<SEC-DOCUMENT>0001398344-15-001560.txt : 20150305
<SEC-HEADER>0001398344-15-001560.hdr.sgml : 20150305
<ACCEPTANCE-DATETIME>20150305160252
ACCESSION NUMBER:		0001398344-15-001560
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20150305
DATE AS OF CHANGE:		20150305
EFFECTIVENESS DATE:		20150305

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERZFELD CARIBBEAN BASIN FUND INC
		CENTRAL INDEX KEY:			0000880406
		IRS NUMBER:				650396889
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		15677418

	BUSINESS ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
		BUSINESS PHONE:		3052711900

	MAIL ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">FORM N-CSR</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Investment Company Act file number 811-06445</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>The Herzfeld Caribbean Basin Fund, Inc.</u></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(Exact name of registrant as specified in charter)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>119 WASHINGTON AVE, SUITE 504, MIAMI BEACH, FL 33139</u></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>THOMAS J. HERZFELD</u></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>119 WASHINGTON AVE, SUITE 504, MIAMI BEACH, FL 33139</u></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(Name and address of agent for service)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Registrant&#8217;s telephone number, including area code: 305-271-1900</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Date of fiscal year end: 06/30/2015</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Date of reporting period: 7/01/2014 - 12/31/2014</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (&#8220;OMB&#8221;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 1. SHAREHOLDER REPORT</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The Herzfeld Caribbean Basin Fund, Inc.</div>

119 Washington Avenue, Suite 504<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>Miami Beach, FL 33139<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (305) 271-1900</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Herzfeld Caribbean Basin Fund Inc.&#8217;s investment objective is long-term capital appreciation. To achieve its objective, the Fund invests in issuers that are likely, in the Advisor&#8217;s view, to benefit from economic, political, structural and technological developments in the countries in the Caribbean Basin, which include, among others, Cuba, Jamaica, Trinidad and Tobago, the Bahamas, the Dominican Republic, Barbados, Aruba, Haiti, the Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, the United States and Venezuela (&#8220;Caribbean Basin Countries&#8221;). The Fund invests at least 80% of its total assets in equity and equity-linked securities of issuers, including U.S.-based companies which engage in substantial trade with, and derive substantial revenue from, operations in the Caribbean Basin Countries.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">HERZFELD/CUBA<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>a division of Thomas J. Herzfeld Advisors, Inc.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>119 Washington Avenue, Suite 504<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>Miami Beach, FL 33139<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (305) 271-1900</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">State Street Bank and Trust<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>200 Clarendon Street, 16th Floor<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>Boston, MA 02116<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (617) 662-2760</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">State Street Bank and Trust<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>200 Clarendon Street, 5th Floor<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> Boston, MA 02116</div>
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</font>3000 Two Logan Square<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>18th and Arch Streets<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> Philadelphia, PA 19103</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Independent Auditors

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-WEIGHT: normal">KPMG, LLP </font>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-WEIGHT: normal">191 W. Nationwide Blvd., Suite 500</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-WEIGHT: normal">Columbus, OH 43215</font></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-SIZE: 14pt">Listed NASDAQ Capital Market</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-SIZE: 14pt">Symbol: CUBA</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Letter to Stockholders</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Thomas J. Herzfeld<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>Chairman, President and<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> Portfolio Manager</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">January 31, 2015</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dear Fellow Stockholders,</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">We are pleased to present our Semi-Annual Report for the six-month period ended December 31, 2014. On that date, the net asset value of The Herzfeld Caribbean Basin Fund, Inc. (CUBA) was $7.66 per share, down -9.21% for the six months then ended, adjusted for the $0.635 per share year-end capital gains distribution paid on January 7, 2015. The Fund&#8217;s share price closed the period at $8.89 per share, a gain of 17.90% over the same semi-annual time period, also adjusted for the distribution.* For calendar year 2014, the Fund&#8217;s net asset value depreciated -8.21% while the share price advanced 19.37%; both figures are adjusted for the year-end distribution.*</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Thawing of U.S. Cuba Relations</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Fund seeks long-term capital appreciation through investment in companies that the Advisor believes are poised to benefit from economic, political, structural and technological developments in countries in the Caribbean Basin. An important part of that investment strategy continues to be focused on Caribbean Basin companies that we believe would benefit from the resumption of U.S. trade with Cuba.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Long time stockholders got some very welcome news on December 17, 2014, roughly twenty years after the launch of the Fund. President Obama announced sweeping policy changes, creating a roadmap to normalizing relations with Cuba. The major stumbling block to enacting the policy changes was the overhang from negotiations regarding political prisoners in both countries (as we have alluded to in previous stockholder reports). The U.S. and Cuban governments negotiated a &#8220;spy swap&#8221; in which Cuba released Rolando Sarraff Trujillo, a Cuban working as a U.S. intelligence agent, in exchange for the three remaining members of the &#8220;Cuban Five&#8221; incarcerated in the U.S. Cuba also released 53 imprisoned dissidents on January 12, 2015. Concurrent with the &#8220;spy swap&#8221; Cuba released Alan Gross, a USAID contractor who had been imprisoned for 5 years, on humanitarian grounds.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The calculation of the total investment return assumes reinvestment of dividends and distributions at prices obtained by the dividend reinvestment plan. This calculation does not include any adjustments for the 2014 rights offering.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Although the U.S.-Cuban embargo remains in place, the new U.S. policy changes include easing travel restrictions to the island, opening an embassy, allowing U.S. financial institutions to open accounts with Cuban banks, allowing the use of U.S. credit and debit cards in Cuba, and permitting the export of telecommunications equipment, agricultural commodities, and construction supplies to Cuba. These policy changes are broad, and sweeping. We had been anticipating the release of Alan Gross as a way to kick start dialogue between the U.S. and Cuba; but President Obama was able to negotiate numerous policy changes with the Cuban government all at once. As we mentioned in our last semi-annual report, the Cuban economic situation has been steadily worsening over the years. Given the collapse in the price of oil, as well as deteriorating economic relationships with its closest allies, Venezuela and Russia, it is not surprising that Cuba was keen to begin normalizing relations with the U.S. More than one third of Cuba&#8217;s imports come from Venezuela, a country that has seen continuing economic and political instability with inflation over 60% and declining oil production. With oil prices below $50, it is extremely difficult for Venezuela to honor its agreement with Cuba to provide subsidized oil in exchange for Cuban doctors.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">We believe the reopened dialogue will provide ample opportunities for small businesses in Cuba to thrive and help rebuild the island nation, which has been isolated from the U.S. for over 50 years. To put the current situation into perspective, prior to 1960, 3 million Americans a year visited the island nation; last year that number was approximately 300,000. Further, in all of Havana, there are only 25,000 hotel rooms available - that is a little less than double the size of Las Vegas&#8217; The Venetian and MGM Grand combined. When relations normalize we would expect the number of American visitors to return to pre-1960 levels and likely to continue to grow.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investment Strategy and Outlook</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Two new holdings in the Fund are The Bank of Nova Scotia (BNS) and Spirit Airlines, Inc. (SAVE). BNS, also known as ScotiaBank, is the largest international bank with a presence in the Caribbean and is already in Cuba. Now that President Obama has paved the way for U.S. banks to commence operations in Cuba, we believe ScotiaBank, uniquely positioned with first mover advantage, is in the best position to thrive there.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The other main area in which President Obama loosened restrictions was travel. The executive orders allow for 12 exemptions for travel under a general license from the Office of Foreign Asset Control (OFAC). In the near future, travelers should be able to make reservations directly with airlines to fly directly to Cuba on U.S. carriers; however,</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">before this can occur, the U.S. Department of Transportation must negotiate routes with Cuba. We expect Spirit Airlines, which is based in Miami and already has flights daily throughout the Caribbean, will seek to add Havana and Santiago de Cuba to its list of cities in the region. Spirit has already expressed interest in flying to Cuba according to media reports, and we expect it to take advantage of its base of operations in South Florida and existing customer base. Furthermore, its customer base is primarily lower fare traffic, which is consistent with the existing audience that currently travels to Cuba.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Copa Holdings, S.A. (NYSE: CPA) continues to be our largest holding and we expect the recent drop in fuel prices to increase operating margins for the airline. With some of the highest margins in the industry, CPA looks poised to rebound in 2015. Traffic should pick up after completion of the Panama Canal upgrade while low fuel prices should boost travel. CPA already has the most flights to Cuba of any foreign operator, situated in the newer International Terminal 3 of Jos&#233; Mart&#233; International Airport in Havana, and is poised to profit from any pickup in flights to the island.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Our second largest holding, MasTec, Inc. (NYSE: MTZ), had a rough 2014 losing nearly a third of its market value after its largest customer, AT&amp;T, cut its capital expenditure spending for the year. In addition, the sharp drop in oil prices caused investors to reevaluate MTZs growing pipeline business. This infrastructure contractor cited uncertainties in its 2015 estimates due to low oil prices and expected lower levels of wireless project activity. However, at a P/E of 10.94 at year&#8217;s end and expected revenue growth, MTZ is attractive at the current valuation. Additionally, MTZ authorized a $100 million stock buyback in December while announcing it did not have any delays or cancellations of energy related projects.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">In the past six months, we were able to take advantage of a Dutch Auction for shares of Fresh Del Monte Produce, Inc. (NYSE: FDP). We sold at a price of $34.50 per share. We liquidated our entire position only to buy back shares shortly after the auction at a price of $31.30. We also were the beneficiary of Chiquita Brands International&#8217;s (CQB) sale to Cutrale-Safra. We exited the position through the proposed deal that was at a premium of 44% to Chiquita&#8217;s closing price on August 11, 2014.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Mexico was once again a sore spot for the Fund. The Mexican Bolsa had its second consecutive negative year dropping -9.43%, measured in U.S. dollars and adjusted for dividends. Weak oil prices, government scandals, and the strong U.S. dollar all contributed to Mexico&#8217;s underperformance in 2014. These headwinds may turn to tailwinds in 2015 if oil prices stabilize and the strong dollar spurs more Mexican exports to its largest trading partner, the U.S. Mexican companies are well positioned to participate in the opening up of Cuba. For instance, Cemex S.A.B. de C.V., Am&#233;rica M&#243;vil, S.A.B. de C.V., and Coca-Cola Femsa S.A.B. de C.V. can help provide construction materials, telecommunication equipment, and consumer staples to the island nation.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Fund conducted a non-transferable rights offering during the period. Stockholders of record October 9, 2014, were permitted to subscribe for one newly issued common share of the Fund for every three rights held. Additionally, the Fund had the option to issue additional shares subject to subscription by up to 50% of the shares offered. In accordance with the terms of the rights offering, the subscription price of $6.77 per share represented 95% of the average volume-weighted closing sale price at which the common stock of the Fund traded on the NASDAQ Capital Market on December 4, 2014, and the preceding four trading days. The offering was completed on December 4, 2014 and was heavily oversubscribed, and the Fund issued the entire 50% optional secondary oversubscription. In our view, it was a very successful rights offering.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Shortly after the close of the rights offering which closed with a subscription price of $6.77 per share, the Fund&#8217;s share price traded at a premium after President Obama&#8217;s surprise December 17 announcement, with the stock price reaching a high of $14.97 per share in the days following the announcement. At the close of 2014 the Fund was traded at approximately a 16% premium, and a share price of $8.89.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">We would like to thank the Fund&#8217;s stockholders for their vote of confidence evidenced by their participation in the offering.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Additional Research Capabilities</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">While the Fund&#8217;s portfolio management team remains the same, Thomas J. Herzfeld Advisors, Inc., is pleased to announce it has hired Teo Babun, D.Min/D.Litt and Jose Oro, D.Sc as Analysts to enhance its research capabilities. Dr. Babun and Dr. Oro will cover the Caribbean Basin with a special focus on Cuba.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The above commentary is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security. The specific securities identified and described do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable. Portfolio composition is subject to change.</div>

