<SEC-DOCUMENT>0001398344-20-018070.txt : 20200904
<SEC-HEADER>0001398344-20-018070.hdr.sgml : 20200904
<ACCEPTANCE-DATETIME>20200904094807
ACCESSION NUMBER:		0001398344-20-018070
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200904
DATE AS OF CHANGE:		20200904
EFFECTIVENESS DATE:		20200904

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:		201160909

	BUSINESS ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
		BUSINESS PHONE:		305-777-1660

	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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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES SECURITIES AND EXCHANGE COMMISSION&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM N-CSR</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investment Company Act file number 811-06445</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>The Herzfeld Caribbean Basin Fund, Inc.</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>119 Washington Ave. Suite 504, Miami Beach,
FL 33139</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices) (Zip
code)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Erik M. Herzfeld</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>119 Washington Ave. Suite 504, Miami Beach,
FL 33139</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Registrant's telephone number, including area code: 305-777-1660</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of fiscal year end: 6/30</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date of reporting period: 7/01/19 - 6/30/20</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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 (&quot;OMB&quot;)
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.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 1. SHAREHOLDER REPORT&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-bottom: 0pt; margin-top: 0pt"><IMG SRC="fp0055688_1.jpg"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; font-variant: small-caps"><I><B>
</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Beginning with the distribution of the Fund&#8217;s December 31, 2020 semi-annual report in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&#8217;s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund&#8217;s website, www.herzfeld.com/cuba, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Fund documents that have been mailed to you.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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</B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>The Herzfeld Caribbean <BR>
Basin Fund, Inc.
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">119 Washington Avenue, Suite 504 <BR>
Miami Beach, FL 33139 <BR>
(305) 777-1660
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Investment Advisor
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">HERZFELD/CUBA<BR>
a division of Thomas J. Herzfeld Advisors, Inc. <BR>
119 Washington Avenue, Suite 504<BR>
Miami Beach, FL 33139 <BR>
(305) 777-1660
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Administrator, Transfer Agent <BR>
And Fund Accountant
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Ultimus Fund Solutions, LLC<BR>
225 Pictoria Drive, Suite 450<BR>
Cincinnati, OH 45246
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Sub-Transfer Agent
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">American Stock Transfer &amp; Trust Company, LLC<BR>
6201 15th Avenue Brooklyn<BR>
New York, NY 11219
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Custodian
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fifth Third Bank N.A. <BR>
Fifth Third Center<BR>
38 Fountain Square Plaza <BR>
Cincinnati, OH 45263
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Counsel
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Troutman Pepper Hamilton Sanders LLP<BR>
3000 Two Logan Square <BR>
18th and Arch Streets <BR>
Philadelphia, PA 19103
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Independent Registered Public Accounting Firm</B><B>
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Tait, Weller &amp; Baker LLP <BR>
50 South 16th Street, Suite 2900<BR>
Philadelphia, PA 19102
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>The Herzfeld Caribbean Basin Fund Inc.&#8217;s investment objective is long-term capital appreciation. To achieve its objective, the Fund invests in issuers that are likely, in the Advisor&#8217;s view, to benefit from economic, political, structural and technological developments in the countries in the Caribbean Basin, which include, among others, Cuba, Jamaica, Trinidad and Tobago, the Bahamas, the Dominican Republic, Barbados, Aruba, Haiti, the Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, the United States and Venezuela (&#8220;Caribbean Basin Countries&#8221;). The Fund invests at least 80% of its total assets in equity and equity-linked securities of issuers, including U.S.-based companies which engage in substantial trade with, and derive substantial revenue from, operations in Caribbean Basin Countries.
</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Listed NASDAQ Capital Market<BR>
Symbol: CUBA</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 2 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Letter to Stockholders </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">August 24, 2020
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Dear Fellow Stockholders,
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We are pleased to present our Annual Report for the period ended June 30, 2020. On that date, the net asset value (&#8220;NAV&#8221;) of The Herzfeld Caribbean Basin Fund, Inc. (CUBA) was $4.76 per share, down 24.95% for the fiscal year then ended, adjusted for distributions. The Fund&#8217;s share price closed the period at $3.70 per share, a loss of 27.37% over the same time period, also adjusted for distributions. Our NAV per share decrease during the fiscal year, together with the decrease in our share price, resulted in a widening of the discount to NAV from -16.23% to -22.26%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&nbsp;&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><IMG SRC="fp0055688_3.jpg">
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Thomas J. Herzfeld<BR>
Chairman and<BR>
Portfolio Manager</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks long-term capital appreciation through investment in companies that we believe are poised to benefit from economic, political, structural, and technological developments in the Caribbean Basin. Part of the investment strategy focuses on companies in the region that we believe would benefit from the resumption of U.S. trade with Cuba. Since it is impossible to predict when the U.S. embargo will be lifted, we have concentrated on investments that we believe can do well even if there is no political or economic change with respect to Cuba.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Caribbean Update
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The COVID-19 pandemic has been a major disruptor to the global economy, and particularly to the economies of the Caribbean Basin. Flights to and from the region have been curtailed or cancelled as demand has dropped significantly and countries enact their own travel restrictions for those traveling from certain virus hot spots. Cruise lines halted new departures from the U.S. in March amid a spate of COVID-19 outbreaks and have not sailed since. The cruise lines are a significant contributor to Caribbean economies as prior to the COVID-19 pandemic, generally a third of cruise line capacity was deployed to the Caribbean. Some Caribbean countries have imposed significant restrictions on movement and traffic by instituting curfews and lockdowns. Others have prohibited travel from specific countries or require a mandatory 14-day quarantine if arriving from certain countries. These measures have protected some islands more than others from the outbreak as the amount of confirmed cases varies by country. Six countries have reported less than 10 cases while the Dominican Republic has seen over 80,000 cases and more than 1,300 deaths.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cuba&#8217;s struggles have worsened due to a combination of lost tourist revenue from the pandemic, tightened U.S. sanctions, and a resultant decline in remittances. The loss </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 3 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Letter to Stockholders </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><IMG SRC="fp0055688_4.jpg">
