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Investment
Company Act file number: 811-05807</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000"><B>Eagle
Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">(Exact
name of registrant as specified in charter)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">225
East Mason Street, Suite 802, Milwaukee, WI 53202</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">(Address
of principal executive offices) (zip code)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Luke
E. Sims, President and Chief Executive Officer</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Eagle
Capital Growth Fund, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">225
East Mason Street, Suite 802,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Milwaukee,
WI 53202</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">(Name
and address of agent for service)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Registrant&rsquo;s
telephone number, including area code: (414) 765-1107</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Date
of fiscal year end: December 31</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">Date
of reporting period: December 31, 2024</FONT></P>



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  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 42pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">ITEM
    1.</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">REPORT
    TO STOCKHOLDERS</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="color: #000000"><IMG SRC="img_003.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000">Eagle Capital Growth Fund,
Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000">Annual Report</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000">December 31, 2024</FONT></P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B><U>Top Ten Holdings,
as of December 31, 2024</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt"><FONT STYLE="color: #000000">Company</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: center"><FONT STYLE="color: #000000">Market
    Value</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: center"><FONT STYLE="color: #000000">Percentage
    of Portfolio</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 25%; text-align: left"><FONT STYLE="color: #000000">Berkshire
    Hathaway Inc. B</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 9%; text-align: right"><FONT STYLE="color: #000000">5,666,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; width: 12%; text-align: right"><FONT STYLE="color: #000000">12.4</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Alphabet, Inc. A</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3,218,100</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">7.0</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Markel Corp.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,882,804</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">6.3</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Amazon.com Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,974,510</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">4.3</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">AutoZone Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,921,200</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">4.2</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">O&rsquo;Reilly Automotive
    Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,778,700</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">3.9</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Illinois Tool Works
    Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,774,920</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">3.9</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Stryker Corp.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,620,225</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">3.5</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">PepsiCo, Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,520,600</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">3.3</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">T. Rowe Price Group,
    Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,515,406</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 4pt 4pt; text-align: right"><FONT STYLE="color: #000000">3.3</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
  </TABLE>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Dear Fellow Shareholders,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">The first couple of weeks
of 2025 have been a little sobering. Wildfires in California, concerns about U.S. tariff policy, and then a strong December jobs report,
have jolted investors out of the euphoria of 2024. We don&rsquo;t know what the full year holds, but we remain convinced that overall
stock market prices are starting the year elevated. More about that later.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">For the year our Fund was
up 14%, compared to the S&amp;P 500 (Total Return) Index of 25%. As we have often noted, our Fund does well in flat to down stock markets,
but lags in a strong up market. We are more interested in protecting the downside (and our capital) while we wait for suitable investment
opportunities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">We love high quality businesses,
but history teaches us that investors can overpay for even great businesses. We&rsquo;ve talked in the past about how Coca-Cola (KO)
became overvalued in the late 1990s and early 2000s when it traded at something like 40x earnings. Coca-Cola is truly a wonderful, high-quality
business, but the market went a little crazy on the high side. Eventually KO shares returned to earth. KO shares are not cheap currently
at around 25x earnings, but they are still well below the high-water mark of the past.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">With that thought--- great
companies trading at exorbitant multiples--- in mind, let&rsquo;s look at Colgate-Palmolive (CL). We love the CL business. It has all
of the hallmarks of a quality business, with recognizable brands, a 45% share of the worldwide toothpaste market, a gross margin of 58%,
and a ROIC (return on invested capital) of 34%. And it is not a flash in the pan. Colgate has been performing like this for decades.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">During 2024 CL shares traded
between a range of approximately $80 to $109. Our Fund, even though we love the company, sold some CL shares during the past year towards
the higher end of that range. (We didn&rsquo;t necessarily get the absolute high, but then generally nobody ever does despite what they
may tell you.) We sold some of our higher-basis CL shares because we couldn&rsquo;t justify paying close to 30x earnings, even for such
a great business as CL. As of yesterday (January 10<SUP>th</SUP>), CL shares are back trading around $87.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">We should note that the
Fund continues to own some very low tax basis CL shares acquired decades ago; we&rsquo;re convinced that holding temporarily-overvalued
CL shares is better than the certainty that Fund shareholders, in a sale, would be paying high long-term capital gains. Owning high-quality
stocks for extended time periods is tax efficient, both because of the favorable taxation of long-term capital gains, as well as the
deferral in paying taxes, and allows the portfolio companies to compound their earnings internally over an extended time period. Our
Fund generally has annual portfolio turnover of less than 10% (suggesting an average 10-year holding period), and our unrealized appreciation
of over $22 Million represents approximately 48% of the Fund&rsquo;s year-end net assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">Should there be a market
fall-off that carries CL shares with it, we&rsquo;d be ready, willing and able to buy more CL shares <B>at the right price</B>. That
is the key. One needs the discipline to not overpay, even for great companies.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">From about 2009 until recently
there was no reasonable place for investors to earn money market rates (currently in the 4.3% range) on cash sitting on the sidelines
waiting to be invested. This phenomenon was largely the result of misguided Federal Reserve policy. (Aside: the zero interest rate policy
should have been abandoned in about 2011 when the economy normalized after the Great Recession. The continuation of a zero interest rate
policy through the decade and continuing until late 2022 resulted in a great deal of misdirected capital, and we haven&rsquo;t yet seen
all of the consequences of that errant policy.) At least now, investors, facing a highly-priced stock market, have some place to wait.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">There has been a lot of
discussion lately about the 60/40 (60% equities/40% fixed income) portfolio, and its role in the investor toolbox. We&rsquo;ve never
been fans of 60/40, mostly because we don&rsquo;t care for the &ldquo;40&rdquo;, and particularly not when invested in fixed income with
a term (duration) of more than three or four years. Over the long-term, bonds do not deliver acceptable after-tax, inflation-adjusted
returns.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">Instead of buying long-term
(duration) fixed income, we&rsquo;re much more comfortable owning high quality, dividend-paying companies, such as PepsiCo, Inc (PEP).
(We do own very high-quality money market funds pending investment in equities, but these money market funds are merely the default option
when we don&rsquo;t have anything better to buy.) Yes, the earnings growth at Pepsi will be modest unlike many of our other Fund portfolio
holdings, but the dividend is secure and increases regularly. And that is what protects investors against one of our major enemies---inflation.
Longer-term, fixed income is a fool&rsquo;s game. It is not the place for long-term investors, and it is particularly not appropriate
for younger investors with a long investment runway.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">As always, we love hearing
from our Fund shareholders. As we constantly remind you, we won&rsquo;t comment on any Fund portfolio purchase or sale that hasn&rsquo;t
been publicly reported, or that is contemplated. With that one caveat, all other topics are on the table.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">Luke E. Sims</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">David C. Sims</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 6%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 8%"><FONT STYLE="color: #000000">Email:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 20%"><FONT STYLE="color: #000000">luke@simscapital.com</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 25%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 8%"><FONT STYLE="color: #000000">Email:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 20%"><FONT STYLE="color: #000000">dave@simscapital.com</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 13%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">Phone:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">414/530-5680</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">Phone:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">414/765-1107</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  </TABLE><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">January 11, 2025&#9;</FONT></P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">&nbsp;<IMG SRC="img_004.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; width: 37%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; width: 7%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000"><B>1-year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; width: 7%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000"><B>5-year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; width: 7%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000"><B>10-year</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Net
    Asset Value Return </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">13.63%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">11.01%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">10.10%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 0pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Market
    Price Return</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 0pt; white-space: nowrap"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 0pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">9.92%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 0pt; white-space: nowrap"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 0pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">10.32%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 0pt; white-space: nowrap"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 0pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">8.63%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Returns
    are average annualized returns for periods greater than one year.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000"><B>Disclosures:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">The
Fund has not had a public offering of shares during the period covered; shareholders and potential shareholders should not confuse the
Eagle Capital Growth Fund (&ldquo;Fund&rdquo;) with investment funds that have share offerings.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">Past
performance does not guarantee future performance.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">The
table and graph do not reflect the deduction of taxes an investor may pay on Fund distributions or the sale of Fund shares. Likewise,
the S&amp;P 500 Index information does not factor in taxes on dividends nor the impact of realized gains had an investor owned the underlying
index securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">Reinvestment
in Fund shares is calculated at the price received by participants of the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan (&ldquo;DRIP&rdquo;),
which understates Fund performance; however, this price is the best metric for characterizing an investment in the Fund with cash dividends
reinvested.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">The
Fund&rsquo;s return can be estimated using net asset value (NAV) or market price. Net asset value is used for the graph.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">The
Fund has a total return fundamental investment objective. The S&amp;P 500 Index has no fundamental investment objective.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Eagle Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Statement of Assets and Liabilities</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>As of December 31, 2024</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 67%"><FONT STYLE="color: #000000">Assets</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%; text-align: right"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%; text-align: right"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Common stock--at
    market value (cost $15,878,514)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">38,007,278</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Money market funds
    (cost $7,691,096)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">7,691,096</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Dividends receivable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">131,194</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Prepaid fees</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">13,564</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Total assets</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">45,843,132</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Liabilities</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Accounts payable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">32,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Investment advisor
    fee payable</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #000000">30,608</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Total liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">63,108</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Total net assets</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">45,780,024</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Shareholders&rsquo;
    Equity</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Net Assets
    are Comprised of:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Paid-in capital $0.001 par value per
    share; authorized 50,000,000 shares, outstanding 3,967,836 shares</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">23,560,335</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Accumulated earnings</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">22,219,689</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Total net assets</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">45,780,024</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Net asset value per share</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">11.54</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">See Notes to Financial Statements.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Eagle Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Statement of Operations</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>For the Year Ended December 31, 2024</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 52%; text-align: left"><FONT STYLE="color: #000000">Investment
    Income</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%; text-align: right"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%; text-align: right"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%; text-align: right"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Dividends</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">665,023</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Interest</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">296,471</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    investment income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">961,494</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Expenses</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Advisory fees</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">346,742</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Directors&rsquo;
    fees and expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">95,750</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Transfer agent</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">59,841</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Audit/Tax Fee</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">32,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Legal fees</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">15,694</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Listing fee</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">15,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Insurance</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">13,564</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Custodian fees</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">10,446</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Other fees and expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">16,844</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">606,381</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Net investment income</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">355,113</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Realized Gain
    and Change in Unrealized Appreciation on Investments</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Realized gain on
    investments:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
    realized gain on investments</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">2,433,938</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Unrealized appreciation
    on investments:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
    change in unrealized appreciation on investments</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">2,751,811</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain and change in unrealized appreciation on investments</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: right"><FONT STYLE="color: #000000">5,185,749</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">Net increase
    from operations</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-left: 4pt; text-align: right"><FONT STYLE="color: #000000">5,540,862</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">See Notes to Financial Statements.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Eagle Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Statements of Changes in Net Assets</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt; text-align: right"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Year
    Ended <br>December 31, 2023</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: left"><P STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Year
Ended<br> December 31, 2024</FONT></P>