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<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold">Largest Allocations</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The following tables present our largest investment and geographic allocations as of December 31, 2014.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Copa Holdings, S.A</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9.18%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Panama</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">14.60%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">MasTec, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6.36%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Mexico</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">14.08%</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Seaboard Corporation</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5.61%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cayman Island</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.44%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Royal Caribbean Cruises Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5.02%</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Bahamas</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.40%</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Lennar Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4.25%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Puerto Rico</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.85%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Norwegian Cruise Line Holdings</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.99%</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Colombia</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.22%</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Carnival Corporation</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.29%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Canada</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0.53%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Consolidated Water, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.13%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Belize</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0.04%</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Watsco Incorporated</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.08%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Latin Amer. Region</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0.02%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; WHITE-SPACE: nowrap; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Banco Latinoamericano de Comercio Exterior, S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.98%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cuba</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0.00%</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cemex, S.A.B. de C.V. ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.69%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cash and Other Countries</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11.20%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Avianca Holdings, S.A.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.44%</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Daily net asset values and press releases by the Fund are available at<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font>www.herzfeld.com.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">We would like to thank the members of the Board of Directors for their hard work and guidance and also thank our fellow stockholders for their continued support and suggestions.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="5e926d3c6084499589fed307c3ca45d1" border="0" cellspacing="0" cellpadding="0" align="center">
<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Sincerely,&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top"></td>
<td style="WIDTH: 38%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; WIDTH: 40%; VERTICAL-ALIGN: top"><img style="WIDTH: 150px; HEIGHT: 47px" border="0" alt="-s- Thomas J. Herzfeld" src="img004_v1.jpg"></td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top"></td>
<td style="WIDTH: 38%; VERTICAL-ALIGN: top"><img style="WIDTH: 250px; HEIGHT: 59px" border="0" alt="-s- Erik M. Herzfeld" src="img005_v1.jpg"></td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Erik M. Herzfeld</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Chairman of the Board,</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 38%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Portfolio Manager</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">President and Portfolio Manager</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 38%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 7 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Schedule of Investments as of December 31, 2014 <font style="FONT-SIZE: 11pt">(unaudited)</font></div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="9fc0288b3ca4491aba911826e6624d7b" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Shares or<br>
 Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Description</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.01%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fair Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.01%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Common stocks - 89.05% of net assets</div>
</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Airlines - 13.97%</div>
</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">88,682</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Avianca Holdings, S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,040,240</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">37,800</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Copa Holdings, S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,917,592</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11,815</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ERA Group Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">249,887</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Spirit Airlines, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">755,800</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Banking and finance - 8.74%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">19,780</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Bancolombia, S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">947,066</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">42,300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Banco Latinoamericano de Comercio Exterior, S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,273,230</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Bank of Nova Scotia</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">228,320</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">22,643</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Evertec Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">501,090</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">14,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Popular Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">476,700</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,844</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc. (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">17,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Western Union Company</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">304,470</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Communications - 8.27%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">44,690</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Am&#233;rica M&#243;vil, S.A.B. de C.V. ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">991,224</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">71,200</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Am&#233;rica M&#243;vil, S.A.B. de C.V. Series A</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">78,978</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">209,144</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Am&#233;rica M&#243;vil, S.A.B. de C.V. Series L</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">233,269</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11,988</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Atlantic Tele-Network, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">810,269</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">518,210</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fuego Enterprises Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">194,329</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">210,994</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Radio Centro S.A.B. de C.V.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">229,320</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">28,400</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Televisa, S.A.B. ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">967,304</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10,030</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Spanish Broadcasting System, Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">23,169</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Conglomerates and holding companies - 0.04%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">250,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Admiralty Holding Company (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">70,348</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">BCB Holdings Ltd.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12,066</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,250</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Shellshock Ltd. Ord.*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,446</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Construction and related - 10.70%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">112,743</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cemex S.A.B. de C.V. ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,148,851</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">62,754</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cemex S.A.B. de C.V. Series CPO</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">64,117</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">20</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Ceramica Carabobo Class A ADR (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,400</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Martin Marietta Materials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">375,088</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">120,100</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">MasTec, Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,715,461</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Vulcan Materials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">262,920</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: left; BACKGROUND-COLOR: #000000; WIDTH: 20%; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: 0px; MARGIN-RIGHT: auto" noshade="noshade">
 *&#160;&#160;&#160;&#160;&#160;Non-income producing</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">See accompanying notes.</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 8 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="317b6c4f847d4077a255b3934dfaf34f" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 14pt">Schedule of Investments as of December 31, 2014</font> (unaudited)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f578739d4316460b9aa1ff1af6fcbd1b" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Shares or<br>
 Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Description</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fair Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Consumer products and related manufacturing - 3.08%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">327,290</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V. (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12,300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Watsco Incorporated</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,316,100</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Food, beverages and tobacco - 4.84%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">53,874</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cleanpath Resources Corp.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8,799</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Coca Cola Femsa, S.A.B. de C.V. ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">761,289</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">18,900</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. Series UBD</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">167,795</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">968,330</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fresh Del Monte Produce Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">167,750</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Housing - 4.25%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">40,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Lennar Corporation</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,814,805</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Investment companies - 1.48%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">iShares MSCI Mexico Capped ETF</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">356,340</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">800</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Latin American Discovery Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8,920</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,451</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Mexico Equity &amp; Income Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">18,065</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Mexico Fund Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">104,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6,082</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Salient Midstream &amp; MLP Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">145,846</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">70,348</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd. (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Leisure - 14.74%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">31,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Carnival Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,405,230</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">36,443</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Norwegian Cruise Line Holdings Ltd.*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,704,075</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">26,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Royal Caribbean Cruises Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,143,180</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">22,467</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Steiner Leisure Ltd.*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,038,200</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Mining - 2.65%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,872</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo M&#233;xico, S.A.B. de C.V. Series B</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11,241</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">32,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Freeport McMoran Copper</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">747,520</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">26,900</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Tahoe Resources, Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">373,103</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Pulp and paper - 0.09%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">18,300</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Kimberly-Clark de M&#233;xico, S.A.B. de C.V. Series A</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">39,866</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="3">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Railroad - 1.48%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 13%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5,750</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Norfolk Southern Corporation</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">630,258</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: left; BACKGROUND-COLOR: #000000; WIDTH: 20%; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: 0px; MARGIN-RIGHT: auto" noshade="noshade">
 *&#160;&#160;&#160;&#160;&#160; Non-income producing</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">See accompanying notes.</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 9 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 14pt">Schedule of Investments as of December 31, 2014</font> (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="dc98b5837d7b442fbb1ce2b77e2f18a7" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Shares or<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 69%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Description</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fair Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Retail - 1.39%</div>
</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,270</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Elektra, S.A.B. de C.V. Series CPO</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">48,325</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Pricesmart Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">91,220</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">210,222</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Wal-Mart de M&#233;xico, S.A.B. de C.V. Series V</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">452,541</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Service - 0.02%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">700</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9,256</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Trucking and marine freight - 7.10%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">570</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Seaboard Corporation*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,392,832</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Seacor Holdings, Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">147,620</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9,589</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Teekay LNG Partners LP</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">412,327</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">36,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Ultrapetrol Bahamas Ltd.*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">77,040</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Utilities - 5.38%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Caribbean Utilities Ltd. Class A</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">128,520</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">125,238</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Consolidated Water, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,337,542</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">700</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cuban Electric Company (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">40,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Teco Energy Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">829,845</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Other - 0.83%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">25,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Geltech Solutions Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5,750</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,420</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Gusbourne PLC*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,480</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">13,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Impellam Group</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">102,365</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">55,921</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Margo Caribe, Inc.*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">240,460</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">895</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Siderurgica Venezolana Sivensa, S.A. ADR (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">79</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Siderurgica Venezolana Sivensa, S.A. Series B (Note 3)*</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="4">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total common stocks (cost $33,778,632)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">38,006,247</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Bonds - 0% of net assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">165,000</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 69%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Republic of Cuba - 4.5%, 1977 - in default</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 69%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total bonds (cost $63,038) (Note 2)*</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">--</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="4">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other assets less liabilities - 10.95% of net assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">4,671,063</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" colspan="4">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net assets - 100%</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">42,677,310</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.01%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: left; BACKGROUND-COLOR: #000000; WIDTH: 20%; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: 0px; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">*&#160;&#160;&#160;&#160;&#160;Non-income producing</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">See accompanying notes.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 10 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 14pt">Schedule of Investments as of December 31, 2014</font> (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">The investments are concentrated in the following geographic regions (as percentages of net assets):</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2px; WIDTH: 100%; PADDING-RIGHT: 2px; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt; PADDING-TOP: 2px" id="2a24d48b4f68431289be5b04d85074af" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">United States of America</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">47.62%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Panama</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">14.60%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Mexico</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">14.08%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 87%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Other, individually under 5%**</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">23.70%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 87%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: left; BACKGROUND-COLOR: #000000; WIDTH: 20%; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: 0px; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d8cf51f411fb4548ab011d838ece195c" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Non-income producing</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Amount includes other assets less liabilities of 10.95%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">See accompanying notes.</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 11 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</div>

