The following is Management's discussion and analysis of the financial condition and results of operations of UTG, Inc. and its subsidiaries (collectively with the Parent, the "Company"). The following discussion of the financial condition and results of operations of the Company should be read in conjunction with, and is qualified in its entirety by reference to, the Consolidated Financial Statements of the Company and the related Notes thereto appearing in the Company's annual report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission, and our unaudited Condensed Consolidated Financial Statements and related Notes thereto appearing elsewhere in this quarterly report.



           Cautionary Statement Regarding Forward-Looking Statements

This report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. We have based our forward-looking statements on our current expectations and projections about future events. Our forward-looking statements include information about possible or assumed future results of operations. All statements, other than statements of historical facts, included or incorporated by reference in this report that address activities, events or developments that we expect or anticipate may occur in the future, including such things as the growth of our business and operations, our business strategy, competitive strengths, goals, plans, future capital expenditures and references to future successes may be considered forward-looking statements. Also, when we use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "probably," or similar expressions, we are making forward-looking statements.

Numerous risks and uncertainties may impact the matters addressed by our forward-looking statements, any of which could negatively and materially affect our future financial results and performance.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and, therefore, the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements that are included in this report, our inclusion of this information is not a representation by us or any other person that our objectives and plans will be achieved. In light of these risks, uncertainties and assumptions, any forward-looking event discussed in this report may not occur. Our forward-looking statements speak only as of the date made, and we undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments, unless the securities laws require us to do so.



                                    Overview

UTG, Inc., a Delaware corporation, is a life insurance holding company. The Company's dominant business is individual life insurance, which includes the servicing of existing insurance policies in-force, the acquisition of other companies in the life insurance business, the acquisition of blocks of business and the administration and processing of life insurance business for other entities.

UTG has a strong philanthropic program. The Company generally allocates a portion of its earnings to be used for its philanthropic efforts primarily targeted to Christ-centered organizations or organizations that help the weak or poor. The Company also encourages its staff to be involved on a personal level through monetary giving, volunteerism, and use of their talents to assist those less fortunate than themselves. Through these efforts, the Company hopes to make a positive difference in the local community, state, nation and world.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ significantly from those estimates. The Company has identified certain estimates that involve a higher degree of judgment and are subject to a significant degree of variability. The Company's critical accounting policies and the related estimates considered most significant by Management are disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Management has identified the accounting policies related to cost of insurance acquired, assumptions and judgments utilized in determining if declines in fair values of investments are other-than-temporary, and valuation methods for investments that are not actively traded as those, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's Condensed Consolidated Financial Statements and this Management's Discussion and Analysis.

During the nine months ended September 30, 2021, there were no additions to or changes in the critical accounting policies disclosed in the 2020 Form 10-K.



                             Results of Operations

During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S. and globally, accelerating during the first half of March, as federal, state, and local governments reacted to the public health crisis, creating significant uncertainties in the U.S. economy. The Company has not experienced a slow-down in activities, however government restrictions and client-imposed delays are evaluated regularly and this could change. While the disruption is expected to be temporary, there continues to be uncertainty around the duration or effects of resurgence of the virus. The Company cannot at this time predict the ultimate impact the pandemic will have on its results of operations, financial position, liquidity, or capital resources, but such impact could be material.

On a consolidated basis, the Company reported net income attributable to common shareholders' of approximately $7.0 million for the nine-month period ended September 30, 2021, and a net loss attributable to common shareholders' of approximately $(9.0) million for the three-month period ended September 30, 2021.

For the nine-month period ended September 30, 2020, the Company reported a net loss attributable to common shareholders' of approximately $(5.7) million and a net loss attributable to common shareholders' of approximately $(2.4) million for the three-month period ended September 30, 2020.

Revenues

For the nine-month period ended September 30, 2021, the Company reported total revenues of approximately $26.5 million an increase of approximately $16.5 million when compared to the same period in 2020. The variance in total revenues from the prior year to the current year is mainly attributable to the change in fair value of equity securities during the periods. The Company reported total revenues of approximately $(5.5) million for the three-months ended September 30, 2021, a decrease of approximately $8.8 million when compared to the three-month period ended September 30, 2020. For the quarter the fluctuation is also largely related to the change in the fair value of equity securities between the periods.