</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left; width: 55%"><FONT STYLE="color: #000000">From
    Operations:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; width: 10%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right; width: 15%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right; width: 15%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Net investment income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">186,688</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">355,113</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Net realized gain
    on investments</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">1,107,684</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">2,433,938</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Net change in unrealized
    appreciation on investments</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">3,318,062</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">2,751,811</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Net increase from
    operations</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">4,612,434</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">5,540,862</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Distributions
    to Shareholders:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">(1,388,743</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">(2,698,128</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">From Capital
    Stock Transactions:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Reinvested capital
    from distribution of shares</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt"><FONT STYLE="color: #000000">Share repurchases</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Increase (Decrease)
    from capital stock transactions</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Total Net Assets:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Beginning of year</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">39,713,598</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">42,937,289</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">End of year</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">42,937,289</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">45,780,024</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Shares:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Shares outstanding
    at beginning of year</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">3,967,836</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">3,967,836</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Shares issued, due
    to the distribution</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt"><FONT STYLE="color: #000000">Shares repurchased</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">Shares outstanding at end of period</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">3,967,836</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: right"><FONT STYLE="color: #000000">3,967,836</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">See Notes to Financial Statements.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Eagle Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Financial Highlights</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">For
    the periods ended December 31:</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">2020</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">2021</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">2022</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">2023</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">2024</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 40%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Net
    asset value at beginning of year</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">9.21</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">9.53</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10.78</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10.01</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10.82</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Net
    investment income (A)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.05</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.03</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.02</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.05</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.09</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
  <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Net
  realized gain and unrealized<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation (loss) on investments</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  0.82</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  2.15</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  (0.47</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  )</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  1.11</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  1.31</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Total
    from investment operations</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.87</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">2.18</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.45</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">1.16</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">1.40</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
  <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Distribution
  from:<BR>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  (0.06</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  )</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  (0.02</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  )</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  (0.03</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  )</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  (0.07</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  )</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  (0.08</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  )</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized
    gains</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.49</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.95</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.34</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.28</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.60</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Total
    distributions</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.55</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.97</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.37</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.35</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(0.68</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Impact
    of capital share transactions</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.04</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.05</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&mdash;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Net
    asset value at end of year</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">9.53</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10.78</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10.01</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10.82</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">11.54</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
  <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt; padding: 4pt 4pt 4pt 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Per
  share market price, end of year last traded price</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  $</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  7.98</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  $</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  9.51</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  $</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  8.57</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  $</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  9.36</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  $</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  9.75</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Total
    Investment Return:</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt; padding: 4pt 4pt 4pt 10pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: Black">Average annual return, based on market value (B):</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">6.36</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">30.70</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">-6.57</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">14.44</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">9.92</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Average
    annual return, based on net asset value:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10.75</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">24.05</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">-3.73</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">12.18</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">13.63</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 2.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Net
    assets, end of year (000s omitted)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">38,842</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">43,029</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">39,714</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">42,937</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">45,780</FONT></TD> <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
  <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt; padding: 4pt 4pt 4pt 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Ratios
  to average net assets:<BR>
  &nbsp;&nbsp;Expenses to average net assets (C)</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  1.30</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  %</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  1.26</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  %</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  1.36</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  %</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  1.34</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  %</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  &nbsp;</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  1.32</FONT></TD>
  <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;<BR>
  %</FONT></TD>
</TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 10pt; text-indent: -10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;&nbsp;Net
    investment income to average net assets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.57</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.30</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.20</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.45</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.77</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Portfolio
    turnover (annualized)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">19</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">5</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">10</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">11</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">2</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Average
    commission paid per share</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.04</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.01</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.01</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.01</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">0.01</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"><FONT STYLE="color: #000000">(A)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000">Per share calculations for net investment income and gains are calculated
                                using the average shares outstanding.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"><FONT STYLE="color: #000000">(B)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000">Market value return is computed based on market price of the Fund&rsquo;s
                                shares and excludes the effect of brokerage commissions. Net asset value return is computed based on
                                net asset value of the Fund&rsquo;s shares and excludes the effect of brokerage commissions. Dividends
                                and distributions are assumed to be reinvested at the prices obtained under the Fund&rsquo;s dividend
                                reinvestment plan.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"><FONT STYLE="color: #000000">(C)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000">Expense ratio does not reflect fees and expenses incurred by the Fund
                                as a result of its investments in shares of investment companies. If fees for Fund investments in investment
                                companies were included in the expense ratio, the net impact would be an increase for the years ended
                                December 31, 2022 and 2024 of 0.01%. For the years ended December 31, 2020, 2021, and 2023 there would
                                have been no increase in the expense ratio.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: -18pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">See Notes to Financial Statements.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Eagle Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Portfolio of Investments as of December
31, 2024</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Industry</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="color: #000000">Shares</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="color: #000000">Cost</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="color: #000000">Fair
    Value</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Percent
                                            of</FONT></P>
                                                                                <P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Net
                                            Assets</FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD COLSPAN="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">Common Stock (83.2%
    of total investments)</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Advertising</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; width: 48%; text-align: left"><FONT STYLE="color: #000000">Alphabet,
    Inc. A</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">17,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">1,376,922</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">3,218,100</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">MediaAlpha, Inc.*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">9,876</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">166,690</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">111,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3,329,600</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">7.3%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Bank</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">US Bancorp</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">24,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">857,537</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,147,920</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,147,920</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2.5%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Brokerage</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Charles Schwab Corp.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">20,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">882,187</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,480,200</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,480,200</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3.2%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Closed-end
    Funds</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Central and Eastern
    Europe Fund Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">103,306</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,077,312</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,128,102</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,128,102</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2.5%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Conglomerate</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Berkshire Hathaway
    Inc. B*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">12,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,489,340</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">5,666,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">5,666,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">12.4%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Consumer</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Colgate-Palmolive
    Company</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">12,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">72,938</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,090,920</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Procter &amp; Gamble
    Company</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">145,879</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">335,300</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,426,220</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3.1%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Credit Card</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Mastercard Inc</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">219,636</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">526,570</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Visa Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">225,957</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">474,060</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,000,630</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2.2%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Data Processing</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Automatic Data Processing,
    Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">82,775</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">878,190</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Paychex, Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">6,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">140,075</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">841,320</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,719,510</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3.8%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Drug/Medical
    Device</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Johnson &amp; Johnson</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3,071</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">34,933</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">444,128</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Stryker Corp.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">4,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">19,055</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,620,225</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,064,353</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">4.5%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Food</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Kraft Heinz Company</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">29,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">772,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">890,590</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">PepsiCo, Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">10,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">168,296</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,520,600</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,411,190</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">5.3%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Industrial</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Danaher Corporation</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">225,262</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">229,550</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Illinois Tool Works
    Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">7,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">295,051</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,774,920</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Veralto Corporation*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">333</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">29,705</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">33,916</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Waters Corp.*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">100,780</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">741,960</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,780,346</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">6.1%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Insurance</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Markel Corp.*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,670</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,296,670</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,882,804</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2,882,804</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">6.3%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">See Notes to Financial Statements.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Eagle Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Portfolio of Investments as of December
31, 2024, continued</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Industry</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="color: #000000">Shares</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="color: #000000">Cost</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="color: #000000">Fair
    Value</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: center"><FONT STYLE="color: #000000">Percent
    of<BR>
    Net Assets</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Mutual Fund Management</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; width: 48%; text-align: left"><FONT STYLE="color: #000000">Diamond
    Hill Investment Group, Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">9,576</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">1,338,331</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">1,485,238</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Franklin Resources,
    Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">50,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,183,351</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,014,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">T. Rowe Price Group,
    Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">13,400</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,480,248</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,515,406</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">4,015,144</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">8.8%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Restaurant</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Starbucks Corp.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">12,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">588,432</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,095,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,095,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">2.4%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">Retail</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">AutoZone Inc.*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">600</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">319,026</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,921,200</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">eBay Inc.</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">68,886</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">185,850</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">O&rsquo;Reilly Automotive
    Inc.*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,500</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">305,534</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,778,700</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">3,885,750</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">8.5%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Technology
    Services</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Amazon.com Inc.*</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">9,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">915,707</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,974,510</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">1,974,510</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">4.3%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Total common stock
    investments (Cost $15,878,514)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">38,007,278</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">Money Market Funds</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 4pt 4pt 10pt; text-align: left; text-indent: -10pt"><FONT STYLE="color: #000000">Morgan Stanley Inst.
    Liq. Fund, Treasury,Institutional
    Class, 4.42%**</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">7,691,096</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">7,691,096</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">16.8%</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #000000">(Cost $7,691,096)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">7,691,096</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    investments (Cost $23,569,610)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">45,698,374</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
    assets in excess of liabilities</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">81,650</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    net assets</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="color: #000000">45,780,024</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 0pt; padding-left: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt 0pt 2.5pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 15pt; text-align: right"><FONT STYLE="color: #000000">*</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="color: #000000">Non-dividend paying security</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 15pt; text-align: right"><FONT STYLE="color: #000000">**</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="color: #000000">7-day yield</FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">See Notes to Financial Statements.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000; background-color: white"><B>Eagle
Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>Notes to Financial
Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(1)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Organization.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Eagle Capital Growth Fund, Inc.,
a Maryland corporation (&ldquo;Fund&rdquo;)<FONT STYLE="background-color: white">, began in 1989 with a total return investment objective.
The Fund is a diversified closed-end investment company subject to the Investment Company Act of 1940. The Fund has opted into the Maryland
Control Share Acquisition Act.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(2)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Significant Accounting Policies.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">The <FONT STYLE="background-color: white">Fund
follows the accounting and reporting requirements of investment companies under ASC 946 (ASC 946-10-50-1) <I>Financial Services- Investment
Companies</I>. The policies followed by the Fund are in conformity with the accounting principles generally accepted in the United States
of America (&ldquo;GAAP&rdquo;).</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white"><I>Security
Transactions and Related Income</I>&mdash;Dividends and distributions paid to the Fund from portfolio investments are recorded on the
ex-dividend date. Investment security purchases and sales are accounted for on a trade date basis. Interest income is accrued on a daily
basis. Realized gains and losses are determined using the specific identification method.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000"><I>Investments</I>&mdash;<FONT STYLE="background-color: white">Investments
are valued at fair value. Investments in equity securities are valued at the closing market price as of the close of regular trading
on the applicable valuation date. If no such closing market price is available on the valuation date, the Fund uses the then most recent
closing market price.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white">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. If there is no closing bid price for a portfolio security for a period
of ten (10) consecutive trading days, then the Fund&rsquo;s Audit Committee or other appropriate committee shall determine the value
of such illiquid security. From inception to December 31, 2024, the Fund has not held a security which required an illiquid pricing valuation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white">Consistent
with Rule 2a-5 under the Investment Company Act of 1940, the Fund&rsquo;s Board analyzes the risks associated with pricing for and valuation
of investments as well as the suitability of the investments held.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000"><I>Use of estimates</I>&mdash;<FONT STYLE="background-color: white">The
preparation of financial statements in conformity with GAAP 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 increase (decrease) in operations during the reporting period. Actual results could differ from those estimates.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000"><I>Federal income taxes</I>&mdash;<FONT STYLE="background-color: white">The Fund intends to continue to comply with the general qualification requirements of the Internal
Revenue Code applicable to regulated investment companies such as the Fund. The Fund distributes annually at least 90% of its taxable
income, including net long-term capital gains, to its shareholders. In order to avoid imposition of the excise tax applicable to regulated
investment companies, the Fund intends to declare as dividends in each calendar year an amount equal to at least 98% of its net investment
income and 98.2% of its net realized capital gains (including undistributed amounts from previous years).</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white">As of and
during the fiscal year ended December 31, 2024, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes
interest and penalties, if any, related to unrecognized tax benefits as income tax expense when incurred, reflected on the Statement
of Operations. During the year, the Fund did not incur any interest or penalties. Management of the Fund has reviewed tax positions taken
in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year-ends
and the interim tax period</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000; background-color: white"><B>Eagle
Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>Notes to Financial
Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white">since, as
applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and
does not expect this to change for the next twelve months.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white">The following
information is based upon the Federal income tax basis of portfolio investments as of December 31, 2024:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000; background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 70%; text-align: left"><FONT STYLE="color: #000000">Gross
    unrealized appreciation</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 18%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">22,517,311</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Gross unrealized
    depreciation</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #000000">(388,546)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Net unrealized appreciation</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">22,128,765</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Cost basis of securities
    on tax basis:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">23,569,610</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white">At December
31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 70%; text-align: left"><FONT STYLE="color: #000000">Undistributed
    ordinary income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 18%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">47,113</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Undistributed capital
    gains</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">43,810</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Unrealized appreciation
    on investments</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #000000">22,128,765</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Total accumulated
    earnings</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">22,219,688</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000"><I>Expenses</I>&mdash;<FONT STYLE="background-color: white">The
Fund&rsquo;s service providers bear all of their expenses in connection with the performance of their services. The Fund bears all of
its expenses incurred in connection with its operations including, but not limited to, investment advisory fees (as discussed in Note
3), legal and audit fees, taxes, insurance, shareholder reporting and other related costs. As noted in Note 3, the Fund&rsquo;s investment
advisor, as part of its responsibilities under the Investment Advisory Agreement, is required to provide certain internal administrative
services to the Fund at such investment advisor&rsquo;s expense. The Investment Advisory Agreement provides that the Fund may not incur
annual aggregate expenses in excess of two percent (2%) of the first $10 million of the Fund&rsquo;s average net assets, one and a half
percent (1.5%) of the next $20 million of the average net assets, and one percent (1%) of the remaining average net assets for any fiscal
year. Any excess expenses are the responsibility of the investment advisor.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000; background-color: white"><I>Repurchases</I>&mdash;The
Fund repurchases shares from time to time 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000"><I>Fair Value Accounting</I>&mdash;<FONT STYLE="background-color: white">Accounting standards require certain assets and liabilities be reported at fair value in the financial
statements and provides a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy
that prioritizes the inputs and valuation techniques used to measure fair value.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">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. All
of the Fund&rsquo;s investments are classified as Level 1.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Fair values determined by Level 2
inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets
and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">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&rsquo;s own estimates using pricing models, discounted cash flow methodologies,
or similar techniques taking into account the characteristics of the asset.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000; background-color: white"><B>Eagle
Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>Notes to Financial
Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(3)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Service Providers Arrangements</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000"><I>Investment
advisor</I>&mdash;<FONT STYLE="background-color: white">For its services under the Investment Advisory agreement, the investment
advisor receives a monthly fee calculated at an annual rate of three-quarters of one percent (0.75%) of the weekly net asset value
of the Fund, as long as the weekly net asset value is at least $3.8 million. The investment advisor is not entitled to any
compensation for any week in which the average weekly net asset value falls below $3.8 million. Pursuant to the Investment Advisory
Agreement, the investment advisor is required to provide certain internal administrative services to the Fund at the investment
advisor&rsquo;s expense.</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Sims Capital Management
LLC (&ldquo;SCM&rdquo;) serves as the Fund&rsquo;s investment advisor. Pursuant to the Investment Advisory Agreement, SCM is
responsible for the management of the Fund&rsquo;s portfolio, subject to oversight by the Fund&rsquo;s Board of Directors. Luke E.
Sims, a Director, President and Chief Executive Officer of the Fund and owner of more than five percent of the Fund&rsquo;s
outstanding shares, owns 50% of SCM. David C. Sims, the Chief Financial Officer, Chief Compliance Officer, Secretary, Treasurer,
Director of the Fund, the son of Luke E. Sims and owner of more than five percent of the Fund&rsquo;s outstanding shares, owns the
remaining 50% of SCM.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Custodian&mdash;US Bancorp, NA serves
as the Fund&rsquo;s custodian pursuant to a custodian agreement. As the Fund&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Transfer Agent&mdash; Equiniti Trust
Company, LLC (&ldquo;EQ&rdquo;) serves as the Fund&rsquo;s transfer agent and dividend disbursing agent. American Stock Transfer &amp;
Trust underwent a name change in 2023, becoming Equiniti Trust Company. EQ 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. EQ also acts
as the agent under the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(4)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Dividend Reinvestment and Cash
                                            Purchase Plan.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt"><FONT STYLE="color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">The Fund has a Dividend
Reinvestment and Cash Purchase Plan (&ldquo;DRIP&rdquo;) which allows shareholders to reinvest cash dividends and make cash
contributions. 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. Voluntary cash contributions
from DRIP participants are used to purchase Fund shares in the open market. A complete copy of the DRIP is available on the
Fund&rsquo;s website (www.eaglecapitalgrowthfund.com) or from EQ, the DRIP agent.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(5)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Distributions to Shareholders.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Distributions to shareholders from
the Fund&rsquo;s net investment income and realized net long- and short-term capital gains will be declared and distributed at least
annually. The amount and timing of distributions are determined in accordance with federal income tax regulations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">On November 18, 2024, a
distribution of $0.68 per share aggregating $2,698,128 was declared from net investment income and net realized capital gains. The
dividend was paid on December 19, 2024, to shareholders of record on November 29, 2024. The tax character of distributions paid
during 2023 and 2024 was as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding: 4pt; text-align: center"><FONT STYLE="color: #000000">2023</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding: 4pt; text-align: center"><FONT STYLE="color: #000000">2024</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 4pt; padding-bottom: 4pt; text-align: left; width: 67%"><FONT STYLE="color: #000000">Distributions paid from:</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 5%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right; width: 8%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-indent: 18pt; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">Ordinary income</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">281,059</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">308,000</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 18pt; text-align: left"><FONT STYLE="color: #000000">Short-term capital gains</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">114,033</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">&mdash;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 18pt; text-align: left"><FONT STYLE="color: #000000">Long-term capital gains</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">993,651</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: right"><FONT STYLE="color: #000000">2,390,128</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000; background-color: white"><B>Eagle
Capital Growth Fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>Notes to Financial
Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">In 2023 and 2024, the distributions
were paid in cash.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">For more information about
the Fund&rsquo;s tax information, please refer to Note 2, Federal income taxes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(6)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Fund Investment Transactions.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Purchases and sales of securities,
other than short-term securities, for the year ended December 31, 2024, were $1,077,312 and $8,412,311, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(7)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Subsequent Events.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Management of the Fund has evaluated
the need for disclosures and/or adjustments resulting from subsequent events through the date when these financial statements were published.
Based upon this evaluation, there were no items requiring adjustment of the financial statements or additional disclosure.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(8)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Guarantees and Indemnifications.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">Under Maryland law and the Fund&rsquo;s
organizational documents, the Fund will indemnify its officers and directors against certain liabilities arising out of the performance
of their duties to the Fund. In addition, certain of the Fund&rsquo;s contracts with its service providers contain general indemnification
clauses. The Fund&rsquo;s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made
against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19.5pt"><FONT STYLE="color: #000000"><I>(9)</I></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000"><I>Segment Reporting.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.5pt"><FONT STYLE="color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 18pt"><FONT STYLE="color: #000000">In this reporting period, the fund
adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (&ldquo;ASU
2023-07&rdquo;). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund&rsquo;s financial
position or the results of its operations. The Fund is deemed to be an individual reporting segment. The objective and strategy of the
Fund is used by the Adviser, as defined in the Additional Information, to make investment decisions, and the results of the operations,
as shown on the Statement of Operations and the financial highlights for the Fund is the information utilized for the day-to-day management
of the Fund. Due to the significance of oversight and their role, the Adviser is deemed to be the Chief Operating Decision Maker, the
party responsible for identifying and managing operating segments.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B><U>REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">To the Shareholders and
Board of Directors of</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">Eagle Capital Growth
Fund, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><U>Opinion on the Financial
Statements</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">We have audited the accompanying
statement of assets and liabilities, including the portfolio of investments, of Eagle Capital Growth Fund, Inc. (the &ldquo;Fund&rdquo;)
as of December 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each
of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related
notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Fund as of December 31, 2024, the results of its operations for the year then
ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three
years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">The Fund&rsquo;s financial
highlights for the years ended December 31, 2021, and prior, were audited by other auditors whose report dated February 17, 2022, expressed
an unqualified opinion on those financial highlights.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><U>Basis for Opinion</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">These financial statements
are the responsibility of the Fund&rsquo;s management. Our responsibility is to express an opinion on the Fund&rsquo;s financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;)
and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">We conducted our audits
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement whether due to error or fraud.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">Our audits included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian.
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. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">We have served as the
Fund&rsquo;s auditor since 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">COHEN &amp; COMPANY,
LTD.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">Cleveland, Ohio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">February 20, 2025</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B><U>Directors Who Are
Interested Persons of the Fund and Officers</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 4pt; width: 15%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Name,
    Address and Age</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Position(s)
    Held with Fund</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of Office and Length of Time Served </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 33%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Principal
    Occupation(s) During Past Five Years (in addition to positions held in the Fund)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Number
    of Portfolios in Fund Complex Overseen by Director or Nominee for Director</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Other
    Directorships Held by Director or Nominee for Director<BR>
    (Public<BR>
    Companies)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">David
    C. Sims*, <BR>
age 43</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">VP, CFO, CCO,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Treasurer, Secretary, and Director</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2027 (Class II). Served as a director since 2015.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">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.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Luke
    E. Sims**, <BR>
age 75</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">President,
    CEO and Director&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2025 (Class III); nominee for director. Served as a director since 2002</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">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.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding: 4pt; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">* The address of Mr. David Sims is the address
of the principal executive office of the Fund. 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, beneficially
owns more than 5% of the Fund&rsquo;s outstanding shares of common stock, and he is affiliated with the Fund&rsquo;s investment advisor,
Sims Capital Management LLC (the &ldquo;Advisor&rdquo; or &ldquo;SCM&rdquo;). David C. Sims is the son of Luke E. Sims, the President,
Chief Executive Officer, and a Director of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">** The address of Mr. Luke Sims is the address
of the principal executive office of the Fund. Luke E. Sims is an Interested Person within the meaning of Section 2(a) (19) of the Investment
Company Act of 1940 because he is the President and Chief Executive Officer of the Fund, beneficially owns in excess of five percent
(5%) of the Fund&rsquo;s outstanding shares of common stock, and he is affiliated with the Fund&rsquo;s investment advisor, Sims Capital
Management LLC (the &ldquo;Advisor&rdquo; or &ldquo;SCM&rdquo;). 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.</FONT></P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B><U>Directors Who Are
Not Interested Persons</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Name,
    Address and Age*</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; width: 10%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Position(s)
    Held with Fund</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; width: 13%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of Office and Length of Time Served</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; width: 31%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Principal
    Occupation(s) During Past Five Years</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; width: 16%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Number
    of Portfolios in Fund Complex Overseen by Director or Nominee for Director</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 4pt; width: 15%; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Other
    Directorships Held by Director or Nominee for Director<BR>
    (Public<BR>
    Companies)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Jason
    W. Allen, age 53</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2026 (Class I). Served as a director since 2021.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Partner
    of Foley &amp; Lardner LLP (national law firm) where he has been a practicing corporate lawyer since 1999.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Robert
    M. Bilkie, Jr.,&nbsp;&nbsp;&nbsp;<BR>
age 64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Chairman;
    Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2026 (Class I). Served as a director since 2006.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">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).</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Phillip J. Hanrahan,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">age 85</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2026 (Class I). Served as a director since 2008.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Retired
    partner of Foley &amp; Lardner LLP (national law firm) since February 2007 and, prior thereto, active partner of that firm since
    1973.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Carl A. Holth,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">age 92</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2027 (Class II). Served as a director since 1989.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Retired.
    Former banker.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Anne
    M. Nichols, <BR>
age 63</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2027 (Class II). Served as a director since 2021.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Managing
    director at Fern Capital Inc, an investment advisor.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Donald G. Tyler,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">age 72</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2025 (Class III); nominee for director. Served as a director since 2010.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Retired.
    Director of Administrative Services, County of Milwaukee, 2012 to 2014. Retired Interim President &amp; Executive Director, Milwaukee
    Symphony Orchestra 2010; Vice President of Investment Products and Services, Northwestern Mutual, 2003-2010.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 4pt; font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Neal
    F. Zalenko,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
age 79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">&nbsp;Director</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Term
    of office expires 2025 (Class III); nominee for director. Served as a director since 2008.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Retired;
    Founder and Managing Partner of Zalenko &amp; Associates, P.C. (accounting firm), that merged with Baker Tilly in early 2005.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; padding: 4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">One</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding: 4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">* The address of each is the address of the
principal executive office of the Fund.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Compensation.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">The following tables identify
the aggregate compensation paid to all directors and nominees in 2024. Directors&rsquo; fees are only payable to directors who are not
officers of the Fund or affiliated with the Advisor. The fees for 2024 were $13,000 for directors, $1,750 for Audit Committee service
and a $1,000 retainer for the Audit Committee Chairman.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">Luke E. Sims and David
C. Sims, who are deemed to be Interested Persons of the Fund, are not entitled to receive directors&rsquo; fees from the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">No Fund officer receives
compensation in his capacity as an officer of the Fund. Fund officers are: Luke E. Sims, President and Chief Executive Officer; and David
C. Sims, Chief Financial Officer, Chief Compliance Officer, Treasurer, Secretary and Director. Robert M. Bilkie, Jr. is the Fund&rsquo;s
Chairman, which is not an executive officer position.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">Sims Capital Management
LLC (&ldquo;SCM&rdquo;), the investment advisor for the Fund, was paid $346,742 by the Fund in 2024. 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&rsquo;s outstanding shares.
David C. Sims, the Fund&rsquo;s Vice-President, Chief Financial Officer, Chief Compliance Officer, Treasurer, Secretary and Director
as well as an owner of more than five percent of the Fund&rsquo;s outstanding shares, owns the remaining 50% of SCM.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Directors who are Interested Persons of the
Fund:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 44%; vertical-align: bottom"><FONT STYLE="color: #000000">Name,
    Position</FONT></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Aggregate</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Compensation</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">From Fund</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Pension
                                            or Retirement</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Benefits Accrued
    as</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">part of Fund</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Expenses</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Estimated</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Annual</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Benefits
    upon Retirement </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: rgb(51,51,51) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Total</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">Compensation</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">from
    Fund and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="color: #000000">
    Complex paid to Directors</FONT></P></TD></TR>
  </TABLE>










