<SEC-DOCUMENT>0001398344-17-011136.txt : 20170829
<SEC-HEADER>0001398344-17-011136.hdr.sgml : 20170829
<ACCEPTANCE-DATETIME>20170829090519
ACCESSION NUMBER:		0001398344-17-011136
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20170829
DATE AS OF CHANGE:		20170829
EFFECTIVENESS DATE:		20170829

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		171056286

	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
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<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: center; LINE-HEIGHT: 1.15">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</div>

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

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

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

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

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

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

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

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

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

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date of fiscal year end: 06/30/17</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date of reporting period: 7/01/16 - 6/30/17</div>

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

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; 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<br>
Miami Beach, FL 33139<br>
 (305) 271-1900</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">HERZFELD/CUBA<br>
a division of Thomas J. Herzfeld Advisors, Inc.<br>
119 Washington Avenue, Suite 504<br>
Miami Beach, FL 33139<br>
 (305) 271-1900</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">State Street Bank and Trust<br>
200 Clarendon Street, 16th Floor<br>
Boston, MA 02116<br>
 (617) 662-2760</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">State Street Bank and Trust<br>
200 Clarendon Street, 5th Floor<br>
 Boston, MA 02116</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pepper Hamilton LLP<br>
3000 Two Logan Square<br>
18th and Arch Streets<br>
 Philadelphia, PA 19103</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Tait, Weller &amp; Baker LLP<br>
1818 Market Street, Suite 2400<br>
 Philadelphia, PA 19103</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Herzfeld Caribbean Basin Fund Inc.&#8217;s investment objective is long-term capital appreciation.&#160; To achieve its objective, the Fund invests in issuers that are likely, in the Advisor&#8217;s view, to benefit from economic, political, structural and technological developments in the countries in the Caribbean Basin, which include, among others, Cuba, Jamaica, Trinidad and Tobago, the Bahamas, the Dominican Republic, Barbados, Aruba, Haiti, the Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, the United States and Venezuela (&#8220;Caribbean Basin Countries&#8221;).&#160; The Fund invests at least 80% of its total assets in equity and equity-linked securities of issuers,&#160; including U.S.-based companies which engage in substantial trade with, and derive substantial revenue from, operations in Caribbean Basin Countries.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: center; CLEAR: both; LINE-HEIGHT: 1.15">Listed NASDAQ Capital Market<br>
 Symbol: CUBA</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">July 17, 2017</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">We are pleased to present our Annual Report for the period ended June 30, 2017. On that date, the net asset value (&#8220;NAV&#8221;) of The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA), (the &#8220;Fund&#8221;) was $8.32 per share. For the fiscal year ended June 30, 2017, the total investment return of the Fund was 20.17%, based on market value per share, and 31.13% based on net asset value per share.*</div>

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<div style="FONT-STYLE: italic; LINE-HEIGHT: 1.15">Thomas J. Herzfeld<br>
 Chairman and </div>

<div style="FONT-STYLE: italic; LINE-HEIGHT: 1.15">Portfolio Manager</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund seeks long-term capital appreciation through investment in companies that the Advisor believes are poised to benefit from economic, political, structural and technological developments in countries in the Caribbean Basin. An important part of that investment strategy continues to be focused on Caribbean Basin companies that we believe would benefit from the resumption of U.S. trade with Cuba. Since it is impossible to predict the future path of the U.S. embargo, we have concentrated on investments which we believe can do well even if there is no political or economic change with respect to Cuba.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Over the Fund&#8217;s fiscal year, there were rare periods of global focus on countries in the Caribbean Basin as geopolitics, immigration policy, fiscal crises, and political scandals kept the world interested.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">President Trump delivered a speech in Miami in June outlining a reset of relations with Cuba that ended up being more bark than bite. Instead of reversing Obama&#8217;s deal with Cuba, Trump tweaked his predecessor&#8217;s policy, barring Americans from taking individual people-to-people trips and forbidding Americans from doing business with Cuban military-linked enterprises. Because the Cuban military is deeply involved in many sectors of the country&#8217;s economy, the policy will limit the ability of American businesses and tourists to invest and travel to the island. However, Americans can still travel to the island and corporations can still invest in non-military affiliated Cuban businesses. The &#8220;wet foot/dry foot&#8221; policy ended under Obama remains unchanged, as was the policy on cash remittances to the island. Cuba remains off the list of state terrorism sponsors. Airlines and cruise ships can travel to the island. Lastly, President Trump indicated that the recently reopened embassies will remain open.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The calculation of the total investment return assumes reinvestment of dividends and distributions at prices obtained by the Fund&#8217;s Dividend Reinvestment Plan.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Erik M. Herzfeld<br>
President and<br>
 Portfolio Manager</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: justify; LINE-HEIGHT: 1.15">Puerto Rico&#8217;s symbolic &#8220;yes&#8221; vote on U.S. statehood could be perceived as the lone positive for Puerto Rico over the past year as the island&#8217;s fiscal crisis continued to deteriorate, culminating with the recent bond default by the Puerto Rico Electric Power Authority (PREPA). Puerto Rico is approximately $123 billion in debt, including pensions. With a population of 3.4 million and declining, the debt is untenable as it amounts to an estimated $36,000 per person. For the impoverished territory, the most effective way for Puerto Ricans to avoid possible austerity and tax increases is to board the cheapest flight to the U.S. mainland. Since younger Puerto Ricans that have taken this route will not be contributing to the tax revenues of Puerto Rico, leaving behind an aging population, we expect to see defaults and departures from the island for the U.S. mainland.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Latin America has seen its fair share of turmoil as well which typically causes reverberations in the Caribbean Basin. The U.S. and Mexican governments have been exchanging barbs over trade, immigration, and who will pay for the proposed border wall. After Marcelo Odebrecht, the former CEO of Odebrecht, had already admitted to paying bribes to Brazil&#8217;s President, Michel Temer, Temer was later caught on tape discussing bribes with the chairman of JPS S.A., the largest meat processing company in the world. The humanitarian crisis in Venezuela continues to worsen, and Venezuelans are crossing borders into other countries in search of food and healthcare.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">In spite of the negative news in much of the Caribbean and Latin America, the equity markets have been surprisingly resilient over the Fund&#8217;s fiscal year with the Jamaican Stock Exchange gaining 49.55% Jamaican dollars (JMD), Brazilian Bovespa gaining 22.07% Brazilian pesos (BRL), the Mexican Bolsa gaining 10.59% Mexican pesos (MXN), and Puerto Rican financial stocks gaining an average of 33.16%.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">After a rough prior fiscal year, The Herzfeld Caribbean Basin Fund, Inc. rebounded substantially as measured by NAV and price. With the economy improving in the U.S. and overseas, Caribbean economies were able to share in the gains as tourism continued to be a bright spot for the region. Our top holdings in travel-related equities provided significant gains for the Fund. Copa Holdings S.A. (CPA), a long term holding of the Fund, gained 128.78% over the one year period as revenues and earnings per share (EPS) grew after contracting in 2015 and 2016. The expansion of Panama City&#8217;s Tocumen Airport, CPA&#8217;s hub, should help the airline&#8217;s long-term growth while the company&#8217;s focus on increasing operating margins through better fuel management and reducing maintenance costs should lead to increased profits.</div>

<div style="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">Another top holding that benefited from a strengthening global economy was Royal Caribbean Cruises Ltd. (RCL). RCL gained 66.22% as its revenues increased and its operating margin improved helping increase cash flow. Lower oil prices and a &#8220;roaring&#8221; stock market was cited by CEO Richard Fain in June of 2017 as tailwinds for future growth. &#8220;There seems to be enthusiasm in the public, confidence that this is here to stay. This is probably the best tone in the market I have seen in 29 years,&#8221; said Fain. Additionally, Trump&#8217;s new Cuba policy, which restricts Americans from staying in military-owned hotels in Cuba, could drive American tourists to cruises. We continue to be bullish on the cruise industry as we believe there is ample room for growth with people looking to cruises instead of flying and staying in hotels.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Our infrastructure plays have continued to rebound since the financial collapse. MasTec, Inc. (MTZ) doubled over our fiscal year gaining 102.28%, while Cemex SAB de CV (CX) gained 58.78%. Increased pipeline construction needed to support the growth of shale oil and gas and the Trump Administration&#8217;s desire for a large scale infrastructure bill provided tailwinds for an industry that was already seeing improving fundamentals. We believe that it is possible there will be an infrastructure bill as it appears to be the only thing that Democrats and Republicans can agree on. We see MTZ and CX as well positioned to benefit from any increase in infrastructure spending.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Our holdings in more defensive sectors, telecom and utilities, detracted from the Fund&#8217;s performance as Consolidated Water Co., Ltd. (CWCO) and ATN International, Inc. (ATNI) were two of the Fund&#8217;s larger positions with negative returns for the fiscal year. CWCO declined -2.55% while ATNI dropped -10.36%. With investors flocking to higher growth stocks over lower growth defensive names, CWCO and ATNI lagged. Smaller holdings in Spanish-speaking media companies, Grupo Televisa SAB (TV) and Spanish Broadcasting System, Inc. (SBSAA), were the Fund&#8217;s worst performers as they declined -6.06% and -67.70%, respectively. Going into an election year in the U.S., we expected these media companies to do well, especially with the growing Hispanic demographics in the U.S. and future direction of U.S. immigration policy at stake. The election cycle did provide a bump in revenues for TV and SBSAA, but operating margins at TV declined while SBSAA defaulted on its 12.5% senior secured notes and is still mired under a mountain of debt. We are more positive on TV than we are on SBSAA; however, SBSAA, as a small speculative play, could see substantial upside if some of the asset sales to pay down debt are successful.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">We added new positions in First BanCorp. (FBP) and Stonegate Bank (SGBK). We took advantage of the pullback in bank stocks as interest rates declined in the first quarter and remained low through much of the second quarter of 2017. We believe the Federal Reserve will continue to raise short term rates and longer term rates will move back towards 3% increasing net interest margin for traditional lenders like FBP and SGBK. The U.S. Treasury recently sold its stake in FBP removing one of the overhangs on the stock. At a price to book value of .73 and free cash flow per share of $0.89, we see FBP reinstating their dividend. SGBK, the first bank to issue credit cards for use in Cuba, was added following its purchase by Home BancShares, Inc. (HOMB) as the cash and stock transaction was trading at a discount to the transaction price. HOMB continued to sell off following the announced transaction, so we added more SGBK as the Floridian bank sold off in conjunction. We believe that the two well run banks will grow their foothold in the southeast of the U.S., a region that continues to show significant economic and population growth. We also added Becle S.A.B. de C.V. (CUERVO.MX) following its recent IPO in February. Originally announced on September 27, 2016, the IPO was delayed following the results of the U.S. presidential election as the Mexican peso sold off and the Mexican stock market tanked. When CUERVO. MX decided to try again in February 2017, the IPO was 4x oversubscribed even though there were some lingering questions regarding the new U.S. President&#8217;s trade and immigration policies. With CUERVO.MX trading below its IPO price, coupled with the recent sale of tequila company Casamigos Spirits for as much as $1 billion, we felt CUERVO.MX was undervalued.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">With the U.S. economy chugging along with low but steady growth, consumer and business confidence at multiyear highs, and the stock market currently reaching all-time highs, we expect the Caribbean Basin to benefit from travelers&#8217; willingness to spend. Additionally, if the Trump Administration is able to pass legislation lowering corporate taxes and increasing infrastructure spending, we feel the Caribbean Basin economies would be a natural beneficiary. In 2016, 29.3 million people visited the Caribbean as per the Caribbean Tourism Organization, a new record and the seventh straight year of continued growth. We continue to be bullish on our travel related holdings (cruise lines, airlines, and hotels) as the growth of disposable income in the U.S. should lead to more spending by American tourists who make up half of all tourists in the Caribbean.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">We increased our allocation to Mexico as we do not foresee a trade war with the U.S. The weakness in the Mexican peso and the Mexican stock market has generally abated and we see excellent opportunities in the region going forward. Both equities and the peso have rebounded since the November selloff that followed the U.S. presidential election.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">We are bullish on financials, which was our largest sector addition over the fiscal year. The Federal Reserve continues to normalize rates and the new administration has expressed interest in looking to roll back parts of Dodd-Frank banking regulations that will allow banks to invest more of their excess capital. Even if Congress is unable to pass a bill that decreases bank regulation, the current administration&#8217;s expressed desire to reduce regulatory burdens should not lead to additional regulations on banks. Since banks are the lifeblood of the economy, individuals and businesses depend on them to raise capital, borrow, or fund their operations. With net interest margins increasing as the Fed normalizes rates and the global economy picking up, we believe banks are well positioned to profit.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The following tables present our largest investment and geographic allocations as of June 30, 2017.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Geographic % of Net Assets Allocation</div>

