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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Capital Growth Fund Inc | AMEX:GRF | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.35 | 0 | 12:00:00 |
ITEM 1. |
REPORT TO STOCKHOLDERS
|
Company
|
Market Value
|
Percentage of Portfolio
|
||||||
Berkshire Hathaway Inc. B
|
$
|
7,489,860
|
17.4
|
%
|
||||
Franklin Resources, Inc.
|
$
|
2,472,570
|
5.8
|
%
|
||||
Alphabet, Inc. A
|
$
|
2,374,730
|
5.5
|
%
|
||||
Markel Corp.
|
$
|
2,371,233
|
5.5
|
%
|
||||
Charles Schwab Corp.
|
$
|
2,339,200
|
5.4
|
%
|
||||
T. Rowe Price Group Inc.
|
$
|
2,196,876
|
5.1
|
%
|
||||
Illinois Tool Works Inc.
|
$
|
1,833,580
|
4.3
|
%
|
||||
PepsiCo, Inc.
|
$
|
1,698,400
|
4.0
|
%
|
||||
Colgate-Palmolive Company
|
$
|
1,673,910
|
3.9
|
%
|
||||
Diamond Hill Investment Group, Inc.
|
$
|
1,585,690
|
3.7
|
%
|
Luke E. Sims
|
David C. Sims
|
||
Email:
|
luke@simscapital.com
|
Email:
|
dave@simscapital.com
|
Phone:
|
414/530-5680
|
Phone:
|
414/765-1107
|
1-year
|
5-year
|
10-year
|
||||||||||
Net Asset Value Return
|
12.18
|
%
|
12.48
|
%
|
9.55
|
%
|
||||||
Market Price Return
|
14.44
|
%
|
11.91
|
%
|
8.72
|
%
|
||||||
Returns are annualized average returns for periods greater than one year.
|
Assets
|
||||||||
Common stock--at market value (cost $20,779,575)
|
$
|
40,156,528
|
||||||
Money market funds (cost $2,776,123)
|
2,776,123
|
|||||||
Dividend and interest receivable
|
55,799
|
|||||||
Prepaid fees
|
13,565
|
|||||||
Total assets
|
$
|
43,002,015
|
||||||
Liabilities
|
||||||||
Accrued expenses
|
$
|
32,500
|
||||||
Investment advisor fee payable
|
32,226
|
|||||||
Total liabilities
|
$
|
64,726
|
||||||
Total net assets
|
$
|
42,937,289
|
||||||
Shareholders’ Equity
|
||||||||
Net Assets are Comprised of:
|
||||||||
Paid-in capital $0.001 par value per share; authorized 50,000,000 shares, outstanding 3,967,836 shares
|
23,560,335
|
|||||||
Distributable earnings
|
19,376,954
|
|||||||
Total net assets
|
$
|
42,937,289
|
||||||
Net asset value per share
|
$
|
10.82
|
Investment Income
|
||||||||||||
Dividends
|
$
|
591,672
|
||||||||||
Interest
|
144,303
|
|||||||||||
Total investment income
|
$
|
735,975
|
||||||||||
Expenses
|
||||||||||||
Advisory fees
|
$
|
308,572
|
||||||||||
Legal fees
|
15,113
|
|||||||||||
Insurance
|
13,564
|
|||||||||||
Transfer agent
|
46,537
|
|||||||||||
Directors’ fees and expenses
|
89,750
|
|||||||||||
Custodian fees
|
9,892
|
|||||||||||
Audit/Tax Fee
|
32,500
|
|||||||||||
Listing fee
|
15,000
|
|||||||||||
Other fees and expenses
|
18,359
|
|||||||||||
Total expenses
|
$
|
549,287
|
||||||||||
Net investment income
|
$
|
186,688
|
||||||||||
Realized Gain and Change in Unrealized Appreciation on Investments
|
||||||||||||
Realized gain on investments:
|
||||||||||||
Net realized gain on investments
|
$
|
1,107,684
|
||||||||||
Unrealized appreciation on investments:
|
||||||||||||
Net change in unrealized appreciation on investments
|
$
|
3,318,062
|
||||||||||
Net realized gain and change in unrealized appreciation on investments
|
$
|
4,425,746
|
||||||||||
Net increase from operations
|
$
|
4,612,434
|
Year Ended
|
Year Ended
|
|||||||
December 31, 2022
|
December 31, 2023
|
|||||||
From Operations:
|
||||||||
Net investment income
|
$
|
81,389
|
$
|
186,688
|
||||
Net realized gain on investments
|