<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt; width: 44%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">David
                                            C. Sims,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">VP, CFO, CCO,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Treasurer, Secretary,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">and Director</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; width: 44%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Luke
                                            E. Sims,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Director, President,</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">CEO</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 14%"><FONT STYLE="color: #000000">None</FONT></TD></TR>
  </TABLE><!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Directors who are not Interested Persons of
the Fund:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 1pt; padding-top: 0pt; padding-right: 3pt; vertical-align: bottom; text-align: left"><FONT STYLE="color: #000000">Name,
    Position</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">Aggregate<BR>
    Compensation<BR> From Fund</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">Pension
    or Retirement<BR> Benefits Accrued as<BR> part of Fund<BR> Expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">Estimated<BR>
    Annual<BR> Benefits upon<BR> Retirement</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom-style: solid; border-bottom-width: 1pt; padding: 0pt 3pt 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="color: #000000">Total<BR>
    Compensation<BR> from Fund and<BR>  Complex paid to Directors</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt"><FONT STYLE="color: #000000">Jason W. Allen,</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; width: 47%"><FONT STYLE="color: #000000">Director</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; width: 1%; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; width: 10%; text-align: right"><FONT STYLE="color: #000000">13,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; width: 13%; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; width: 12%; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; width: 1%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; width: 1%; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; width: 12%; text-align: right"><FONT STYLE="color: #000000">13,000</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: left"><FONT STYLE="color: #000000">Robert M.
    Bilkie, Jr.,</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="color: #000000">Director</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">13,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">13,000</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: left"><FONT STYLE="color: #000000">Phillip
    J. Hanrahan,</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="color: #000000">Director</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">14,750</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">14,750</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: left"><FONT STYLE="color: #000000">Carl A.
    Holth,</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="color: #000000">Director</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">14,750</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">14,750</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: left"><FONT STYLE="color: #000000">Anne M.
    Nichols,</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="color: #000000">Director</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">13,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">13,000</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: left"><FONT STYLE="color: #000000">Donald G.
    Tyler,</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="color: #000000">Director</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">14,750</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="color: #000000">14,750</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: left"><FONT STYLE="color: #000000">Neal F.
    Zalenko,</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt 3pt 0pt; vertical-align: top; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 3pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 0pt"><FONT STYLE="color: #000000">Director</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 0pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">15,750</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt; text-align: center"><FONT STYLE="color: #000000">None</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt 3pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-top: 0pt; padding-bottom: 0pt; padding-left: 3pt; text-align: right"><FONT STYLE="color: #000000">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0pt; padding-right: 3pt; padding-bottom: 0pt; text-align: right"><FONT STYLE="color: #000000">15,750</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt; width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Jason
    W. Allen</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Robert
    M. Bilkie, Jr.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt; width: 36%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Phillip
    J. Hanrahan</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Chairman of
    the Board</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Fox Point,
    WI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Northville,
    MI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Whitefish Bay,
    WI</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-bottom: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Carl A. Holth</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-bottom: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Anne M. Nichols</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-bottom: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Luke E. Sims</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director, President
    &amp; CEO</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Dearborn, MI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Huntington
    Woods, MI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Milwaukee,
    WI</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-bottom: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">David C. Sims</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-bottom: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Donald G. Tyler</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 0pt; padding-bottom: 2pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Neal F. Zalenko</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">VP, Treasurer,
    CFO, CCO</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Director</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Secretary &amp; Director</FONT></P>
                                                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #000000"> Bayside, WI</FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Whitefish Bay,
    WI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding: 2pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Birmingham,
    MI</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>EAGLE CAPITAL GROWTH
FUND, INC. (&ldquo;Fund&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>DIVIDEND REINVESTMENT
AND CASH PURCHASE PLAN (&ldquo;Plan&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>ADVANTAGE OF THE PLAN</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">Participants in the Plan
have the ability to have cash dividends from the Fund reinvested in additional Fund shares. Participants may also make cash contributions
to the Plan to acquire additional Fund shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>JOINING THE PLAN</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">You can enroll in the Plan by going to <U>https://equiniti.com/
</U>or calling Equiniti Stock Transfer (formerly American Stock Transfer &amp; Trust Company) (the &ldquo;Plan Agent&rdquo; or &ldquo;EQ&rdquo;)
at 877-739-9994. Plan information is also available at the Fund&rsquo;s website at <U>www.eaglecapitalgrowthfund.com/drip.html</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>COSTS OF PARTICIPATION
IN THE PLAN</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">You are not charged any
fee or expense for enrolling in the Plan. Shareholders depositing certificated shares are charged a fee of $7.50. Sales of shares incur
a sales commission of $15.00, plus $0.10 per share. In the event a shareholder sends in a check to buy more shares and the check is returned,
a $35.00 charge will apply. Fees may change from time to time; please contact EQ for information about current fees.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>REINVESTMENT OF FUND
DISTRIBUTIONS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">If the Fund pays a distribution
in Fund shares, Participants&rsquo; accounts under the Plan will be credited with newly-issued Fund shares at the distribution price,
which is the price described in the distribution notice to shareholders. These shares will be held by the Plan Agent pursuant to the
Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">The Fund may pay distributions
in cash. 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 (&ldquo;NAV&rdquo;) of each Fund share. The NAV of each Fund share shall be calculated within forty-eight
hours of the distribution, excluding Sundays and holidays. Should the market price rise to or above the calculated NAV per share, the
Fund may issue new shares to the Plan at the greater of NAV per share or 95% of the market price. For purposes of the Plan, the market
price is the most recently traded price of a Fund share on the NYSE American exchange. The reinvestment of cash distributions will occur
as soon as practicable, and in no case later than 30 days after the Plan Agent&rsquo;s receipt of the cash distributions, except where
necessary to comply with federal securities laws.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">In the event that the open
market purchases take more than one day, the Fund will recalculate the NAV on a daily basis. Such recalculated NAV will be used to determine
whether the market price per share has risen to or above the calculated NAV per share. 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>VOLUNTARY CASH PAYMENTS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">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.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">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>st</SUP>)
business day of the following month (the &ldquo;Investment Date&rdquo;). The Plan will purchase Fund shares in the open market. If the
Plan Agent has not completed its open market purchase of Fund shares within thirty (30) days of the Investment Date, then the balance
of such voluntary cash payments will be returned to participants on a pro rata basis. All cash received by the Plan Agent in connection
with the Plan will be held without earning interest or income.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">Optional cash payments
may be made online at <U>https://equiniti.com/</U><B>. </B>You will need to know your 10-digit Plan account number to access your account.
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. A participant should be aware of possible delays in the mail if payment is to be made in
that manner. 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>HOLDING OF SHARES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">For your convenience,
EQ will hold in safekeeping all Fund shares you own by reason of your participation in the Plan. Upon your request (whether online at
<U>https://equiniti.com/</U> <B>,</B> by mail, or telephonically to the Plan Agent at 800-937-5449), EQ will send you a physical stock
certificate representing a specified number of whole shares acquired or held the Plan in your account.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">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. Such shares,
once deposited, will be retained in &ldquo;book-entry&rdquo; form under the Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>STATEMENT OF ACCOUNT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">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. You may also access your
account information online at <U>https://equiniti.com/</U>. 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></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>FEDERAL INCOME TAX
CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">You should consult your
accountant or tax advisor with respect to the Federal and/or other tax consequences resulting from participating in the Plan. However,
as a general rule, participants are taxed on Fund distributions, whether those distributions are paid directly in additional Fund shares,
or are in cash (whether such cash is used to purchase additional Fund shares in the open market or otherwise).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>SHAREHOLDERS&rsquo;
RIGHTS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">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. In the event of a major corporate event affecting the Fund, such as a stock
split or a stock dividend, the resulting Fund shares will be properly credited to your Plan account. In the event that a Plan participant
holds shares in both a Plan account and individually in his or her own name, any Fund shares resulting from a major corporate event affecting
the Fund will be distributed to the Plan account and the participant individually on a pro rata basis. EQ 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></P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>ADDITIONAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">If you have any questions
regarding participation in the Plan, please visit the Plan Agent online at <B><U>https://equiniti.com/</U></B>, call the Plan Agent at
800-937-5449, or write the Plan Agent at:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 1.5in"><FONT STYLE="color: #000000">Equiniti Trust Company,
LLC (&ldquo;EQ&rdquo;)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 1.5in"><FONT STYLE="color: #000000">PO Box 10027</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 1.5in"><FONT STYLE="color: #000000">Newark, NJ 07101</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>ADDITIONAL TERMS AND
CONDITIONS OF PARTICIPATION IN THE EAGLE CAPITAL</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>GROWTH FUND, INC. DIVIDEND REINVESTMENT AND CASH PAYMENT PLAN</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">1. By enrolling in the Plan, all of the participant&rsquo;s
cash distributions from the Fund and/or voluntary cash payments will be reinvested in additional Fund shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">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. You must also notify the Fund in writing of your
election to receive cash. 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">2. The Plan Agent may commingle participant
funds in connection with the receipt of cash distributions from the Fund, and from voluntary cash payments from participants. The Plan
Agent will allocate purchased Fund shares among participant accounts based upon the average price paid (net of any costs).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">3. The Plan Agent shall hold shares for participants
in its own name or in the name of its nominee. The Plan Agent will acquire Fund shares in the open market at such price or prices then
reasonably available to it. 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. Moreover, any temporary or continued closing of the securities trading generally might
require the temporary curtailment or suspension of the Plan Agent&rsquo;s efforts to purchase Fund shares. The Plan Agent is not responsible
or liable for, and shall not be accountable for, any inability on such its part to purchase Fund shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">4. With respect to the voting of Fund shares
held in the Plan, the Plan Agent will provide participants with proxy solicitation materials and request their direction. If a participant
does not direct the Plan Agent as to the manner of voting, the Plan Agent will not vote such participant&rsquo;s shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">5. Plan participation may be terminated upon
request to the Plan Agent. A participant may terminate by providing written notice to the Plan Agent (the tear-off section at the bottom
of participant&rsquo;s account statement is available for this purpose). Such written notice must be signed by all persons who are listed
on the Plan account. If a request is received fewer than three business days prior to the cut-off election date in the case of a share
distribution, or three days prior to the ex-dividend date in the case of a cash dividend, then the termination will begin after the receipt
of Fund shares or reinvestment of the declared dividend, as applicable. The Plan Agent will send to a participant who has terminated
participation in the Plan a certificate(s) representing the number of full shares held by the Plan Agent in such participant&rsquo;s
account under the Plan. In case of termination, a participant&rsquo;s interest in a fractional share will be converted to, and remitted
in cash, in an amount based upon the then current market value of the share (less service fees). <B>However, the foregoing does not apply
to voluntary cash payments held for investment on the Investment Date as a result of voluntary cash payments. 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
the address above at least forty-eight (48) hours prior to the time when such voluntary cash payment is scheduled to be invested. </B>If
a participant so requests, the Plan Agent may sell a terminating participant&rsquo;s shares and remit the proceeds (less related brokerage
commissions and service fees).</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">6. The Plan Agent shall not be liable for
any action taken in good faith or for any good faith failure to act, including without limitation, any claim of liability (a) arising
out of a failure to terminate the participant&rsquo;s account upon the participant&rsquo;s death, prior to receipt of notice in writing
of such death and submission of documentation, by the personal representative of the deceased participant, in form and substance satisfactory
to the Plan Agent and (b) with respect to the price or prices at which Fund shares are purchased or sold for a participant&rsquo;s account
and/or the timing of such purchases and/or sales.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">7. The Fund reserves the right to amend or
terminate the Plan; significant revisions will become effective upon thirty (30) days written notice (from the date of mailing) to all
Plan participants. All inquiries with respect to the Plan should be directed to the Plan Agent at the addresses and phone numbers identified
in the Plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">8. The Plan shall be governed by, and construed
in accordance with, the internal laws of the State of Wisconsin.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">9. The Plan has been last amended and revised
as of December 13, 2023.</FONT></P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Recent Changes</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000; background-color: white"><I>The following
information is a summary of certain changes during the fiscal year ended December 31, 2024. This information may not reflect all of the
changes that have occurred since you purchased shares of the Fund.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">During the applicable period, there have been:
(i) no material changes to the Fund&rsquo;s investment objectives and policies that constitute its principal portfolio emphasis that
have not been approved by shareholders, (ii) no material changes to the Fund&rsquo;s principal risks, (iii) no changes to the persons
primarily responsible for day-to-day management of the Fund; and (iv) no changes to the Fund&rsquo;s charter or by-laws that would delay
or prevent a change of control that have not been approved by shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000; background-color: white"><B>Investment Objectives</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000; background-color: white">The Fund&rsquo;s
primary investment objective is long-term growth. The Fund utilizes the concept of &ldquo;total return&rdquo; for selecting investments;
&ldquo;total return&rdquo; means the total of all income derived from, and the capital appreciation in value of, a particular investment.
There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000; background-color: white"><B>Investment
Strategy</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000; background-color: white">The
Fund seeks to achieve its investment objectives by employing a strategy of investing in primarily US issuer common stock. There is a
preference for &ldquo;high-quality&rdquo; companies, where &ldquo;high-quality&rdquo; denotes substantial operating income margins, high
returns on capital, and strong balance sheets. While the Fund is not constrained to investing solely in such companies, there is a distinct
preference for doing so.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000; background-color: white"><B>Risk
Factors</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Investment and Market Risk</I>. An investment
in the Fund involves a considerable amount of risk. Before making an investment decision, a prospective investor should (i) consider
the suitability of this investment with respect to his or her investment objectives and personal situation and (ii) consider factors