<div>
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Statement of Assets and Liabilities as of <br>
 December 31, 2014 (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e05f1706a96e478aa633cfb1cddbbb07" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ASSETS</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom"></td>
</tr>

<tr>
<td style="WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Investments in securities, at fair value (cost $33,841,670)</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 43.55pt; FONT-SIZE: 11pt">(Notes 2 and 3)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">38,006,247</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Cash</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,575,134</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Dividends receivable</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,910</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Other assets</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,172</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 43.9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL ASSETS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">46,654,463</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Payable for investments purchased</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">232,006</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Accrued investment advisor fee (Note 4)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">127,018</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Distributions payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,536,700</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Foreign tax withholding</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">459</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Other payables</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">80,970</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 43.9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL LIABILITIES</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,977,153</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET ASSETS</font> (Equivalent to $7.66 per share based on 5,569,606* shares outstanding)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">42,677,310</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net assets consist of the following:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Common stock, $.001 par value; 100,000,000 shares authorized; 5,569,606* shares issued and outstanding</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,570</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Additional paid-in capital</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">38,472,445</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Accumulated net investment gain and net realized gain on investments</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">34,718</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Net unrealized gain on investments (Note 5)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,164,577</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 43.9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET ASSETS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">42,677,310</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="dd059316806043349cc08c68723f36bd" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: 97%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Includes 213,222 shares issued through dividend reinvestment plan, 1,812,293 shares issued through a rights offering conducted in 2007 and 1,856,535 shares issued through a rights offering conducted in 2014. (Note 7)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See accompanying notes.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 12 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Statement of Operations Six Months Ended<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt"><br>
</font> December 31, 2014 (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="dc56b7fbceff42fcbfaa35fa35fb4145" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">INVESTMENT INCOME AND EXPENSES</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom"></td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Dividends and interest</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">306,384</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Investment advisor fees (Note 4)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">249,170</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Professional fees</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">105,820</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Custodian fees</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">42,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Insurance</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Director fees</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,500</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">CCO salary (Note 4)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,456</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Transfer agent fees</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Printing and postage</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,517</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Listing fees</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,500</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Proxy services</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,887</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Other</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,369</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 43.9pt; FONT-SIZE: 11pt">Total investment expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">496,719</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 43.9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET INVESTMENT LOSS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(190,335</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Net realized gain on investments and foreign currency</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">497,421</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Net change in unrealized appreciation (depreciation)on investments and foreign currency</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(371,908</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 43.9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET GAIN ON INVESTMENTS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">125,513</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(64,822</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See accompanying notes.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 13 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15"><font style="FONT-STYLE: italic; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Statements of Changes in Net Assets</font><font style="FONT-SIZE: 14pt"><br style="LINE-HEIGHT: 1.15">
</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Six Months Ended December 31, 2014 and Year Ended June 30, 2014</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="048c10cfca62402cace712d8b0905635" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Six Months<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>Ended<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font>12/31/14<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (unaudited)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year-Ended<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> 6/30/14</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</div>
</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Net investment loss</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(190,335</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(267,942</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Net realized gain on investments and foreign currency</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">497,421</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,571,398</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Net change in unrealized appreciation (depreciation)on investments and foreign currency</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(371,908</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(653,954</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(64,822</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,649,502</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DISTRIBUTIONS TO STOCKHOLDERS</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Realized gains</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,536,700</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,232,900</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAPITAL STOCK TRANSACTIONS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Net proceeds of rights offering (Note 7)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,416,896</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">--</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL INCREASE (DECREASE) IN NET ASSETS</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">8,815,374</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(583,398</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET ASSETS</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt">Beginning</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">33,861,936</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">34,445,334</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 26.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ending</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">42,677,310</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">33,861,936</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.5%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See accompanying notes.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 14 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</div>

<div>
<div style="LINE-HEIGHT: 1.15">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Financial Highlights</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ec3aef0d3e1f431189391fb88bff0148" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 32%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Six Months Ended</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12/31/14</font></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="18">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended June 30&#160;</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 32%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unaudited</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: normal">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: normal">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: normal">2012</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: normal">2011</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal" valign="bottom" colspan="2" nowrap="nowrap">2010</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PER SHARE OPERATING PERFORMANCE</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(For a share of capital stock outstanding for each year)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net asset value, beginning of year</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">9.12</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9.28</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">7.90</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8.13</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6.12</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5.35</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Operations:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net investment loss</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(0.03</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.07</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.03</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.07</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Net realized and unrealized gain (loss) on investment transactions</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0.02</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1.05</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1.61</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.11</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.07</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">0.84</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Total from operations</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0.98</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.17</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.01</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">0.77</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Distributions:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">From net realized gains</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(0.64</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(1.14</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.20</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.06</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Total distributions</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(0.64</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(1.14</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.20</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Dilutive effect of rights offering</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(0.81</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">--</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Net asset value, end of year</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">7.66</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9.12</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9.28</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">7.90</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8.13</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">6.12</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Per share market value, end of year</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">8.89</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8.15</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8.51</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6.97</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">7.14</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">5.67</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total investment return (loss) based on market value per share</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">17.90</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8.98</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">25.31</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(1.39</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">25.93</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">(6.59</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">%)</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">RATIOS AND SUPPLEMENTAL DATA</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Net assets, end of year (in 000&#8217;s)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">42,677</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">33,862</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">34,445</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">29,330</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">30,169</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">22,707</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr style="HEIGHT: 16px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Ratio of expenses to average net assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.84</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.46</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.50</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.68</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.66</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">2.78</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" nowrap="nowrap"></td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Ratio of net investment loss&#160;to average net assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(1.10</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.78</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.38</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.81</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(0.81</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">(1.05</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">%)</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 32%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Portfolio turnover rate</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">12</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">24</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">37</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">15</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">22</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">%</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap"></td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 7%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">27</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 2%; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" nowrap="nowrap">%</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1&#160;&#160;&#160;&#160;&#160;&#160;&#160; </sup>This figure has been annualized; however, the percentage shown is not necessarily indicative of results for a full year.</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; MARGIN-TOP: 8pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic">See accompanying notes.</font><br style="LINE-HEIGHT: 1.15">
</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 15 -</div>