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<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">USA</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">54.47%</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Mexico</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">16.02%</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Panama</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">13.34%</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Puerto Rico</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">6.81%</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cayman</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">3.46%</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Colombia</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">1.72%</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Bahamas</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">0.29%</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cuba</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">0.00%</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cash and Other Countries</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">3.89%</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Largest Portfolio Positions % of Net Assets</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">MasTec, Inc.</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">10.03%</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Royal Caribbean Cruises Ltd.</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">8.86%</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Copa Holdings, S.A.</div>
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<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">7.40%</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Norwegian Cruise Line Holdings Ltd.</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">6.38%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Lennar Corporation</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">5.17%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Seaboard Corporation</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">4.58%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cemex, S.A.B. de C.V. ADR</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">4.53%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Carnival Corporation</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">3.34%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Watsco Incorporated</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">3.20%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Consolidated Water Co., Ltd.</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">3.15%</div>
</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 style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Daily net asset values and press releases by the Fund are available on the Internet at<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>www.herzfeld.com.</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: justify; LINE-HEIGHT: 1.15">We would like to thank the members of the Board of Directors for their hard work and guidance and also thank our fellow stockholders for their continued support and suggestions.</div>

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

<div>
<table id="zc0c49f1e76044d18af3da36bbc400bce" 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">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Sincerely,</div>
</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">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left"><img style="HEIGHT: 57px; WIDTH: 200px" border="0" alt="-s- Thomas J. Herzfeld" src="fp0027705_04.jpg">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left"><img style="HEIGHT: 45px; WIDTH: 200px" border="0" alt="-s- Erik M. Herzfeld" src="fp0027705_05.jpg">&#160;</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">
<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: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Erik M. Herzfeld</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">Chairman of the Board <br>
 and Portfolio Manager</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">President and <br>
 Portfolio Manager</div>
</td>
</tr>
</table>
</div>

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

<div style="LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div style="FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The above commentary is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security. The specific securities identified and described do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable.<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Portfolio composition is subject to change.</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 8 -</font></div>

<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: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Schedule of Investments as of June 30, 2017</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div>&#160;&#160;</div>

<div>
<table id="z05b9bf94869a4859893f78ac207a9b3c" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Shares or </div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Principal Amount</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">Description</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">Fair Value</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Common stocks - 96.11% of net assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Airlines - 10.62%</div>
</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">221,569</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Avianca Holdings, SA Spon ADR</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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: 12%; 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">1,440,199</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">32,273</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Copa Holdings, S.A.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">3,775,941</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">21,515</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ERA Group Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">203,532</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Banking and finance - 12.53%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">19,780</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Bancolombia, S.A.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">881,199</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">58,166</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Banco Latinoamericano de Comercio Exterior, S.A.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,592,585</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">23,643</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Evertec, Inc.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">409,024</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">230,875</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">First BanCorp. (Puerto Rico)*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,336,766</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">31,400</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Popular Inc.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,309,694</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">12,962</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Stonegate Bank</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">598,585</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">3,844</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">W Holding Co. Inc.*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">14,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Western Union Company</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">266,700</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Communications - 5.82%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">44,690</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Am&#233;rica M&#243;vil, S.A.B. de C.V. ADR</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">711,465</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">71,200</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Am&#233;rica M&#243;vil, S.A.B. de C.V. Series A</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">57,039</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">209,144</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Am&#233;rica M&#243;vil, S.A.B. de C.V. Series L</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">168,241</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">11,988</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ATN International</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">820,459</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">479,175</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fuego Enterprises Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">351,954</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">210,994</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Grupo Radio Centro S.A.B. de C.V.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">125,898</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">28,400</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Grupo Televisa, S.A.B. ADR</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">692,108</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">32,272</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Spanish Broadcasting System, Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">37,113</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">14,017</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Telesites S.A.B. Series B-1*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">10,331</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Conglomerates and holding companies - 0.00%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">250,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Admiralty Holding Company*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Construction and related -17.25%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">245,645</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cemex S.A.B. de C.V. ADR*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">2,313,976</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">70,590</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cemex S.A.B. de C.V. Series CPO</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">66,613</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">20</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ceramica Carabobo Class A ADR*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">3,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Martin Marietta Materials</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">667,740</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">113,452</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">MasTec, Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">5,122,358</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">5,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Vulcan Materials</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">633,400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

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

<div style="LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">See accompanying notes to the financial statements.</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 9 -</font></div>

<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: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Schedule of Investments as of June 30, 2017 (continued)</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

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

<div>
<table id="z4d064fc8dd6e4098b71e2c529a10a983" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Shares or <br>
 Principal Amount</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">Description</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">Fair Value</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Consumer products and related manufacturing - 3.20%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">327,290</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Grupo Casa Saba, S.A.B. de C.V.*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">10,600</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Watsco Incorporated</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,634,520</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Food, beverages and tobacco - 6.16%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">740,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Becle, S.A.B. de C.V.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,265,377</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">18,900</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. Series UBD</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">186,632</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">14,610</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. ADR</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,436,747</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">5,000</div>
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<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fresh Del Monte Produce Inc.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">254,550</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Housing - 5.17%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">49,500</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Lennar Corporation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">2,639,340</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Investment companies - 0.00%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">70,348</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Waterloo Investment Holdings Ltd.*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Leisure - 20.59%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">26,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Carnival Corporation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,704,820</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">8,745</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Marriott Vacations Worldwide Corp.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,029,724</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">59,943</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Norwegian Cruise Line Holdings Ltd.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">3,254,305</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">41,413</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Royal Caribbean Cruises Ltd.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">4,523,542</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Mining - 0.56%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">3,872</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Grupo M&#233;xico, S.A.B. de C.V. Series B</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">10,908</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">31,900</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Tahoe Resources, Inc.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">274,978</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pulp and paper - 0.08%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">18,300</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Kimberly-Clark de M&#233;xico, S.A.B. de C.V. Series A</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">38,835</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Railroad - 0.46%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1,928</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Norfolk Southern Corporation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">234,638</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Retail - 1.23%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1,270</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Grupo Elektra, S.A.B. de C.V. Series CPO</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">53,186</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PriceSmart Inc.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">87,600</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">210,222</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Wal-Mart de M&#233;xico, S.A.B. de C.V. Series V</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">488,744</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" colspan="3">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Service - 0.87%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">2,100</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Grupo Aeroportuario ADR</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">441,840</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

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

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

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

<div style="FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">See accompanying notes to the financial statements.</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 10 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Schedule of Investments as of June 30, 2017 (continued)</div>

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

<div>
<table id="z4384dd0b13e742e99dbfb4039ddaf749" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Shares or <br>
 Principal Amount</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">Description</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">Fair Value</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Trucking and marine freight - 5.08%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">585</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Seaboard Corporation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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: 12%; 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">2,337,075</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">2,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Seacor Holdings, Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">68,600</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">2,010</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Seacor Marine Holdings, Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">40,924</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">9,589</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Teekay LNG Partners LP</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">147,191</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Utilities - 5.66%</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">12,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Caribbean Utilities Ltd. Class A</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">161,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">129,538</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Consolidated Water Co. Ltd.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,606,271</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">700</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cuban Electric Company (Note 3)*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">8,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NextEra Energy Inc.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,121,040</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">Other - 0.83%</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">25,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Geltech Solutions Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">6,250</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">55,921</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Margo Caribe, Inc.*</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">419,408</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">79</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Siderurgica Venezolana Sivensa, S.A. Series B*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Total common stocks (cost $37,653,203)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">49,061,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Bonds - 0% of net assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">$</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">165,000</div>
</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Republic of Cuba - 4.5%, 1977 - in default (Note 3)*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; 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: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Total bonds (cost $63,038)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Total investments (cost $37,716,241) - 96.11% of net assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">49,061,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Other assets less liabilities - 3.89% of net assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">1,985,835</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 3%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 69%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Net assets - 100%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">51,047,280</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

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

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
<font style="FONT-STYLE: italic">See accompanying notes to the financial statements.</font></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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 11 -</font></div>

<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: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Schedule of Investments as of June 30, 2017 (continued)</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

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

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

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

<div>
<table id="z067fb76eac5240cfb9038c11ba9be985" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="WIDTH: 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">United States of America</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">54.47%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 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">Mexico</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">16.02%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 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">Panama</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">13.34%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 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">Puerto Rico</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">6.81%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Other, individually under 5%**</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9.36%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: top; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">100.00%</div>
</td>
</tr>
</table>
</div>

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

<div style="LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="z62d51b101b9e428cb1db7ac8cb9d8c9b" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Securities have been fair valued in good faith using fair value methodology approved by the Board of Directors. Fair valued securities comprised 0.00% of net assets.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="z3c4d228fa1154e3587447af57817cd51" 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: 18pt; VERTICAL-ALIGN: top; align: right">*</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Non-income producing</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="z970dfddfacfb4c0a885156c084c29c83" 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: 18pt; VERTICAL-ALIGN: top; align: right">**</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Amount includes other assets less liabilities of 3.89%</div>
</td>
</tr>
</table>
</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-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">See accompanying notes to the financial statements.</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 12 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Statement of Assets and Liabilities as of June 30, 2017</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

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

<table id="zaa899a67aaba46318956ff251ae604a8" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Investments in securities, at fair value (cost $37,716,241) (Notes 2 and 3)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="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">49,061,445</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Cash</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="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">3,353,103</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Dividends receivable</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="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">54,498</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Deferred offering costs (shelf)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="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">115,396</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Other assets</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">18,867</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">TOTAL ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="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">52,603,309</div>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">LIABILITIES</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Foreign currency (cost $1,309,376)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">1,295,818</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Accrued investment advisor fee (Note 4)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">180,330</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Accrued professional fees</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">60,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Accrued CCO fee</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">6,728</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Other payables</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">13,153</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">TOTAL LIABILITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1,556,029</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">NET ASSETS</font> (Equivalent to $8.32 per share based on 6,133,659* shares outstanding)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">51,047,280</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net assets consist of the following:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Common stock, $.001 par value; 100,000,000 shares authorized; 6,133,659* shares issued and outstanding</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">6,134</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Additional paid-in capital</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">41,169,650</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Accumulated net investment loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(305,980</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Accumulated net realized loss on investments and foreign currency</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(1,181,286</div>
</td>
<td style="WIDTH: 1%; 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: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net unrealized gain on investments and foreign currency (Note 5)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">11,358,762</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">NET ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; 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: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">51,047,280</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