such as his or her personal net worth, income, age, risk tolerance and liquidity needs. The value of the investments owned by the Fund
will fluctuate, sometimes rapidly and unpredictably, and such investments are subject to investment risk, including the possible loss
of the entire principal amount invested. At any point in time, an investment in the Fund&rsquo;s common shares could be worth less than
the original amount invested, even after taking into account distributions paid by the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">The Fund and its portfolio securities are
materially affected by market, economic and political conditions and events, such as natural disasters, epidemics and pandemics, globally
and in the jurisdictions and sectors in which it invests or operates, including factors affecting interest rates, the availability of
credit, currency exchange rates and trade barriers. Epidemics and pandemics have and may result in, among other things, travel restrictions,
closure of international borders, disruptions to certain businesses and securities markets, restrictions on securities trading activities,
quarantines, supply chain disruptions and reduced consumer demand, as well as general concern and uncertainty. Market, economic and political
conditions and events are outside the Fund&rsquo;s control and could adversely affect the liquidity and value of the Fund&rsquo;s investments
and reduce the ability of the Fund to make attractive new investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Closed-end Fund shares. </I>As with any
security, shares of the Fund may increase or decrease in value from time to time, and these changes may or may not be related to changes
in the value of the securities held by the Fund (as reflected in its net asset value, or NAV). In addition, shares of closed-end investment
companies like the Fund frequently trade at a discount from net asset value. The possibility that shares of the Fund will trade at a
discount to net asset value (based on the value of the Fund&rsquo;s portfolio securities), and the possibility that such discount could
increase, is a risk which is separate from the risk that the Fund&rsquo;s net asset value will decrease. The Fund cannot predict whether
its shares will trade in the future at a premium to or a discount from net asset value or the level of any premium or discount.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Portfolio Concentration. </I>While the
Fund qualifies as a &ldquo;diversified&rdquo; regulated investment company under the Investment Company Act of 1940, the Fund tends to
have a more concentrated portfolio that other mutual funds. Portfolio concentration can cause the Fund&rsquo;s NAV to fluctuate more
than other diversified funds. At the end of 2024, the Fund&rsquo;s top five equity investments represented slightly over 41% of the Fund&rsquo;s
total equity portfolio.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">In addition, the Fund&rsquo;s largest portfolio
position is its investment in Berkshire Hathaway, Inc. (Class B). As of December 31, 2024, the Fund&rsquo;s investment in Berkshire Hathaway
represented nearly 15% of the Fund&rsquo;s equity portfolio. The death or disability of Warren Buffett could have a material adverse
impact on the price of Berkshire Hathaway shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Secondary Market for Fund Shares</I>. The
Fund issues shares through its Dividend Reinvestment and Cash Purchase Plan. See &ldquo;Dividend Reinvestment and Cash Purchase Plan.&rdquo;
Shares may be issued under the Dividend Reinvestment and Cash Purchase Plan at a discount to the market price for the shares, which may
also put downward pressure on the market price for shares of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Anti-Takeover Provisions. </I>The Fund&rsquo;s
By-laws provide for a staggered Board. Moreover, the Fund has opted into the Maryland Control Share Acquisition Act. These provisions
may have the effect of discouraging a hostile bidder.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Regulated Investment Company. </I>The Fund
has conducted and intends to continue to conduct its operations so that it qualifies as a &ldquo;regulated investment company&rdquo;
for purposes of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). This relieves the Fund of any material liability
for federal income tax to the extent that its earnings are distributed to its shareholders. If the Fund fails at any time to qualify
as a &ldquo;regulated investment company,&rdquo; the income of the Fund for that fiscal year will be taxed at the corporate level. This
would result in a decrease in income for distribution to shareholders of the Fund and a reduction in the net asset value of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Counterparty and Prime Brokerage Risk</I>.
The Fund is subject to the risk of loss of Fund assets on deposit or being settled or cleared with a broker in the event of the broker&rsquo;s
bankruptcy, the bankruptcy of any clearing broker through which the broker executes and clears transactions on behalf of the Fund, the
bankruptcy of an exchange clearing house or the bankruptcy of any other counterparty. If a prime broker or counterparty becomes bankrupt
or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund could experience significant
delays in obtaining any recovery in a bankruptcy or other reorganization proceeding; if the Fund&rsquo;s claim is unsecured, the Fund
will be treated as a general creditor of such prime broker or counterparty and will not have any claim with respect to the underlying
security. In the case of any such bankruptcy, the Fund might recover, even in respect of property specifically traceable to the Fund,
only a pro rata share of all property available for distribution to all of the counterparty&rsquo;s customers and counterparties. Such
an amount could be less than the amounts owed to the Fund. It is possible that the Fund will obtain only a limited recovery or no recovery
in such circumstances. Such events would have an adverse effect on the NAV of the Fund. Certain counterparties have general custody of,
or title to, the Fund&rsquo;s assets. The failure of any such counterparty could result in adverse consequences to the NAV of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Legal and Regulatory Risk</I>. Legal and
regulatory changes could occur that would materially adversely affect the Fund. The regulation of securities markets and investment funds
such as the Fund has undergone substantial change in recent years, and such change could continue. The Fund does not know in what form,
when and in what order significant regulatory initiatives will be implemented or the impact any such implemented regulations will have
on the Fund, the markets or instruments in which the Fund invests or the counterparties with which the Fund conducts business. The effect
of regulatory change on the Fund, while impossible to predict, could be substantial, adverse and potentially limit or completely restrict
the ability of the Fund to implement its investment strategy.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Dependence on Advisor</I>. The Fund depends
on the efforts, skills, reputations and business contacts of its investment advisor, Sims Capital Management LLC (&ldquo;Advisor&rdquo;).
The loss of the Advisor&rsquo;s services could have a material adverse effect on the Fund. The Advisor&rsquo;s principals possess substantial
experience and expertise. The loss of these personnel could affect the Fund&rsquo;s investment opportunities as well as cause increased
costs for the Fund to replace them.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Market Disruptions from Natural Disasters
or Geopolitical Risks</I>. Political instability, the ongoing epidemics of infectious diseases in certain parts of the world, terrorist
attacks in the United States and around the world, natural disasters, social and political discord, debt crises (such as the Greek debt
crisis), sovereign debt downgrades, or the exit or potential exit of one or more countries from the European Union (such as the United
Kingdom) or the European Economic and Monetary Union, among others, could result in market volatility, could have long-term effects on
the United States and worldwide financial markets, and could cause further economic uncertainties in the United States and worldwide.
The Fund cannot predict the effects of natural disasters or geopolitical events in the future on the economy and securities markets.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Portfolio Turnover</I>. The Fund&rsquo;s
annual portfolio turnover rate could vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered
a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover could result in the realization of net
short-term capital gains by the Fund which, when passed through and distributed to shareholders, will be taxable as ordinary income.
Higher portfolio turnover could also trigger higher levels of capital gains at the Fund level which, when passed through to Fund shareholders,
would trigger potential capital gains liability at the Fund shareholder level. In addition, a higher portfolio turnover rate results
in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Cybersecurity</I>. Increased reliance on
internet-based programs and applications to conduct transactions and store data creates growing operational and security risks. Targeted
cyber-attacks or accidental events can lead to breaches in computer and data systems security, and subsequent unauthorized access to
sensitive transactional and personal information held or maintained by the Fund, its affiliates, and third-party service providers. Any
breaches that occur could result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal
information relating to investors and the beneficial owners of investors, and could lead to theft, data corruption, or overall disruption
in operational systems. Cybersecurity risks also necessitate ongoing prevention and compliance costs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Misconduct of Employees and of Third-Party
Service Providers</I>. Misconduct by employees of the Advisor or by third-party service providers could cause significant losses to the
Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and
unauthorized investment activities or concealing unsuccessful investment activities (which, in either case, may result in unknown and
unmanaged risks or losses). Losses could also result from actions by third-party service providers, including, without limitation, failing
to recognize trades and misappropriating assets. In addition, employees and third-party service providers may improperly use or disclose
confidential information, which could result in litigation or serious financial harm, including limiting the Fund&rsquo;s business prospects.
No assurances can be given that the due diligence performed by the Advisor will identify or prevent any such misconduct.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>Shareholder Information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Trading. </I>Fund shares trade under the
symbol GRF on the NYSE American exchange. The Fund has opted into the Maryland Control Share Acquisition Act.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Fund Stock Repurchases. </I>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. The Fund has authorized repurchases up to 1,000,000 shares, with 907,029 shares remaining under
its current authorization.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Dividend Reinvestment and Cash Purchase
Plan. </I>By participating in the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan (&ldquo;Plan&rdquo;), you can automatically
reinvest your cash dividends in additional Fund shares without paying brokerage commissions. A copy of the plan is included earlier in
the Annual Report.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">Alternatively, you can secure a copy of the
Plan from the Fund&rsquo;s website (www.eaglecapitalgrowthfund.com) or by contacting Equiniti Stock Transfer (formerly American Stock
Transfer &amp; Trust Company), 48 Wall Street, Floor 23, New York, NY 10005, telephone number (877) 937-5449.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Dividend Checks/Stock Certificates/Address
Changes/Etc</I>. If you have a question about lost or misplaced dividend checks or stock certificates, have an address change to report,
or have a comparable shareholder issue or question, please contact the Fund&rsquo;s transfer agent, Equiniti Stock Transfer (formerly
American Stock Transfer &amp; Trust Company), 48 Wall Street, Floor 23, New York, NY 10005, telephone number (877) 937-5449.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Proxy Voting. </I>The Fund typically votes
by proxy the shares of portfolio companies. If you&rsquo;d like information about the policies and procedures that the Fund follows in
voting, or how the Fund has voted on a particular issue or matter during the most recent 12-month period ended June 30, you can get that
information (Form N-PX) from the SEC&rsquo;s website (www.sec.gov) or the Fund&rsquo;s website (www.eaglecapitalgrowthfund.com), or by
calling the Fund at (414) 765-1107 (collect) or by sending an e-mail request (to dave@simscapital.com).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B><I>Fund Privacy Policy/Customer Privacy
Notice (January 1, 2025). We collect nonpublic personal information about you from the following sources: (i) information we receive
from you on applications or other forms and (ii) information about your transactions with us or others. We do not disclose any nonpublic
personal information about you to anyone, except as permitted by law, and as follows. We may disclose all of the information we collect,
as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint
marketing agreements. If you decide to close your account(s) or no longer be a shareholder of record, we will adhere to the privacy policies
and practices as described in this notice. We restrict access to your personal and account information to those employees who need to
know that information to provide services to you. We maintain physical, electronic, and procedural safeguards to guard your nonpublic
personal information. In this notice, the term &ldquo;we&rdquo; refers to the Fund, Eagle Capital Growth Fund, Inc.</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Additional Information. </I>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 filings available to the investing public generally. You can obtain copies of these public filings, and other
information about the Fund, from the SEC&rsquo;s website (www.sec.gov), from the Fund&rsquo;s website (www.eaglecapitalgrowthfund.com),
or by calling the Fund at (414) 765-1107. The Fund&rsquo;s public forms can be reviewed and copied at the SEC&rsquo;s Public Reference
Room in Washington, D.C., and you can obtain information about the operation of the SEC&rsquo;s Public Reference Room by calling the
SEC at (800) 732-0330.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Approval of Renewal of Investment Advisory
Agreement. </I>At its December 9, 2024 Board meeting, the Board of Directors approved the renewal of the Fund&rsquo;s Investment Advisory
Agreement with SCM (with Directors Luke E. Sims and David C. Sims abstaining). 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 materials
which identified certain key issues for the Board to consider in evaluating Sims Capital Management LLC (&ldquo;SCM&rdquo;) as its Advisor.
The Board reviewed these various factors in considering whether to retain 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&rsquo;s investment philosophy, the Fund&rsquo;s portfolio turnover, best
execution and trading costs, personnel considerations, resources available to SCM, SCM&rsquo;s ability to satisfy compliance obligations
and other relevant factors. The Board regularly considers the various factors</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">that are involved in such a decision. Overall,
the Board understands and is satisfied with the investment philosophy and investment performance of the Advisor. Given the relatively
small size of the Fund vis-&agrave;-vis other closed-end and other mutual funds, the Advisor&rsquo;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). 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. Pursuant to this requirement, the Fund
paid a distribution of $2.7 Million to its shareholders at the end of December 2024, thereby reducing AUM from $49 Million to approximately
$46 Million. The Fund&rsquo;s compliance with law and reporting with respect to the Securities and Exchange Commission and other governmental
authorities is fine. The Fund&rsquo;s execution of transactions (including cost) and portfolio turnover are excellent, and clearly consistent
with industry practice. As a general rule, the Board is satisfied with the Advisor&rsquo;s personnel, including professional competence,
conscientiousness, independence and overall communications.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>Electronic Distribution of Shareholder
Reports and Other Communications. </I>If you&rsquo;d like to receive copies of the Fund&rsquo;s annual report, semiannual report, proxy
statement, press releases and other comparable communications electronically, please provide your e-mail address to dave@simscapital.com.
By providing your e-mail address to the Fund, you are consenting to the Fund sending the identified materials to you by e-mail.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000"><I>General Inquiries. </I>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&rsquo;s investment advisor, Sims Capital Management LLC (dave@simscapital.com).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 2.&#9;CODE OF
ETHICS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">The Fund has adopted
a Code of Ethics for Financial Professionals, which applies to the principal executive officer of the Fund, all professionals serving
as principal financial officer, the principal account officer or controller, or persons performing similar functions, regardless of whether
these individuals are employed by the Fund or a third party, and the members of the Fund&rsquo;s Board of Directors. The Code of Ethics
for Financial Professionals has been posted on the Fund&rsquo;s website at www.eaglecapitalgrowthfund.com.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 3.&#9;AUDIT
COMMITTEE FINANCIAL EXPERT</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">The Fund&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 4.&#9;PRINCIPAL
ACCOUNTANT FEES AND SERVICES</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Audit Fees. The Fund
paid Cohen &amp; Company, Ltd $27,500 for the calendar year ended December 31, 2024, and Cohen &amp; Company, Ltd $27,500 for the calendar
year ended December 31, 2023.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Audit-Related Fees.
The Fund did not pay Cohen &amp; Company, Ltd any audit-related fees in either of the last two calendar years.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Tax Fees. The Fund
paid Cohen &amp; Company, Ltd $5,000 for the calendar year ended December 31, 2024, and Cohen &amp; Company, Ltd $5,000 for the calendar
year ended December 31, 2023, for tax fees in connection with the preparation of the Fund&rsquo;s tax returns and assistance with Internal
Revenue Service notice and tax matters.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">All Other Fees. The
Fund did not pay Cohen &amp; Company, Ltd any other amounts in either of the last two calendar years.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&ldquo;Audit fees&rdquo;
are fees paid by the Fund to Cohen &amp; Company, Ltd for professional services for the audit of our financial statements, or for services
that are usually provided by an auditor in connection with statutory</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">and regulatory filings
and engagements. &ldquo;Audit-related fees&rdquo; are fees for assurance and related services that are reasonably related to the performance
of the audit or review of financial statements. &ldquo;Tax fees&rdquo; are fees for tax compliance, tax advice and tax planning. All
other Fund fees are fees billed for any services not included in the first three categories.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">None of the services
covered under the captions &ldquo;Audit-Related Fees,&rdquo; &ldquo;Tax Fees,&rdquo; and &ldquo;All Other Fees&rdquo; with respect to
Cohen &amp; Company, Ltd were provided under the de minimis exception to Audit Committee approval of 17 CFR 210.2-01(c) 7(i)(C) and (ii)
Cohen &amp; Company, Ltd were 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 (&ldquo;Other Non-Audit Services&rdquo;). Under the Audit Committee
charter, the Audit Committee must approve in advance all non-audit services of the Fund and all Other Non-Audit Services. The Audit Committee
has not adopted &ldquo;pre-approval policies and procedures&rdquo; as such term is used in 17 CFR 210.2-01(c)(7)(i)(B) and (ii).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 5.&#9;AUDIT
COMMITTEE OF LISTED REGISTRANTS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">The Fund&rsquo;s
Board of Directors has separately-designed standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities
Exchange Act of 1934. The members of the committee are Neal F. Zalenko, Carl A. Holth, Donald G. Tyler, and Phillip J. Hanrahan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 6.&#9;SCHEDULE
OF INVESTMENTS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">The Fund&rsquo;s
schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 7.&#9;DISCLOSURE
OF PROXY VOTING AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Sims Capital Management
LLC, a Wisconsin limited liability company (the &ldquo;Advisor&rdquo;), is the investment advisor for the Fund. The Fund and the Advisor
are parties to an Investment Advisory Agreement dated as of February 16, 2007 (the &ldquo;Advisory Agreement&rdquo;). The Fund is the