The Company reported revenue before net investment gains of approximately $11.3 million and $13.2 million for the nine-months ended September 30, 2021 and 2020, respectively. Revenue before net investment gains decreased when comparing the current year and prior year results and is due to decreases in income from real estate, equity securities, and fixed maturities. For the three-months ended September 30, 2021, the Company reported revenue before net investment gains and losses of $3.8 million, which is comparable to $3.9 million from the same period in 2020.

Premium and policy fee revenues, net of reinsurance, were comparable for the nine-months ended September 30, 2021 and September 30, 2020. Premium and policy fee revenues, net of reinsurance, was $4.9 million for the nine-months ended September 30, 2021 and 2020. Premium and policy fee revenues, net of reinsurance, was $1.5 million three-months ended September 31, 2021, and 2020, respectively.

The following table summarizes our investment performance.



                                          Three Months Ended              Nine Months Ended
                                             September 30,                  September 30,
                                         2021            2020            2021           2020
Net investment income                $   2,134,293   $   2,231,360   $  6,176,319   $   8,083,200
Net investment gains (losses)        $ (9,234,806)   $   (523,587)   $ 15,161,132   $ (3,307,910)
Change in net unrealized investment
gains (losses) on equity securities,
pre-tax                              $ (9,380,710)   $ (2,115,401)   $ 10,994,305   $ (2,803,878)

The following table reflects net investment income of the Company:



                               Three Months Ended September     Nine Months Ended September 30,
                                           30,
                                 2021             2020              2021               2020

Fixed maturities available  $  1,107,003 $         1,301,923 $       3,486,817  $       4,023,342
for sale
Equity securities                349,007             238,082           919,959          1,182,308
Trading securities                 2,435               1,581            21,689              1,581
Mortgage loans                   142,195             147,202           523,816            392,286
Real estate                      914,425             563,306         2,247,754          2,805,810
Notes receivable                 244,679             244,473           738,549            783,406
Policy loans                     130,394             139,602           426,893            444,280
Cash and cash equivalents              0              38,429                 0            141,509
Short-term                           755                 284             1,903             53,458
Total consolidated             2,890,893           2,674,882         8,367,380          9,827,980
investment income
Investment expenses            (756,600)           (443,522)       (2,191,061)        (1,744,780)
Consolidated net investment $  2,134,293 $         2,231,360 $       6,176,319  $       8,083,200
income


Net investment income represented 55% and 61% of the Company's revenue before net investment gains (losses) as of September 30, 2021 and 2020, respectively. When comparing current and prior year results, net investment income has decreased by approximately 24% or $(1.9) million. Investment income earned by the fixed maturities, equity securities, and real estate investment portfolios represented approximately 80% and 82% of the total consolidated investment income for the nine months ended September 30, 2021 and 2020, respectively. These categories represented approximately 82% and 79% of the total consolidated investment income for the three-months ended September 30, 2021, and 2020, respectively.

In March 2020, with the onset of the pandemic in America, financial markets became jittery experiencing a significant drop in the major market indices. In response, the Federal Reserve dropped interest rates to near zero. This action resulted in a drop in all other interest rates in the marketplace. While this increased the fair value of the Company's current fixed income holdings, it made finding investments to acquire with any type of historic yield nearly impossible. The stock markets have experienced a rebound since that time; however, interest rates remain at historic low levels with short term rates at or near zero. Longer term bonds have experienced rate increases later in 2020 and into early 2021, but still remain below recent historic rates. Should rates remain at these levels, it will become increasingly more difficult for the Company to maintain its historic net investment income levels as existing investments mature and are replaced with lower yielding investments.

Income from the fixed maturities investment portfolio represented 42% and 41% of the total consolidated investment income for the nine-months ended September 30, 2021 and 2020, respectively. When comparing earnings from the fixed maturities portfolio for the nine-months ended September 30, 2021 and 2020 income was down approximately 13% or $537,000. The variance between years is due to the sale of some fixed maturity investments during the second quarter of 2021. Fixed maturities continue to represent the largest investment type and asset class owned by the Company.