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

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table id="z22071f0f46e84b5d8cca1bca8d356b60" 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: 18pt; VERTICAL-ALIGN: top; align: right">*</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Includes 252,875 shares issued through dividend reinvestment plan and 1,812,293 shares issued through a rights offering conducted in 2007, 1,856,535 shares issued through a rights offering conducted in 2014, and 524,400 shares issued in an at-the-market (ATM) offering. (Note 7)</div>
</td>
</tr>
</table>
</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-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">See accompanying notes to the financial statements.</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 13 -</font></div>

<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: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Statement of Operations Year Ended June 30, 2017</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

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

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

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

<table id="zad393ecacb544836a9e267e6505f32ca" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Dividends (net of foreign withholding tax of $7,297)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">683,796</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Investment advisor fees (Note 4)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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: 12%; 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">665,528</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Professional fees (Note 7)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">467,157</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Custodian fees</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">84,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Insurance</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">38,602</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">CCO fee (Note 4)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">26,913</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Transfer agent fees</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">24,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Director fees</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">121,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Listing fees</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">22,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Printing and postage (Note 7)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">16,796</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Proxy services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">14,236</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Other (Note 7)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">56,026</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Total investment expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1,536,758</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">NET INVESTMENT LOSS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(852,962</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net realized loss on investments and foreign currency</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(975,085</div>
</td>
<td style="WIDTH: 1%; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Change in unrealized appreciation/depreciation on investments and foreign currency</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">14,034,201</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 26.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">NET GAIN ON INVESTMENTS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">13,059,116</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; 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: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">12,206,154</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</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-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">See accompanying notes to the financial statements.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 14 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Statements of Changes in Net Assets</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Years Ended June 30, 2017 and 2016

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;&#160; </div>

<table id="za211f87e0f224592b7871f9ee0bbc8b7" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Year-Ended 2017</div>
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<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Year-Ended 2016</div>
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<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net investment loss</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$&#160;</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(852,962</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$&#160;</div>
</td>
<td style="WIDTH: 12%; 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">(388,116</div>
</td>
<td style="WIDTH: 1%; 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: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net realized gain (loss) on investments and foreign currency</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(975,085</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">952,302</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Change in unrealized appreciation/depreciation on investments and foreign currency</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">14,034,201</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(5,358,894</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">12,206,154</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(4,794,708</div>
</td>
<td style="WIDTH: 1%; 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: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">DISTRIBUTIONS TO STOCKHOLDERS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Realized gains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(827,799</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(932,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">CAPITAL STOCK TRANSACTIONS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net proceeds from shares issued in reinvestment of distributions (0 and 9,675 shares issued respectively) (Note 7)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">60,662</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net proceeds of ATM offering (0 and 524,400 shares issued respectively) (Note 7)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; 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: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">3,724,051</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">TOTAL INCREASE (DECREASE) IN NET ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">11,378,355</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">(1,942,475</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">NET ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Beginning</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">39,668,925</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">41,611,400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Ending</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">51,047,280</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">39,668,925</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">ACCUMULATED NET INVESTMENT GAIN (LOSS)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$&#160;</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">(305,980</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</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-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">See accompanying notes to the financial statements.</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 15 -</font></div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Years Ended June 30, 2013 through 2017

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

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

<table id="z7bf53aa1d52242a5a664f0a629ae2558" 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; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="18">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Year Ended June 30</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">2014</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">2013</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">PER SHARE OPERATING PERFORMANCE</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">(For a share of capital stock outstanding for each year)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net asset value, beginning of year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">6.47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">7.43</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9.12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9.28</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">7.90</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Operations:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net investment loss<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">(0.14</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.07</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.07</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.03</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net realized and unrealized gain (loss) on investment transactions</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">2.12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.80</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.08</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1.61</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Total from operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">1.98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.87</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.19</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">0.98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">1.58</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Distributions:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">From net realized gains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">(0.13</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(1.14</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Total distributions</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">(0.13</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(1.14</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Dilutive effect of rights offering</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">(0.86</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Accretive effect of ATM offering</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">0.07</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Accretive effect of shares in reinvestment of distribution</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">0.00</div>
</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup> </td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">0.00</div>
</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup> </td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; 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">--</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net asset value, end of year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">8.32</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">6.47</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">7.43</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9.12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9.28</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Per share market value, end of year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">7.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">6.11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9.46</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">8.15</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">8.51</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Total investment return (loss) based on market value per share</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">20.17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(33.73</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">25.40</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">8.98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">25.31</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">RATIOS AND SUPPLEMENTAL DATA</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Net assets, end of year (in 000&#8217;s)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">51,047</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">39,699</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">41,611</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">33,862</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">34,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Ratio of expenses to monthly average net assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">3.36</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">3.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">2.97</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">2.46</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">2.50</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Ratio of net investment loss to monthly average net assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">(1.86</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.99</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(1.36</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.78</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(0.38</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; 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: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Portfolio turnover rate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">14</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">24</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">37</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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 style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table id="zf3b997558f864f16b31687b9574e1c46" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 11pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Computed by dividing the respective year&#8217;s amounts from the Statement of Operations by the average outstanding shares for each year presented.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table id="z7df521edf4f24c0ca013b0aab6454b30" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 11pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Amount is less than $0.01.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table id="z1be2d43347c0499e9464e50daf6eaf37" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: 11pt; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">3</sup></td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This figure includes expenses incurred as a result of the expiration of the Fund&#8217;s ATM offering. The overall impact on the Fund&#8217;s ratios is an increase of 0.63% (Note 7).</div>
</td>
</tr>
</table>
</div>

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

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

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 16 -</font></div>

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</div>
</div>

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

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</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NOTE 1. ORGANIZATION AND RELATED MATTERS</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">The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;) is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland on March 10, 1992, and registered under the Investment Company Act of 1940, as amended, and follows accounting and reporting guidance under Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946, &#8220;Financial Services - Investment Companies&#8221;. The Fund commenced investing activities in January 1994. The Fund is listed on the NASDAQ Capital Market and trades under the symbol &#8220;CUBA.&#8221;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund&#8217;s investment objective is to obtain long-term capital appreciation.&#160; The Fund pursues its objective by investing primarily in equity and equity-linked securities of public and private companies, including U.S.-based companies, (i) whose securities are traded principally on a stock exchange in a Caribbean Basin Country or (ii) that have at least 50% of the value of their assets in a Caribbean Basin Country or (iii) that derive at least 50% of their total revenue from operations in a Caribbean Basin Country (collectively, &#8220;Caribbean Basin Companies&#8221;).&#160; Under normal conditions, the Fund invests at least 80% of its total assets in equity and equity-linked securities of Caribbean Basin Countries.&#160; This 80% policy may be changed without stockholder approval upon sixty days written notice to stockholders.&#160; The Fund&#8217;s investment objective is fundamental and may not be changed without the approval of a majority of the Fund&#8217;s outstanding voting securities.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Under the Fund&#8217;s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund.&#160; In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund&#8217;s maximum exposure under these arrangements is unknown as this would involve any future potential claims that may be made against the Fund.&#160; However, based on experience, management expects the risk of loss to be remote.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</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: left; LINE-HEIGHT: 1.15"><u>Security Valuation</u></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">In accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the &#8220;exit price&#8221;) in an orderly transaction between market participants at the measurement date.</div>

<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">In determining fair value, the Fund uses various valuation approaches.&#160; In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available.</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 17 -</font></div>

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</div>
</div>

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

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.&#160; Unobservable inputs reflect the Fund&#8217;s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:</div>

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

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="ze8261e814f984c7cbee46b5a4663466f" 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: 54pt; VERTICAL-ALIGN: top; align: right">Level 1:</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="z9da93caadda34204b5908e05774db797" 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: 54pt; VERTICAL-ALIGN: top; align: right">Level 2:</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Observable inputs other than quoted prices included in Level 1 that are&#160; observable for the asset or liability either directly or indirectly.&#160; These inputs may include quoted prices for the identical instrument on an active market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="zf35a107e572e469f9a58f689ed0f483b" 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: 54pt; VERTICAL-ALIGN: top; align: right">Level 3:</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund&#8217;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.</div>
</td>
</tr>
</table>
</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">The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including, the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction.&#160; To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.&#160; Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined.&#160; Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed.&#160; Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized in Level 3.&#160; In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.</div>

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

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 18 -</font></div>

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</div>
</div>

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

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">Investments in securities traded on a national securities exchange (or reported on the NASDAQ National Market or Capital Market) are stated at the last reported sales price on the day of valuation (or at the NASDAQ official closing price); other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. Restricted securities and other securities for which quotations are not readily available are valued at fair value as determined, in good faith, by the Board of Directors.</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">The following table summarizes the classification of the Fund&#8217;s investments by the above fair value hierarchy levels as of June 30, 2017:</div>

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

<table id="z4ba9f3f68b724dddb409b93050f34eab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">Level 1</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">Level 2</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">Level 3</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center" valign="bottom" colspan="2">Total</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Assets (at fair value)</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Common Stocks</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">USA</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">27,804,752</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">27,804,752</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Mexico</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">8,176,935</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">8,176,935</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Panama</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">6,808,725</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">6,808,725</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Puerto Rico</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">3,474,892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">3,474,892</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Cayman</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,606,271</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">161,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">1,767,751</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Colombia</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">881,199</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">881,199</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Other</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">147,191</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">147,191</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 17.3pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Bonds</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 25.9pt; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt">Cuba</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Total Investments in securities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">48,899,965</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">161,480</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">49,061,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</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">The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used to determine fair value as of June 30, 2017:</div>

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

<table id="zcd08627e82994220a54db365065dccf1" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Investment in Securities at Value</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Level 3</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Balance as of 6/30/16</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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: 12%; 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">5,501</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Sales</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(14,264</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" 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: 85%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Realized gain/(loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">(216,513</div>
</td>
<td style="WIDTH: 1%; 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: 85%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Change in unrealized gain/(loss)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">225,276</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Transfer into Level 3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Transfer out of Level 3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Balance as of 6/30/17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</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">Additional quantitative disclosures for assets in which Level 3 inputs are used in determining fair value are presented when there are significant Level 3 investments at the end of the period.</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">All transfers are recognized by the Fund at the end of each reporting period.&#160; Sales from Level 3 were $14,264.&#160; Transfers from Level 2 to Level 1 were $351,954.&#160; Transfers between Levels related to the availability of trade information near the valuation date.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">Under procedures approved by the Directors, the Advisor provides administration and oversight of the Fund&#8217;s valuation policies and procedures, which are reviewed at least annually by the Directors.&#160; Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.</div>

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

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 19 -</font></div>

<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: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Notes to Financial Statements