Advisor&rsquo;s institutional advisory client.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">The Advisor&rsquo;s
authority to vote the proxies of the Fund is established through the Investment Advisory Agreement. It has adopted the following policies
and procedures:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">The Company will
vote proxies for its clients and, therefore, will adhere to the following requirements:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">A. 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. 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&rsquo;s board of directors
or management.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">B. There may be instances
where the interests of the Company may conflict or appear to conflict with the interests of its clients. 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. 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">C. Record Keeping.
The Company will maintain the following records with respect to proxy voting:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(1) A copy of this
proxy voting policy;</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(2) A copy of all
proxy statements received (the Company may rely on the EDGAR system to satisfy this requirement);</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(3) A record of each
vote cast on behalf of a client (the Company may rely on a third party to satisfy this requirement);</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(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;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(5) A copy of each
written client request for information on how the Company voted proxies on the client&rsquo;s behalf, and a copy of any written response
to any (written or oral) client request for information on how the Company voted proxies on behalf of the requesting client.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 8.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">PORTFOLIO MANAGERS
OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Luke E. Sims</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">David C. Sims</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">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). David
C. Sims is President, operating manager, and 50% equity owner in the Advisor.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">With respect to the
Fund, Luke Sims is the principal decision maker with respect to the Fund&rsquo;s portfolio, and David Sims participates in the decision-making
process.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Luke Sims receives
no compensation as an officer of the Fund and receives a fixed salary from the Advisor (not tied to the Fund&rsquo;s performance or private
account performance) out of the respective investment advisory fees paid by the Fund and private accounts. David Sims receives no compensation
as an officer of the Fund and a fixed salary from the Advisor (not tied to the Fund&rsquo;s or Peregrine&rsquo;s performance or private
account performance) out of the respective investment advisory fees paid by the Fund and private accounts. 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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Dollar range of equity
securities of the Fund. beneficially owned as of December 31, 2024, by Luke Sims is in excess of $1 million and by David Sims is in excess
of $1 million.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 9.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">PURCHASE OF EQUITY
SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">During the period
covered by this report, no purchases were made by or on behalf of the registrant or any &ldquo;affiliated purchaser&rdquo; (as defined
in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&ldquo;Exchange Act&rdquo;)
of shares of registrant&rsquo;s equity securities that are registered by the registrant pursuant to Section 12 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">There were no share
repurchases during 2024.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 10.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">SUBMISSION OF MATTER
TO A VOTE OF SECURITY HOLDERS.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">No changes to the
procedures by which shareholders may recommend nominees to the registrant&rsquo;s board of directors have been implemented after registrant
last provided disclosure in response to Item 407(c)(2) in registrant&rsquo;s 2023 proxy statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 11.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">CONTROLS AND PROCEDURES.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(i) As of February
20, 2025, an evaluation of the effectiveness of the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) was performed under the supervision and with the participation of the registrant&rsquo;s President
and Chief Executive Officer (the principal executive officer) and the Chief Financial Officer (the principal financial officer). Based
on that evaluation, the registrant&rsquo;s President and Chief Executive Officer and Chief Financial Officer concluded that the registrant&rsquo;s
controls and procedures are effectively designed to ensure that information required to be disclosed by the registrant has been recorded,
processed, summarized and reported within the time periods required by the Commission&rsquo;s rules and forms, and that information required
to be disclosed by the registrant has been accumulated and communicated to the registrant&rsquo;s management, including its principal
executive officer and principal financial officer, or persons performing similar functions as appropriate, to allow timely decisions
regarding required disclosure.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(ii) There has been
no change in the registrant&rsquo;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant&rsquo;s internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 12.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">DISCLOSURE OF SECURITIES
LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">The Fund neither
lent any securities this year nor received any income related to securities lending.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">ITEM 13.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">EXHIBITS</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(A)(1).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Attached hereto as
<A HREF="ecgf-efp14956_ex99a1.htm">Exhibit 99a1</A>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(A)(2).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">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="ecgf-efp14956_ex99a2.htm">Exhibit 99a2</A>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">(B)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">Certification pursuant
to Rule 30a-2(b) and 18 U.S.C. Section 1350, --- attached as <A HREF="ecgf-efp14956_ex99b.htm">Exhibit 99b</A>.</FONT></P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="color: #000000">[See
General Instruction F]</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">Eagle Capital Growth Fund,
    Inc.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">By:</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 93%"><P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">/s/
Luke E. Sims, President</FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">3/6/2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white"><FONT STYLE="color: #000000">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 7%"><FONT STYLE="color: #000000">By:</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 93%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">/s/
    David C. Sims, Vice-President,
    Chief Financial Officer, Chief Compliance Officer, and Secretary</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="color: #000000">Date:</FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #000000">3/6/2025</FONT></TD></TR>
  </TABLE>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ecgf-efp14956_ex99a1.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>EX.99.CODE ETH</B></P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">AMENDED AND RESTATED</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">CODE OF ETHICS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">OF</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">EAGLE CAPITAL GROWTH FUND, INC.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">Under Rule 17j-1 of the Investment
Company Act of 1940</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Eagle Capital Growth Fund,
Inc. (the &ldquo;Fund&rdquo;) has adopted, by a vote of its board of directors, including a majority who are not interested persons (the
&ldquo;Board&rdquo;), this Amended and Restated Code of Ethics (&ldquo;Code of Ethics&rdquo;) pursuant to Rule 17j-1 under the Investment
Company Act of 1940 (the &ldquo;Investment Company Act&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Sims Capital Management LLC
(the &ldquo;Advisor&rdquo;) is the investment adviser for the Fund. The Advisor is a registered investment adviser subject to the Investment
Advisers Act of 1940, as amended (the &ldquo;Investment Advisers Act&rdquo;), and, as such, maintains its own policies and procedures,
including among other things, its own code of ethics pursuant to the Investment Advisers Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Applicability</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Under Rule 17j-1 of the Investment
Company Act,&rdquo; &ldquo;Access Person&rdquo; includes, among others, any Advisory Person of the Fund or of the Advisor and any director,
officer or general partner of a principal underwriter (&ldquo;Underwriter&rdquo;), 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">&ldquo;Advisory Person&rdquo;
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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Since the Advisor&rsquo;s
primary business is advising the Fund, all of the Advisor&rsquo;s directors and officers are presumed to be Access Persons. In addition,
all of the Fund&rsquo;s directors and officers are presumed to be Access Persons of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; 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. 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).</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">&ldquo;Securities&rdquo;
are defined as set forth in Section 2(a)(36) of the Investment Company Act. &ldquo;Covered Securities&rdquo; are all Securities other
than (a) direct obligations of the Government of the United States; (b) bankers&rsquo; 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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">II.</TD><TD STYLE="text-align: justify"><B>Statement of Principles</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Access Persons must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Engage in and promote
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">Comply with applicable government laws, rules and regulations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Access Persons owe a fiduciary
duty to the Fund and to the Fund&rsquo;s shareholders and to the Advisor when conducting their personal investment transactions. At all
times and in all matters such persons shall place the interests of the Fund before their personal interests. All Access Persons of the
Advisor shall place the interests of the Advisor and its clients before their personal interests. The fundamental standard to be followed
in personal securities transactions is that Access Persons may not take inappropriate advantage of their positions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">1.&nbsp;Employ
any device, scheme or artifice to defraud the Fund;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">2.&nbsp;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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">3.&nbsp;Engage
in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">4.&nbsp;Engage
in any manipulative practice with respect to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Further, all Access Persons
are always prohibited from effecting personal securities transactions based on material, non-public information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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&rsquo;s position of trust and responsibility.
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. In this regard, Access Persons are expected to adhere not only to the letter, but also the spirit,
of the policies contained herein.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left">III.</TD><TD STYLE="text-align: justify"><B>Standards of Business Conduct</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">In furtherance of the Statement
of Principles, Access Persons must adhere to the following practices:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Compliance with Laws,
Rules and Regulations. </I>The Fund expects its Access Persons to comply with all laws, rules and regulations applicable to their operations
and business. 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. The Fund, as a registered investment company, is subject to regulation by the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;). Access Persons must comply with all applicable federal securities laws, rules and regulations
relating to the Fund and the Advisor. &ldquo;Federal securities laws&rdquo; means the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;),
the Securities Exchange Act of 1934 (the &ldquo;1934 Act&rdquo;), 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Conflicts of Interest.
</I>Access Persons have an obligation to act in the best interests of the Fund. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">It is not possible to describe
every situation in which a conflict of interest may arise. The following, however, are examples of situations that may raise a conflict
of interest (unless permitted by law and Fund policies):</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Fair Dealing. </I>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. No Access Person should take unfair advantage of anyone through manipulation, abuse of privileged information,
misrepresentation of facts or any unfair dealing practice.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Gifts. </I>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. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Corporate Opportunities</I>.
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&rsquo;s Board or, as applicable, the Fund&rsquo;s Audit Committee. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Proprietary and Confidential
Information. </I>Proprietary and confidential information generated and gathered in the Fund&rsquo;s business are vital assets. Protecting
this information is critical to the Fund&rsquo;s reputation for integrity and relationship with its shareholders and ensures compliance
with complex regulations governing investment companies and investment advisors. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">&ldquo;Proprietary Information&rdquo;
includes all non-public information that might be useful to competitors or that could be harmful to the Fund or its shareholders, if disclosed.
It includes, for example, intellectual property, business plans, personal employee information and unpublished financial information.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">&ldquo;Confidential Information&rdquo;
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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Unauthorized use or distribution
of proprietary or confidential information violates Fund policy and could be illegal. Such use or distribution could result in negative
consequences for the Fund and the individuals involved, including potential legal or disciplinary actions. The obligation of Access Persons
to protect the Fund&rsquo;s proprietary and confidential information continues even after they leave employment or service with the Fund.
Access Persons have an obligation to return all such information in their possession upon their departure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Inside Information. </I>Using
inside information to trade securities or to &ldquo;tip&rdquo; a family member, friend, or any other person, is illegal. 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. Access Persons
may never, under any circumstances, trade, encourage others to trade, or recommend securities based on inside information, including information
about the Advisor&rsquo;s securities recommendations. 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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">IV.</TD><TD STYLE="text-align: justify"><B>Enforcement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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. The Fund takes seriously its obligation to monitor the personal investment activities of its Access Persons. 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. 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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">V.</TD><TD STYLE="text-align: justify"><B>Blackout Period</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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 (&ldquo;Blackout Period&rdquo;)
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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; 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.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left">VI.</TD><TD STYLE="text-align: justify"><B>Prohibited Transactions</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">1.&nbsp;The
purchase of a limited offering (<I>i.e.,</I> 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">2.&nbsp;The
acquisition of any securities in an initial public offering (<I>i.e., </I>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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">VII.</TD><TD STYLE="text-align: justify"><B>Prohibited Recommendations</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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 &ldquo;Large Cap/De Minimis&rdquo; exemption described
in Section V above. 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. The direct or indirect interest in such securities
or issuers could be in the form of:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">1.&nbsp;Any
direct or indirect beneficial ownership of any securities of such issuer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">2.&nbsp;Any
contemplated transaction by the person in such securities;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">3.&nbsp;Any
position with such issuer or its affiliates; or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">4.&nbsp;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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">VIII.</TD><TD STYLE="text-align: justify"><B>Acknowledgment and Reporting Requirements</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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. 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:</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">1.&nbsp;Acknowledge
receipt of this Code of Ethics and any amendments thereto, in writing (see Exhibit B for the form of Acknowledgment).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">2.&nbsp;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. Fund directors shall deliver the information, except that a Fund
director who is not an &ldquo;interested person&rdquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">3.&nbsp;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. Fund directors shall deliver the information, except that a Fund director who is not an &ldquo;interested person&rdquo; 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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">4.&nbsp;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. Fund directors shall deliver the information, except that a Fund director who is not an &ldquo;interested
person&rdquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">5.&nbsp;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">6.&nbsp;
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.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">7.&nbsp;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">8.&nbsp;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. An &ldquo;automatic investment plan&rdquo; 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. An automatic investment
plan includes a dividend reinvestment plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">9.&nbsp;The
President of the Fund or his/her designee shall review all of the reports submitted pursuant to this Section VIII.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">10.&nbsp;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">11.&nbsp;The
exceptions to the reporting requirements as set forth in Rule 17j-1(d)(2) of the Investment Company Act are also incorporated herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">12.&nbsp;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 &ldquo;interested person&rdquo; 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. 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.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">IX.</TD><TD STYLE="text-align: justify"><B>Handling of Disgorged Profits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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. Amounts donated may be aggregated
and paid to such charity or charities at the end of each year.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">X.</TD><TD STYLE="text-align: justify"><B>Confidentiality</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; 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.</P>