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</div>
</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTE 1. ORGANIZATION AND RELATED MATTERS</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;) is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland on March 10, 1992, and registered under the Investment Company Act of 1940, as amended and follows accounting and reporting guidance under Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946, &#8220;Financial Services - Investment Companies&#8221;. The Fund commenced investing activities in January 1994. The Fund is listed on the NASDAQ Capital Market and trades under the symbol &#8220;CUBA&#8221;.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund&#8217;s investment objective is to obtain long-term capital appreciation. The Fund pursues its objective by investing primarily in equity and equity-linked securities of public and private companies, including U.S.-based companies, (i) whose securities are traded principally on a stock exchange in a Caribbean Basin Country or (ii) that have at least 50% of the value of their assets in a Caribbean Basin Country or (iii) that derive at least 50% of their total revenue from operations in a Caribbean Basin Country (collectively, &#8220;Caribbean Basin Companies&#8221;). Under normal conditions, the Fund invests at least 80% of its total assets in equity and equity-linked securities of Caribbean Basin Countries. This 80% policy may be changed without stockholder approval upon sixty days written notice to stockholders. The Fund&#8217;s investment objective is fundamental and may not be changed without the approval of a majority of the Fund&#8217;s outstanding voting securities.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Under the Fund&#8217;s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund&#8217;s maximum exposure under these arrangements is unknown as this would involve any future potential claims that may be made against the Fund. However, based on experience, management expects the risk of loss to be remote.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">At December 31, 2014, the Fund had foreign investments in companies operating principally in Panama and Mexico representing approximately 14.60% and 14.08% of the Fund&#8217;s net assets, respectively.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund&#8217;s custodian and transfer agent is State Street Bank and Trust Company (&#8220;SSBT&#8221;), PO Box 9130, Boston, Massachusetts 02117.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Security Valuation</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">In accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the &#8220;exit price&#8221;) in an orderly transaction between market participants at the measurement date.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund&#8217;s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:</div>

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</div>

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<tr>
<td style="WIDTH: 7.53%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Level 1:</div>
</td>
<td style="WIDTH: 92.47%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">quoted prices in active markets for identical investments</div>
</td>
</tr>

<tr>
<td style="WIDTH: 7.53%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 92.47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 7.53%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Level 2:</div>
</td>
<td style="WIDTH: 92.47%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">other significant observable inputs (including quoted prices for identical investments in markets that are not active, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 7.53%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 92.47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 7.53%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Level 3:</div>
</td>
<td style="WIDTH: 92.47%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">significant unobservable inputs (including the Fund&#8217;s own assumptions in&#160;determining the fair value of investments)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including, the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
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</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.&#160; Therefore, even when market assumptions are not readily available, the Fund&#8217;s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.&#160; The Fund uses prices and inputs that are current as of the measurement date, including periods of market dislocation.&#160; In periods of market dislocation, the observability of prices and inputs may be reduced for many securities.&#160; This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Investments in securities traded on a national securities exchange (or reported on the NASDAQ National Market or Capital Market) are stated at the last reported sales price on the day of valuation (or at the NASDAQ official closing price); other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. Restricted securities and other securities for which quotations are not readily available are valued at fair value as determined by the Fund&#8217;s Board of Directors (the &#8220;Board&#8221;).</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The following table summarizes the classification of the Fund&#8217;s investments by the above fair value hierarchy levels as of December 31, 2014:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 54pt; FONT-SIZE: 11pt" id="ce77731d241b4ac9ba81c6da5bbb13ab" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">LEVEL</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Investments in Securities</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Level 1</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$37,193,626</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Level 2</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$812,621</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Level 3</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$0*</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 54pt; FONT-SIZE: 11pt">*&#160;&#160;&#160;See Note 3, non-marketable and restricted securities owned</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 80%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 54pt; FONT-SIZE: 11pt" id="2c4a4873299e4d2d91c0882a3c897881" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="WIDTH: 68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Investment in Securities at Value</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Level 3</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Balance as of 6/30/14</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$146</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Realized/Unrealized gain/(loss)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">($146)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Net purchases</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Transfer into Level 3</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Transfer out of Level 3</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 68%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Balance as of 12/31/14</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 2%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$0</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">All transfers are recognized by the Fund at the end of each reporting period.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Under procedures approved by the Directors, the Advisor provides administration and oversight of the Fund&#8217;s valuation policies and procedures, which are reviewed at least annually by the Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 18 -</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Advisor convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at a fair value. The Advisor may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Advisor employs various methods for calibrating these valuation approaches including a regular view of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Income Recognition</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">For all purposes other than financial reporting, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recognized on the ex-dividend date or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recognized on an accrual basis. Discounts and premiums on debt securities purchased are amortized over the life of the respective securities. It is the Fund&#8217;s practice to include the portion of realized and unrealized gains and losses on investments denominated in foreign currencies as components of realized and unrealized gains and losses on investments and foreign currency.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Deposits with Financial Institutions</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund may, during the course of its operations, maintain account balances with financial institutions in excess of federally insured limits.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Counterparty Brokers</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">In the normal course of business, substantially all of the Fund&#8217;s money balances and security positions are custodied with the Fund&#8217;s custodial broker, SSBT. The Fund transacts with other brokers. The Fund is subject to credit risk to the extent any broker with which it conducts business is unable to fulfill contractual obligations on its behalf. The Fund&#8217;s management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 19 -</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Use of Estimates in the Preparation of Financial Statements</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">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 revenues and expenses during the reporting period. Actual results could differ from those estimates.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Income Taxes</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund&#8217;s policy is to continue to comply with the provisions of the Internal Revenue Code of 1968, as amended, that are applicable to regulated investment companies and to distribute all its taxable income to its stockholders. Under these provisions, the Fund is not subject to federal income tax on its taxable income and no federal income tax provision is required.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund has adopted a June 30 year-end for federal income tax purposes.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><u>Distributions to Stockholders</u></div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Distributions to stockholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. For the six months ended December 31, 2014, a distribution from long-term capital gains of $0.596 per share and from short-term capital gains of $0.039 per share was declared on December 18, 2014.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTE 3. NON-MARKETABLE AND RESTRICTED SECURITIES OWNED</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Investments in securities include $165,000 principal, 4.5%, 1977 Republic of Cuba bonds purchased for $63,038. The bonds were listed on the New York Stock Exchange and had been trading in default since 1960. A &#8220;regulatory halt&#8221; on trading was imposed by the New York Stock Exchange in July 1995 and trading in the bonds was suspended as of December 28, 2006. The New York Stock Exchange has stated that following the suspension of trading, application will be made to the Securities and Exchange Commission to delist the issue. As of December 31, 2014, the position was valued at $0 by the Board, which approximates the bonds&#8217; fair value.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Investments in securities also include 250,000 shares of Admiralty Holding Company, 20 shares of Ceramica Carabobo Class A ADR, 700 shares of Cuban Electric Company, 895 shares of Siderurgica Venezolana Sivensa, S.A. ADR, 79 shares of Siderurgica Venezolana Sivensa S.A. Series B, 70,348 shares of Waterloo Investment Holdings Ltd., 327,290 shares of Grupo Casa Saba, S.A.B. de C.V. and 3,844 shares of W Holding Company Inc. As of December 31, 2014, the positions were valued at $0 by the Board, which approximates their fair value.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