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

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

<div style="LINE-HEIGHT: 1.15">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available.&#160; Under these procedures, the Advisor convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when recommending a fair value.&#160; The Advisor may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment.&#160; An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value.&#160; Discount may be applied due to the nature or duration of any restrictions on the disposition of investments.&#160; Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.&#160; The Advisor employs various methods for calibrating these valuation approaches including a regular view of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity.</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><u>Income Recognition</u></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">Security transactions are recorded on the trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recognized on the ex-dividend date or in the case of certain foreign securities, as soon as the Fund is notified, and interest income is recognized on an accrual basis. Discounts and premiums on debt securities purchased are amortized over the life of the respective securities.&#160; It is the Fund&#8217;s practice to include the portion of realized and unrealized gains and losses on investments denominated in foreign currencies as components of realized and unrealized gains and losses on investments and foreign currency. Withholding on foreign taxes have been provided for in accordance with the Fund&#8217;s understanding of the applicable country&#8217;s tax rules and rates. Pursuant to a custodian agreement, State Street Bank and Trust (&#8220;SSBT&#8221;) receives a fee reduced by credits which are determined based on the average daily cash balance the Fund maintains with SSBT.&#160; Credit balances used to reduce the Fund&#8217;s custodian fees for the year ended June 30, 2017 were $0.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The accounting records of the Fund are maintained in U.S. dollars.&#160; Foreign currency amounts and investments denominated in a foreign currency, if any, are translated into U.S. dollar amounts at current exchange rates on the valuation date.&#160; Purchases and sales of investments denominated in foreign currencies are translated into U.S. dollar amounts at the exchange rate on the respective dates of such transactions.</div>

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund may, during the course of its operations, maintain account balances with financial&#160;institutions in excess of federally insured limits.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">In the normal course of business, substantially all of the Fund&#8217;s money balances and security positions are custodied with the Fund&#8217;s custodial broker, SSBT.&#160; The Fund also transacts with other brokers.&#160; The Fund is subject to credit risk to the extent any broker with which it conducts business is unable to fulfill contractual obligations on its behalf.&#160; The Fund&#8217;s management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund&#8217;s policy is to continue to comply with the provisions of the Internal Revenue Code of 1986, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income to its stockholders.&#160; Under these provisions, the Fund is not subject to federal income tax on its taxable income and no federal income or excise tax provision is required.</div>

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Distributions to stockholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP.&#160; For the year ended June 30, 2017, a distribution from long-term capital gains of $0.13496 per share was declared on November 18, 2016.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which the amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.</div>

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Investments in securities include $165,000 principal, 4.5%, 1977 Republic of Cuba bonds purchased for $63,038 that are currently segregated and restricted from transfer.&#160; The bonds were listed on the New York Stock Exchange (&#8220;NYSE&#8221;) and had been trading in default since 1960.&#160; A &#8220;regulatory halt&#8221; on trading was imposed by the NYSE in July 1995 and trading in the bonds was suspended as of December 28, 2006.&#160; The NYSE has stated that following the suspension of trading, application will be made to the Securities and Exchange Commission to delist the issue.&#160; As of June 30, 2017, the position was valued at $0 under procedures approved by the Board of Directors.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Investments in securities also include 700 shares of Cuban Electric Company, purchased for $5,817, which are currently segregated and restricted from transfer.&#160; As of June 30, 2017, the position, was valued at $0 under procedures approved by the Board of Directors.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NOTE 4. TRANSACTIONS WITH AFFILIATES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">HERZFELD / CUBA (the &#8220;Advisor&#8221;), a division of Thomas J. Herzfeld Advisors, Inc., is the Fund&#8217;s investment advisor and charges a monthly fee at the annual rate of 1.45% of the Fund&#8217;s average daily net assets.&#160; Total fees for the year ended June 30, 2017 amounted to $665,528 of which $180,330 is payable as of June 30, 2017.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Mr. Thomas J. Herzfeld is the owner of the Advisor.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Advisor provides a Chief Compliance Officer (&#8220;CCO&#8221;) to the Fund.&#160; The Advisor was compensated in the amount of $26,913 for the CCO services provided to the Fund.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">During the year ended June 30, 2017, purchases and sales of investment securities were $6,824,579 and $8,995,006, respectively.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The cost basis of securities owned for financial statement purposes is lower than the cost basis for income tax purposes by $96,987 due to wash sale adjustments and book-to-tax adjustments to partnership investment.&#160; As of June 30, 2017, gross unrealized gains were $14,560,204 and gross unrealized losses were $3,311,987 for income tax purposes.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Permanent differences accounted for during the year ended June 30, 2017 result from differences between book and tax accounting for the characterization of foreign currency losses, partnership adjustments, and the reclassification of the Fund&#8217;s net investment loss for tax purposes. Such amounts have been reclassified as follows:</div>

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<table id="z1fd27e96c7b14ac097d043cb4b0097b5" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Accumulated Net Investment Loss</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Realized Gain on Investments</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Additional Paid <br>
 in Capital</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Year ended June 30, 2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">546,982</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">9,919</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$&#160;</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(556,901</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; 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>

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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">At June 30, 2017, the Fund had a long-term capital loss carryover of $279,973. To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carry forward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitation. </div>

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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">As of June 30, 2017, the Fund had $804,326 of post-October losses which are deferred until fiscal year 2018 for tax purposes. Capital losses incurred after October 31 (&#8220;post-October losses&#8221;) within that taxable year are deemed to arise on the first day of the Fund&#8217;s next taxable year. </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">As of June 30, 2017, the Fund had $305,980 of qualified late-year ordinary losses, which are deferred until fiscal year 2018 for tax purposes. Net late-year losses incurred after December 31 within the taxable year are deemed to arise on the first day of the Fund&#8217;s next taxable year. </div>

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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">In accordance with GAAP, the Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states and foreign jurisdictions. Generally the Fund is no longer subject to income tax examinations by major taxing authorities for years before June 30, 2014. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces ending net assets. </div>

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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund&#8217;s policy would be to recognize accrued interest expense to unrecognized tax benefits in interest expense and penalties in operating expenses. There were none for the year ended June 30, 2017. </div>

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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The tax character of distributions paid to shareholders during the fiscal year ended June 30, 2017 and June 30, 2016 were as follows: long-term capital gains of, $827,799 and $932,480, respectively.</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">NOTE 7. CAPITAL SHARE TRANSACTIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">2015 ATM Offering</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">In connection with its At-The-Market (&#8220;ATM&#8221;) offering, as of the expiration of the offering, the Fund had issued a total of 524,400 shares of common stock. The net asset value of the Fund&#8217;s common shares was increased by approximately $0.07 per share as a result of the share issuance. </div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund incurred approximately $410,585 of offering costs in association with the offering, which was recorded as a deferred offering cost and amortized over the life of the offering as new shares were issued. At the expiration of the offering, $122,223 of offering costs had been amortized. Upon expiration of the offering, the remaining $288,362 of offering costs was expensed to legal expense (professional fees), audit expense (professional fees), printing and postage, and other expenses. </div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Additionally, the Fund incurred approximately $120,115 of offering costs in association with a shelf registration, which is recorded as a deferred offering cost and is being amortized over the life of the shelf registration. These costs are categorized as deferred offering costs (shelf) on the Statement of Assets and Liabilities. As of June 30, 2017, approximately $4,719 has been amortized. </div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">On January 6, 2016 the Fund paid a year-end distribution of $0.16 per share in cash. Stockholders enrolled in the Fund&#8217;s dividend reinvestment plan received stock, issued by the Fund at $6.27 per share, equal to 95% of the closing market price of the stock on January 6, 2016, pursuant to the Fund&#8217;s Dividend Reinvestment Plan. The Fund issued a total of 9,675 common shares in connection with its year-end distribution.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">On December 28, 2016 the Fund paid a year-end distribution of $0.13496 per share in cash. </div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">NOTE 8. INVESTMENT RISKS </div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Securities traded in foreign markets have often (though not always) performed differently from securities traded in the United States. However, such investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">prices of foreign securities may go up and down more than prices of securities traded in the United States.</font></div>

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<div style="TEXT-ALIGN: justify; FONT: bold 11pt/1.15 'Times New Roman', Times, serif"><u>Foreign Economy Risk</u></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. Any of these actions could severely affect securities prices or impair the Fund&#8217;s ability to purchase or sell foreign securities or transfer the Fund&#8217;s assets or income back into the United States, or otherwise adversely affect the Fund&#8217;s operations.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the United States.</div>

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<div style="TEXT-ALIGN: justify; FONT: bold 11pt/1.15 'Times New Roman', Times, serif"><u>Currency Risk</u></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Securities and other instruments in which the Fund invests may be denominated or quoted in currencies other than the U.S. Dollar. Changes in foreign currency exchange rates may affect the value of the Fund&#8217;s portfolio. Because the Fund&#8217;s assets are primarily invested in securities of Caribbean Basin Companies, and because some portion of revenues and income may be received in foreign currencies while Fund distributions will be made in dollars, the dollar equivalent of the Fund&#8217;s net assets and distributions would be adversely affected by reductions in the value of the foreign currencies relative to the dollar. For this reason, changes in foreign currency exchange rates can affect the value of the Fund&#8217;s portfolio. Generally, when the U.S. Dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. Dollars. Conversely, when the U.S. Dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. Dollars. This risk, generally known as &#8220;currency risk,&#8221; means that a strong U.S. Dollar may reduce returns for U.S. investors while a weak U.S. Dollar may increase those returns. The Fund is managed with the assumption that most of its stockholders hold their assets in U.S. Dollars. As a result,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and because distributions are made in U.S. Dollars, other non-U.S. investors will be adversely affected by reductions in the value of the U.S. Dollar relative to their home currency.</font></div>

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<div style="TEXT-ALIGN: justify; FONT: bold 11pt/1.15 'Times New Roman', Times, serif"><u>Geographic Concentration Risk</u></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund may invest from time to time a substantial amount of assets in issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund&#8217;s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">NOTE 9. SUBSEQUENT EVENTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Management has evaluated the impact of subsequent events on the Fund, through the date the financial statements were issued, and has determined that there were no subsequent events that required disclosure in the financial statements.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;), as of June 30, 2017 and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the two years in the period ended June 30, 2015 were audited by other auditors whose report dated August 21, 2015, expressed an unqualified opinion on those financial highlights. The financial highlights for the year ended June 30, 2013 were audited by other auditors whose report dated August 16, 2013, expressed an unqualified opinion on those financial highlights.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2017, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Herzfeld Caribbean Basin Fund, Inc. as of June 30, 2017, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.</div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15"><img style="HEIGHT: 52px; WIDTH: 250px" border="0" alt="-s- Tait Weller &amp; Baker Llp" src="fp0027705_07.jpg"><br style="LINE-HEIGHT: 1.15">
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<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; FONT-WEIGHT: bold">Philadelphia, Pennsylvania</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">August 17, 2017</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Position(s) Held with Fund</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Term of Office and&#160;<br>
 Length of Time Served</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><u>Interested Directors</u></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Thomas J. Herzfeld*</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>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Age: 72</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Chairman, Director, and Portfolio Manager</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">three years; 1993 to present</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><u>Independent Directors</u></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">John A. Gelety</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Age: 49</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Director</div>
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<td style="WIDTH: 20%; 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">three years; 2011 to present</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cecilia L. Gondor</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Age: 55</div>
</td>
<td style="WIDTH: 20%; 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">Director</div>
</td>
<td style="WIDTH: 20%; 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">three years; 2014 to present</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ann S. Lieff</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Age: 65</div>
</td>
<td style="WIDTH: 20%; 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">Director</div>
</td>
<td style="WIDTH: 20%; 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">three years; 1998 to present</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Kay W. Tatum, Ph.D., CPA</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Age: 65</div>
</td>
<td style="WIDTH: 20%; 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">Director</div>
</td>
<td style="WIDTH: 20%; 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">three years; 2007 to present</div>
</td>
</tr>
</table>
</div>