Income from the fixed maturities investment portfolio represented 38% and 49% of the total consolidated investment income for the three-months ended September 30, 2021 and 2020, respectively. When comparing earnings from the fixed maturities portfolio for the three-months ended September 30, 2021 and 2020 income was down approximately 15% or $195,000. The variance between years is due to the sale of some fixed maturity investments during the second quarter of 2021. Fixed maturities continue to represent the largest investment type and asset class owned by the Company.

Earnings from the equity securities investment portfolio represented approximately 11% and 12% of the total consolidated investment income report by the Company during the nine-months ended September 30, 2021 and 2020, respectively. Income from the equity securities portfolio was down approximately 22% or $262,000 when comparing 2021 and 2020 results. This decrease is primarily due to the Company partially selling their holdings in a specific dividend paying security during 2020.

Earnings from the equity securities investment portfolio represented approximately 12% and 9% of the total consolidated investment income report by the Company during the three-months ended September 30, 2021 and 2020, respectively. Income from the equity securities portfolio was comparable when comparing 2021 and 2020 results.

The earnings reported by the real estate investment portfolio represented 27% and 29% of the total consolidated investment income reported by the Company during the nine-months ended September 30, 2021 and 2020, respectively. Earnings from the real estate investment portfolio were down approximately 20% or $559,000 when comparing 2021 and 2020 results. The variance between current and prior year results is primarily due to a distribution from specific holdings within the real estate investment portfolio during the prior year.

The earnings reported by the real estate investment portfolio represented 32% and 21% of the total consolidated investment income reported by the Company during the three-months ended September 30, 2021 and 2020, respectively. Earnings from the real estate investment portfolio were up approximately 62% or $350,000 when comparing 2021 and 2020 results. The variance between current and prior year results is primarily due to distributions from specific holdings within the real estate investment portfolio associated with the oil and gas industry. The rise in oil prices combined with some of these holdings reaching full depletion has driven real estate income higher.

The following table reflects net realized investment gains (losses):



                                 Three Months Ended            Nine Months Ended
                                    September 30,                September 30,
                                 2021          2020          2021            2020
Other-than-temporary        $
impairments                        18,129 $           0 $   (393,455)  $            0
Fixed maturities available
for sale                           21,631             0        55,867         338,223
Equity securities                   1,939       722,058     3,016,958     (1,712,011)
Real estate                       104,205       869,756     1,487,457         869,756
Consolidated net realized
investment gains                  145,904     1,591,814     4,166,827       (504,032)
Change in fair value of
equity securities             (9,380,710)   (2,115,401)    10,994,305     (2,803,878)
                            $ (9,234,806) $   (523,587) $  15,161,132  $  (3,307,910)

Realized investment gains are the result of one-time events and are expected to vary from year to year.

In the December 31, 2020 Form 10-K filing, the Company disclosed that we received an offer to purchase investments in certain music royalties held in the form of equity securities. We continued to report on these transactions in the MD&A of the Company's 2020 quarterly Form 10-Q filings. The reported gain (loss) changed throughout 2020 as additional proceeds were received. The sales agreements contained holdback provisions for a portion of the sales price. Under the terms of the holdback, certain performance results must be achieved during 2020 to release additional sales proceeds to the sellers. At the time of closing, it was determined it was more likely than not that the royalty interests would not perform at the levels necessary to receive the holdback funds. Performance was reviewed throughout the year, and was better than anticipated, resulting in the holdback proceeds being released to the seller. A portion of this transaction flows through change in the fair value of equity securities and will be further discussed below.

Realized gains and losses from equity securities represent the difference between the fair value at the beginning of the reporting period and the fair value at the time of sale. The Company reported net realized gains of approximately $4.6 million for the nine-month period ended September 30, 2021. The sale of one equity security represented approximately $2.2 million of the realized gains for the nine-months ended September 30, 2021. The Company sold 2,500 shares of this common stock associated with the oil and gas industry. During the nine-months ended September 30, 2021, the Company also reported additional gains of approximately $756,000 from the sales of the music royalties and gains of approximately $1.2 million from the sale of a specific real estate holding.