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</div>
</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">Two of the Fund&#8217;s holdings are currently segregated and restricted from transfer.&#160; These securities are: $165,000 principal value Republic of Cuba bonds, 4.5%, 1977 in default with a fair value of $0, and 700 shares of Cuban Electric Company with a fair value of $0.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="54118cae8ea747e98f5e25b5e538e0d8" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Security</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% of Net<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Acquisition<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Date</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Acquisition<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Cost</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares/Units</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
<td style="WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Republic of Cuba 4.5%, 1977 bond</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2/15/1995</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">52,850</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">140,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Republic of Cuba 4.5%, 1977 bond</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4/27/1995</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10,188</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">25,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">63,038</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">165,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cuban Electric Company</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9/5/2005</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,005</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">482</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Cuban Electric Company</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9/5/2005</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,812</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">218</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5,817</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">700</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Ceramica Carabobo Class A ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/5/1998</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,400</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Ceramica Carabobo Class A ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/5/1998</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">881</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Ceramica Carabobo Class A ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/5/1998</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">528</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Ceramica Carabobo Class A ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/5/1998</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,938</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">7,747</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">20</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Siderurgica Venezolana Sivensa, S.A. ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3/30/1998</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8,414</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">895</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">8,414</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">895</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Siderurgica Venezolana Sivensa, S.A. Series B</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3/30/1998</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">106</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">79</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">106</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">79</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Admiralty Holding Company</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10/30/2006</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">830</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">40,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Admiralty Holding Company</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10/31/2006</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">450</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">20,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Admiralty Holding Company</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/1/2006</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">67</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,600</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Admiralty Holding Company</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/2/2006</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,667</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">187,400</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5,014</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.98%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">250,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.5%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.34%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 21 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 5px; PADDING-LEFT: 5px; WIDTH: 100%; PADDING-RIGHT: 5px; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; PADDING-TOP: 5px" id="DSPFTableOutlineBorder">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="57079cf20ce8472fb1fa1dab30be21e3" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Security</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% of Net<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Acquisition<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Date</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Acquisition<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Cost</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares/Units</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6/26/1996</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8,737</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12,814</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8/7/1996</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">530</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">801</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2/5/1997</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">621</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">891</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3/6/1997</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6/10/1997</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11,332</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8/6/1997</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">657</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">894</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6/24/1998</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5,506</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8/10/1998</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9,585</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8/11/1998</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,792</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/17/2005</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,128</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3/22/2006</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,890</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,195</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Waterloo Investment Holdings Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/19/2007</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5,757</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">27,754</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">50,536</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">70,348</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8/10/1998</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">28,457</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">41,730</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/17/2005</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">17,841</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3/23/2007</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">19,716</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">6,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8/15/2007</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">37,511</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8/16/2007</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">34,361</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12/11/2007</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">7,770</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12/12/2007</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">156,403</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">40,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/11/2008</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">30,873</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/15/2008</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11,499</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/22/2008</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">7,268</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/30/2011</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">16,436</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">20,000</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/16/2012</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">37,715</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">100,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/23/2012</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8,616</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">24,560</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Grupo Casa Saba, S.A.B. de C.V.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/26/2012</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">15,775</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">50,000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">430,241</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">327,290</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10/10/2007</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">14,240</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">120</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">10/15/2007</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4,420</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">40</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/2/2007</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">9,550</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">100</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">11/7/2007</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">16,992</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">200</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12/11/2007</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">24,600</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">400</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12/26/2007</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">28,700</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">400</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">12/31/2007</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">140,038</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,184</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/11/2008</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,035</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">18</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/11/2008</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">8,468</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">146</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">W Holding Company Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1/11/2008</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">13,806</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">236</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 22px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">261,849</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 0.96%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3,844</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9.74%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">0</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1.28%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 22 -</div>

<hr style="PAGE-BREAK-AFTER: always; BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15; FONT-WEIGHT: bold">NOTE 4. TRANSACTIONS WITH AFFILIATES</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">HERZFELD / CUBA (the &#8220;Advisor&#8221;), a division of Thomas J. Herzfeld Advisors, Inc., is the Fund&#8217;s investment advisor and charges a monthly fee at the annual rate of 1.45% of the Fund&#8217;s average daily net assets. Total fees for the six months ended December 31, 2014 amounted to $249,170, of which $127,018 is payable as of December 31, 2014.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund reimbursed the Advisor in the amount of $13,456 for the portion of the chief compliance officer&#8217;s (the &#8220;CCO&#8221;) salary determined to be attributable to the services provided as CCO of the Fund, for the six months ended December 31, 2014.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTE 5. INVESTMENT TRANSACTIONS</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">During the six months ended December 31, 2014, purchases and sales of investment securities were $9,489,271 and $4,074,707, respectively.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">At December 31, 2014, the Fund&#8217;s investment portfolio had gross unrealized gains of $7,677,671 and gross unrealized losses of $3,513,094, resulting in a net unrealized gain of $4,164,577 for financial statement purposes.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTE 6. INCOME TAX INFORMATION</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">For financial statement purposes, the Fund&#8217;s net investment loss for the year ended June 30, 2014 does not differ from the net investment loss for tax purposes. Realized gains differ for financial statement and tax purposes primarily due to differing treatments of wash sales.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">As of June 30, 2014, for tax purposes the Fund&#8217;s undistributed net investment loss was $0 and its accumulated net realized gain on investments was $3,563,497.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The cost basis of securities owned for financial statement purposes is lower than the cost basis for income tax purposes by $343,521 due to wash sale adjustments. As of June 30, 2014, gross unrealized gains were $6,961,728 and gross unrealized losses were $2,768,764 for income tax purposes.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Permanent differences accounted for during the year ended June 30, 2014 result from differences between book and tax accounting for the characterization of foreign currency losses and the write-off of the Fund&#8217;s net investment loss for tax purposes. Such amounts have been reclassified as follows:</div>

<table style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2px; WIDTH: 100%; PADDING-RIGHT: 2px; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt; PADDING-TOP: 2px" id="716fec4aa18d45e495537d6d4dc99b45" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 34.21%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 13.98%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.44%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 14.44%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 52px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 34.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.13%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 13.98%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Accumulated Net<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Investment Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 14.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Accumulated Net<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font>Realized Loss on<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> Investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 8.5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12.3%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Additional Paid<font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><br>
</font> in Capital</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 34.21%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Year ended June 30, 2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 13.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$267,942</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8.44%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">($366,757)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8.5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12.3%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$98,815</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 23 -</div>

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</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">In accordance with GAAP, the Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. Generally the Fund is no longer subject to income tax examinations by major taxing authorities for years before June 30, 2010. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate&#160;settlement. De-recognition of a tax benefit previously recognized results in the Fund&#160;recording a tax liability that reduces ending net assets. This policy has been applied to all existing tax positions upon the Fund&#8217;s initial adoption for the period ended June 30, 2009. Based on its analysis, the Fund has determined that the adoption of this policy did not have a material impact on the Fund&#8217;s financial statements upon adoption. However, the Fund&#8217;s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analyses of and changes to tax laws, regulations and interpretations thereof.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund&#8217;s policy would be to recognize accrued interest expense to unrecognized tax benefits in interest expense and penalties in operating expenses. There were none for the year ended June 30, 2014.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTE 7. CAPITAL STOCK TRANSACTIONS</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2007 Rights Offering</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">On October 26, 2007, the Fund issued 1,812,293 common shares in connection with a rights offering. Stockholders of record September 26, 2007 were issued one non-transferable right for every share owned on that date. The rights entitled the stockholders to purchase one new common share for every right held. In addition, the Fund had the discretion to increase the number of shares of common stock subject to subscription by up to 100% of the shares offered, or up to an additional 1,678,556 shares of common stock.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The subscription price was equal to 85% of the average volume-weighted sales price per share of the Fund&#8217;s common stock on the NASDAQ Capital Market on October 26, 2007 and the four preceding trading days. The final subscription price was $10.04 per share. Net proceeds to the Fund were $18,075,138 after deducting rights offering costs of $120,284. The net asset value of the Fund&#8217;s common shares was increased by approximately $0.09 per share as a result of the share issuance.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2014 Rights Offering</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">On December 12, 2014, the Fund issued 1,856,535 common shares in connection with a rights offering. Stockholders of record October 9, 2014 were issued one non-transferable right for every share owned on that date. The rights entitled the stockholders to purchase one new common share for every three rights held. In addition, the Fund had the discretion</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 24 -</div>