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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">XI.</TD><TD STYLE="text-align: justify"><B>Other Laws, Rules and Statements of Policy</B></TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; 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.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">XII.</TD><TD STYLE="text-align: justify"><B>Retention of Records</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">1.&nbsp;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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">2.&nbsp;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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">3.&nbsp;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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">4.&nbsp;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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">5.&nbsp;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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">6.&nbsp;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.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">XIII.</TD><TD STYLE="text-align: justify"><B>Monitoring</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; 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.
Personal investment transaction activity will be monitored by the President of the Fund or his/her designee. 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.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0pt">Any noted deviations by Fund
or Advisor directors will be reported to the Fund&rsquo;s Board for consideration and follow-up as contemplated by Section IV hereof.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">XIV.</TD><TD STYLE="text-align: justify"><B>Exceptions to the Code of Ethics</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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. Copies of such written approvals shall be provided to the Chief Compliance Officer of the Fund. Any questions about this
Code of Ethics should be directed to the President of the Fund or his/her designee.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">XV.</TD><TD STYLE="text-align: justify"><B>Board Review</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">XVI.</TD><TD STYLE="text-align: justify"><B>Amendments</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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. 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. Such material
amendment shall become effective upon such date of approval or at such earlier date as determined by the Secretary of the Fund. 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.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Approved and Adopted Effective
as of April 18, 2024.</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EXPLANATION OF BENEFICIAL OWNERSHIP</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">You are considered to have
&ldquo;Beneficial Ownership&rdquo; of Securities if you have or share a direct or indirect &ldquo;Pecuniary Interest&rdquo; in the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">You have a &ldquo;Pecuniary
Interest&rdquo; in Securities if you have the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction
in the Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">The following are some examples
of an indirect Pecuniary Interest in Securities:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">1.&nbsp;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">&ldquo;Immediate family&rdquo;
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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">2.&nbsp;Your
interest as a general partner in Securities held by a general or limited partnership.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">3.&nbsp;Your
interest as a manager-member in the Securities held by a limited liability company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">4.&#8239;Your right to acquire
equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">The foregoing is only a summary
of the meaning of &ldquo;Beneficial Ownership.&rdquo; It is not the complete recitation of the meaning of Beneficial Ownership. For purposes
of the attached Code of Ethics, &ldquo;Beneficial Ownership&rdquo; 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 &ldquo;Beneficial Ownership,&rdquo; you should contact the President of the Fund
or his/her designee.</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>AMENDED AND RESTATED CODE OF ETHICS
FOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EAGLE CAPITAL GROWTH FUND, INC.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>ACKNOWLEDGMENT (GRF-05)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">I acknowledge that I have
received and read the Amended and Restated Code of Ethics (&ldquo;Code of Ethics&rdquo;) of Eagle Capital Growth Fund, Inc. I understand
the provisions of the Code of Ethics, including my reporting obligations, and agree to abide by them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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. 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.</P>