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

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table id="za1cd9f2522614a099c258c781412262b" 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: 18pt; VERTICAL-ALIGN: top; align: right">*</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Mr. Thomas J. Herzfeld is an &#8220;interested person&#8221; of the Fund, (as defined in the 1940 Act) because he is a Director, control person, and employee of the Fund&#8217;s Advisor.</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
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</div>
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<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
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<div>&#160;&#160;</div>

<div>
<table id="z5c0e0f8b40324b8a8b195d30a3ad02dc" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="WIDTH: 60%; 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">Principal Occupation(s)&#160;<br>
 During Past 5 Years</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">Number of Portfolios&#160;<br>
In Complex <br>
 Overseen By Director</div>
</td>
<td style="WIDTH: 20%; 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">Other Directorships <br>
 Held by Director</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; 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">Thomas J. Herzfeld Advisors, Inc., serving as Chairman, 1984-present; Portfolio Manager, 1984-present; and President, 1984- 2016.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">2</div>
</td>
<td style="WIDTH: 20%; 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">The Cuba Fund, Inc.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(in registration)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; 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">Attorney and shareholder at Greenspoon Marder, P.A., corporate practice group, 2016-present; John A. Gelety, PA, a transactional law firm, 2005-2016.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1</div>
</td>
<td style="WIDTH: 20%; 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">None</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; 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">Managing Member of L&amp;M Management, a real estate management business, 2014- present; and Executive Vice President of Thomas J. Herzfeld Advisors, Inc., 1984-2014.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1</div>
</td>
<td style="WIDTH: 20%; 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">None</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; 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">President of the Lieff Company, a management consulting firm that offers ongoing advisory services as a corporate director, 1998-present; former CEO Spec&#8217;s Music 1980- 1998, a retailer of recorded music.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1</div>
</td>
<td style="WIDTH: 20%; 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">None</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; 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">Associate Professor of Accounting, University of Miami School of Business Administration, 1992-present; Chair, Department of Accounting, 2004-2008; Assistant Professor of Accounting, University of Miami, 1986-1992.</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">1</div>
</td>
<td style="WIDTH: 20%; 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">None</div>
</td>
</tr>
</table>
</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Additional information about the Directors is included in the Fund&#8217;s Prospectus.</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">
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</div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Directors and Officers of the Fund (Unaudited)(cont&#8217;d)</div>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
 &#160;&#160;</div>

<div>
<table id="z089c749fe3db4398a086b20ce30e8854" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">Name&#160;Address and Age</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">Position(s)&#160;<br>
 Held with Fund</div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">Term of Office and&#160;<br>
 Length of Time Served</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 60%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: italic; BACKGROUND-COLOR: #dcdcdc">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><u>Officers</u></div>
</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">&#160;</td>
<td style="WIDTH: 20%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Erik M. Herzfeld</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>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Age: 43</div>
</td>
<td style="WIDTH: 20%; 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">Portfolio Manager;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">President</div>
</td>
<td style="WIDTH: 20%; 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">2008 to present</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2016 to present</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Reanna J. M. Lee</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>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Age: 31</div>
</td>
<td style="WIDTH: 20%; 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">Secretary,</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">CCO</div>
</td>
<td style="WIDTH: 20%; 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">2014 to present</div>
</td>
</tr>
</table>
</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="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">- 30 -</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div>&#160;&#160;</div>

<div>
<table id="z520423eed54d4954992ee9264af5195b" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="WIDTH: 80%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; LINE-HEIGHT: 1.15">Principal Occupation(s)&#160;<br>
 During Past 5 Years</div>
</td>
<td style="WIDTH: 20%; 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: center; LINE-HEIGHT: 1.15">Other Directorships <br>
 Held by Officer</div>
</td>
</tr>

<tr>
<td style="WIDTH: 80%; 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">Thomas J. Herzfeld Advisors, Inc., serving as President, 2016-present; Portfolio Manager, 2007-present; and, Managing Director, 2007-2015; Vice President JPMorgan Chase 2000-2007, foreign exchange option trading.</div>
</td>
<td style="WIDTH: 20%; 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">Strategic Investment Partners, Inc.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 80%; 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">Thomas J. Herzfeld Advisors, Inc., serving as In-house counsel, 2012-present; and Chief Compliance Officer, 2013-present; Reanna J M Lee, PA, a law firm, 2011-2012.</div>
</td>
<td style="WIDTH: 20%; 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/A</div>
</td>
</tr>
</table>
</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">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The Fund files quarterly schedules of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year (September and March) on Form N-Q. The Form N-Q is available by link on the Fund&#8217;s website at www.herzfeld. com, by calling the Fund at 800-TJH-FUND, or on the SEC&#8217;s EDGAR database at www.sec.gov. In addition, the Form N-Q can be reviewed and copied at the SEC&#8217;s public reference room in Washington, D.C. More information about the SEC&#8217;s website or the operation of the public reference room can be obtained by calling the SEC at 1-800-732-0330.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Information regarding how the Fund voted proxies relating to portfolio securities from July 1, 2016 to June 30, 2017, and a description of the Fund&#8217;s policies and procedures used to determine how to vote proxies relating to its portfolio securities is available without charge, upon request, by calling the Fund at 800-TJH-FUND, or by accessing the SEC&#8217;s website at www.sec.gov.</div>

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

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">We do not disclose information about our stockholders, or our former stockholders, to our affiliates or to service providers or other third parties except on the limited basis permitted by law. For example, we may disclose nonpublic information about stockholders to third parties to assist us in servicing a stockholders&#8217; account with us and to send transaction confirmations, annual reports, prospectuses and tax forms to our stockholders. We may also disclose nonpublic information about our stockholders to government entities in response to subpoenas.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">To ensure the highest level of confidentiality and security, we maintain physical, electronic and procedural safeguards that comply with federal standards to guard stockholders&#8217; personal information. We also restrict access to stockholders&#8217; personal and account information to those employees who need to know that information to provide services to our stockholders.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">State Street Bank &amp; Trust Company (the &#8220;Agent&#8221;) will act as agent for each Participant. The Agent will open an account for each registered shareholder as a Participant under the Plan in the same name in which such Participant&#8217;s shares of Common Stock are registered.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">CASH OPTION. Pursuant to the Fund&#8217;s Plan, unless a holder of Common Stock otherwise elects, all dividend and capital gains distributions payable in cash (&#8220;Distributions&#8221;) will be automatically reinvested by the Agent in additional Common Stock of the Fund. Stockholders who elect not to participate in the Plan will receive all cash distributions in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name then to such nominee) by the Agent, as dividend paying agent. Stockholders and Participants may elect not to participate in the Plan and to receive all cash distributions of dividends and capital gains in cash by sending written instructions to the Agent, as dividend paying agent, at the address set forth below.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">MARKET PREMIUM ISSUANCES. If on the payment date for a Distribution, the net asset value per Common Stock is equal to or less than the market price per Common Stock plus estimated brokerage commissions, the Agent shall receive newly issued Common Stock (&#8220;Additional Common Stock&#8221;) from the Fund for each Participant&#8217;s account. The number of Additional Common Stock to be credited shall be determined by dividing the dollar amount of the Distribution by the greater of (i) the net asset value per Common Share on the payment date, or (ii) 95% of the market price per Common Share on the payment date.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">MARKET DISCOUNT PURCHASES. If the net asset value per Common Stock exceeds the market price plus estimated brokerage commissions on the payment date for a Distribution, the Agent (or a broker-dealer selected by the Agent) shall endeavor to apply the amount of such Distribution on each Participant&#8217;s Common Stock to purchase Common Stock on the open market. In the event of a market discount on the payment date, the Agent will have 30 days after the dividend payment date (the &#8220;last purchase date&#8221;) to invest the dividend amount in shares acquired in open-market purchases. The weighted average price (including brokerage commissions) of all Common Stock purchased by the Agent as Agent shall be the price per Common Stock allocable to each Participant. If, before the Agent has completed its purchases, the market price plus estimated brokerage commissions exceeds the net asset value of the Common Stock as of the payment date, the purchase price paid by Agent may exceed the net asset value of the Common Stock, resulting in the acquisition of fewer Common Stock than if such Distribution had been paid in Common Stock issued by the Fund. Because of the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued Common Stock at the net asset value per Common Stock at the close of business on the last purchase date. Participants should note that they will not be able to instruct the Agent to purchase Common Stock at a specific time or at a specific price. Open-market purchases may be made on any securities exchange where Common Stock are traded, in the over-the-counter market or in negotiated transactions, and may be on such terms as to price, delivery and otherwise as the Agent shall determine. Each Participant&#8217;s uninvested funds held by the Agent will not bear interest. The Agent shall have no liability in connection with any inability to purchase Common Stock within the time provided, or with the timing of any purchases effected. The Agent shall have no responsibility for the value of Common Stock acquired. The Agent may commingle Participants&#8217; funds to be used for open-market purchases of the Fund&#8217;s shares and the price per share allocable to each Participant in connection with such purchases shall be the average price (including brokerage commissions and other related costs) of all Fund shares purchased by Agent. The rules and regulations of the Securities and Exchange Commission may require the Agent to limit the Agent&#8217;s market purchases or temporarily cease making market purchases for Participants.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The market price of Common Stock on a particular date shall be the last sales price on the securities exchange where the Common Stock are listed on that date (currently the NASDAQ Capital Market)(the &#8220;Exchange&#8221;), or, if there is no sale on the Exchange on that date, then the average between the closing bid and asked quotations on the Exchange on such date will be used. The net asset value per Common Stock on a particular date shall be the amount calculated on that date (or if not calculated on such date, the amount most recently calculated) by or on behalf of the Fund.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Whenever the Agent receives or purchases shares or fractional interests for a Participant&#8217;s account, the Agent will send such Participant a notification of the transaction as soon as practicable. The Agent will hold such shares and fractional interests as such Participant&#8217;s agent and may hold them in the Agent&#8217;s name or the name of the Agent&#8217;s nominee. The Agent will not send a Participant stock certificates for shares unless a Participant so requests in writing or unless a Participant&#8217;s account is terminated as stated below. The Agent will vote any shares so held for a Participant in accordance with any proxy returned to the Fund by such Participant in respect of the shares of which such Participant is the record holder.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">There is presently no service charge for the Agent serving as Participants&#8217; agent and maintaining Participants&#8217; accounts. The Agent may, however, charge Participants for extra services performed at their request. The Plan may be amended in the future to impose a service charge. In acting as Participants&#8217; agent under the Plan, the Agent shall be liable only for acts, omissions, losses, damages or expenses caused by the Agent&#8217;s willful misconduct or gross negligence. In addition, the Agent shall not be liable for any taxes, assessments or governmental charges which may be levied or assessed on any basis whatsoever in connection with the administration of the Plan.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Agent may hold each Participant&#8217;s Common Stock acquired pursuant to the Plan together with the Common Stock of other Stockholders of the Fund acquired pursuant to the Plan in non-certificated form in the Agent&#8217;s name or that of the Agent&#8217;s nominee. Each Participant will be sent a confirmation by the Agent of each acquisition made for his or her account as soon as practicable, but in no event later than 60 days, after the date thereof. Upon a Participant&#8217;s request, the Agent will deliver to the Participant, without charge, a certificate or certificates for the full Common Stock. Although each Participant may from time to time have an undivided fractional interest in a Common Share of the Fund, no certificates for a fractional share will be issued. Similarly, Participants may request to sell a portion of the Common Stock held by the Agent in their Plan accounts by calling the Agent, writing to the Agent, or completing and returning the transaction form attached to each Plan statement. The Agent will sell such Common Stock through a broker-dealer selected by the Agent within 5 business days of receipt of the request. The sale price will equal the weighted average price of all Common Stock sold through the Plan on the day of the sale, less brokerage commissions. Participants should note that the Agent is unable to accept instructions to sell on a specific date or at a specific price. Any share dividends or split shares distributed by the Fund on Common Stock held by the Agent for Participants will be credited to their accounts. In the event that the Fund makes available to its Stockholders rights to purchase additional Common Stock, the Common Stock held for each Participant under the Plan will be added to other Common Stock held by the Participant in calculating the number of rights to be issued to each Participant.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.15">If a Participant holds more than one Common Stock Certificate registered in similar but not identical names or if more than one address is shown for a Participant on the Fund&#8217;s records, all of such Participant&#8217;s shares of Common Stock must be put into the same name and address if all of them are to be covered by one account. Additional shares subsequently acquired by a Participant otherwise than through the Plan will be covered by the Plan.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The reinvestment of Distributions does not relieve Participants of any federal, state or local taxes which may be payable (or required to be withheld on Distributions.) Participants will receive tax information annually for their personal records and to help them prepare their federal income tax return. For further information as to tax consequences of participation in the Plan, Participants should consult with their own tax advisors.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each registered Participant may terminate his or her account under the Plan by notifying the Agent in writing at State Street Bank and Trust, P.O. Box 642, Boston, MA 02117-0642, or by calling the Agent at <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(617) 662-2760</font>. Such termination will be effective with respect to a particular Distribution if the Participant&#8217;s notice is received by the Agent prior to such Distribution record date. The Plan may be terminated by the Agent or the Fund upon notice in writing mailed to each Participant at least 60 days prior to the effective date of the termination. Upon any termination, the Agent will cause a certificate or certificates to be issued for the full shares held for each Participant under the Plan and cash adjustment for any fraction of a Common Share at the then current market value of the Common Shares to be delivered to him. If preferred, a Participant may request the sale of all of the Common Shares held by the Agent in his or her Plan account in order to terminate participation in the Plan. If any Participant elects in advance of such termination to have Agent sell part or all of his shares, Agent is authorized to deduct from the proceeds the brokerage commissions incurred for the transaction. If a Participant has terminated his or her participation in the Plan but continues to have Common Shares registered in his or her name, he or she may re-enroll in the Plan at any time by notifying the Agent in writing at the address above.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">These terms and conditions may be amended by the Agent or the Fund at any time but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof. The amendment shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Agent receives notice of the termination of the Participant&#8217;s account under the Plan. Any such amendment may include an appointment by the Agent of a successor Agent, subject to the prior written approval of the successor Agent by the Fund.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">These terms and conditions shall be governed by the laws of the State of Maryland.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Dated: November 22, 2006</div>