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</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Notes to Financial Statements (unaudited)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">to increase the number of shares of common stock subject to subscription by up to 50% of the shares offered, or up to an additional 618,845 shares of common stock.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The subscription price was equal to 95% of the average volume-weighted closing sales price per share of the Fund&#8217;s common stock on the NASDAQ Capital Market on December 4, 2014 and the four preceding trading days. The final subscription price was $6.77 per share. The Fund issued the entire 50% optional secondary oversubscription. Net proceeds to the Fund were estimated at $12,416,896 after deducting estimated expenses of $149,989. The net asset value of the Fund&#8217;s common shares was decreased by approximately $0.81 per share, using the Fund&#8217;s June 30, 2014 net asset value, as a result of the share issuance.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Year-End Distributions</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">On December 26, 2012, the Fund paid a year-end distribution of $0.196 per share in cash. </div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">On January 7, 2014, the Fund paid a year-end distribution of $1.140 per share in stock. Stockholders were also given the option of receiving the payment in cash. Shares were purchased in the open market to pay the distribution at a reinvestment price of $8.2657 per share including brokerage commissions.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">On December 18, 2014 the Fund announced a year-end distribution of $0.635 per share in cash, payable on January 7, 2015.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTE 8. SUBSEQUENT EVENTS</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">On January 7, 2015 the Fund paid a year-end distribution of $0.635 per share in cash. Stockholders enrolled in the Fund&#8217;s dividend reinvestment plan received stock, issued by the Fund at $7.85 per share, equal to 95% of the closing market price of the stock on January 7, 2015, pursuant to the Fund&#8217;s Dividend Reinvestment Plan. The Fund issued a total of 29,978 common shares in connection with its year-end distribution.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 25 -</div>

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</div>
</div>

<div>&#160;</div>

<div>
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Results of November 10, 2014 Stockholder Meeting</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The annual meeting of stockholders of the Fund was held on November 10, 2014 to consider three proposals. The results were as follows: (i) Thomas J. Herzfeld was elected a Class III Director for a term of three years, and (ii) proposals to revise the fundamental investment policy regarding borrowing money and issuing senior securities, and to approve an amendment to the investment advisory agreement to reflect the inclusion of borrowing for investment purposes and other financial leverage in the calculation of the advisory fees, did not achieve quorum for these matters and it was determined not to adjourn the meeting for further solicitation.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>Proposal 1</u></font> - Election of a Class III Director</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">At the meeting one nominee for a Director post was elected as follows:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2px; WIDTH: 80%; PADDING-RIGHT: 2px; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt; PADDING-TOP: 2px" id="9994ce65f3af4996a442aa19462a7bf9" border="0" cellspacing="0" cellpadding="2" align="center">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 24.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes For</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes Withheld</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 24.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2,848,261</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">239,207</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15; CLEAR: both"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The terms of office as directors of Kay W. Tatum, John A. Gelety, Ann S. Lieff and Cecilia L. Gondor continued after the meeting.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">At the meeting Proposal 2 and 3 <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>were not approved</u></font> by stockholders as quorum to vote on such matters was not achieved. As of the date of the meeting, the votes received for Proposals 2 and 3 were as follows:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>Proposal 2</u></font> - Revision to the Fundamental Investment Policy Regarding Borrowing Money and Issuing Senior Securities</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2px; WIDTH: 80%; PADDING-RIGHT: 2px; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt; PADDING-TOP: 2px" id="38cc48c98bee46c9bee7b1cc264cfa52" border="0" cellspacing="0" cellpadding="2" align="center">
<tr>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes For</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes Against</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes Withheld</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Broker Non-Votes</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">969,354</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">131,738</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">27,801</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,958,574</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15; CLEAR: both"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 36pt; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>Proposal 3</u></font> - Approval of an Amendment to the Investment Advisory Agreement to Reflect the Inclusion of Borrowing for Investment Purposes and Other Financial Leverage in the Calculation of the Advisory Fees</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2px; WIDTH: 80%; PADDING-RIGHT: 2px; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 11pt; PADDING-TOP: 2px" id="3a0de4a4c0c541ec8012de9a84b8bcc3" border="0" cellspacing="0" cellpadding="2" align="center">
<tr>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes For</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes Against</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Votes Withheld</div>
</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Broker Non-Votes</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">841,186</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">260,048</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">27,659</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1,958,574</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15; CLEAR: both">&#160;</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; COLOR: #000000; FONT-SIZE: 11pt" id="DSPFPageNumberArea">- 26 -</div>