The Company reported a change in fair value of equity securities of approximately $11.0 million and $(2.8) million for the nine-months ended September 30, 2021, and 2020, respectively. This line item is material to the results reported in the Condensed Consolidated Statements of Operations. While the nine-months ended September 30, 2021 reflected very positive results, the onset of the pandemic in March 2020 resulted in the stock market taking a major downward swing. At September 30, 2020, the Company reflected a loss on this line of approximately $(2.8) million. While these results can be material and volatile, most of the equity holdings of the Company were acquired with a long-term view, thus making these intermediate changes in value of less concern to Management. Management monitors its equity holdings looking more at the specific entity and market it is in relative to performance and less to changes due to general market swings that occur over the holding period of the investment.

While the Company had seen significant positive results on its equity investments through second quarter, a pull back in third quarter reduced the year to date gains and resulted in losses for the current period. Management believes its current equity investments continue to be solid investments for the Company and have further growth potential; however, changes in market conditions could cause volatility in market prices.

In summary, the Company's basis for future revenue is expected to come from the following primary sources: Conservation of business currently in-force, the maximization of investment earnings and the acquisition of other companies or policy blocks in the life insurance business. Management has placed a significant emphasis on the development of these revenue sources to enhance these opportunities.

Expenses

The Company reported total benefits and other expenses of approximately $18.1 million for the nine-month period ended September 30, 2021, an increase of approximately 6% from the same period in 2020. Benefits, claims and settlement expenses represented approximately 67% and 61% of the Company's total expenses for the nine-month periods ended September 30, 2021 and 2020, respectively. The other major expense category of the Company is operating expenses, which represented approximately 31% and 36% of the Company's total expenses for the nine-month periods ended September 30, 2021 and 2020, respectively.

The Company reported total benefits and other expenses of approximately $6.3 million for the three-month period ended September 30, 2021, a decrease of approximately 3% from the same period in 2020. Benefits, claims and settlement expenses represented approximately 70% and 58% of the Company's total expenses for the three-month periods ended September 30, 2021 and 2020, respectively. The other major expense category of the Company is operating expenses, which represented approximately 28% and 39% of the Company's total expenses for the three-month periods ended September 30, 2021 and 2020, respectively.

Life benefits, claims and settlement expenses, net of reinsurance benefits and claims were up approximately 15% or $1.6 million when comparing the nine months ended September 30, 2021 and 2020. The same expense line items are up approximately 15% or $569,000 when comparing the three months ended September 30, 2021 and 2020. Policy claims vary from period to period and therefore, fluctuations in mortality are to be expected and no specific cause for the increase has been identified by management. Early in the COVID-19 pandemic, the Company implemented a process to monitor death claims resulting from COVID-19. During the nine-months ended September 30, 2021, the Company incurred total death benefits of approximately $647,000 with COVID-19 listed as the cause of death. The average death benefit of these policies was $8,500. The Company will continue to monitor COVID-19 death claims. Management noted a considerable decline in COVID-19 claims during the second and third quarters of 2021.

Changes in policyholder reserves, or future policy benefits, also impact this line item. Reserves are calculated on an individual policy basis and generally increase over the life of the policy as a result of additional premium payments and acknowledgment of increased risk as the insured continues to age.

The short-term impact of policy surrenders is negligible since a reserve for future policy benefits payable is held which is, at a minimum, equal to and generally greater than the cash surrender value of a policy. The benefit of fewer policy surrenders is primarily received over a longer time period through the retention of the Company's asset base. The surrender process has been impacted by temporary state rulings that were implemented as a result of COVID-19 and in some cases did not allow life insurance companies to lapse policies temporarily during 2020 ant the first half of 2021. As these moratoriums on policy lapses expire beginning in Q3 of 2021 we have seen an increase in surrenders as we work through the backlog of policies ready to lapse, we expect to be completed working through this backlog by year end.