1,336,088
|
1,107,684
|
||||||
Net change in unrealized appreciation (depreciation) on investments
|
(3,223,386
|
)
|
3,318,062
|
|||||
Net increase (decrease) from operations
|
(1,805,909
|
)
|
4,612,434
|
|||||
Distributions to Shareholders from:
|
||||||||
Distributions
|
(1,453,013
|
)
|
(1,388,743
|
)
|
||||
From Capital Stock Transactions:
|
||||||||
Reinvested capital from distribution of shares
|
623,319
|
-
|
||||||
Share repurchases
|
(680,000
|
)
|
-
|
|||||
Decrease from capital stock transactions
|
(56,681
|
)
|
-
|
|||||
Total Net Assets:
|
||||||||
Beginning of year
|
43,029,202
|
39,713,598
|
||||||
End of year
|
$
|
39,713,598
|
$
|
42,937,289
|
||||
Shares:
|
||||||||
Shares outstanding at beginning of year
|
3,991,647
|
3,967,836
|
||||||
Shares issued, due to the distribution
|
61,189
|
-
|
||||||
Shares repurchased
|
(85,000
|
)
|
-
|
|||||
Shares outstanding at end of period
|
3,967,836
|
3,967,836
|
For the periods ended December 31:
|
2019
|
2020
|
2021
|
2022
|
2023
|
|||||||||||||||
Net asset value at beginning of year
|
$
|
8.15
|
$
|
9.21
|
$
|
9.53
|
$
|
10.78
|
$
|
10.01
|
||||||||||
Net investment income (A)
|
0.09
|
0.05
|
0.03
|
0.02
|
0.05
|
|||||||||||||||
Net realized gain and unrealized appreciation (loss) on investments
|
1.61
|
0.82
|
2.15
|
(0.47
|
)
|
1.11
|
||||||||||||||
Total from investment operations
|
1.70
|
0.87
|
2.18
|
(0.45
|
)
|
1.16
|
||||||||||||||
Distribution from:
|
||||||||||||||||||||
Net investment income
|
(0.07
|
)
|
(0.06
|
)
|
(0.02
|
)
|
(0.03
|
)
|
(0.07
|
)
|
||||||||||
Realized gains
|
(0.49
|
)
|
(0.49
|
)
|
(0.95
|
)
|
(0.34
|
)
|
(0.28
|
)
|
||||||||||
Total distributions
|
(0.56
|
)
|
(0.55
|
)
|
(0.97
|
)
|
(0.37
|
)
|
(0.35
|
)
|
||||||||||
Impact of capital share transactions
|
(0.04
|
)
|
-
|
0.04
|
0.05
|
-
|
||||||||||||||
Net asset value at end of year
|
$
|
9.21
|
$
|
9.53
|
$
|
10.78
|
$
|
10.01
|
$
|
10.82
|
||||||||||
Per share market price, end of year last traded price
|
$
|
8.02
|
$
|
7.98
|
$
|
9.51
|
$
|
8.57
|
$
|
9.36
|
||||||||||
Total Investment Return:
|
||||||||||||||||||||
Average annual return, based on market value (B):
|
18.13
|
%
|
6.36
|
%
|
30.70
|
%
|
-6.57
|
%
|
14.44
|
%
|
||||||||||
Average annual return, based on net asset value:
|
21.35
|
%
|
10.75
|
%
|
24.05
|
%
|
-3.73
|
%
|
12.18
|
%
|
||||||||||
Net assets, end of year (000s omitted)
|
$
|
37,530
|
$
|
38,842
|
$
|
43,029
|
$
|
39,714
|
$
|
42,937
|
||||||||||
Ratios to average net assets:
|
||||||||||||||||||||
Expenses to average net assets
|
1.29
|
%
|
1.30
|
%
|
1.26
|
%
|
1.36
|
%
|
1.34
|
%
|
||||||||||
Net investment income to average net assets
|
0.95
|
%
|
0.57
|
%
|
0.30
|
%
|
0.20
|
%
|
0.45
|
%
|
||||||||||
Portfolio turnover
|
26
|
%
|
19
|
%
|
5
|
%
|
10
|
%
|
11
|
%
|
||||||||||
Average commission paid per share
|
$
|
0.05
|
$
|
0.04
|
$
|
0.01
|
$
|
0.01
|
$
|
0.01
|
Common Stock (93.5% of total investments)
|
||||||||||||||||
Industry
|
Shares
|
Cost
|
Fair Value
|
Percent of
|
||||||||||||
Net Assets
|
||||||||||||||||
Advertising
|
||||||||||||||||
Alphabet, Inc. A*
|
17,000
|
$
|
1,376,922
|
$
|
2,374,730
|
|||||||||||
MediaAlpha, Inc.*
|
9,876
|
166,690
|
110,117
|
|||||||||||||
2,484,847
|
5.8
|
%
|
||||||||||||||
Bank
|
||||||||||||||||
JPMorgan Chase & Co
|
3,000
|
390,311
|
510,300
|
|||||||||||||
US Bancorp.