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<TD STYLE="width: 36pt; text-align: right"></TD><TD STYLE="text-align: center; width: 8%">Name(Print):</TD>
    <TD STYLE="text-align: center; border-bottom-style: solid; border-bottom-width: 1pt; width: 28%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR></TABLE>

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    <TD STYLE="width: 36pt">&nbsp;</TD>
<TD STYLE="width: 7%; text-align: left">Signature:</TD>
    <TD STYLE="border-bottom: 1pt solid; width: 29%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Date: ________________________,
20___</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EXHIBIT C</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EAGLE CAPITAL GROWTH FUND, INC.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>INITIAL FINANCIAL SERVICES FIRM
DISCLOSURE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>AND REPORT OF SECURITIES HOLDINGS
(GRF-01)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Access Person Name (Print):
____________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Date Became an Access Person:
______________, 20__</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><B>Brokerage Accounts:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">I do not have a direct or indirect beneficial interest in any account(s) with any financial services firm.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name of Financial Services Firm(s)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  </TABLE>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><B>Securities Holdings:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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&rsquo; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including
repurchase agreements; .</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Symbol</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchase/</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Trade</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Settle</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CUSIP</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quantity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Unit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Commissions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fees</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Broker</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sale</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proceeds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proceeds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">I have no securities holdings to report.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Signature: _____________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Date: ________________________,
20___</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EXHIBIT D</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EAGLE CAPITAL GROWTH FUND, INC.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>QUARTERLY REPORT OF SECURITIES
TRANSACTIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>AND FINANCIAL SERVICES FIRM DISCLOSURE
(GRF-02)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>FOR THE QUARTER ENDED ________________,
20___</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Access Person Name (Print):
____________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><B>Securities Transactions
During the Calendar Quarter:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left; text-indent: 0pt">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&rsquo; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including
repurchase agreements; during the above-referenced quarter.</P>