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Erik M. Herzfeld<BR>
President and <BR>
Portfolio Manager</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">of revenue and hard currency has led to shortages of food and household necessities as the government has struggled to provide for its people. The Cuban government is reported to have ended its tax on the U.S. dollar while also opening new stores that only accept foreign currencies. In the new system, people will use cards backed by hard currencies instead of cash. The government apparently hopes that it can increase its hard currency supply in the process. On a positive note, Cuba appears to have done a better job with its response to the coronavirus as it was able to flatten the curve of new cases and has not reported a spike as quarantines were lifted.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">At the start of the year, the World Bank estimated the Caribbean economy to grow 5.6%. As of June, and after accounting for impacts of the COVID-19 pandemic, the projections have been updated to predict an overall 1.8% contraction.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">To further contribute to risks in the region, we are entering hurricane season in the Caribbean Basin. The combination of a potentially active storm season coupled with the ongoing pandemic could put significant additional strain on the region if evacuations and increased medical care are needed. The possibility of COVID-19 cases overrunning hurricane shelters is a serious human threat that creates further risk for the economic outlook for the region.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Portfolio
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund struggled in the fiscal third quarter ended March 31, 2020, which offset gains in the other three fiscal quarters. COVID-19 caused considerable disruption to the Fund&#8217;s portfolio as travel related holdings collapsed and have yet to recover. With much of the Caribbean Basin economy based on tourism, the pandemic was a perfect storm to grind much of the Caribbean economy to a halt, as discussed above. Beginning in February, our view was that the inability to contain COVID-19 and its spread through other parts of the world was inevitably heading to the U.S. and the Caribbean Basin. We defensively cut our holdings in our travel related positions trimming Copa Holdings (CPA), Marriott Vacations Worldwide (VAC), Norwegian Cruise Lines Holdings (NCLH), Carnival Cruise Lines (CCL), Royal Caribbean (RCL), and Avianca Holdings SA (AVHOQ). We increased our exposure to more defensive holdings in consumer staples and utilities sectors by adding Fresh Del Monte (FDP) and NextEra Energy (NEE). With the first major outbreaks outside of China being on cruise ships, we decided early in the pandemic to cut our position in cruise lines significantly. We also trimmed positions in airlines and hospitality at that time as we believed these would also be greatly affected by an expected decrease in tourism. Despite these defensive measures, we, like much of the financial markets, did not anticipate the collapse in March to be as severe as it was. We used the collapse to add back some of the cruise line positions we took off in February at a significantly lower price.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Our allocation to utilities, consumer staples, homebuilders, and home improvement contributed positively to performance over the 1-year fiscal period despite the global </P>
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Letter to Stockholders </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Ryan M. Paylor<BR>
Portfolio Manager</I></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">economic meltdown. The largest gainer in the period was Margo Caribe (MRGO) which gained 131.25%. MRGO was a direct beneficiary of the increased spending on home and garden products as people decided to spend discretionary dollars on home improvement projects while being quarantined at home. Lennar Corp. (LEN) was another top performer within the housing sector gaining 27.98% over the 1-year fiscal period. LEN continues to benefit from long-term tailwinds such as the constrained supply of housing, population growth in its geographic locations, and increasing demand for entry-level homes. The flight of city dwellers to the suburbs has accelerated during COVID-19 as residents seek less dense and perceptively safer living conditions. LEN stands to benefit in the short-term from this trend which should continue as long as the virus continues to thrive.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Becle SAB de CV (CUERVO) gained 24.52% in U.S. dollars as demand for tequila and mezcal continues to rise. Tequila and mezcal are now having their popular moment much like scotch and bourbon in previous decades. Tequila is now the fastest growing spirit with annual sales growth in excess of 10%. CUERVO also benefited from the weak Mexican peso as the majority of its sales are in the U.S. and Canada. A solid balance sheet and consistent demand pre- and post-COVID-19 resulted in CUERVO closing at an all-time high at the end of June.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Despite the trimming of the portfolio conducted in February, our allocations to travel via cruise lines and airlines were the largest detractors to performance over the fiscal year, led by our positions in Royal Caribbean (RCL), Norwegian Cruise Lines Holdings (NCLH), and Carnival Cruise Lines (CCL). Declines ranged from 57.46% to 69.36% over the 1-year fiscal period. To further elaborate on our defensive positioning, the Fund started the year with an 18.16% allocation to cruise lines, then cut the exposure to 12.38% in mid-February because of the reports of outbreaks on ships in Asia and ports refusing entry mentioned earlier. Still, when the market collapsed in March, cruise lines were the hardest hit in our portfolio. RCL, NCLH, and CCL all went to the public markets to raise debt and capital to weather the cancellation of cruises and to fund the resulting cash burn due to the drop in their revenues.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Our airline holdings suffered similarly. Avianca Holdings SA (AVHOQ) filed Chapter 11 bankruptcy as its weak balance sheet could not overcome the disruption from COVID-19. We exited the position after the declaration at a 90% loss making AVHOQ the worst performer in the Fund. Copa Holdings SA (CPA) was another top airline holding that struggled, although it has survived where other Latin American competitors have not. CPA dropped 47.01% over the Fund&#8217;s fiscal year. Besides Avianca, LATAM Airlines and Aeromexico also filed Chapter 11 since the onset of the COVID-19 outbreak.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 5 -</P>
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Letter to Stockholders </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Outlook
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The outlook for the Caribbean Basin is dominated by the timing of the re-starting of the U.S. tourism industry in the region. This will require an environment where consumers feel they can travel safely, either due to the existence of an effective vaccine, improved treatment protocols, or both. The Caribbean&#8217;s dependence on tourism makes the region&#8217;s economy one of the most negatively affected by the pandemic. However, the near total collapse of the region&#8217;s economy may also create an opportunity where those companies tied to the region&#8217;s macro-economic health will be the most positively affected once the public health threat is controlled.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition, the U.S. Presidential election coming up in November has the potential to positively impact the region. Recent polls show the Democratic candidate Joe Biden with a potential lead over the incumbent. We believe the potential election of Joe Biden may be a tailwind for the Fund as we would expect a friendlier relationship with Cuba, based on the historical policies of the Obama-Biden Administration.