|
24,000
|
857,537
|
1,038,720
|
|||||||||||||
Wells Fargo & Co.
|
10,000
|
403,661
|
492,200
|
|||||||||||||
2,041,220
|
4.8
|
%
|
||||||||||||||
Brokerage
|
||||||||||||||||
Charles Schwab Corp.
|
34,000
|
1,760,697
|
2,339,200
|
|||||||||||||
2,339,200
|
5.4
|
%
|
||||||||||||||
Conglomerate
|
||||||||||||||||
Berkshire Hathaway Inc. B*
|
21,000
|
3,205,343
|
7,489,860
|
|||||||||||||
7,489,860
|
17.4
|
%
|
||||||||||||||
Consumer
|
||||||||||||||||
Colgate-Palmolive Company
|
21,000
|
626,458
|
1,673,910
|
|||||||||||||
Procter & Gamble Company
|
2,000
|
145,879
|
293,080
|
|||||||||||||
1,966,990
|
4.6
|
%
|
||||||||||||||
Credit Card
|
||||||||||||||||
Mastercard Inc
|
1,000
|
219,636
|
426,510
|
|||||||||||||
Visa Inc.
|
1,500
|
225,957
|
390,525
|
|||||||||||||
817,035
|
1.9
|
%
|
||||||||||||||
Data Processing
|
||||||||||||||||
Automatic Data Processing, Inc.
|
3,000
|
82,775
|
698,910
|
|||||||||||||
Paychex, Inc.
|
6,000
|
140,075
|
714,660
|
|||||||||||||
1,413,570
|
3.3
|
%
|
||||||||||||||
Drug/Medical Device
|
||||||||||||||||
Johnson & Johnson
|
3,071
|
34,933
|
481,349
|
|||||||||||||
Stryker Corp.
|
4,500
|
19,055
|
1,347,570
|
|||||||||||||
1,828,919
|
4.3
|
%
|
||||||||||||||
Food
|
||||||||||||||||
Kraft Heinz Company
|
29,000
|
772,000
|
1,072,420
|
|||||||||||||
PepsiCo, Inc.
|
10,000
|
168,296
|
1,698,400
|
|||||||||||||
2,770,820
|
6.5
|
%
|
||||||||||||||
Industrial
|
||||||||||||||||
Danaher Corporation
|
1,000
|
225,262
|
231,340
|
|||||||||||||
Illinois Tool Works Inc.
|
7,000
|
295,051
|
1,833,580
|
|||||||||||||
Veralto Corporation
|
333
|
29,705
|
27,393
|
|||||||||||||
Waters Corp.*
|
2,000
|
100,780
|
658,460
|
|||||||||||||
2,750,773
|
6.4
|
%
|
||||||||||||||
Insurance
|
||||||||||||||||
Markel Corp.*
|
1,670
|
1,296,670
|
2,371,233
|
|||||||||||||
2,371,233
|
5.5
|
%
|
Industry
|
Shares
|
Cost
|
Fair Value
|
Percent of
|
||||||||||||
Net Assets
|
||||||||||||||||
Mutual Fund Management
|
||||||||||||||||
Diamond Hill Investment Group, Inc.
|
9,576
|
$
|
1,338,331
|
$
|
1,585,690
|
|||||||||||
Franklin Resources, Inc.
