<SEC-DOCUMENT>0001398344-15-007303.txt : 20151102
<SEC-HEADER>0001398344-15-007303.hdr.sgml : 20151102
<ACCEPTANCE-DATETIME>20151102172122
ACCESSION NUMBER:		0001398344-15-007303
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20151102
DATE AS OF CHANGE:		20151102
EFFECTIVENESS DATE:		20151102

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:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202213
		FILM NUMBER:		151191523

	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>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>fp0016610_posex.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: FilePoint
    Document created using EDGARfilings PROfile 3.6.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">As filed with the Securities and Exchange Commission on November 2, 2015</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Securities Act File No. 333-202213</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Investment Company Act File No. 811-06445</div>

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">SECURITIES AND EXCHANGE COMMISSION</div>

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

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

<div style="LINE-HEIGHT: 1.15">
<hr style="HEIGHT: 2px; WIDTH: 50%; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">FORM N-2</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">
<hr style="HEIGHT: 2px; WIDTH: 50%; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;[X]</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font></div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">[ ]</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Pre-Effective Amendment No.</font></div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;&#160;&#160;&#160;&#160;[X]</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Post-Effective Amendment No. 4</font></div>

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">[X]</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</font></div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Amendment No. 13</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">(Exact Name of Registrant as Specified in Charter)</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">119 Washington Avenue, Suite 504 Miami Beach, FL 33139</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">&#160;(Address of Principal Executive Offices)</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Registrant&#8217;s Telephone Number, Including Area Code: (305) 271-1900</div>

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">119 Washington Avenue, Suite 504 Miami Beach, FL 33139</div>

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

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

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

<table id="77181df1e8ee4d0488f4a549a79aca03" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Joseph V. Del Raso, Esq.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">119 Washington Avenue</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pepper Hamilton LLP</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Suite 504</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">3000 Two Logan Square</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Miami Beach, FL 33139</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">18th and Arch Streets</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Philadelphia, PA 19103</div>
</td>
</tr>
</table>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approximate date of proposed public offering: From time to time after the effective date of this Registration Statement.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">If any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, as amended, other than securities offered in connection with a dividend reinvestment plan, check the following box. [X]</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">This Post-Effective Amendment will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended.</div>

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

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">This Post-Effective Amendment No.&#160;4 to the Registration Statement on Form&#160;N-2 (Securities Act File No.&#160;333-202213 and Investment Company Act File No. 811-06445) of The Herzfeld Caribbean Basin Fund, Inc., as amended (the &#8220;Registration Statement&#8221;) is being filed pursuant to Rule&#160;462(d) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No.&#160;4 consists only of a facing page, this explanatory note and Part&#160;C of the Registration Statement on Form&#160;N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No.&#160;4 does not modify any other part of the Registration Statement. Pursuant to Rule&#160;462(d) under the Securities Act, this Post-Effective Amendment No.&#160;4 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>
</div>

<div>
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">PART C - OTHER INFORMATION</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</div>

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

<table id="6528e78276eb46a4a7d71e834f93bb77" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Financial Statements:</div>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top" colspan="3">
<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The following financial statements of The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Registrant&#8221;) are incorporated by reference in Part A of this Registration Statement.</div>