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Finally, regardless of U.S. Presidential election outcome, we believe that an infrastructure bill and other stimulus packages that are currently under discussion by the U.S. Congress would be beneficial to our exposure to materials and industrials positions being held in the Fund.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Managed Distribution Plan Review
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Stockholders will recall that the Board of Directors of the Fund adopted a Managed Distribution Plan (&#8220;MDP&#8221;), in May 2019, the primary purpose of which is to provide stockholders with a constant, but not guaranteed, fixed minimum rate of distribution each quarter (currently set at the annual rate of 15% of the Fund&#8217;s NAV as determined on March 31, 2020 and payable in quarterly installments). The Fund has made four quarterly distributions since the announcement of the MDP, the latest being on June 30, 2020. The Fund cannot predict what effect, if any, the MDP will have on the market price of its shares or whether such market price will reflect a greater or lesser discount to NAV as compared to prior to the adoption of the MDP. The $0.15525 per share distribution on June 30th represented a distribution of 4.46% (not annualized) based upon the market price per share of the Fund and 3.75% (not annualized) based upon the NAV per share, each as of March 31, 2020. No conclusions should be drawn about the Fund&#8217;s investment performance from the amount of the Fund&#8217;s distributions or from the terms of the MDP.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund remains committed to provide current quarterly distributions to the Fund&#8217;s stockholders. The MDP is a key component of our strategy to narrow the Fund&#8217;s current discount to NAV. Historical data shows that closed-end funds that provide regular distributions to stockholders throughout the year can be an effective strategy to reduce a discount.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 6 -</P>
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Letter to Stockholders </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We note also that the Board of Directors has temporarily suspended the previously adopted contingent Self-Tender Policy under which the Fund would undertake to conduct a tender offer within 90 days after a fiscal year end (June 30th) of 5% of outstanding shares at 97.5% of NAV if the average discount was greater than 10% for the fiscal year just ended. It was determined that the execution of the Self-Tender Policy was not in the best interests of Fund shareholders given the current conditions in the market. The suspension of the Self-Tender Policy is subject to future review by the Board of Directors.
</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We continue our efforts to find effective ways to reduce the discount.
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</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 7 -</P>
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Letter to Stockholders </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Largest Allocations
</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following tables present our largest investment and geographic allocations as of June 30, 2020.
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<TD STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Geographic </I><I>Allocation</I></P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>% of Net Assets </I></P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>Largest Portfolio Positions </I></P></TD>
<TD STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>% of Net Assets</I></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%">&nbsp;</TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%">&nbsp;</TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%">&nbsp;</TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%">&nbsp;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>USA </I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>55.62%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Mastec, Inc.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>15.72%</I></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Mexico</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>16.31%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Popular, Inc.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>7.03%</I></P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Puerto Rico</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>15.93%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Royal Caribbean Cruises Ltd.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>6.05%</I></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Panama</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>5.72%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Nextera Energy, Inc.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>5.94%</I></P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Cayman</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>4.12%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>First BanCorp. (Puerto Rico)</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>5.54%</I></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Colombia</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>2.10%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Becle, S.A.B. de C.V.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>4.41%</I></P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Cuba</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>0.00%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Norwegian Cruise Line Holdings Ltd.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>4.32%</I></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Cash and Other Countries</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>0.02%</I></P></TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>PGT Innovations, Inc.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>4.14%</I></P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 31%">&nbsp;</TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%">&nbsp;</TD>
<TD STYLE="border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Fresh Del Monte Produce, Inc.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>4.12%</I></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; vertical-align: bottom; width: 31%">&nbsp;</TD>
<TD STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%">&nbsp;</TD>
<TD STYLE="border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; vertical-align: bottom; width: 43%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><I>Lennar Corp.</I></P></TD>
<TD STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; vertical-align: bottom; width: 13%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>3.90%</I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Weekly net asset values and press releases by the Fund are available on our website at <U>www.herzfeld.com/cuba</U>.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sincerely,
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 37%"><IMG SRC="fp0055688_8a.jpg"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></P></TD>
<TD STYLE="vertical-align: top; width: 32%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><IMG SRC="fp0055688_8.jpg"></P></TD>
<TD STYLE="vertical-align: top; width: 31%"><IMG SRC="fp0055688_8b.jpg"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></P></TD>
</TR>
<TR>
<TD STYLE="vertical-align: top; width: 37%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Thomas J. Herzfeld<BR>
Chairman of the Board<BR>
and Portfolio Manager</P></TD>
<TD STYLE="vertical-align: top; width: 32%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Erik M. Herzfeld<BR>
President and<BR>
Portfolio Manager</P></TD>
<TD STYLE="vertical-align: top; width: 31%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Ryan M. Paylor<BR>
Portfolio Manager</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="border-top: Black 0.25pt solid; font-size: 1pt; width: 20%">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>The above commentary is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security. The specific securities identified and described do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable. Portfolio composition is subject to change.</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 8 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Schedule of Investments as of June 30, 2020</B></I><FONT STYLE="font-size: 11pt"><I><B> </B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shares or <BR>
Principal <BR>
Amount</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fair Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Common stocks &#8212; 98.99% of net assets</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 2%; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 69%">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Airlines &#8212; 3.72%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,486</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Bristow Group, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">$</TD>
<TD STYLE="text-align: right">62,490</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">20,250</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Copa Holdings, S.A.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,023,840</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Banking and finance &#8212; 18.52%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">23,280</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Bancolombia, S.A.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">612,497</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">56,289</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Banco Latinoamericano de Comercio Exterior, S.A.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">647,323</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">16,956</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Evertec, Inc.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">476,464</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">289,477</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">First BanCorp. (Puerto Rico)</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,618,177</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">55,230</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Popular, Inc.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">2,052,899</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,844</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">W Holding Company, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><SUP>1</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Communications &#8212; 2.10%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">15,698</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Am&#233;rica M&#243;vil, S.A.B. de C.V. ADR</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">199,207</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">209,144</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Am&#233;rica M&#243;vil, S.A.B. de C.V. Series L</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">134,383</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">479,175</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Fuego Enterprises, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">47,918</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">207,034</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Grupo Radio Centro S.A.B. de C.V.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">44,132</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">28,400</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Grupo Televisa, S.A.B. ADR</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">148,816</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">32,272</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Spanish Broadcasting System, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">17,750</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">33,226</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Telesites S.A.B. Series B-1<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">21,031</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Conglomerates and holding companies &#8212; 0.00%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">250,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Admiralty Holding Company<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><SUP>1</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Construction and related &#8212; 26.64%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">270,645</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Cemex, S.A.B. de C.V. ADR</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">779,458</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">20</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Ceramica Carabobo Class A ADR<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><SUP>1</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Martin Marietta Materials</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">619,710</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">102,297</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">MasTec, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">4,590,066</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">77,117</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">PGT Innovations, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,209,195</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">5,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Vulcan Materials</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">579,250</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 9 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Schedule of Investments as of June 30, 2020</B></I><FONT STYLE="font-size: 11pt"><I><B> </B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shares or <BR>
Principal <BR>
Amount</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fair Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Food, beverages and tobacco &#8212; 12.03%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">670,000</TD>