Operating expenses decreased approximately 10% in the nine-month period ended September 30, 2021 as compared to the same period in 2020. Overall, expenses were comparable in all of the major expense categories. Operating expenses decreased approximately 31% in the three-month period ended September 30, 2021, as compared to the same period in 2020. The variance in the operating expenses is the result of a charitable contribution accrual made in third the quarter of 2020 of approximately $780,000 compared to the $100,000 that was accrued in the third quarter of 2021.

As mentioned above in the Overview section of the Management Discussion and Analysis, UTG has a strong philanthropic program. The Company generally allocates a portion of its earnings to be used for its philanthropic efforts primarily targeted to Christ-centered organizations or organizations that help the weak or poor. Charitable contributions made by the Company are expected to vary from year to year depending on the earnings of the Company.

Net amortization of cost of insurance acquired decreased approximately 4% when comparing current and prior year activity. Cost of insurance acquired is established when an insurance company is acquired or when the Company acquires a block of in-force business. The Company assigns a portion of its cost to the right to receive future profits from insurance contracts existing at the date of the acquisition. Cost of insurance acquired is amortized with interest in relation to expected future profits, including direct charge-offs for any excess of the unamortized asset over the projected future profits. The interest rates may vary due to risk analysis performed at the time of acquisition on the business acquired. The Company utilizes a 12% discount rate on the remaining unamortized business. The amortization is adjusted retrospectively when estimates of current or future gross profits to be realized from a group of products are revised. Amortization of cost of insurance acquired is particularly sensitive to changes in interest rate spreads and persistency of certain blocks of insurance in-force. This expense is expected to decrease, unless the Company acquires a new block of business.

Management continues to place significant emphasis on expense monitoring and cost containment. Maintaining administrative efficiencies directly impacts net income.



                              Financial Condition

Investment Information

Investments represent approximately 85% and 82% of total assets at September 30, 2021 and December 31, 2020, respectively. Accordingly, investments are the largest asset group of the Company. The Company's insurance subsidiary is regulated by insurance statutes and regulations as to the type of investments that it is permitted to make and the amount of funds that may be used for any one type of investment. In light of these statutes and regulations, the majority of the Company's investment portfolio is invested in a diverse set of securities.

As of September 30, 2021, the carrying value of fixed maturity securities in default as to principal or interest was immaterial in the context of consolidated assets, shareholders' equity or results from operations. To provide additional flexibility and liquidity, the Company has identified all fixed maturity securities as "investments available for sale". Investments available-for-sale are carried at market, with changes in market value charged directly to shareholders' equity. Changes in the market value of available for sale securities resulted in a net unrealized loss of approximately $(4.6) million for the nine-month period ended September 30, 2021. The variance in the net unrealized gains and losses is the result of normal market fluctuations.

Capital Resources

Total shareholders' equity increased by approximately 2% as of September 30, 2021 compared to December 31, 2020. The increase is mainly attributable to an increase in retained earnings, which is the result of the current year net income reported by the Company.

The Company's investment portfolio provides sufficient return to cover future obligations. The Company carries all of its fixed maturity holdings as available for sale, which are reported in the Condensed Consolidated Financial Statements at their market value.

Liquidity

Liquidity provides the Company with the ability to meet on demand the cash commitments required by its business operations and financial obligations. The Company's liquidity is primarily derived from cash balances, a portfolio of marketable securities and line of credit facilities. The Company has two principal needs for cash - the insurance company's contractual obligations to policyholders and the payment of operating expenses.

Parent Company Liquidity - UTG is a holding company that has no day-to-day operations of its own. Cash flows from UTG's insurance subsidiary, UG, are used to pay costs associated with maintaining the Company in good standing with states in which it does business and purchasing outstanding shares of UTG stock. UTG's cash flow is dependent on management fees received from its insurance subsidiary, stockholder dividends from its subsidiary and earnings received on cash balances. As of September 30, 2021, substantially all of the consolidated shareholders' equity represents net assets of its subsidiaries. During the second quarter of 2021, UG paid UTG a dividend of $3 million. During the third quarter of 2021, UG paid UTG two dividends of $1 million each. Certain restrictions exist on the payment of dividends from the insurance subsidiary to the Parent company. Although these restrictions exist, dividend availability from the insurance subsidiary has historically been sufficient to meet the cash flow needs of the Parent company.