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

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Schedule of Investments as of June 30, 2015.*</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(b)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Statement of Assets and Liabilities as of June 30, 2015.*</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(c)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Statement of Operations for the Year Ended June 30, 2015.*</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(d)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Statements of Changes in Net Assets for the Years Ended June 30, 2015 and 2014.*</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(e)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Financial Highlights for the Years Ended June 30, 2011 through 2015.*</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(f)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Notes to Financial Statements dated June 30, 2015.*</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">*</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Incorporated by reference to the Registrant&#8217;s Annual Report to Stockholders for fiscal year ended June 30, 2015 filed on Form N-CSR, with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on August 26, 2015 (Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 11.54%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 88.46%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Exhibits</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="d20a800aa8e244858f44f6b0c7affbcb" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15">The agreements included or incorporated by reference as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreements and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of &#8220;materiality&#8221; that are different from &#8220;materiality&#8221; under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement. For the foregoing reasons, the representations, warranties and covenants or any descriptions of those provisions should not be read alone and should instead be read in conjunction with the other information contained in the reports, statements and filings that the Registrant publicly files with the Commission.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="e93a8c213545460a9df6832ef316a8db" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Articles of Incorporation filed with the State of Maryland dated March 10, 1992<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">.</font>(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Articles of Amendment to Articles of Incorporation as filed with the State of Maryland on July 23, 1993.(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(b)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">By Laws.(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(c)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(d)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Form of Specimen Certificate of Common Stock.(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Articles Sixth, Eighth, Ninth and Tenth of the Registrant&#8217;s Articles of Incorporation filed as exhibit (a).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(3)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Articles II and III of the Registrant&#8217;s By Laws filed as exhibit (b).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(e)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Dividend Reinvestment Plan.(2)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(f)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(g)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Investment Advisory Agreement dated September 10, 1993.(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(h)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;Equity Distribution Agreement, dated September 10, 2015 (the &#8220;Equity Distribution Agreement&#8221;), by and among the Registrant, HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc. (the &#8220;Adviser&#8221;), and Ladenburg Thalmann &amp; Co. Inc.(5)</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

<table id="7d9e55005b7a41dca7d92eee69918e6a" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(i)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(j)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Custodian Agreement dated December 30, 1993, as amended March 28, 2003.(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Amendment to Custodian Agreement and Transfer Agency Services Agreement dated August 16, 2012.(5)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(k)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(l)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Opinion of Pepper Hamilton LLP dated May 21, 2015.(4)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Opinion of Pepper Hamilton LLP dated September 10, 2015.(5)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(3)</div>
</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Opinion of Pepper Hamilton LLP dated November 2, 2015 is filed herewith.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(m)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(n)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Consent of Independent Registered Public Accounting Firm is filed herewith.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(o)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(p)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(q)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(r)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Joint Code of Ethics of the Registrant and the Adviser.(1)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(s)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Powers of Attorney.(3)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(t)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Forms of Prospectus Supplement.(6)</div>
</td>
</tr>
</table>

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

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<hr style="HEIGHT: 2px; WIDTH: 15%; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table id="e6140368fbbe4f749674c07c5d8b9c5f" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Incorporated by reference to the Registrant&#8217;s Registration Statement on Form N-2 filed with the SEC on July 25, 2007 (Securities Act File No. 333-144838 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Incorporated by reference to Exhibit 99.2 to Form 8-K/A filed with the SEC on November 22, 2006 (Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(3)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Incorporated by reference to Registrant&#8217;s Registration Statement on Form N-2 filed with the SEC on February 20, 2015 (Securities Act File No. 333-202213 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(4)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Incorporated by reference to Pre-Effective Amendment No. 1 to Registrant&#8217;s Registration Statement on Form N-2 filed with the SEC on May 21, 2015 (Securities Act File No. 333-202213 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(5)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Incorporated by reference to Post-Effective Amendment No. 1 to Registrant&#8217;s Registration Statement on Form N-2 filed with the SEC on September 10, 2015 (Securities Act File No. 333-202213 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(6)</div>
</td>
<td style="WIDTH: 90%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Incorporated by reference to Post-Effective Amendment No. 2 to Registrant&#8217;s Registration Statement on Form N-2 filed with the SEC on October 19, 2015 (Securities Act File No. 333-202213 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>
</table>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;MARKETING ARRANGEMENTS</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The information contained under the heading &#8220;Plan of Distribution&#8221; in this Registration Statement is incorporated herein by reference.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</div>

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

<table id="9b10592ae9f14852bdc0b69febe96d21" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 19px">
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SEC registration fees</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">11,620</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(1</div>
</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">FINRA filing fees</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">15,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NASDAQ Capital Market Listing of Additional Shares fee</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">5,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Printing (other than stock certificates)</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">2,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Accounting fees and expenses</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">40,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Legal fees and expenses</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">290,00</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Sales agent&#8217;s expenses</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">30.000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Miscellaneous</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">20,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 84%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Total</div>
</td>
<td style="WIDTH: 0.6%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 0.95%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 11.55%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">414,620</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(2</div>
</td>
<td style="WIDTH: 0.71%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