<TD STYLE="white-space: nowrap; width: 2%; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 69%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Becle, S.A.B. de C.V.</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">1,287,710</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">18,900</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. Series UBD</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">117,304</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">14,610</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. ADR</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">905,966</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">48,850</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Fresh Del Monte Produce, Inc.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,202,687</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Housing &#8212; 3.90%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">18,500</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Lennar Corporation</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,139,970</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Investment companies &#8212; 0.00%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">70,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Waterloo Investment Holdings Ltd.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><SUP>1</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Leisure &#8212; 13.70%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">25,559</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Carnival Corporation</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">419,679</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,745</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Marriott Vacations Worldwide Corporation</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">554,506</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">76,717</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Norwegian Cruise Line Holdings Ltd.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,260,460</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">35,120</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Royal Caribbean Cruises Ltd.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,766,536</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Mining &#8212; 0.03%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">3,872</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Grupo M&#233;xico, S.A.B. de C.V. Series B</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">8,995</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Retail &#8212; 1.96%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,270</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Grupo Elektra, S.A.B. de C.V. Series CPO</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">69,613</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">210,222</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Wal-Mart de M&#233;xico, S.A.B. de C.V. Series V</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">502,715</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Service &#8212; 2.54%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">6,600</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Grupo Aeroportuario ADR<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">741,114</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Trucking and marine freight &#8212; 2.05%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">204</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Seaboard Corporation</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">598,499</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 10 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Schedule of Investments as of June 30, 2020</B></I><FONT STYLE="font-size: 11pt"><I><B> </B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Shares or <BR>
Principal <BR>
Amount</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Description</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fair Value</P></TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Utilities &#8212; 10.07%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">12,000</TD>
<TD STYLE="white-space: nowrap; width: 2%; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 69%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Caribbean Utilities Ltd. Class A</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">191,760</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">70,025</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Consolidated Water Company Ltd.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,010,461</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">700</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Cuban Electric Company (Note 3)<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><SUP>1</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">7,218</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">NextEra Energy, Inc.</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">1,733,547</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Other &#8212; 1.73%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">25,000</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Geltech Solutions, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">537</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">55,921</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Margo Caribe, Inc.<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">503,289</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">79</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Siderurgica Venezolana Sivensa, S.A. Series B<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><SUP>1</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total common stocks (cost $31,214,849)</B></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>28,899,954</B></TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Bonds &#8212; 0.00% of net assets</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">$</TD>
<TD STYLE="text-align: right">165,000</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Republic of Cuba &#8212; 4.5%, 1977 - in default (Note 3)<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><SUP>1</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total bonds (cost $63,038)</B></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Money Market Securities &#8212; 0.81%</P></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">$</TD>
<TD STYLE="text-align: right">236,330</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Federated Government Obligations Fund, Institutional Class, 0.07%<SUP>2</SUP></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">236,330</TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total Money Market Securities (cost $236,330)</B></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>236,330</B></TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt"><B>Total investments (cost $31,514,217) &#8212; 99.80% of net assets</B></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>29,136,284</B></TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt"><B>Other assets in excess of liabilities &#8212; 0.20% of net assets </B></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>59,553</B></TD>
<TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD COLSPAN="5" STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt"><B>Net assets &#8212; 100%</B></P></TD>
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B></B><B>29,195,837</B></TD>
<TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="border-top: Black 0.25pt solid; font-size: 1pt; width: 20%">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>1</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">	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.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>2</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 	Rate disclosed is the seven day effective yield as of June 30, 2020.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT> 	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Non-income producing
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 11 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Schedule of Investments as of June 30, 2020</B></I><FONT STYLE="font-size: 11pt"><I><B> </B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investments are concentrated in the following geographic regions (as percentages of net assets)(unaudited):
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 81%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">United States of America</P></TD>
<TD STYLE="text-align: right; vertical-align: bottom; width: 19%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">55.62%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 81%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Mexico</P></TD>
<TD STYLE="text-align: right; vertical-align: bottom; width: 19%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">16.31%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 81%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Puerto Rico</P></TD>
<TD STYLE="text-align: right; vertical-align: bottom; width: 19%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">15.93%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 81%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Panama</P></TD>
<TD STYLE="text-align: right; vertical-align: bottom; width: 19%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">5.72%</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 81%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 4.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Other, individually under 5%<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; text-align: right; vertical-align: bottom; width: 19%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">6.42%</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 81%">&nbsp;</TD>
<TD STYLE="text-align: right; vertical-align: bottom; width: 19%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">100.00%</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt">
<DIV STYLE="border-top: Black 0.25pt solid; font-size: 1pt; width: 20%">&nbsp;</DIV>
</DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT>	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Amount includes other assets less liabilities of 0.06%</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 12 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>Statement of Assets and Liabilities <BR>
June 30, 2020</B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>ASSETS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Investments in securities, at fair value (cost $31,514,217) (Notes 2 and 3)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">29,136,284</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Cash</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">24,861</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Dividends receivable</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">44,741</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Receivable from investment advisor, net of voluntary waiver (Note 4)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">4,417</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Deferred offering cost (shelf) (Note 7)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">22,558</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Other assets</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">40,918</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>TOTAL ASSETS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">29,273,779</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>LIABILITIES</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accrued professional fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">50,000</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accrued administrator fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">7,817</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accrued custody fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">450</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accrued other expenses</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">19,675</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>TOTAL LIABILITIES</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">77,942</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET ASSETS</B><FONT STYLE="font-weight: normal; font-style: normal"> (Equivalent to $4.76 per share based on 6,133,665 shares issued and outstanding)</FONT></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">29,195,837</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Net Assets consist of:</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Common stock, $.001 par value: 100,000,000 shares authorized; 6,133,665</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Paid-in capital</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">34,007,159</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accumulated deficit</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(4,811,322</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET ASSETS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">29,195,837</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 13 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>Statement of Operations<BR>