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    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Symbol</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchase/</B></FONT></TD>
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    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Settle</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CUSIP</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 7%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quantity</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Unit</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Commissions</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 4%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fees</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 2pt; vertical-align: bottom; white-space: nowrap; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Broker</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sale</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Price</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proceeds</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proceeds</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 0pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  </TABLE>



<!-- Field: Page; Sequence: 16; Options: NewSection; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">I have no securities transactions to report.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><B>Brokerage Accounts Established
During the Calendar Quarter:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 62%; border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name of Financial Services Firm(s)</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date Account Established</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Signature: _____________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Date: ________________________,
20___</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
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    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EXHIBIT E</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>EAGLE CAPITAL GROWTH FUND, INC.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>ANNUAL REPORT OF SECURITIES HOLDINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>AND FINANCIAL SERVICES FIRM DISCLOSURE
(GRF-03)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>FOR THE YEAR ENDED DECEMBER 31,
20___</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Access Person Name (Print):
____________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Brokerage Accounts:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 62%; border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name of Financial Services Firm(s)</B></FONT></TD>
    <TD STYLE="width: 38%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date Account Established</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 6pt; padding-bottom: 2.9pt; padding-left: 6pt; text-align: justify; text-indent: 36pt">&nbsp;</TD></TR>
  </TABLE>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><B>Securities Holdings:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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&rsquo; acceptances, bank certificates of deposit, commercial paper and high quality
short-term debt instruments, including repurchase agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left; text-indent: 72pt">Your securities are not held
with a financial service(s) firm (e.g., dividend reinvestment programs and private placements).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Company</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Symbol</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchase/</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Trade</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Settle</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CUSIP</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 7%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quantity</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Unit</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Commissions</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 4%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fees</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Broker</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sale</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Price</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proceeds</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Proceeds</B></FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt 0pt; vertical-align: bottom; text-align: center; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">&#61603;</TD><TD STYLE="text-align: justify">I have no securities holdings to report.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">I certify that I have received
the Eagle Capital Growth Fund, Inc. Amended and Restated Code of Ethics (&ldquo;Code of Ethics&rdquo;) 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. 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&rsquo; acceptances, bank certificates of
deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Signature: _____________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left; text-indent: 36pt">Date:________________________,
20___</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B><U>Eagle Capital Growth Fund, Inc.</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: center; text-indent: 0pt"><B><U>Code of Ethics for Financial
Professionals</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><U>Background</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify; text-indent: 36pt">This Code of Ethics for
Financial Professionals applies to the principal executive officer of Eagle Capital Growth Fund, Inc. (the &ldquo;Fund&rdquo;), 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 &ldquo;Financial Professionals&rdquo;), and the
members of the Fund&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) as provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">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. This Code of Ethics supplements and should be read together with the Fund&rsquo;s
Policies and Procedures, including the Code of Ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">This Code of Ethics cannot
cover every legal or ethical issue that you may confront. 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. This requires that you avoid not only actual misconduct,
but also even the appearance of impropriety.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><U>Statement of Fundamental Principles</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify; text-indent: 36pt">As a Financial Professional
or member of the Board of the Fund, you must:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">(a)Engage in and
promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">(b)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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">(c)Comply with applicable
governmental laws, rules and regulations; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">(d)Promptly report
any possible violation of the Code of Ethics or Code of Ethics for Financial Professionals to the Compliance Officer (as defined below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">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. Members of the Board
who are not Financial Professionals shall continue to be responsible for the Fund&rsquo;s financial information as required by applicable
law.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><U>Practices</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify; text-indent: 36pt">In furtherance of the
Fund&rsquo;s fundamental principles, the Fund&rsquo;s Financial Professionals and/or members of the Board, as provided, must adhere to
the following practices:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Fair Dealing</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">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. No one should take unfair advantage of anyone through manipulation, abuse of privileged information,
misrepresentations of facts or any unfair dealing practice.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Gifts</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">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. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt"><I>Conflicts of Interest</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Financial Professionals
and members of the Board have an obligation to act in the best interest of the Fund. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">It is not possible to
describe every situation in which a conflict of interest may arise. The following, however, are examples of situations that may raise
a conflict of interest (unless permitted by law and Fund policies):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Directing business to a supplier or broker owned or managed by, or which employs, a relative or friend.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt; 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).</P>






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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt">PROPRIETARY AND CONFIDENTIAL INFORMATION</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Proprietary and confidential information generated
and gathered in the Fund&rsquo;s business is a vital Fund asset. Protecting this information is critical to the Fund&rsquo;s reputation
for integrity and relationship with its shareholders, and ensures compliance with complex regulations governing investment companies.
Accordingly, you should maintain all proprietary and confidential information in strict confidence, except when disclosure is authorized
by the Fund or required by law.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&ldquo;Proprietary information&rdquo; includes
all non-public information that might be useful to competitors or that could be harmful to the Fund or its shareholders if disclosed.
It includes, for example, intellectual property, business plans, personal employee information and unpublished financial information.
You should also respect the property rights of other companies.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&ldquo;Confidential information&rdquo; 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.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Unauthorized use or distribution of proprietary
or confidential information violates the Fund policy and could be illegal. Such use or distribution could result in negative consequences
for the Fund and the individuals involved, including potential legal or disciplinary actions. Your obligation to protect the Fund&rsquo;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.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">PREVENT MISUSE OF INSIDE INFORMATION</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Using inside information to trade securities or
to &ldquo;tip&rdquo; a family member, friend, or any other person, is illegal. 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. You may never, under any circumstances, encourage
others to trade, or recommend securities, based on inside information.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">PROVIDE FAIR AND TRUTHFUL DISCLOSURES TO THE PUBLIC</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">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. 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. In particular, the Fund&rsquo;s Financial Professionals shall endeavor to promote
full, fair, accurate, timely and understandable disclosure in the Fund&rsquo;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&rsquo;s securities
are listed.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">MAINTAIN ACCURATE BOOKS AND RECORDS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0.5in">The Fund must maintain accurate and complete
books and records. Every business transaction undertaken by the Fund must be recorded correctly and in a timely manner in the Fund&rsquo;s
books and records. The Fund therefore expects each Financial Professional to be candid and accurate when providing information for these
documents. Financial</P>


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    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: left; text-indent: 0pt"><IMG SRC="img_005.jpg" ALT="">&nbsp;</P>



<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Professionals are specifically prohibited from making false or misleading
entries in the Fund&rsquo;s books and records. In particular, Financial Professionals must endeavor to ensure that financial information
included in the Fund&rsquo;s books and records is correct and complete in all material respects and complies with applicable accounting
principles. Board members who are not Financial Professionals shall continue to be responsible for the Fund&rsquo;s financial information
as required by applicable law.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">INTERACTION WITH PUBLIC ACCOUNTANTS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">You are prohibited from directly or indirectly
taking any action to fraudulently influence, coerce, manipulate or mislead the Fund&rsquo;s independent public auditors for the purpose
of rendering the financial statements of the Fund misleading.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">ACCOUNTABILITY</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">You understand that you will be held accountable
for your adherence to this Code of Ethics for Financial Professionals. Your failure to observe the terms of this Code of Ethics may result
in disciplinary action, including termination of employment. 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. 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.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">COMPLIANCE OFFICER</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">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. 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. 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. You may choose to remain anonymous in reporting any
possible violation of this Code of Ethics. It is intended that any such reporting will be protected under any applicable &ldquo;whistleblower&rdquo;
laws.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>PROCESS FOR REPORTING AND DEALING WITH VIOLATIONS,
WAIVERS AND AMENDMENTS</U></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">VIOLATIONS</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0.5in">Any and all suspected violations of this
Code of Ethics must be immediately reported to the Compliance Officer designated by the Board of Directors. If the reporting person deems
it appropriate, suspected violations may instead be reported directly to the Disinterested Panel. 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. The Disinterested Panel&rsquo;s recommendation
will be presented at the next meeting of the Fund&rsquo;s Board of Directors for approval or disapproval by a majority vote. 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</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">Financial Professionals. 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.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">WAIVER AND AMENDMENTS</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">No waiver<SUP>1</SUP> 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. Such approval
may only be obtained through the following process:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">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&rsquo;s Board members consisting of at least three (3) persons who are
not &ldquo;Interested Persons&rdquo; defined under section 2(a)(19) of the Investment Company Act of 1940 (the &ldquo;Disinterested Panel&rdquo;).
No Interested Persons may be part of the Disinterested Panel.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The Disinterested Panel shall review the proposal and either recommend approval or disapproval by a majority
vote.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Disinterested Panel&rsquo;s recommendation will be presented at a meeting of the Fund&rsquo;s Board,
at which time the Board will evaluate and vote on the proposal. While the Fund&rsquo;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.</TD></TR></TABLE>



<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">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. 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&rsquo;s
bylaws.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-indent: 0.5in">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. 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. This type of information must be available on the Fund&rsquo;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.</P>





<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in">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. Notwithstanding such intention, however, any implicit waiver<SUP>2</SUP> by the Fund&rsquo;s Board
is also required to be disclosed.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><SUP>1 </SUP>&ldquo;Waiver&rdquo;
means the approval by the Fund of a material departure from a provision of the Code of Ethics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 0pt"><SUP>2 </SUP>&ldquo;Implicit
waiver&rdquo; means the Fund&rsquo;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.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">April 18, 2024</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Your Personal Commitment to the
Fund&rsquo;s Code of Ethics for Financial Professionals</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>(GRF-08)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">I acknowledge that I
have received and read the Fund&rsquo;s Code of Ethics for Financial Professionals, dated April 18, 2024, and understand my obligations
as a Financial Professional to comply with the Code of Ethics.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">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.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Please sign here:_______________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 36pt">Date:________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Please print your name:_______________________________</P>



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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ecgf-efp14956_ex99a2.htm
<DESCRIPTION>SEPARATE CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER AS REQUIRED BY RULE 30A-2(A) UNDER THE ACT
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; background-color: white"><B>Exhibit (a)(2)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>CERTIFICATION OF CHIEF
EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">I, Luke E. Sims, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">1. I have reviewed this report
on Form N-CSR of Eagle Capital Growth Fund, Inc.;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">4. The registrant&rsquo;s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(c) Evaluated the effectiveness
of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;
and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(d) Disclosed in this report
any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">5. The registrant&rsquo;s other
certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of
directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">(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&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Date: March 6, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 35%">/s/ Luke E. Sims</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Luke E. Sims</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President and Chief Executive Officer (principal executive officer)</TD></TR>

  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">I, David C. Sims, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">1. I have reviewed this report
on Form N-CSR of Eagle Capital Growth Fund, Inc.;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">4. The registrant&rsquo;s other
certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(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;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(c) Evaluated the effectiveness
of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;
and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 72pt; background-color: white">(d) Disclosed in this report
any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">5. The registrant&rsquo;s other
certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of
directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">(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&rsquo;s ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Date: March 6, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 35%">/s/ David C. Sims</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif">David C. Sims</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vice-President and Chief Financial Officer (principal financial officer)</TD></TR>
  </TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>ecgf-efp14956_ex99b.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO RULE 30A-2(B) AND 18 U.S.C. SECTION 1350
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; background-color: white"><B>Exhibit (b)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>CERTIFICATION PURSUANT
TO 18 U.S.C. SECTION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>1350, AS ADOPTED PURSUANT
TO SECTION 906 OF</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 27pt; background-color: white">In connection with the accompanying
Form N-CSR/A of Eagle Capital Growth Fund, Inc. (the &ldquo;Registrant&rdquo;) for the period ended December 31, 2024 (the &ldquo;Report&rdquo;),
each of the undersigned hereby certifies, pursuant to Rule 30a-2(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, to the best of our respective knowledge and belief, that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">(1) The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">EAGLE CAPITAL GROWTH FUND, INC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 6%">By:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 35%; border-bottom: Black 1pt solid">/s/ Luke
    E. Sims</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; width: 59%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">Luke E. Sims</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0">President and Chief Executive Officer</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(principal executive officer)</P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Dated:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">March 6, 2025</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">By:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid">/s/ David C. Sims</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">David C. Sims</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">Vice-President and Chief Financial Officer (principal
    financial officer)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">Dated:</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">March 6, 2025</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD></TR>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>5
<FILENAME>ecgf-efp14956_ex9977b.htm
<DESCRIPTION>OPINION LETTER
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="text-decoration: none"><IMG SRC="img_002.jpg" ALT=""></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">To the Shareholders and Board of Directors
of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left">Eagle Capital Growth Fund, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 301pt 0 12.95pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><U>Opinion on the Financial Statements</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12.95pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">We have audited the accompanying statement
of assets and liabilities, including the portfolio of investments, of Eagle Capital Growth Fund, Inc. (the &#8220;Fund&#8221;) as of
December 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the
two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes
(collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Fund as of December 31, 2024, the results of its operations for the year then ended,
the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years
in the period then ended, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 17.8pt 0 12.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">The Fund&#8217;s financial highlights
for the years ended December 31, 2021, and prior, were audited by other auditors whose report dated February 17, 2022, expressed an unqualified
opinion on those financial highlights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 17.95pt 0 12.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><U>Basis for Opinion</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt">These financial
statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 17.75pt 0 12.95pt; text-align: justify; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt">We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement whether due to error or fraud.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 17.9pt 0 12.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt">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 procedures included confirmation of securities owned as of December 31, 2024, by correspondence
with the custodian. 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. We believe that our audits provide a reasonable basis for
our opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 17.85pt 0 12.85pt; text-align: justify; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt">We have served as the Fund&#8217;s auditor
since 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 12.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 35%; text-align: left"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 56px; width: 191px"></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 65%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding: 0pt; text-align: left">COHEN &amp; COMPANY, LTD.</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: left">Cleveland, Ohio</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: left">February 20, 2025</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>COHEN &amp; COMPANY, LTD.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>Registered with the Public Company Accounting Oversight
Board</B></P>

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<P STYLE="font: small-caps 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">800.229.1099 | 866.818.4538 <B>FAX</B> | cohenco.com</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