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

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">As of the end of the period covered by the report, the registrant's board of directors has determined that Dr. Kay Tatum is an "audit committee financial expert" serving on its audit committee and that she is "independent" as such terms are defined by Item 3 of Form N-CSR.</div>

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Set forth in the table below are audit fees and non-audit related fees billed to the registrant by its principal accountant (the "Auditor") for the audit of the registrant's annual financial statements and services provided by the Auditor in connection with statutory and regulatory filings during and for the Registrant's fiscal years ended June 30, 2016 and 2017.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fiscal Year Ended June 30,</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Audit <br>
 Fees</div>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Audit-Related <br>
 Fees</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Tax <br>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">All Other <br>
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<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">36,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">3,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
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<td style="WIDTH: 12%; 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">33,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2017</div>
</td>
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<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">36,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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">0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; 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">$</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">3,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">$</div>
</td>
<td style="WIDTH: 12%; 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: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(2) These fees related to services consisting of the review or preparation of U.S. federal, state, local and excise tax returns.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(3) These fees were paid to the Fund's former independent registered public accounting firm and related to services consisting of accounting consultations, agreed upon procedure reports, attestation reports, comfort letters and review of statutory and regulatory filings.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(e) The registrant's Audit Committee charter requires that the Audit Committee pre-approve all auditing services and non-audit services (including the fees for such services and terms thereof) to be performed for the registrant by its Auditor, and the committee has not adopted pre-approval policies and procedures, although it may determine to do so in the future. The engagement to render auditing and non-auditing services would be presented to and pre-approved by the Audit Committee. All of the audit, audit-related and tax services described above for which the Auditor billed the registrant fees for the fiscal years ended June 30, 2016 and 2017 were pre-approved by the Audit Committee.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(g) The aggregate non-audit fees bills by the registrant's Auditor for services rendered to the registrant, and rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $33,500 for 2016 and $2,000 for 2017.</div>

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</div>

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. As of June 30, 2017, the registrant's audit committee was comprised of Kay W. Tatum, John A. Gelety, Cecilia Gondor, and Ann S. Lieff.</div>

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.</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">(b) Not applicable.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</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">A copy of the registrant's proxy voting policies and procedures as well as its adviser's policies and procedures are attached hereto as Appendix A.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(1) Thomas J. Herzfeld, Chairman and Portfolio Manager of The Herzfeld Caribbean Basin Fund, Inc. serves as a portfolio manager of the Fund and has held this position since its inception in 1993. This information is as of August 29, 2017.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Erik M. Herzfeld, President and Portfolio Manager of The Herzfeld Caribbean Basin Fund, Inc. serves as a portfolio manager of the Fund and has held this position since 2007. Before joining the Fund's investment adviser in 2007, Mr. E. Herzfeld served in quantitative research and trading with both Lehman Brothers and JPMorgan, where he served as Vice President in New York and Asia. This information is as of August 29, 2017.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(2)(i) and (ii) As of June 30, 2017, Mr. Thomas J. Herzfeld and Mr. Erik M. Herzfeld were also portfolio managers for approximately&#160;268 other accounts comprising $226 million under management, one other investment company comprising $66 million under management, and 0 pooled investment vehicles comprising $0 under management, however, none of the these accounts are managed with an investment strategy similar to the Fund's. Also as of June 30, 2017, the Fund had total assets of approximately $51 million.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(2)(iii) No accounts are charged fees based on performance. For accounts other than the Fund, fees are calculated as a percentage of the value of assets under management at the end of each quarter.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(2)(iv) The Fund does not believe that any material conflicts are likely to arise through Mr. Thomas J. Herzfeld's or Mr. Erik M. Herzfeld's management of other accounts in addition to the Fund in that there is very little overlap in the type of investments made for the Fund and other accounts, which generally trade shares of closed-end funds. The Fund is permitted, to a limited extent, to buy shares of other closed-end funds and occasionally other clients or Mr. T. Herzfeld may buy shares of securities also held in the portfolio of the Fund. The Advisor and the Fund have adopted procedures overseen by the Chief Compliance Officer ("CCO") intended to monitor compliance with such policies which include conflicts which may occur regarding allocation of investment opportunities between the Fund and other account. The CCO of the Fund reports directly to the Board of Directors at least annually.</div>

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<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">(a)(3) Mr. Thomas J. Herzfeld and Mr. Erik M. Herzfeld receive no direct compensation from the Fund for their services as Portfolio Managers. Mr. Thomas J. Herzfeld&#160;owns 100% of the&#160;voting stock of the Advisor,&#160;a Subchapter S Corporation, therefore he is taxed on its profits. Portfolio managers, other than Thomas J. Herzfeld, are paid a fixed salary by the Advisor. In addition, the Advisor retains the ability to pay bonuses based on the overall profitability of the Advisor, however, compensation is not directly based upon the performance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of a particular client or account, including the Fund's pre or after-tax performance, nor the value of a particular client or account, including the value of the Fund's assets.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(4)(a) Range of value of shares of the Fund owned by Mr.&#160;&#160;Thomas J.&#160;&#160;Herzfeld as of June 30, 2017: over $1,000,000. Range of value of shares of the Fund owned by Mr. Erik M. Herzfeld as of June 30, 2017: $500,001-$1,000,000.</div>

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

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<table id="z036b1d5a49064bdd94108638c8e211d8" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="WIDTH: 48%; 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">Period</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(a) Total Number <br>
 of Shares Purchased</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(b) Average Price Paid Per Share</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(c) Total Number <br>
of Shares Purchased <br>
as Part of Publicly <br>
Announced <br>
 Plans or Programs</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">(d) Maximum Number of Shares that May Yet Be Purchased </div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">Plans or Programs</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #1 (beginning&#160;July 1, 2016 and ending July 31, 2016)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #2 (beginning&#160;August 1, 2016 and ending August 31, 2016)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #3 (beginning&#160;September 1, 2016 and ending September 30, 2016)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #3 (beginning&#160;October 1, 2016 and ending October 31, 2016)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #4 (beginning&#160;November 1, 2016 and ending November 30, 2016)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #5 (beginning&#160;December 1, 2016 and ending&#160;December 31, 2016)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #7 (beginning&#160;January 1, 2017 and ending January 31, 2017)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #8 (beginning&#160;February 1, 2017 and ending February 28, 2017)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #9 (beginning&#160;March 1, 2017 and ending&#160;March 31, 2017)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #10 (beginning&#160;April 1, 2017 and ending April 30, 2017)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #11 (beginning&#160;May 1, 2017 and ending&#160;May 31, 2017)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Month #12 (beginning&#160;June 1, 2017 and ending&#160;June 30, 2017)</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
</tr>

<tr>
<td style="WIDTH: 48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<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: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">0</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</div>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.15">n/a</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">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</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">There have been no material changes to the procedures by which the stockholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.</div>

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</div>

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</div>
</div>

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

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</div>

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

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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.</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">ITEM 12. EXHIBITS.</div>

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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(1) Code of ethics is filed as Exhibit 99.CodeEth to the N-CSR.</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">(a)(2) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith as Exhibits 99.302 Cert.</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">(a)(3) Not applicable.</div>

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</div>

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

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

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<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">
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</div>

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

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</div>

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

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</div>

<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>

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</div>

<table id="z702e5dcd2eb6461d80919de2fe389bb4" 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; PADDING-BOTTOM: 2px">
<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: 5%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">By: </td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Erik M. Herzfeld</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">&#160;</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">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top" colspan="2">Erik M. Herzfeld</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top" colspan="2">President</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#160;</div>
</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">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top" colspan="2">Date: August 29, 2017</td>
<td style="WIDTH: 10%; 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">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</div>