</B></I><FONT STYLE="font-size: 11pt"><I><B>For the year</B></I></FONT><FONT STYLE="font-size: 11pt"><I><B> ended June 30, 2020</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>INVESTMENT INCOME</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Dividend income (net of foreign taxes withheld of $16,856)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">643,011</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Interest income</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">4,678</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total investment income</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">647,689</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>EXPENSES</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Investment advisor fees (Note 4)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">591,150</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Professional fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">255,766</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Director fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">131,368</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Compliance and operational support services fees (Note 4)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">75,675</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Audit</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">52,500</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Administration fees (Note 4)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">35,820</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Printing and postage</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">34,959</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Transfer agent fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">24,526</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Custodian fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">24,293</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Listing fees</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">15,415</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Proxy services</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">1,742</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Other</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">61,464</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total expenses</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">1,304,678</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Fees voluntarilty waived by investment advisor</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">(40,762</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net operating expenses</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">1,263,916</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET INVESTMENT LOSS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(616,227</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net realized loss on investments and foreign currency</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">(1,939,225</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Change in unrealized appreciation/depreciation on investments and foreign currency</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(8,600,626</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(10,539,851</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right">(11,156,078</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 14 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Statements of Changes in Net Assets</B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>For the <BR>
Year Ended <BR>
June 30, <BR>
2020</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>For the <BR>
Year Ended <BR>
June 30, <BR>
2019</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>INCREASE (DECREASE) IN NET ASSETS DUE TO:</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>OPERATIONS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net investment loss</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">(616,227</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">(486,576</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net realized gain (loss) on investments and foreign currency </P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">(1,939,225</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">1,080,547</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Change in unrealized appreciation/depreciation on investments and foreign currency</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(8,600,626</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(1,229,196</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(11,156,078</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(635,225</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>DISTRIBUTIONS TO STOCKHOLDERS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">From earnings</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">(659,974</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">(1,870,766</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Return of capital</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(5,529,654</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>TOTAL DISTRIBUTIONS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(6,189,628</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(1,870,766</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>TOTAL DECREASE IN NET ASSETS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right"><B>(17,345,706</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right"><B>(2,505,991</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><B>)</B></TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>NET ASSETS</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Beginning of year</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">46,541,543</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">49,047,534</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>End of year</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><B></B><B>29,195,837</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><B></B><B>46,541,543</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 15 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>Financial Highlights<BR>
</B></I><FONT STYLE="font-size: 11pt"><I><B>(For a share outstanding during each year)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="18" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Year Ended June 30,</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>2020</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>2019</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>2018</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>2017</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>2016</B></P></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Selected Per Share Data:</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net asset value, beginning of year</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right"><B></B><B>7.59</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">8.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">8.32</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">6.47</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">7.43</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Investment operations:</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Net investment loss<SUP>1</SUP></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>(0.10</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.08</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.11</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.14</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.07</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Net realized and unrealized gain (loss) on investments</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right"><B>(1.72</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.02</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.09</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">2.12</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.80</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Total from investment operations</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right"><B>(1.82</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.10</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.20</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">1.98</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.87</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Less distributions to shareholders from:</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Net realized gains</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>(0.11</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.31</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.12</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.13</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.16</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Return of capital</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right"><B>(0.90</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: -4.5pt; margin-bottom: 0pt; margin-top: 0pt">Total distributions</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right"><B>(1.01</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><B>)</B></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.31</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.12</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.13</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">(0.16</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">)</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accretive effect of ATM offering</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>&#8212;</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">0.07</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Accretive effect of shares in reinvestment of distribution</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>&#8212;</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><SUP>2</SUP>&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net asset value, end of year</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right"><B></B><B>4.76</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">7.59</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">8.00</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">8.32</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: right">6.47</TD>
<TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Per share market value, end of year</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="width: 10%; text-align: right"><B></B><B>3.70</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">6.36</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">6.60</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">7.20</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">6.11</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total investment return based on market value per share<SUP>3</SUP></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>(27.37)</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><B>%</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">2.16</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(6.82</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">20.17</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(33.73</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)%</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><B>Ratios and Supplemental Data:</B></P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Net assets, end of year (000 omitted)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>$</B></TD>
<TD STYLE="width: 10%; text-align: right"><B></B><B>29,196</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">46,542</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">49,048</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">51,047</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">39,699</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ratio of expenses to average net assets after waiver</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>3.10</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><B>%</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">2.79</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">2.72</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%<SUP>4</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">3.36</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%<SUP>5</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">3.20</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ratio of expenses to average net assets before waiver</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>3.20</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><B>%</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">2.79</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">2.72</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%<SUP>4</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">3.36</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%<SUP>5</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">3.20</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Ratio of net investment loss to average net assets after waiver</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>(1.51</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><B>)%</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(1.06</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(1.29</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)%<SUP>4</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(1.86</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)%<SUP>5</SUP></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">(0.99</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">)%</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio turnover rate</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD>
<TD STYLE="width: 10%; text-align: right"><B>8</B></TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left"><B>%</B></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">6</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">19</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">16</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; text-align: right">9</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">%</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>1</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">	Computed by dividing the respective year&#8217;s amounts from the Statement of Operations by the average outstanding shares for each year presented.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>2</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 	Amount rounds to less than $0.01.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>3</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 	Total investment return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at actual prices pursuant to the Fund&#8217;s Dividend Reinvestment Plan.