<table id="b0c9f45398ea43309ba61f0b5d12a914" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 32px">
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Previously paid with the Registrant&#8217;s Form N-2 filed with the SEC on February 20, 2015 (Securities Act File No. 333-144838 and Investment Company Act File No. 811-06445).</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">These expenses are inclusive of amounts incurred in connection with entry into the equity distribution agreement with Ladenburg Thalmann &amp; Co. Inc. and various filings necessary to and in association with the registration of shares included in the offering. These expenses will be borne by the Registrant unless otherwise specified in a prospectus supplement. Except for the SEC registration fee and the FINRA filing fee, all listed amounts are estimates.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">*</div>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fees depend on number of issuances and amount of securities sold and cannot be&#160;&#160; estimated at this time.</div>
</td>
</tr>
</table>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">None</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NUMBER OF HOLDERS OF SECURITIES</div>

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

<table id="ecf2ba6550f64a6a897d99e87995b34f" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="WIDTH: 63.64%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Title of Class</div>
</td>
<td style="WIDTH: 3.9%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 32.46%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Number of Record Holders</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">as of October 12, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 63.64%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Common Stock, $0.001 par value</div>
</td>
<td style="WIDTH: 3.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">&#160;</td>
<td style="WIDTH: 32.46%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">92</div>
</td>
</tr>
</table>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;INDEMNIFICATION</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">It is the Registrant&#8217;s policy to indemnify its directors and officers to the maximum extent permitted by Section 2-418 of the General Corporation Law of the State of Maryland as set forth in Article VII of the Registrant&#8217;s By-Laws filed as exhibit 2(b) of Item 25 hereto, subject to the limitations of the Investment Company Act of 1940, as amended. The Registrant&#8217;s indemnification obligations with respect to each officer and director as set forth in Article VII of the Registrant&#8217;s By-Laws further provide for the payment of, and advancement of, any reasonable expenses incurred in connection with the successful defense of any proceeding to which each such officer or director is a party by reason of service in such capacity. The Registrant&#8217;s indemnification obligations with respect to the Adviser are set forth in Section 5 of the Investment Advisory Agreement filed as exhibit 2(g) of Item 25 hereto.&#160; The Registrant has purchased insurance insuring its directors and officers against certain liabilities incurred in their capacities as such, and insuring the Registrant against any payments which it is obligated to make to such persons under the foregoing indemnification provisions.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proceeding</font>) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pursuant to the Equity Distribution Agreement filed as exhibit 2(h) of Item 25 hereto, the Registrant has agreed to indemnify Ladenburg Thalmann &amp; Co. Inc. against specified liabilities for actions taken in its capacity as sales agent under such agreement, including liabilities under the Securities Act.</div>

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

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -108pt">ITEM 31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT&#160;ADVISER</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 108pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -108pt">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of its investment adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by those entities or those of its officers and directors during the past two years, by incorporating herein by reference the information contained in the current Form ADV filed on <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">March </font>31, 2015 with the SEC by Thomas J. Herzfeld Advisors, Inc. (Investment Advisers Act File No. 801- 20866) pursuant to the Investment Advisers Act of 1940, as amended, and in the section entitled &#8220;Management of the Fund&#8221; in Part A of this Registration Statement dated October 29, 2015.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">ITEM 32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;LOCATION OF ACCOUNTS AND RECORDS</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All such books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the following locations: Thomas J. </font>Herzfeld<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> Advisors, Inc., 119 Washington Avenue, Suite 504 Miami Beach, FL 33139; and State Street Bank and Trust Company, 1 Lincoln Street, Boston, MA 02111.</font></div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 33&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;MANAGEMENT SERVICES</div>

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;UNDERTAKINGS</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Registrant hereby undertakes:</div>