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

<table id="zbd319f238f904c6b91113996e5668200" 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; PADDING-BOTTOM: 2px">
<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: 5%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">By:</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">/s/ Erik M. Herzfeld</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">&#160;</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">&#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">Erik M. Herzfeld</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#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">President</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#160;</div>
</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">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#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">Date: August 29, 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#160;</div>
</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">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; 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">&#160;</div>
</td>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">By:</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top; BORDER-BOTTOM: black 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: 10%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">&#160;</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">&#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">Reanna J. M. Lee</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#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">Secretary and Treasurer</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</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">&#160;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(Principal Financial Officer)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date: August 29, 2017</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">APPENDIX A</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">Proxy Voting Policy and Procedures</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Board of Directors of The Herzfeld Caribbean Basin Fund, Inc. (the "Fund") hereby adopts the following policy and procedures with respect to voting proxies relating to portfolio securities held by the Fund:</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">It is the policy of the Board of Directors of the Fund (the "Board") to delegate the responsibility for voting proxies relating to portfolio securities held by the Fund to the Fund's investment adviser (the "Adviser") as a part of the Adviser's general management of the Fund, subject to the Board's continuing oversight.' The voting of proxies is an integral part of the investment management services that the Adviser provides pursuant to the advisory contract.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Adviser may, but is not required to, delegate the responsibility for voting proxies relating to portfolio securities held by the Fund to a sub-adviser ("Sub-Adviser") retained to provide investment advisory services, if applicable. If such responsibility is delegated to a Sub-Adviser, then the Sub-Adviser shall assume the fiduciary duty and reporting responsibilities of the Adviser under these policy guidelines.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The right to vote a proxy with respect to portfolio securities held by the Fund is an asset of the Fund. The Adviser, to which authority to vote on behalf of the Fund is delegated, acts as a fiduciary of the Fund and must vote proxies in a manner consistent with the best interest of the Fund and its shareholders.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The following are the procedures adopted by the Board for the administration of this policy:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">A. Review of Adviser Proxy Voting Procedures. The Adviser with authority to vote proxies on behalf of the Fund shall present to the Board its policies, procedures and other guidelines for voting proxies at least annually, and must notify the Board promptly of material changes to any of these documents.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">B. Voting Record Reporting.&#160;No less than annually,&#160;the Adviser shall report to the Board a record of each proxy voted with respect to portfolio&#160;securities of the Fund during the year.&#160;With&#160;respect to those&#160;proxies&#160;that the Adviser has identified as involving a conflict of interest(2), the Adviser shall submit a separate report&#160;indicating the nature of the conflict of interest and how that conflict was resolved with respect to the voting of the proxy.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The delegation by the Board of the authority to vote proxies relating to portfolio securities of the Fund is entirely voluntary and may be revoked by the Board, in whole or in part, at any time.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Fund shall file an annual report of each proxy voted with respect to its portfolio securities during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Fund shall include in its annual report to stockholders:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">A description of this policy and of the policies and procedures used by the Adviser to determine how to vote proxies relating to portfolio securities (3); and</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">A statement disclosing that information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling the Fund's toll-free telephone number and on the SEC website(4).</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Fund shall also include in its annual and semi-annual reports to stockholders:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">A statement disclosing that a description of the policies and procedures used by or on behalf of the Fund to determine how to vote proxies relating to portfolio securities of the Funds is available without charge, upon request, by calling the Fund's toll-free telephone number and on the SEC website.(5)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">A statement disclosing that information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling the Fund's toll-free telephone number and on the SEC website.(6)</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">At least annually, the Board shall review this Policy to determine its sufficiency and shall make and approve any changes that it deems necessary from time to time</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">This policy is adopted for the purpose of the disclosure requirements adopted by the Securities and Exchange Commission, Release Nos. 33-8188, 34-47304, IC-25922.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">As it is used in this document, the term "conflict of interest" refers to a situation in which the Adviser or Sub-Adviser or affiliated persons of the Adviser or Sub-Adviser have a financial interest in a matter presented by a proxy other than the obligation it incurs as investment adviser to the Fund which compromises the Adviser's or Sub-Adviser's independence of judgment and action with respect to the voting of the proxy.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">This disclosure shall be included in the annual report next filed by the Fund, on Form N-CSR on or after July 1, 2003.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">This disclosure shall be included in the report next filed by the Fund on or after July 1, 2003.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">THOMAS J. HERZFELD ADVISORS, INC.</div>

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

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Thomas J. Herzfeld Advisors, Inc. (the "Adviser") acts as discretionary investment adviser for various clients, including The Herzfeld Caribbean Basin Fund, Inc. an investment company registered under the Investment Company Act of 1940, as amended, and clients governed by the Employee Retirement Income Security Act of 1974 ("ERISA").</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Selected clients, including The Herzfeld Caribbean Basin Fund, Inc. have elected to have the Adviser vote proxies or act on the other shareholder actions on their behalf, while other clients vote proxies themselves.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">When voting proxies or acting on corporate actions for clients, the Adviser's utmost concern is that all decisions be made in the best interest of its clients (for ERISA accounts, plan beneficiaries and participants, in accordance with the letter and spirit of ERISA). The Adviser will act in a manner deemed prudent and diligent and which is intended to enhance the economic value of the assets of its clients' accounts.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PURPOSE</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The purpose of these Policies and Procedures is to memorialize the procedures and policies adopted by the Adviser to enable it to comply with its responsibilities and the requirements of Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act"). These Policies and Procedures also reflect the fiduciary standards and responsibilities set forth by the Department of Labor for ERISA accounts.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">III.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PROCEDURES</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Portfolio Managers are ultimately responsible for ensuring that all proxies received by the Adviser are voted in a timely manner and voted consistently across all portfolios.&#160;&#160;Although many proxy proposals can be voted in accordance with the Adviser&#8217;s established guidelines (see Section V. below) (the &#8220;Guidelines&#8221;), the Adviser recognizes that certain circumstances may require special consideration, which may dictate that the Adviser makes an exception to the provisions of these Procedures.&#160; When an exception is made to these Procedures, the Portfolio Managers shall provide to the Chief Compliance Officer of the Adviser (&#8220;CCO&#8221;) a written statement detailing the circumstances and rationale for an exception from these Policies and Procedures.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Portfolio Managers are also responsible for ensuring that all corporate actions received by the Adviser are addressed in a timely manner and consistent action is taken across all portfolios.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">A. Conflicts of Interest. Where a proxy proposal raises a material conflict of interest between the Adviser's interests and that of one or more its clients, the Adviser shall resolve such conflict in the manner described below.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">1. Vote in Accordance with the Guidelines. To the extent that the Adviser has little or no discretion to deviate from the Guidelines with respect to the proposal in question, the Adviser shall vote in accordance with such pre-determined voting policy.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2. Obtain Consent of Clients. To the extent that the Adviser has discretion to deviate from the Guidelines with respect to the proposal in question, the Adviser shall disclose the conflict to the relevant clients and obtain their consent to the proposed vote prior to voting the securities. The disclosure to the clients will include sufficient detail regarding the matter to be voted on and the nature of our conflict that the clients would be able to make an informed decision regarding the vote. When a client does not respond to such a conflict disclosure request or denies the request, the Adviser will abstain from voting the securities held by that client's account.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">B. Limitations. In certain circumstances, in accordance with a client's investment advisory contract (or other written directive) or where the Adviser has determined that it is in the client's best interest, the Adviser will not vote proxies received. The following are some circumstances where the Adviser may limit its role in voting proxies received on client securities:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">1. Client Maintains Proxy Voting Authority: Where a client has not specifically delegated the authority to vote proxies to the Adviser or that it has delegated the right to vote proxies to a third party, the Adviser will not vote the securities and will direct the relevant custodian to send the proxy material directly to the client. If any proxy material is received by the Adviser, it will promptly be forwarded to the client.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2. Terminated Account: Once a client account has been terminated with the Adviser in accordance with its investment advisory agreement, the Adviser will not vote any proxies received after the termination. However, the client may specify in writing that proxies should be directed to the client for action.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">3. Limited Value: If the Adviser concludes that the client's economic interest or the value of the portfolio holding is indeterminable or insignificant, the Adviser may abstain from voting a client's proxies. The Adviser does not vote proxies received for securities which are not held in the client's account at the time the proxies are received; although it may vote such proxies if determined to be in the best interest of the client. In addition, the Adviser generally does not vote securities where the economic value of the securities in the client's account is less than $500.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">4. Securities Lending Programs: When securities are out on loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. However, where the Adviser determines that a proxy vote (or shareholder action) is materially important to the client's account, the Adviser may recall the security.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">5. Unjustifiable Costs: In certain circumstances, after doing a cost-benefit analysis, the Adviser may abstain from voting where the cost of voting a client's proxy would exceed any anticipated benefits of the proxy proposal.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">RECORD KEEPING</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">In accordance with Rule 204-2 under the Advisers Act, the Adviser will maintain for the time periods set forth in the Rule (i) these proxy voting procedures and policies, and amendments thereto; (ii) all proxy statements received regarding client securities (provided however, that the Adviser may rely on the proxy statement filed on EDGAR as its records)(1); (iii) a record of votes cast on behalf of clients; (iv) records of client requests for proxy voting information; (v) any documents prepared by the adviser that were material to making a decision how to vote or that memorialized the basis for the decision; and (vi) records relating to requests made to clients regarding conflicts of interest in voting the proxy.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Adviser will describe in its Part II of Form ADV (or other brochure fulfilling the requirement of Rule 204-3) its proxy voting policies and procedures and advising clients how they may obtain information on how the Adviser voted their securities. Clients may obtain information on how their securities were voted or a copy of our Policies and Procedures by written request addressed to the Adviser.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">GUIDELINES</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Each proxy issue will be considered individually. The following guidelines are a partial list to be used in voting proposals contained in the proxy statements, but will not be used as rigid rules.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Issues regarding the issuer's Board entrenchment and anti-takeover measures such as the following:</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">b.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Proposals to limit the ability of shareholders to call special meetings;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">c.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Proposals to require super majority votes;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">d.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Proposals requesting excessive increases in authorized common or preferred shares where management provides no explanation for the use or need for these additional shares;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">e.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Proposals regarding "poison pill" provisions; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">f.</div>
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<td style="WIDTH: 73%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Permitting "green mail".</div>
</td>
<td style="WIDTH: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
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<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">&#160;</div>
</td>
<td style="WIDTH: 17%; 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>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2.</div>
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<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">Providing cumulative voting rights.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Oppose</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">3.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">"Social issues," unless specific client guidelines supersede, e.g., restrictions regarding South Africa.</div>
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<td style="WIDTH: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Oppose</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
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<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: 17%; 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>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">4.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Election of directors recommended by management, except if there is a proxy fight.</div>
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<td style="WIDTH: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
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<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: 78%; 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: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
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<td style="WIDTH: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">5.</div>
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<td style="WIDTH: 78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Election of auditors recommended by management, unless seeking to replace if there exists a dispute over policies.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
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<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: 78%; 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: 17%; 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>
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<td style="WIDTH: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">6.</div>
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<td style="WIDTH: 78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date and place of annual meeting.</div>
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<td style="WIDTH: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>
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<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: 78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Limitation on charitable contributions or fees paid to lawyers.</div>
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<td style="WIDTH: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
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<td style="WIDTH: 4.95%; 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: 78%; 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: 17%; 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>
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<td style="WIDTH: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">8.</div>
</td>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ratification of directors' actions on routine matters since previous annual meeting.</div>
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<td style="WIDTH: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
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<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: 78%; 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: 17%; 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>
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<td style="WIDTH: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">9.</div>
</td>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Confidential voting</div>
</td>
<td style="WIDTH: 17%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
</td>
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<td style="WIDTH: 4.95%; 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: 78%; 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: 17%; 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>