Insurance Subsidiary Liquidity - Sources of cash flows for the insurance subsidiary primarily consist of premium and investment income. Cash outflows from operations include policy benefit payments, administrative expenses, taxes and dividends to the Parent company.

UG is an Ohio domiciled insurance company, which requires notification within five business days to the insurance commissioner following the declaration of any ordinary dividend and at least ten calendar days prior to payment of such dividend. Ordinary dividends are defined as the greater of: a) prior year statutory net income or b) 10% of statutory capital and surplus. For the year ended December 31, 2020, UG had statutory net income of approximately $6.3 million. At December 31, 2020 UG's statutory capital and surplus amounted to approximately $70.6 million. Extraordinary dividends (amounts in excess of ordinary dividend limitations) require prior approval of the insurance commissioner and are not restricted to a specific calculation. During 2020, UG paid UTG ordinary dividends of $4 million. During the second quarter of 2021, UG paid UTG a dividend of $3 million and two $1 million dividends in the third quarter of 2021. UTG used the dividends received during 2020 and 2021 to purchase outstanding shares of UTG stock and for general operations of the Company.

Short-Term Borrowings - During the fourth quarter of 2021, Management made the business decision to pledge additional collateral to the Federal Home Loan Bank in order to increase the Company's borrowing capacity. The Company submitted, and the Federal Home Loan Bank approved, a new Cash Management Advance (CMA) with a collateral lendable value of $25 million This CMA replaces the CMA that was approved in May of 2021 for $10 million. During October of 2021, the Company borrowed $3 million on the CMA and Management will utilize the funds for investing activities. The interest rate on the borrowed funds is variable and currently is 0.24%.

The CMA is a source of overnight liquidity utilized to address the day-to-day cash needs of a Company. In order to provide the Company with multiple lending options, Management also applied for, and the FHLB approved, the Company's Repurchase (REPO) Advance Application for $25 million. The REPO Advance requires a minimum borrowing of $15 million and provides financing for one day to one year at a fixed rate of interest. The Company has enough qualifying investments for collateral pledging of $25 million total against these two borrowing vehicles.

Cash used in operating activities was approximately $10.2 million and $8.8 million in the nine-month periods ended September 30, 2021 and 2020, respectively. Sources of operating cash flows of the Company, as with most insurance entities, is comprised primarily of premiums received on life insurance products and income earned on investments. Uses of operating cash flows consist primarily of payments of benefits to policyholders and beneficiaries and operating expenses. The Company has not marketed any significant new products for several years. As such, premium revenues continue to decline. Management anticipates future cash flows from operations to remain similar to historic trends.

During the nine-month period ended September 30, 2021, the Company's investing activities used net cash of approximately $3.3 million. During the nine-month period ended September 30, 2020, the Company's investing activities provided net cash of approximately $7.5 million. The Company recognized proceeds of approximately $40.6 million and $53.5 million from investments sold and matured during the nine-month periods ended September 30, 2021 and 2020, respectively. The Company used approximately $43.9 million and $46.0 million to acquire investments during the nine-month periods ended September 30, 2021 and 2020, respectively. The net cash provided by investing activities is expected to vary from year to year depending on market conditions and management's ability to find and negotiate favorable investment agreements.

Net cash used in financing activities was approximately $1.4 million and $2.8 million during the nine-month periods ended September 30, 2021 and 2020, respectively. As of September 30, 2021 and December 31, 2020, the Company had no debt outstanding with third parties.

The Company had cash and cash equivalents of approximately $24.1 million and $39.0 million as of September 30, 2021 and December 31, 2020, respectively. The Company has a portfolio of marketable fixed maturity securities that could be sold, if an unexpected event were to occur. These securities had a fair value of approximately $141.0 million and $165.8 million at September 30, 2021 and December 31, 2020, respectively. However, investment maturities and the availability of the line of credit facilities make it unlikely that the Company would need to sell securities for liquidity purposes. See Note 3 - Investments in the Notes to the Condensed Consolidated Financial Statements for detailed disclosures regarding the Company's investment portfolio.

Management believes the overall sources of liquidity available will be sufficient to satisfy its financial obligations.

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