|
83,000
|
2,108,376
|
2,472,570
|
|||||||||||||
T. Rowe Price Group Inc.
|
20,400
|
2,591,590
|
2,196,876
|
|||||||||||||
6,255,136
|
14.6
|
%
|
||||||||||||||
Restaurant
|
||||||||||||||||
Starbucks Corp.
|
12,000
|
588,432
|
1,152,120
|
|||||||||||||
1,152,120
|
2.7
|
%
|
||||||||||||||
Retail
|
||||||||||||||||
AutoZone Inc.*
|
600
|
319,026
|
1,551,366
|
|||||||||||||
eBay Inc.
|
3,000
|
68,886
|
130,860
|
|||||||||||||
O’Reilly Automotive Inc.*
|
1,500
|
305,534
|
1,425,120
|
|||||||||||||
3,107,346
|
7.2
|
%
|
||||||||||||||
Technology Services
|
||||||||||||||||
Amazon.com Inc.*
|
9,000
|
915,707
|
1,367,460
|
|||||||||||||
1,367,460
|
3.2
|
%
|
||||||||||||||
Total common stock investments (Cost $20,779,575)
|
40,156,528
|
|||||||||||||||
Money Market Funds
|
||||||||||||||||
Morgan Stanley Inst. Liq. Fund, Treasury, Institutional Class, 5.18%**
|
2,776,123
|
2,776,123
|
6.5
|
%
|
||||||||||||
(Cost $2,776,123)
|
2,776,123
|
|||||||||||||||
Total investments (Cost $23,555,698)
|
$
|
42,932,652
|
||||||||||||||
Other assets in excess of liabilities
|
4,637
|
|||||||||||||||
Total net assets
|
$
|
42,937,289
|
||||||||||||||
*Non-dividend paying security
|
||||||||||||||||
**7-day yield
|
(1) |
Organization.
|
(2) |
Significant Accounting Policies.
|
Gross unrealized appreciation
|
$
|
20,001,224
|
||
Gross unrealized depreciation
|
(624,270
|
)
|
||
Net unrealized appreciation
|
$
|
19,376,954
|
||
Cost basis of securities on tax basis:
|
$
|
23,555,698
|
Undistributed ordinary income
|
$
|
-
|
||
Unrealized appreciation on investments
|
19,376,954
|
|||
Total accumulated earnings
|
$
|
19,376,954
|
(3) |
Service Providers Arrangements
|
(4) |
Dividend Reinvestment and Cash Purchase Plan.
|
(5) |
Distributions to Shareholders.
|
2022
|
2023
|
|||||||
Distributions paid from:
|
||||||||
Ordinary income
|
$
|
116,925
|
$
|
281,059
|
||||
Short-term capital gains
|
934
|
114,033
|
||||||
Long-term capital gains
|
1,335,154
|
993,651
|
(6) |
Fund Investment Transactions.
|
(7) |
Subsequent Events.
|
(8) |
Guarantees and indemnifications.
|
Name,
Address and
Age
|
Position(s)
Held with
Fund
|
Term of
Office and
Length of
Time Served
|
Principal Occupation(s) During Past
Five Years (in addition to positions
held in the Fund)
|
Number of
Portfolios in
Fund
Complex
Overseen by
Director or
Nominee for
Director
|
Other
Directorships
Held by Director
or Nominee for
Director
(Public
Companies)
|
||||||
David C. Sims*, age 42
|
VP, CFO, CCO,
Treasurer, Secretary, and Director
|
Term of office expires 2024 (Class II); nominee for director. Served as a director since 2015.
|
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.
|
One
|
None
|
||||||
Luke E. Sims**, age 74
|
President, CEO and Director
|
Term of office expires 2025 (Class III). Served as a director since 2002
|
President and Chief Executive Officer of the Fund; Chairman of Sims Capital Management LLC (the Advisor to the Fund); and Retired Partner of Foley & Lardner LLP (national law firm) where he was affiliated from 1976 through 2010.
|
One
|
None
|
Name, Address
and Age*
|
Position(s)
Held with
Fund
|
Term of Office
and Length of
Time Served
|
Principal Occupation(s) During Past
Five Years
|
Number of
Portfolios in Fund
Complex Overseen
by Director or
Nominee for
Director
|
Other Directorships
Held by Director or
Nominee for
Director
(Public
Companies)
|
||||||
Jason W. Allen, age 52
|
Director
|
Term of office expires 2026 (Class I). Served as a director since 2021.