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</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Dividend Reinvestment Plan</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 5px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Registered holders (&#8220;Stockholders&#8221;) of shares of common stock, $0.001 par value (&#8220;Common Stock&#8221;) of Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;) will automatically be enrolled (&#8220;Participants&#8221;) in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;) and are advised as follows:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">State Street Bank &amp; Trust Company (the &#8220;Agent&#8221;) will act as agent for each Participant. The Agent will open an account for each registered shareholder as a Participant under the Plan in the same name in which such Participant&#8217;s shares of Common Stock are registered.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">CASH OPTION. Pursuant to the Fund&#8217;s Plan, unless a holder of Common Stock otherwise elects, all dividend and capital gains distributions payable in cash (&#8220;Distributions&#8221;) will be automatically reinvested by the Agent in additional Common Stock of the Fund. Stockholders who elect not to participate in the Plan will receive all cash distributions in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name then to such nominee) by the Agent, as dividend paying agent. Stockholders and Participants may elect not to participate in the Plan and to receive all cash distributions of dividends and capital gains in cash by sending written instructions to the Agent, as dividend paying agent, at the address set forth below.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">MARKET PREMIUM ISSUANCES. If on the payment date for a Distribution, the net asset value per Common Stock is equal to or less than the market price per Common Stock plus estimated brokerage commissions, the Agent shall receive newly issued Common Stock (&#8220;Additional Common Stock&#8221;) from the Fund for each Participant&#8217;s account. The number of Additional Common Stock to be credited shall be determined by dividing the dollar amount of the Distribution by the greater of (i) the net asset value per Common Share on the payment date, or (ii) 95% of the market price per Common Share on the payment date.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">MARKET DISCOUNT PURCHASES. If the net asset value per Common Stock exceeds the market price plus estimated brokerage commissions on the payment date for a Distribution, the Agent (or a broker-dealer selected by the Agent) shall endeavor to apply the amount of such Distribution on each Participant&#8217;s Common Stock to purchase Common Stock on the open market. In the event of a market discount on the payment date, the Agent will have 30 days after the dividend payment date (the &#8220;last purchase date&#8221;) to invest the dividend amount in shares acquired in open-market purchases. The weighted average price (including brokerage commissions) of all Common Stock purchased by the</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Agent as Agent shall be the price per Common Stock allocable to each Participant. If, before the Agent has completed its purchases, the market price plus estimated brokerage commissions exceeds the net asset value of the Common Stock as of the payment date, the purchase price paid by Agent may exceed the net asset value of the Common Stock, resulting in the acquisition of fewer Common Stock than if such Distribution had been paid in Common Stock issued by the Fund. Because of the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued Common Stock at the net asset value per Common Stock at the close of business on the last purchase date. Participants should note that they will not be able to instruct the Agent to purchase Common Stock at a specific time or at a specific price. Open-market purchases may be made on any securities exchange where Common Stock are traded, in the over-the-counter market or in negotiated transactions, and may be on such terms as to price, delivery and otherwise as the Agent shall determine. Each Participant&#8217;s uninvested funds held by the Agent will not bear interest. The Agent shall have no liability in connection with any inability to purchase Common Stock within the time provided, or with the timing of any purchases effected. The Agent shall have no responsibility for the value of Common Stock acquired. The Agent may commingle Participants&#8217; funds to be used for open-market purchases of the Fund&#8217;s shares and the price per share allocable to each Participant in connection with such purchases shall be the average price (including brokerage commissions and other related costs) of all Fund shares purchased by Agent. The rules and regulations of the Securities and Exchange Commission may require the Agent to limit the Agent&#8217;s market purchases or temporarily cease making market purchases for Participants.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The market price of Common Stock on a particular date shall be the last sales price on the securities exchange where the Common Stock are listed on that date (currently the NASDAQ Capital Market)(the &#8220;Exchange&#8221;), or, if there is no sale on the Exchange on that date, then the average between the closing bid and asked quotations on the Exchange on such date will be used. The net asset value per Common Stock on a particular date shall be the amount calculated on that date (or if not calculated on such date, the amount most recently calculated) by or on behalf of the Fund.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Whenever the Agent receives or purchases shares or fractional interests for a Participant&#8217;s account, the Agent will send such Participant a notification of the transaction as soon as practicable. The Agent will hold such shares and fractional interests as such Participant&#8217;s agent and may hold them in the Agent&#8217;s name or the name of the Agent&#8217;s nominee. The Agent will not send a Participant stock certificates for shares unless a Participant so requests in writing or unless a Participant&#8217;s account is terminated as stated below. The Agent will vote any shares so held for a Participant in accordance with any proxy returned to the Fund by such Participant in respect of the shares of which such Participant is the record holder.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">There is presently no service charge for the Agent serving as Participants&#8217; agent and maintaining Participants&#8217; accounts. The Agent may, however, charge Participants for extra services performed at their request. The Plan may be amended in the future to impose a service charge. In acting as Participants&#8217; agent under the Plan, the Agent shall be liable only for acts, omissions, losses, damages or expenses caused by the Agent&#8217;s willful misconduct or gross negligence. In addition, the Agent shall not be liable for any taxes, assessments or governmental charges which may be levied or assessed on any basis whatsoever in connection with the administration of the Plan.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Agent may hold each Participant&#8217;s Common Stock acquired pursuant to the Plan together with the Common Stock of other Stockholders of the Fund acquired pursuant to the Plan in non-certificated form in the Agent&#8217;s name or that of the Agent&#8217;s nominee. Each Participant will be sent a confirmation by the Agent of each acquisition made for his or her account as soon as practicable, but in no event later than 60 days, after the date thereof. Upon a Participant&#8217;s request, the Agent will deliver to the Participant, without charge, a certificate or certificates for the full Common Stock. Although each Participant may from&#160;time to time have an undivided fractional interest in a Common Share of the Fund, no certificates for a fractional share will be issued. Similarly, Participants may request to sell a portion of the Common Stock held by the Agent in their Plan accounts by calling the Agent, writing to the Agent, or completing and returning the transaction form attached to each Plan statement. The Agent will sell such Common Stock through a broker-dealer selected by the Agent within 5 business days of receipt of the request. The sale price will equal the weighted average price of all Common Stock sold through the Plan on the day of the sale, less brokerage commissions. Participants should note that the Agent is unable to accept instructions to sell on a specific date or at a specific price. Any share dividends or split shares distributed by the Fund on Common Stock held by the Agent for Participants will be credited to their accounts. In the event that the Fund makes available to its Stockholders rights to purchase additional Common Stock, the Common Stock held for each Participant under the Plan will be added to other Common Stock held by the Participant in calculating the number of rights to be issued to each Participant.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">If a Participant holds more than one Common Stock Certificate registered in similar&#160;but&#160;not identical names or if more than one address is shown for a Participant on the Fund&#8217;s records, all of such Participant&#8217;s shares of Common Stock must be put into the same name and address if all of them are to be covered by one account. Additional shares subsequently acquired by a Participant otherwise than through the Plan will be covered by the Plan.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The reinvestment of Distributions does not relieve Participants of any federal, state or local taxes which may be payable (or required to be withheld on Distributions.) Participants will receive tax information annually for their personal records and to help them prepare their federal income tax return. For further information as to tax consequences of participation in the Plan, Participants should consult with their own tax advisors.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Each registered Participant may terminate his or her account under the Plan by notifying the Agent in writing at State Street Bank and Trust, P.O. Box 642, Boston, MA 02117-0642, or by calling the Agent at (617) 662-2760. Such termination will be effective with respect to a particular Distribution if the Participant&#8217;s notice is received by the Agent prior to such Distribution record date. The Plan may be terminated by the Agent or the Fund upon notice in writing mailed to each Participant at least 60 days prior to the effective date of the termination. Upon any termination, the Agent will cause a certificate or certificates to be issued for the full shares held for each Participant under the Plan and cash adjustment for any fraction of a Common Share at the then current market value of the Common Shares to be delivered to him. If preferred, a Participant may request the sale of all of the Common Shares held by the Agent in his or her Plan account in order to terminate participation in the Plan. If any Participant elects in advance of such termination to have Agent sell part or all of his shares, Agent is authorized to deduct from the proceeds the brokerage commissions incurred for the transaction. If a Participant has terminated his or her participation in the Plan but continues to have Common Shares registered in his or her name, he or she may re-enroll in the Plan at any time by notifying the Agent in writing at the address above.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">These terms and conditions may be amended by the Agent or the Fund at any time but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof. The amendment shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Agent receives notice of the termination of the Participant&#8217;s account under the Plan. Any such amendment may include an appointment by the Agent of a successor Agent, subject to the prior written approval of the successor Agent by the Fund.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">These terms and conditions shall be governed by the laws of the State of Maryland.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Dated: November 22, 2006</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Discussion Regarding the Approval of the Investment Advisory Agreement</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund&#8217;s Board of Directors (the &#8220;Board&#8221;), including a majority of those directors who are not &#8220;interested persons&#8221; as such term is defined in the 1940 Act (&#8220;Independent Directors&#8221;), unanimously approved the continuance of the investment advisory agreement between the Fund and the Advisor (the &#8220;Agreement&#8221;) at a meeting held on August 6, 2014. (At the same meeting, the Board also approved an amendment to the Agreement contingent upon stockholders&#8217; approval at the annual meeting of stockholders held on November 10, 2014. Such Amendment was not approved by stockholders and, accordingly, did not take effect. See &#8220;Results of November 10, 2014 Stockholder Meeting&#8221; in this report for additional information.)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">In connection with its approval of the continuance of the Agreement, the Board was provided with written materials provided by the Adviser and by the Fund&#8217;s legal counsel including (i) a memorandum from the Fund&#8217;s legal counsel regarding the Directors&#8217; responsibilities in evaluating and approving the Agreement, (ii) a letter from the Adviser containing detailed information about the Adviser&#8217;s services to the Fund, Fund performance, allocation of Fund transactions, compliance and administration information, and the compensation received by the Adviser from the Fund; (iii) a copy of the Agreement between the Fund and the Adviser; (iv) audited financial statements for the Adviser for the year-ended December 31, 2013 and unaudited financial statements for the six months ended June 30, 2014; (v) the Adviser&#8217;s Form ADV Parts I and II; (vi) comparative performance data for the Fund relative to peer funds (foreign equity funds including Latin American regional and single country funds) for the twelve-month period ended December 31, 2013 and the twelvemonth period ended June 30, 2014; and (vii) comparative expense ratio and fee data for the Fund relative to peer funds.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">During its deliberations on whether to approve the continuance of the Agreement, the Board considered many factors. The Board considered the nature, extent and quality of the services to be provided by the Adviser and determined that such services will meet the needs of the Fund and its stockholders. The Board reviewed the services provided to the Fund by the Adviser as compared to services provided by other advisers, which manage investment companies with investment objectives, strategies and policies similar to those of the Fund, the Adviser&#8217;s history and experience providing investment services to the Fund and its knowledge of the closed-end fund industry&#8217;s use of leverage. The Board concluded that the nature, extent and quality of the services provided by the Adviser were appropriate and consistent with the terms of the Agreement that the quality of those services had been consistent with industry norms and that the Fund was likely to benefit from the continued provision of those services. The Board also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Fund effectively and had demonstrated its continuing ability to attract and retain qualified personnel.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Both at the meeting and on an ongoing basis throughout the year, the Board considered and evaluated the investment performance of the Fund and reviewed the Fund&#8217;s performance relative to other investment companies and funds in the Mexico and Latin America regions.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Board considered performance of the Fund, noting that the Fund&#8217;s net asset value performance was in line with funds used in the comparative data for the twelve-month period ended December 31, 2013 and twelve-month period ended June 30, 2014. The Board concluded that the performance of the Fund was within an acceptable range of performance relative to other funds used in the comparison.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Board considered the costs of the services provided by the Adviser, the compensation and benefits received by the Adviser providing services to the Fund, as well as the Adviser&#8217;s profitability. The Board considered the advisory fees paid to the Adviser by the Fund and relevant comparable fee data and statistics of Latin American-specialist and small foreign equity funds. The Board noted that there are no funds with which to make a direct comparison because of the Fund&#8217;s unique strategy. The Board also noted that the Fund is considerably smaller than many Latin American regional funds, and, therefore its total expense ratio is relatively higher than funds presented in comparison. The Board further discussed the services by the Adviser and concluded that the advisory services performed were efficient and satisfactory and that the fee charged was reasonable and not excessive. The Board further considered that, to the extent leverage is used, the Adviser would be responsible for managing the additional borrowed assets and would be required to expend additional resources in managing such assets. In addition, the use of leverage would increase the complexity of the administrative and oversight responsibilities associated with securing and monitoring leverage for the Fund. The Board considered the expense ratio of the Fund on a historical basis, and the impact the use of leverage may have on the expense ratio in the future. The Board concluded that the Adviser&#8217;s fees and profits derived from its&#160;relationship with the Fund in light of its expenses, were reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable funds with similar strategies.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Board also considered the extent to which economies of scale would be realized relative to fee levels as the Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of stockholders. The Board recognized that because of the closed-end structure of the Fund, and that, except in unusual circumstances, there is no influx of additional capital, this particular factor is less relevant to the Fund than it would typically be to an open-end fund. The Board concluded that only marginal economies of scale could be achieved through the growth of assets since the Fund is a closed-end fund.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Board also considered its deliberations regarding the Adviser&#8217;s services and performance from the regular Board meetings held throughout the year, including the Board&#8217;s discussion of the Fund&#8217;s investment objective, long-term performance, investment style and process. The Board noted the high level of diligence with which it reviews and evaluates the Adviser throughout the year and the extensive information provided with respect to the Adviser&#8217;s performance and the Fund&#8217;s expenses on a quarterly basis. The Board also considered whether any events occurred that would constitute a reason not to renew the Agreement and concluded there were not.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">After deliberation and further consideration of the factors discussed above and information presented at the August 6, 2014 meeting and at previous meetings of the Board, the Board, including the Independent Directors, approved the continuation of the Agreement for an additional one-year period. In arriving at its decision, the Board and the Independent Directors did not identify any single matter, factor or consideration as controlling, but made their determination in light of all the circumstances. The Board based its decision to approve the Agreement on all the relevant factors in light of its reasonable business judgment, and with a view to future long-term considerations.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Quarterly Portfolio Reports</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Fund files quarterly schedules of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The Form N-Q is available by link on the Fund&#8217;s website at www.herzfeld.com, by calling the Fund at 800-TJH-FUND, or on the SEC&#8217;s EDGAR database at www.sec.gov. In addition, the Form N-Q can be reviewed and copied at the SEC&#8217;s public reference room in Washington, D.C. More information about the SEC&#8217;s website or the operation of the public reference room can be obtained by calling the SEC at 1-800-732-0330.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Proxy Voting Policies and Procedures</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Information regarding how the Fund voted proxies relating to portfolio securities from July 1, 2013 to June 30, 2014, and a description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling the Fund at 800-TJH-FUND, or by accessing the SEC&#8217;s website at www.sec.gov.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Privacy Policy</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Information We Collect</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">We collect nonpublic information about you from applications or other account forms you complete, from your transactions with us, our affiliates or others through transactions and conversations over the telephone.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Information We Disclose</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">We do not disclose information about you, or our former customers, to our affiliates or to service providers or other third parties except on the limited basis permitted by law. For example, we may disclose nonpublic information about you to third parties to assist us in servicing your account with us and to send transaction confirmations, annual reports, prospectuses and tax forms to you. We may also disclose nonpublic information about you to government entities in response to subpoenas.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Our Security Procedures</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">To ensure the highest level of confidentiality and security, we maintain physical, electronic and procedural safeguards that comply with federal standards to guard your personal information. We also restrict access to your personal and account information to those employees who need to know that information to provide services to you.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 14pt; FONT-WEIGHT: bold">Officers and Directors</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Officers</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">THOMAS J. HERZFELD</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Director, Chairman of the Board,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">President and Portfolio Manager</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ERIK M. HERZFELD</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Portfolio Manager</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">REANNA J. M. LEE</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Secretary, Treasurer,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Chief Compliance Officer</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Independent Directors</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">JOHN A. GELETY</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Director</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ANN S. LIEFF</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Director</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">KAY W. TATUM, Ph.D.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Director</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Interested Directors</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">CECILIA L. GONDOR</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Director</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt; FONT-WEIGHT: bold">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">119 Washington Avenue</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Suite 504</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Miami Beach, FL 33139</div>