<table id="107cd058ca4e4cbeaa8ae8c61a998360" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(1)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">to suspend the offering of shares until the prospectus is amended if: (i) subsequent to the effective date of this Registration Statement, the net asset value per share declines more than 10% from its net asset value per share as of the effective date of this Registration Statement; or (ii) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(3)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">if the securities being registered are to be offered to existing stockholders pursuant to warrants or rights, and any securities not taken by stockholders are to be reoffered to the public, to supplement the prospectus, after the expiration of the subscription period, to set forth the results of the subscription offer, the transactions by underwriters during the subscription period, the amount of unsubscribed securities to be purchased by underwriters, and the terms of any subsequent reoffering thereof, and further, if any public offering by the underwriters of the securities being registered is to be made on terms differing from those set forth on the cover page of the prospectus, to file a post-effective amendment to set forth the terms of such offering.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(4)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(a)&#160;to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

<table id="e7a48fe2a48646ffba93bbb43b582454" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(1) to include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933, as amended, or the Securities Act;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(3) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">bona fide</font> offering thereof;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(d) that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 497(b), (c), (d)&#160;or (e)&#160;under the Securities Act [17 CFR 230.497(b), (c), (d)&#160;or (e)] as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act [17 CFR 230.430A], shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Provided, however,</font> that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act [17 CFR 230.497];</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(2) the portion of any advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">(3) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

<table id="dcd50edfb0724f4c8f43f19ddbeed96a" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(5)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">that: (a) for purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective; and (b) for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">bona fide</font> offering thereof.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(6)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(7)</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant, pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
</td>
</tr>
</table>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment to Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Miami Beach, and State of Florida, on the&#160;2nd day of November 2015.</div>

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

<table id="9ac2b5d787cd48cdac6984b788f57b49" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">THE HERZFELD CARIBBEAN BASIN FUND, INC.</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">By:</div>
</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
</tr>

<tr style="HEIGHT: 5px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">President and Chairman of the Board of Directors</div>
</td>
</tr>
</table>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.</div>

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

<table id="22f622bf8b794982bf3b14523c6b1957" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Name</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Title</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Date</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Ann S. Lieff*</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Director</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">November 2, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ann S. Lieff</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Kay W. Tatum*</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Director</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">November 2, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Kay W. Tatum</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ John A. Gelety*</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Director</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">November 2, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">John A. Gelety</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Cecilia L. Gondor*</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Director</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">November 2, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.15; MARGIN-RIGHT: 3.7pt; TEXT-INDENT: -18pt">Cecilia L. Gondor</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Chairman, Director and President</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">(Principal Executive Officer)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">November 2, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Reanna J. M. Lee</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Secretary, Treasurer and</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">(Principal Financial Officer)</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">November 2, 2015</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Reanna J. M. Lee</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 25%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

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

<table id="4840d4037d2a4f78974829023312b9db" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">* By:</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Thomas J. Herzfeld</div>
</td>
<td style="WIDTH: 65%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Attorney-In-Fact pursuant to a power of attorney signed by each individual on February 12, 2015.</div>
</td>
</tr>
</table>

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

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

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

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

<table id="a6e6b14035a7415297f85bc3c009c18a" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="WIDTH: 29.88%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Exhibit No.</div>
</td>
<td style="WIDTH: 70.12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Description of Exhibit</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(l)(3)</div>
</td>
<td style="WIDTH: 70.12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Opinion of Pepper Hamilton LLP.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(n)</div>
</td>
<td style="WIDTH: 70.12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Consent of Independent Registered Public Accounting Firm.</div>
</td>
</tr>
</table>

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.L.3
<SEQUENCE>2
<FILENAME>fp0016610_ex9925l3.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: FilePoint
    Document created using EDGARfilings PROfile 3.6.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>&#160;</div>

<div><img src="image00002.jpg"></div>

<div>
<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">3000 Two Logan Square</div>

<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Eighteenth and Arch Streets</div>

<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Philadelphia, PA&#160; 19103-2799</div>