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>4</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 	This figure includes expenses incurred as a result of the expiration of the Fund&#8217;s shelf registration. The overall impact on the Fund&#8217;s ratios is an increase of 0.22% (Note 7).
</P>
</TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><SUP>5</SUP></P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> 	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).
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>See accompanying notes to the financial statements.</B></I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 16 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 1. ORGANIZATION AND RELATED MATTERS
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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;
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund&#8217;s investment objective is to obtain long-term capital appreciation. The Fund pursues its objective by investing primarily in equity and equity-linked securities of public and private companies, including U.S.-based companies, (i) whose securities are traded principally on a stock exchange in a Caribbean Basin Country or (ii) that have at least 50% of the value of their assets in a Caribbean Basin Country or (iii) that derive at least 50% of their total revenue from operations in a Caribbean Basin Country (collectively, &#8220;Caribbean Basin Companies&#8221;). Under normal conditions, the Fund invests at least 80% of its total assets in equity and equity-linked securities of Caribbean Basin Countries. This 80% policy may be changed without stockholder approval upon sixty days written notice to stockholders. The Fund&#8217;s investment objective is fundamental and may not be changed without the approval of a majority of the Fund&#8217;s outstanding voting securities.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under the Fund&#8217;s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund&#8217;s maximum exposure under these arrangements is unknown as this would involve any future potential claims that may be made against the Fund. However, based on experience, management expects the risk of loss to be remote.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Security Valuation
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In determining fair value, the Fund uses various valuation approaches. 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund&#8217;s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 17 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Level 1: 	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Level 2: 	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. 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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 40.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Level 3: 	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including, the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. 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. 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. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 18 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The following table summarizes the classification of the Fund&#8217;s investments by the above fair value hierarchy levels as of June 30, 2020:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; text-decoration: underline; border-bottom-color: Black; border-bottom-style: solid; border-bottom-width: 1pt; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-decoration: underline; border-bottom-color: Black; border-bottom-style: solid; border-bottom-width: 1pt; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Level 1</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-decoration: underline; border-bottom-color: Black; border-bottom-style: solid; border-bottom-width: 1pt; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Level 2</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-decoration: underline; border-bottom-color: Black; border-bottom-style: solid; border-bottom-width: 1pt; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Level 3</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-decoration: underline; border-bottom-color: Black; border-bottom-style: solid; border-bottom-width: 1pt; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Total</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="border-top: #000000 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Assets (at fair value)</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Common stocks</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">USA</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">16,190,419</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">47,918</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">16,238,337</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Mexico</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">4,717,105</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">44,132</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">4,761,237</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Puerto Rico</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">4,650,829</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">4,650,829</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Panama</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">1,671,163</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">1,671,163</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Cayman</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">1,202,221</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">1,202,221</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Colombia</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">612,497</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">612,497</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Bonds</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&nbsp;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 27pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Cuba</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Total investments in securities</P></TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">29,044,234</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">92,050</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">&#8212;</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%">&nbsp;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 12%; text-align: right">29,136,284</TD>
<TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The fair valued securities (Level 3) held in the Fund consisted of Cuban Electric Company, Ceramica Carabobo, Siderurgica Venezolana Sivensa S.A., Admiralty Holding Company, Waterloo Investment Holding, W Holding Company and Republic of Cuba 4.5% bond. There was no change in value since June 30, 2019, therefore no Level 3 reconciliation table is required.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under procedures approved by the Board of Directors, the Advisor provides administration and oversight of the Fund&#8217;s valuation policies and procedures, which are reviewed at least annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Advisor convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when recommending a fair value. The Advisor may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discount may be applied due to the nature or duration of any restrictions on the disposition of investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Advisor employs various methods for calibrating these valuation approaches including a regular view of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 19 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Income Recognition
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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. 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Foreign Currency
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The accounting records of the Fund are maintained in U.S. dollars. 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. 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Deposits with Financial Institutions
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may, during the course of its operations, maintain account balances with financial institutions in excess of federally insured limits.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Counterparty Brokers
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 custodian, Fifth Third Bank N.A. The Fund also transacts with other brokers. The Fund is subject to credit risk to the extent any broker with which it conducts business is unable to fulfill contractual obligations on its behalf. The Fund&#8217;s management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Use of Estimates in the Preparation of Financial Statements
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Income Taxes
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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. Under these provisions, </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 20 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the Fund is not subject to federal income tax on its taxable income and no federal income or excise tax provision is required.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has adopted a June 30 year-end for federal income tax purposes.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Distributions to Stockholders
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under a managed distribution plan, beginning fiscal year starting July 1, 2020, the Fund will pay distributions to stockholders payable in quarterly installments at an annual rate, currently set at 15% of the Fund&#8217;s March 31, 2020 NAV. Distributions prior to March 31, 2020, were set at a rate of 15% of the Fund&#8217;s June 30, 2019 NAV. The quarterly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a quarterly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Distributions to stockholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. For the fiscal year ended June 30, 2020, distributions consisting of return of paid-in capital of $0.284625, $0.177026, $0.284625 and $0.15525 per share were declared on September 12, 2019, December 3, 2019, March 10, 2020 and June 9, 2020, respectively, and a distribution from long-term capital gains of $0.107599 per share was declared on December 20, 2019.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 3. RESTRICTED SECURITIES OWNED