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<td style="WIDTH: 4.95%; 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: 78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Confidential voting is most often proposed by shareholders as a means of eliminating undue management pressure on shareholders regarding their vote on proxy issues.</div>
</td>
<td style="WIDTH: 17%; 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>
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</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">
<table id="z04eb89a282e74518aa6a3e0ef8c2fb2f" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="WIDTH: 4.95%; 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: 77.78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Adviser will generally approve these proposals as shareholders can later divulge their votes to management on a selective basis if a legitimate reason arises.</div>
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<td style="WIDTH: 17.28%; 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>

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<td style="WIDTH: 4.95%; 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: 77.78%; 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: 17.28%; 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>

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<td style="WIDTH: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">10.</div>
</td>
<td style="WIDTH: 77.78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Limiting directors' liability</div>
</td>
<td style="WIDTH: 17.28%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
</td>
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<td style="WIDTH: 4.95%; 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: 77.78%; 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: 17.28%; 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: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">11.</div>
</td>
<td style="WIDTH: 77.78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Eliminate preemptive right</div>
</td>
<td style="WIDTH: 17.28%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
</td>
</tr>

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<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: 77.78%; 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: 17.28%; 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: 4.95%; 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: 77.78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Preemptive rights give current shareholders the opportunity to maintain their current percentage ownership through any subsequent equity offerings. These provisions are no longer common in the U.S., and can restrict management's ability to raise new capital.</div>
</td>
<td style="WIDTH: 17.28%; 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: 4.95%; 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: 77.78%; 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: 17.28%; 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: 4.95%; 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: 77.78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Adviser approves the elimination of preemptive rights, but will oppose the elimination of limited preemptive rights, E.G., on proposed issues representing more than an acceptable level of total dilution.</div>
</td>
<td style="WIDTH: 17.28%; 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: 4.95%; 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: 77.78%; 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: 17.28%; 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: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">12.</div>
</td>
<td style="WIDTH: 77.78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Employee Stock Purchase Plan</div>
</td>
<td style="WIDTH: 17.28%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
</td>
</tr>

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<td style="WIDTH: 4.95%; 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: 77.78%; 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: 17.28%; 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: 4.95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">13.</div>
</td>
<td style="WIDTH: 77.78%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Establish 401(k) Plan</div>
</td>
<td style="WIDTH: 17.28%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Approve</div>
</td>
</tr>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Eliminate director mandatory retirement policy</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Option and stock grants to management and directors</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Allowing indemnification of directors and/or officers after reviewing the applicable laws and extent of protection requested.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">EXHIBIT A</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Chief Executive Officer &#8211; Erik M. Herzfeld</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Chief Financial Officer - Reanna J. M. Lee</div>

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<TYPE>EX-99.CODE ETH
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">HERZFELD CARIBBEAN BASIN FUND, INC.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">I.</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Covered Officers/Purpose of the Code</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">This code of ethics (the &#8220;Code&#8221;) for the Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;), a closed-end investment company registered under the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;), applies to the Fund&#8217;s Chief Executive Officer and Chief Financial Officer (the &#8220;Covered Officers&#8221; each of whom are set forth in Exhibit A) for the purpose of promoting:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (&#8220;SEC&#8221;) and in other public communications made by the Fund;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compliance with applicable laws and governmental rules and regulations;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">accountability for adherence to the Code.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Covered Officers Honest and Ethical Conduct and Ethically Handling Actual and Apparent Conflicts of Interest</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Overview.</font>&#160;&#160;The Covered Officers shall conduct their activities on behalf of the Fund in an honest and ethical manner.&#160;&#160;A &#8220;conflict of interest&#8221; occurs when a Covered Officer&#8217;s private interest interferes with the interests of, or his service to, the Fund.&#160;&#160;For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940 (&#8220;Investment Advisers Act&#8221;).&#160;&#160;For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#8220;affiliated persons&#8221; of the Fund.&#160;&#160;The Fund&#8217;s and the investment adviser&#8217;s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions.&#160;&#160;This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser, of which the Covered Officers are also officers or employees.&#160;&#160;As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Fund.&#160;&#160;The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund.&#160;&#160;Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.&#160;&#160;In addition, it is recognized by the Fund&#8217;s Board of Directors (&#8220;Board&#8221;) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.&#160;&#160;The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.&#160;&#160;The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Officer must not:</div>

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<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z2948bd57e48e45a3997213096823612d" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="zaadb477f412b44e8bfb474d1b33b7038" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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; TEXT-INDENT: 36pt">There are some conflict of interest situations that should be reviewed by the Fund&#8217;s legal counsel, if material.&#160;&#160;Examples of these include:</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="zd6c63786e53d45c7bf97d09e918f226b" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">service as a director on the board of any public or private company;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z82855281f8d4487aa280f12b8e973d05" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">receipt of gifts, in excess of reasonable or business-appropriate;</div>
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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">-2-</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table id="zc0de24efaf6a48849d8407c7af810eac" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;</div>
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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z53cc3302fd224229b8405bae01ba17ed" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">any ownership interest in, or any consulting or employment relationship with, any of the Fund&#8217;s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and</div>
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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="zccb189b751cc4c21a51d818694ab47a8" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer&#8217;s employment, such as compensation or equity ownership.</div>
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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z62f9daf90dff4f438b6829f9ce7dfa4b" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">III.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Disclosure and Compliance</div>
</td>
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</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z11d44cb456da44c9a3e2e92d0b3d3c33" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund.</div>
</td>
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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z546ef971be5f406bb93a63cd8f096ae2" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund&#8217;s Board and independent auditor, and to government regulators and self-regulatory organizations.</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z3679f431974b43bca21dae3513de2059" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund.</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z19710f7d2945490083bbdb05e5db914f" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</div>
</td>
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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z3d1aa2f4c5614f42b74843a1a2b5f855" 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: 27pt; VERTICAL-ALIGN: top; align: right">IV.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Reporting and Accountability</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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; TEXT-INDENT: 36pt">Each Covered Officer must:</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="zd6e9e3bff19f4d638bf23d2d95182396" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;</div>
</td>
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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z76ba4c7097594ed0affa76e83b5a0439" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">annually affirm to the Board that he has complied with the requirements of the Code and report on the Covered Officer&#8217;s affiliations and relationships;</div>
</td>
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</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">-3-</font></div>

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</div>
</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table id="zc8796048f427484b8018ad55ebb8c8cb" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for reports of potential violations that are made in good faith; and</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z52d2c87f88ec476ea4e8cd0dd2a8fa6f" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">notify the Fund&#8217;s legal counsel promptly if he knows of any violation of the Code.&#160;&#160;Failure to do so is itself a violation of the Code.</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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; TEXT-INDENT: 36pt">The Fund&#8217;s legal counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation.&#160;&#160;However, any approvals or waivers sought by a Covered Officer will be considered by the Independent Directors on the Board.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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; TEXT-INDENT: 36pt">The Fund will follow these procedures in investigating and enforcing the Code:</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z6e2aa45696aa477a8297f03fb1babd99" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Fund legal counsel will take all appropriate action to investigate any potential violations reported to such counsel;</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; 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">
<table id="z0a3e2d1b5b6b4c09af83fc91cad8e69d" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 20.25pt"></td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">if, after such investigation, the Fund legal counsel believes that no violation has occurred, such counsel is not required to take any further action;</div>
</td>
</tr>
</table>
</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">any matter that the Fund legal counsel believes is a violation will be reported to the Board;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Board will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Board will be responsible for granting waivers, as appropriate; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 27pt; VERTICAL-ALIGN: top; align: right">V.</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Other Policies and Procedures</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.&#160;&#160;Insofar as other policies or procedures of the Fund, the Fund&#8217;s adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to the Code, they are superseded by the Code to the extent that they overlap or conflict with the provisions of the Code.&#160;&#160;The Fund&#8217;s and its investment adviser&#8217;s codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser&#8217;s more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of the Code.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Amendments</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Any amendments to the Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">VII.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Confidentiality</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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; TEXT-INDENT: 36pt">All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly.&#160;&#160;Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Board, its legal counsel and the adviser.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">
<table id="zee53490cc4f64dd988129b14df97275c" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">VIII.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Internal Use</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date: November 12, 2003</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Chief Executive Officer &#8211; Erik M. Herzfeld</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Chief Financial Officer &#8211; Reanna J. M. Lee</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">CEO/CFO CODE OF ETHICS CERTIFICATION</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I _________________________, hereby certify that I have received a copy of the Herzfeld Caribbean Basin Fund, Inc.&#8217;s Code of Ethics for Principal Executive and Financial Officers, and that I have read and understand the Code.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">CEO/CFO CODE OF ETHICS ANNUAL AFFIRMATION</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I _________________________, hereby affirm that I have complied with the requirements of the Herzfeld Caribbean Basin Fund, Inc.&#8217;s Code of Ethics for Principal Executive and Financial Officers.</div>

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<TYPE>EX-99.CERT
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<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: FilePoint
    Document created using EDGARfilings PROfile 4.3.2.0
    Copyright 1995 - 2017 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><br>
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">EX-99.302CERT</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">I, Erik M. Herzfeld, certify that:</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>

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

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">Date: August 29, 2017</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal">/s/ Erik M. Herzfeld</div>
</td>
<td style="WIDTH: 65%; PADDING-BOTTOM: 2px">
<div>&#160;</div>
</td>
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<tr>
<td style="WIDTH: 35%">
<div>Erik M. Herzfeld</div>
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<td style="WIDTH: 65%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%">President</td>
<td style="WIDTH: 65%">
<div>&#160;</div>
</td>
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</table>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">I, Reanna J. M. Lee, certify that:</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>

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

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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: 36pt">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">Date: August 29, 2017</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<tr>
<td style="WIDTH: 35%; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal">/s/ Reanna J. M. Lee</div>
</td>
<td style="WIDTH: 65%; PADDING-BOTTOM: 2px">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%">
<div>Reanna J. M. Lee</div>
</td>
<td style="WIDTH: 65%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%">Secretary and Treasurer</td>
<td style="WIDTH: 65%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%">(Principal Financial Officer)</td>
<td style="WIDTH: 65%">&#160;</td>
</tr>
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</div>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>fp0027705_ex99906cert.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: FilePoint
    Document created using EDGARfilings PROfile 4.3.2.0
    Copyright 1995 - 2017 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><br>
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">EX 99.906CERT</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsection (a) and (b) of 18 U.S.C. 1350 Code)</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">In connection with the attached Report of The Herzfeld Caribbean Basin Fund, Inc. (the "Fund") on Form N-CSR to be filed with the Securities and Exchange Commission for the fiscal year ended June 30, 2014 (the "Report"), each of the undersigned officers of the Fund does hereby certify that, to the best of such officer's knowledge:</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund as of, and for, the periods presented in the Report.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; 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">Date: August 29, 2017</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
<table id="z3ab2b6f7f6194303ab8e3577c6e4db1f" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 35%; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal">/s/ Erik M. Herzfeld</div>
</td>
<td style="WIDTH: 65%; PADDING-BOTTOM: 2px">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%">
<div>Erik M. Herzfeld</div>
</td>
<td style="WIDTH: 65%">
<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%">President and Chairman</td>
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</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date: August 29, 2017</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal">/s/ Reanna J. M. Lee</div>
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<div>&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%">
<div>Reanna J. M. Lee</div>
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<td style="WIDTH: 35%">(Principal Financial Officer)</td>
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