<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">215.981.4000</div>

<div style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fax 215.981.4750</div>
</div>

<div>&#160;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">November 2, 2015</div>

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

<table id="5d5761d2e6544b31bdd3a85d26bc026e" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Herzfeld Caribbean Basin Fund, Inc.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">119 Washington Avenue, Suite 504</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Miami Beach, FL 33139</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
</tr>
</table>

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

<table id="ffd435743a4a4aafbc43148a007a0449" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Re:</div>
</td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 83%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><u>Registration Statement on Form N-2 (File Nos. 333-202213; 811-06445)</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 13%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
<td style="WIDTH: 83%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ladies and Gentlemen:</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">We have acted as counsel to The Herzfeld Caribbean Basin Fund, Inc., a Maryland corporation (the &#8220;Fund&#8221;), in connection with the filing by the Fund with the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) of (i) Post-Effective Amendment No. 4 (the &#8220;Amendment&#8221;) pursuant to Rule 462 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), to the Fund&#8217;s registration statement on Form N-2 (File Nos. 333-202213; 811-06445) (as amended from time to time, the &#8220;Registration Statement&#8221;) under the Securities Act and the Investment Company Act of 1940, as amended, which Registration Statement was declared effective by the SEC on June 11, 2015 and (ii) a prospectus supplement to the base prospectus contained in the Registration Statement pursuant to Rule 497 under the Securities Act (the &#8220;Prospectus Supplement&#8221;), relating to the Fund&#8217;s issuance of up to $13,200,000 aggregate offering amount of shares (the &#8220;Shares&#8221;) of the Fund&#8217;s common stock, $0.001 par value per share, which Shares are covered by the Registration Statement, in each case, dated as of the date hereof. We understand that the Shares are to be offered and sold in the manner set forth in the Prospectus Supplement pursuant to the Equity Distribution Agreement, dated as of September 10, 2015, by and among the Fund, HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc., a Florida corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended, and Ladenburg Thalmann &amp; Co. Inc. (the &#8220;Distribution Agreement&#8221;).</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">You have requested our opinion as to the matters set forth below in connection with the filing of the Amendment and the Prospectus Supplement.&#160;&#160;For purposes of rendering the opinion set forth below, we have examined the Amendment, the Registration Statement, the base prospectus contained in the Registration Statement, the Prospectus Supplement, the Fund&#8217;s Articles of Incorporation and By-Laws, in each case, as amended to date, the Distribution Agreement, and the resolutions or other records of the proceedings of the board of directors of the Fund that provide for the issuance of the Shares, and we have made such other investigations and reviewed such other documents, records, instruments and matters as we have deemed appropriate.&#160;&#160;We have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinions, we have also relied on a certificate of an officer of the Fund.&#160;&#160;In rendering our opinion, we also have made the assumptions that are customary in opinion letters of this kind.&#160;&#160;We have not verified any of those assumptions.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="bb2e754168fb4eeb831801844439f9c8" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="FONT-SIZE: 9pt; WIDTH: 6.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 17.08%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Philadelphia</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 13.47%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Boston</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 17.86%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Washington, D.C.</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 15.13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Los Angeles</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 13.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">New York</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 9.69%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Pittsburgh</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 6.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; WIDTH: 6.84%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 9pt; WIDTH: 12.26%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Detroit</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 12.8%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Berwyn</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 13.27%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Harrisburg</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 15.03%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Orange County</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 11.72%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Princeton</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 11.97%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Silicon Valley</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 9.69%; VERTICAL-ALIGN: top">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Wilmington</div>
</td>
<td style="FONT-SIZE: 9pt; WIDTH: 6.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