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in securities include $165,000 principal, 4.5%, 1977 Republic of Cuba bonds, $140,000 purchased for $52,850 on February 15, 1995 and $25,000 purchased for $10,188 on April 27, 1995, that are currently segregated and restricted from transfer. The bonds were listed on the New York Stock Exchange (&#8220;NYSE&#8221;) and had been trading in default since 1960. 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. The NYSE has stated that following the suspension of trading, application will be made to the Securities and Exchange Commission to delist the issue. As of June 30, 2020, the position was valued at $0 under procedures approved by the Board of Directors.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investments in securities also include 700 shares of Cuban Electric Company, 482 shares purchased for $4,005 on September 30, 2005 and 218 shares purchased for $1,812 on September 30, 2005, which are currently segregated and restricted from transfer. As of June 30, 2020, the position was valued at $0 under procedures approved by the Board of Directors.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 21 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 4. TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Transactions with Affiliates
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">HERZFELD / CUBA (the &#8220;Advisor&#8221;), a division of Thomas J. Herzfeld Advisors, Inc., is the Fund&#8217;s investment advisor and charges a fee at the annual rate of 1.45% of the Fund&#8217;s average daily net assets. Total fees for the fiscal year ended June 30, 2020 amounted to $591,150, before the waiver described below. Mr. Thomas J. Herzfeld is the owner of the Advisor.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Advisor has agreed to voluntarily waive its management fee by ten basis points, in support of the Fund&#8217;s initiative to attempt to reduce the stock price discount to NAV. For the fiscal year ended June 30, 2020, the Advisor waived fees in the amount of $40,762. As of June 30, 2020, the Advisor owed the Fund $4,417.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">TMorgan Advisers, LLC (&#8220;TMA&#8221;) and Duff &amp; Phelps (&#8220;D&amp;P&#8221;), LLC have been engaged by the Advisor to provide, among other things, certain compliance and operational support services with respect to the Fund, including the services of Mr. Thomas K. Morgan as the Fund&#8217;s chief compliance officer. A portion of the fees paid to TMA and D&amp;P are allocated to the Fund for payment based on the estimated percentage of time spent by the personnel of TMA and D&amp;P on the services provided to the Fund. The Fund may pay the amount of the fee allocated to it for compliance and support services directly to TMA and D&amp;P or reimburse the Advisor for the Fund&#8217;s portion of such fees paid by the Advisor to TMA and D&amp;P. For the fiscal year ended June 30, 2020, the total compliance and operational support services fees paid or payable by the Fund amounted to $75,675.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Other Service Providers
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under a Master Services Agreement between Ultimus Fund Solutions, LLC (&#8220;Ultimus&#8221;) and the Fund, Ultimus is responsible for fund administration, including generally managing the administrative affairs of the Fund, and supervising the preparation of reports to stockholders, reports to and filings with the SEC and materials for meetings of the Board. Ultimus is also responsible for fund accounting, including calculating the net asset value per share and maintaining the financial books and records of the Fund. Ultimus also serves as the transfer agent and provides shareholder services to the Fund. The Master Services Agreement permits Ultimus to subcontract for the provision of services it has contracted for under the Master Services Agreement, and Utimus has subcontacted transfer agency services to American Stock Transfer &amp; Trust Company, LLC. Ultimus is entitled to receive a fee in accordance with the agreement and was paid $35,820 for the period ended June 30, 2020.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has entered into an agreement with Fifth Third Bank N.A. to serve as the custodian for the Fund&#8217;s assets.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 22 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 5. INVESTMENT TRANSACTIONS
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the fiscal year ended June 30, 2020, purchases and sales of investment securities were $3,312,770 and $9,656,505, respectively.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 6. INCOME TAX INFORMATION
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The cost basis of securities owned for financial statement purposes is lower than the cost basis for income tax purposes by $211,799 due to wash sale adjustments and book-to-tax adjustments to partnership investment. As of June 30, 2020, gross unrealized gains were $4,914,224 and gross unrealized losses were $7,503,956 for income tax purposes.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Permanent differences accounted for during the year ended June 30, 2020 result from differences between book and tax accounting the reclassification of the Fund&#8217;s net investment loss for tax purposes. Such amounts have been reclassified as follows:
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">&nbsp;</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Total <BR>
Distributable <BR>
Earnings</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Additional Paid <BR>
in Capital</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
<TD STYLE="border-bottom: #000000 1pt solid; border-bottom-color: Black; border-bottom-style: solid; border-bottom-width: 1pt; vertical-align: bottom"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt">Year ended June 30, 2020</P></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">497,231</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right">(497,231</TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">)</TD>
</TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">At June 30, 2020, the Fund had $194,544 short-term and $1,712,868 long-term capital loss carryover. To the extent that the 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of June 30, 2020, the Fund had no post-October losses which are deferred until fiscal year 2021 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of June 30, 2020, the Fund had $314,178 of qualified late-year ordinary losses, which are deferred until fiscal year 2021 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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, 2017. 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 23 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">De-recognition of a tax benefit previously recognized results in the Fund recording a tax liability that reduces ending net assets.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 fiscal year ended June 30, 2020.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The tax character of distributions paid to stockholders during the fiscal year ended June 30, 2020 and June 30, 2019 were as follows: long-term capital gains of $659,974 and $1,870,766, respectively. For the fiscal year ended June 30, 2020, the Fund had return of capital of $5,529,654.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 7. CAPITAL SHARE TRANSACTIONS
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>2018 Shelf Registration
</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has incurred approximately $22,558 of offering costs in association with a shelf registration, which is recorded as deferred offering costs and will be amortized over the life of the shelf registration if and when new shares are issued. These costs are categorized as deferred offering costs (shelf) on the Statement of Assets and Liabilities. As of June 30, 2020, $0 has been amortized.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I>2015 ATM Offering and Shelf Registration
</I></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Additionally, the Fund incurred approximately $120,115 of offering costs in association with a shelf registration, which was recorded as a deferred offering cost and amortized over the life of the shelf registration as new shares were issued. At the expiration of the shelf registration $4,719 of offering costs had been amortized. Upon expiration of the shelf registration, the remaining $115,396 of offering costs were expensed to legal expense (professional fees), audit expense (professional fees), printing and postage and registration expense.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 24 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 8. INVESTMENT RISKS
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Foreign Securities Risk
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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, prices of foreign securities may go up and down more than prices of securities traded in the United States.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Foreign Economy Risk
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Currency Risk
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 25 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Notes to Financial Statements </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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, 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Geographic Concentration Risk
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Managed Distribution Risk