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<div>
<div style="LINE-HEIGHT: 1.15">ITEM 2. CODE OF ETHICS.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) This item is inapplicable to semi-annual report on Form N-CSR.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant&#8217;s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant&#8217;s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item&#8217;s instructions.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">This item is inapplicable to semi-annual report on Form N-CSR.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">This item is inapplicable to semi-annual report on Form N-CSR.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">This item is inapplicable to semi-annual report on Form N-CSR.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 6. SCHEDULE OF INVESTMENTS.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">(a) Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">(b) Not applicable.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">This item is inapplicable to semi-annual report on Form N-CSR.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) This item is inapplicable to semi-annual report on Form N-CSR.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 27pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(b) During the period ended December 31, 2014, there were no changes of any of the Portfolio Managers.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 0.1pt; FONT-SIZE: 11pt; MARGIN-RIGHT: 0.1pt">ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Period</div>
</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) Total</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Number of</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Shares</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Purchased</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(b) Average</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Price Paid</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Per Share</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(c) Total Number</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">of Shares</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Purchased as Part</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">of Publicly</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Announced Plans</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">or Programs</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(d) Maximum</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Number of</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Shares that</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">May Yet Be</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Purchased</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Under the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Plans or</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Programs</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Month #1 (beginning&#160;July 1, 2014 and ending July 31, 2014)</div>
</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 52.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Month #2 (beginning&#160;August 1, 2014 and ending August 31, 2014)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 52.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Month #3 (beginning&#160;September 1, 2014 and ending September 30, 2014)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 52.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Month #4 (beginning&#160;October 1, 2014 and ending October 31, 2014)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 52.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Month #5 (beginning&#160;November 1, 2014 and ending November 30, 2014)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">0</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 52.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Month #6 (beginning&#160;December 1, 2014 and ending&#160;December 31, 2014)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">333,994*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$6.77</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">333,994*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 52.01%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">333,994*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">$6.77</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">333,994*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">n/a</div>
</td>
</tr>
</table>

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<div>*</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 97%">These shares were purchased by Thomas J. Herzfeld for his accounts in connection with a rights offering completed on December 4, 2014.&#160; Mr. Herzfeld is a director and officer of the Registrant and a controlling person of the Registrant&#8217;s investment adviser.&#160; Accordingly, Mr. Herzfeld may be deemed an &#8220;affiliated purchaser&#8221; of the Registrant&#8217;s shares as such term is defined by Rule 10b-18(a)(3) under the Exchange Act of 1934.</td>
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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">There have been no material changes to the procedures by which the stockholders may recommend nominees to the registrant&#8217;s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 11. CONTROLS AND PROCEDURES.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) The registrant&#8217;s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(b) There were no changes in the registrant&#8217;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant&#8217;s last fiscal half-year (the registrant&#8217;s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">ITEM 12. EXHIBITS.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) (1) Code of ethics&#160;that is the subject of the disclosure required by Item 2 is incorporated by reference to Exhibit 99.CodeEth of the registrant&#8217;s Form&#160;N-CSR filed on August 31, 2011.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith as Exhibits 99.302 Cert.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a)(3) Not applicable.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; MARGIN-BOTTOM: 0.1pt; MARGIN-LEFT: 0.1pt; FONT-SIZE: 11pt; MARGIN-RIGHT: 0.1pt">(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith as Exhibits 99.906 Cert.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Signatures</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">The Herzfeld Caribbean Basin Fund, Inc.</div>

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<td style="PADDING-BOTTOM: 2px; WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 35%; WHITE-SPACE: nowrap; VERTICAL-ALIGN: top">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Date: March 5, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Reanna J. M. Lee</div>
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<TYPE>EX-99.CERT
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<FILENAME>fp0013543_ex99302cert.htm
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<head>
<title></title>
<!--Licensed to: FilePoint
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">EX-99.302CERT</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt"><u>CERTIFICATIONS</u></div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">I, Thomas J. Herzfeld, certify that:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;I have reviewed this report on Form N-CSR of The Herzfeld Caribbean Basin Fund, Inc.;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Date: March 5, 2015</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; WHITE-SPACE: nowrap">/s/ Thomas J. Herzfeld</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 65%">
<div>&#160;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Thomas J. Herzfeld</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">President and Chairman</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><u>CERTIFICATIONS</u></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">I, Reanna J. M. Lee, certify that:</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;I have reviewed this report on Form N-CSR of The Herzfeld Caribbean Basin Fund, Inc.;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Date: March 5, 2015</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%; WHITE-SPACE: nowrap">/s/ Reanna J. M. Lee</td>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Reanna J. M. Lee</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">Secretary and Treasurer</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 11pt">(Principal Financial Officer)</div>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>fp0013543_ex99906cert.htm
<TEXT>
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<title></title>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">EX 99.906CERT</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsection (a) and (b) of 18 U.S.C. 1350 Code)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">In connection with the attached Report of The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;) on Form N-CSR to be filed with the Securities and Exchange Commission for the fiscal half year ended ended&#160;December 31, 2014&#160;(the &#8220;Report&#8221;), each of the undersigned officers of the Fund does hereby certify that, to the best of such officer&#8217;s knowledge:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund as of, and for, the periods presented in the Report.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date: March 5, 2015</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>

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<td style="WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%">/s/ Thomas J. Herzfeld</td>
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<div>&#160;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Thomas J. Herzfeld</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">President and Chairman</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(Principal Executive Officer)</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date: March 5, 2015</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
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<tr>
<td style="WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 2px solid; WIDTH: 35%">/s/ Reanna J. M. Lee</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 65%">
<div>&#160;</div>
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</tr>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Reanna J. M. Lee</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Secretary and Treasurer</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(Principal Financial Officer)</div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