|
Partner of Foley & Lardner LLP (law firm) where he has been a practicing corporate lawyer since 1999.
|
One
|
None
|
||||||
Robert M. Bilkie, Jr., age 63
|
Chairman; Director
|
Term of office expires 2026 (Class I). Served as a director since 2006.
|
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).
|
One
|
None
|
||||||
Phillip J. Hanrahan,
age 84
|
Director
|
Term of office expires 2026 (Class I). Served as a director since 2008.
|
Retired partner of Foley & Lardner LLP (law firm) since February 2007 and, prior thereto, active partner of that firm since 1973.
|
One
|
None
|
||||||
Carl A. Holth,
age 91
|
Director
|
Term of office expires 2024 (Class II); nominee for director. Served as a director since 1989.
|
Retired.
|
One
|
None
|
||||||
Anne M. Nichols, age 62
|
Director
|
Term of office expires 2024 (Class II); nominee for director. Served as a director since 2021.
|
Managing director at Fern Capital Inc, an investment advisor.
|
One
|
None
|
||||||
Donald G. Tyler,
age 71
|
Director
|
Term of office expires 2025 (Class III). Served as a director since 2010.
|
Retired. Director of Administrative Services, County of Milwaukee, 2012 to 2014. Retired Interim President & Executive Director, Milwaukee Symphony Orchestra 2010; Vice President of Investment Products and Services, Northwestern
Mutual, 2003-2010.
|
One
|
None
|
||||||
Neal F. Zalenko, age 78
|
Director
|
Term of office expires 2025 (Class III). Served as a director since 2008.
|
Retired; Founder and Managing Partner of Zalenko & Associates, P.C. (accounting firm), that merged with Baker Tilly in early 2005.
|
One
|
None
|
Name, Position
|
Aggregate
Compensation
From Fund
|
Pension or Retirement
Benefits Accrued as
part of Fund
Expenses
|
Estimated
Annual
Benefits upon
Retirement
|
Total
Compensation
from Fund and
Complex paid
to Directors
|
David C. Sims,
VP, CFO, CCO,
Treasurer, Secretary,
and Director
|
None
|
None
|
None
|
None
|
Luke E. Sims,
Director, President,
CEO
|
None
|
None
|
None
|
None
|
Name, Position
|
Aggregate
Compensation
From Fund
|
Pension or Retirement
Benefits Accrued as
part of Fund
Expenses
|
Estimated
Annual
Benefits upon
Retirement
|
Total
Compensation
from Fund and
Complex paid
to Directors
|
Jason W. Allen,
Director
|
$12,000
|
None
|
None
|
$12,000
|
Robert M. Bilkie, Jr.,
Director
|
$12,000
|
None
|
None
|
$12,000
|
Phillip J. Hanrahan,
Director
|
$13,250
|
None
|
None
|
$13,250
|
Carl A. Holth,
Director
|
$13,250
|
None
|
None
|
$13,250
|
Anne M. Nichols,
Director
|
$12,000
|
None
|
None
|
$12,000
|
Donald G. Tyler,
Director
|
$13,250
|
None
|
None
|
$13,250
|
Neal F. Zalenko,
Director
|
$14,000
|
None
|
None
|
$14,000
|
Jason W. Allen
Director
Fox Point, WI
|
Robert M. Bilkie, Jr.
Chairman of the Board
Northville, MI
|
Phillip J. Hanrahan
Director
Whitefish Bay, WI
|
Carl A. Holth
Director
Dearborn, MI
|
Anne M. Nichols
Director
Huntington Woods, MI
|
Luke E. Sims
President & CEO
Milwaukee, WI
|
David C. Sims
VP, Treasurer, CFO, CCO
Secretary & Director
Bayside, WI
|
Donald G. Tyler
Director
Whitefish Bay, WI
|
Neal F. Zalenko
Director
Birmingham, MI
|
ITEM 2. |
CODE OF ETHICS
|
ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT
|
ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS
|
ITEM 6. |
SCHEDULE OF INVESTMENTS
|
ITEM 7. |
DISCLOSURE OF PROXY VOTING AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
ITEM 8. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 9. |
PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
|
ITEM 10. |
SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS.