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

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
</div>
</div>

<img src="image00003.jpg">

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Page 2</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">November 2, 2015</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">Our opinion, as set forth herein, is limited to the federal laws of the United States of America and the laws of the State of Maryland (other than the securities laws of the State of Maryland, as to which we express no opinion). We express no opinion with respect to any other laws.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">&#160;&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">Based upon and subject to the foregoing, we are of the opinion that, as of the date hereof, when the Shares have been sold pursuant to the Distribution Agreement, (a) the issuance and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and (b) when issued and delivered by the Company against payment therefor as set forth in the Prospectus Supplement, will be validly issued, fully paid and nonassessable.&#160;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">No opinion is rendered herein as to matters not specifically referred to herein and under no circumstances are you to infer from anything stated or not stated herein any opinion with respect to which such specific reference is not made. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt">This opinion is rendered solely in connection with the filing of the Amendment and the Prospectus Supplement.&#160;&#160;We hereby consent to the filing of this opinion with the SEC as an exhibit to the Amendment and to the reference to this firm under the caption &#8220;Legal Matters&#8221; in the Prospectus Supplement and the Registration Statement.&#160;&#160;In giving our consent we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the SEC thereunder. Except as otherwise set forth herein, this opinion may not be used, circulated, quoted or otherwise referred to for any purpose or relied upon by any other person without the express written permission of this firm.</div>

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

<div style="LINE-HEIGHT: 1.15">
<table id="306827d68f434b0ea9e17d99c0bea2cd" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Very truly yours,</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Pepper Hamilton LLP</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pepper Hamilton LLP</div>
</td>
</tr>
</table>
</div>

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

<div style="LINE-HEIGHT: 1.15">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="259ccc6b31b44f8a81cb01a22b5ac49b" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">cc:</td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Mr. Thomas J. Herzfeld, President and Chairman of the</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 63pt; LINE-HEIGHT: 1.15">Board of Directors</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.15">Reanna J. M. Lee, Esq., Secretary and Treasurer</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.15">Joseph V. Del Raso, Esq.</div>
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.N
<SEQUENCE>3
<FILENAME>fp0016610_ex9925n.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: FilePoint
    Document created using EDGARfilings PROfile 3.6.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Consent of Independent Registered Public Accounting Firm</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Board of Directors and Stockholders of</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">We consent to the use of our report with respect to The Herzfeld Caribbean Basin Fund, Inc., dated August 21, 2015, incorporated by reference herein, and to the references to our firm under the headings &#8220;Experts&#8221; in the Prospectus Supplement and &#8220;Financial Highlights&#8221;, &#8220;Experts&#8221; and &#8220;Financial Statements&#8221; in the Base Prospectus.</div>

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">November 2, 2015</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image00002.jpg
<TEXT>
begin 644 image00002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  B ,(# 2(  A$! Q$!_\0
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M&<\BO*O['TK1/V;_ !%'X?\ $KZ]!;NTL-[$QC$$FY/EC )VXSG@]6/K6/\
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M-K-,,2,FH2G?[D%""?<\\FDX7:-J6-C"G.+CO:W;1WUUN>+_ !!T.^\.> ?
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F5^SQG:/098G'J3ZT44GNC:G\,_3]4==1113,0HHHH **** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image00003.jpg
<TEXT>
begin 644 image00003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  < )@# 2(  A$! Q$!_\0
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M_P#M*CGE_7R)6!H-Z7M_^U_DCVI_B7H4-EJ<]VMY;RZ==)9S6TD0\WS&^Z%
M)!S@\Y[&I=0^(>DZ<-96]AO8[C2!&]W $5F5'QM<8;##D#@YYZ5X9XQ!_M;Q
MGC_H8;49Q_UUKN?BMH=OIMGXQU![NXGU+4M-B:1?+58D1)HU&.<YZ?K3YY68
MG@:"E!._O6_]M_S?X'IWACQ5I_B-YTL1,CPQQ2LLH .V0$J< G!X/!P?;FO!
MYX[&/XR_%9;B.U1/[#D,8D50-YCC/&>Y_.O</ .CZ?8:#9WMG:QPW5_:6\ES
M(HYE81  FO%V17^-'Q:WJK8T"0C(S@^5'6JO;4\FLH*;4-CIO@#K-AH?P?\
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BIMEJ$E]:VJ1W<@8/*,[FW$%L_4@'\_6BFK]3*?+?W#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