|
ITEM 11. |
CONTROLS AND PROCEDURES.
|
ITEM 12. |
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 13. |
EXHIBITS
|
/s/ Luke E. Sims
|
|
Luke E. Sims
|
|
President and Chief Executive Officer (principal executive officer)
|
/s/ David C. Sims
|
|
David C. Sims
|
|
Vice-President and Chief Financial Officer (principal financial officer)
|
By: /s/ Luke E. Sims
|
Luke E. Sims
|
President and Chief Executive Officer (principal executive officer)
|
Dated: March 6, 2024
|
|
By: /s/ David C. Sims
|
David C. Sims
|
Vice-President and Chief Financial Officer (principal financial officer)
|
Dated: March 6, 2024
|
I.
|
Applicability
|
II. |
Statement of Principles
|
◾ |
Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
◾ |
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;
|
◾ |
Comply with applicable government laws, rules and regulations; and
|
◾ |
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.
|
◾ |
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;
|
◾ |
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.
|
IV. |
Enforcement
|
V. |
Blackout Period
|
VI. |
Prohibited Transactions
|
VII. |
Prohibited Recommendations
|
VIII. |
Acknowledgment and Reporting Requirements
|
IX. |
Handling of Disgorged Profits
|
X. |
Confidentiality
|
XI. |
Other Laws, Rules and Statements of Policy
|
XII. |
Retention of Records
|
XIII. |
Monitoring
|
XIV. |
Exceptions to the Code of Ethics
|
XV. |
Board Review
|
XVI. |
Amendments
|
Name (Print): |
|||
Signature: |
Date: |
, 20 |
Access Person Name (Print): |
|
|||||
Date Became an Access Person: | , 20 |
☐ |
I do not have a direct or indirect beneficial interest in any account(s) with any financial services firm.
|
☐ |
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.
|
Name of Financial Services Firm(s)
|
Company
|
Symbol
|
Purchase/
|
Trade
|
Settle
|
CUSIP
|
Quantity
|
Unit
|
Principal
|
Commissions
|
Fees
|
Net
|
Broker
|
Sale
|
Date
|
Date
|
Price
|
Proceeds
|
Proceeds
|
|||||||
☐ |
I have no securities holdings to report.
|
Signature: |
Date: |
, 20 |
Access Person Name (Print): |
|
Company
|
Symbol
|
Purchase/
|
Trade
|
Settle
|
CUSIP
|
Quantity
|
Unit
|
Principal
|
Commissions
|
Fees
|
Net
|
Broker
|
Sale
|
Date
|
Date
|
Price
|
Proceeds
|
Proceeds
|
|||||||
☐ |
I have no securities transactions to report.
|
☐ |
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.
|
☐ |
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.
|
Name of Financial Services Firm(s)
|
Date Account Established
|
Signature: |
|||
Date: |
, 20 |
Access Person Name (Print): |
|
||
Brokerage Accounts: |
|||
☐ | 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. | ||
☐ | 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. |
Name of Financial Services Firm(s)
|
Date Account Established
|
Company
|
Symbol
|
Purchase/
|
Trade
|
Settle
|
CUSIP
|
Quantity
|
Unit
|
Principal
|
Commissions
|
Fees
|
Net
|
Broker
|
Sale
|
Date
|
Date
|
Price
|
Proceeds
|
Proceeds
|
|||||||
☐ |
I have no securities holdings to report.
|
Signature: |
|||
Date: |
, 20 |
◾ |
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.
|
◾ |
Directing business to a supplier or broker owned or managed by, or which employs, a relative or friend.
|
1.
|
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’s Board members consisting of at
least three (3) persons who are not “Interested Persons” defined under section 2(a)(19) of the Investment Company Act of 1940 (the “Disinterested Panel”). No Interested Persons may be part of the Disinterested Panel.
|
2.
|
The Disinterested Panel shall review the proposal and either recommend approval or disapproval by a majority vote.
|
3.
|
The Disinterested Panel’s recommendation will be presented at a meeting of the Fund’s Board, at which time the Board will evaluate and vote on the proposal. While the Fund’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.
|
|
Please sign here: |
|
Date: |
|
|||
|
Please print your name: |
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