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under the managed distribution plan, the Fund makes quarterly distributions to stockholders at a rate set once a year that is a percentage of the Fund&#8217;s NAV at its most recent fiscal year-end, that may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a quarterly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level. No conclusions should be drawn about the Fund&#8217;s investment performance from the amount of the Fund&#8217;s distributions or from the terms of the managed distribution plan. A return of capital occurs when some or all of the money that stockholders invested in the Fund is paid back to them. A return of capital does not reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; Any such returns of capital will decrease the Fund&#8217;s total assets and, therefore, could have the effect of increasing the Fund&#8217;s expense ratio. In addition, in order to make such distributions, the Fund may have to sell a portion of its investment portfolio at a less than opportune time. There is a risk that amendment or termination of the managed distribution plan could have an adverse effect on the market price of the Fund&#8217;s shares.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><B>Pandemic Risk
</B></U></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In March 2020 the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The impact upon the Fund of the COVID-19 pandemic has been significant and remains an ongoing risk to the Fund&#8217;s financial position, results of operations and cash flows.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>NOTE 9. SUBSEQUENT EVENTS
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 26 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Report of Independent Registered Public Accounting Firm </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>To the Shareholders and<BR>
The Board of Directors of <BR>
The Herzfeld Caribbean Basin Fund, Inc.</B><FONT STYLE="font-weight: normal; font-style: normal">
</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Opinion on the Financial Statements
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We have audited the accompanying statement of assets and liabilities of The Herzfeld Caribbean Basin Fund, Inc. (the &#8220;Fund&#8221;), including the schedule of investments, as of June 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Basis for Opinion
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">These financial statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund&#8217;s auditor since 2016.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, 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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>TAIT, WELLER &amp; BAKER LLP</B></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Philadelphia, Pennsylvania<BR>
August 24, 2020</B><FONT STYLE="font-weight: normal; font-style: normal">
</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 27 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Directors and Officers of the Fund </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Name <BR>
Address <BR>
and Age</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Position(s)<BR>
Held with Fund</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Term of Office and <BR>
Length of Time <BR>
Served</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><I>Interested Directors</I></U></P></TD>
<TD STYLE="vertical-align: bottom; width: 26%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 26%">&nbsp;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Thomas J. Herzfeld<FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT><BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504 <BR>
Miami Beach, FL 33139<BR>
Age: 75</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Chairman, Director, Class III, and Portfolio Manager</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">three years;<BR>
1993 to present</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><I>Independent Directors</I></U></P></TD>
<TD STYLE="vertical-align: top; width: 26%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 26%">&nbsp;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>John A. Gelety<BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">c/o The Herzfeld Caribbean </FONT><FONT STYLE="font-weight: normal; font-style: normal">Basin Fund, Inc.<BR>
</FONT><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504 <BR>
Miami Beach, FL 33139<BR>
Age: 52</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Director, Class II</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">three years; <BR>
2011 to present</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Cecilia L. Gondor<BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">c/o The Herzfeld Caribbean </FONT><FONT STYLE="font-weight: normal; font-style: normal">Basin Fund, Inc.<BR>
</FONT><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504 <BR>
Miami Beach, FL 33139<BR>
Age: 58</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Director, Class I</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">three years; <BR>
2014 to present</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Ann S. Lieff<BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">c/o The Herzfeld Caribbean </FONT><FONT STYLE="font-weight: normal; font-style: normal">Basin Fund, Inc.<BR>
</FONT><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504 <BR>
Miami Beach, FL 33139<BR>
Age: 68</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Director, Class II</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">three years; <BR>
1998 to present</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Kay W. Tatum, Ph.D., CPA <BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">c/o The Herzfeld Caribbean </FONT><FONT STYLE="font-weight: normal; font-style: normal">Basin Fund, Inc.<BR>
</FONT><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504 <BR>
Miami Beach, FL 33139<BR>
Age: 68</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Director, Class I</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">three years; <BR>
2007 to present</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt; vertical-align: bottom">*</FONT> 	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Mr. Thomas J. Herzfeld is an &#8220;interested person&#8221; of the Fund, (as defined in the Investment Company Act of 1940) because he is a Director, control person, and employee of the Fund&#8217;s Advisor.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 28 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
 </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 53%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Principal Occupation(s) <BR>
</B><B>During Past 5 Years</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Number of <BR>
Portfolios In <BR>
Complex Overseen <BR>
By Director</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Other <BR>
Directorships <BR>
</B><B>Held by Director</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 53%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 24%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 24%">&nbsp;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 53%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Thomas J. Herzfeld Advisors, Inc., serving as Chairman, 1984-present; Portfolio Manager, 1984-present; and President, 1984-2016.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Cuba Fund, Inc. (in registration)</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top; width: 53%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 24%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 24%">&nbsp;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 53%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Attorney and shareholder at Greenspoon Marder, LLP, corporate practice group, 2016-present; John A. Gelety, PA, a transactional law firm, 2005-2016.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">None</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top; width: 53%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">None</P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 53%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">None</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top; width: 53%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">1</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">None</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Additional information about the Directors is included in the Fund&#8217;s Prospectus.</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 29 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Directors and Officers of the Fund </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Name <BR>
Address <BR>
and Age</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Position(s)<BR>
Held with Fund</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Term of Office and <BR>
Length of Time <BR>
Served</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt; text-decoration: underline"><U><I>Officers</I></U></P></TD>
<TD STYLE="vertical-align: bottom; width: 26%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 26%">&nbsp;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Erik M. Herzfeld<BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504<BR>
Miami Beach, FL 33139<BR>
Age: 46 </FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Manager;<BR>
President</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2008 to present; <BR>
2016 to present </P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Thomas K. Morgan<BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504<BR>
Miami Beach, FL 33139 <BR>
Age: 61</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">CCO, Assistant Secretary </P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2018 to present </P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B></B><FONT STYLE="font-weight: normal; font-style: normal"></FONT><B>Zachary P. Richmond</B><FONT STYLE="font-weight: normal; font-style: normal"><BR>
225 Pictoria Drive, Suite 450
</FONT></P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cincinnati, Oh 45246
</P><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Age: 40</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Treasurer</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2019 to present</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Alice Tham<BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504<BR>
Miami Beach, FL 33139 <BR>
Age: 30</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Secretary</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2019 to present </P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 48%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Ryan M. Paylor<BR>
</B><FONT STYLE="font-weight: normal; font-style: normal">119 Washington Avenue, Suite 504 <BR>
Miami Beach, FL 33139<BR>
Age: 39</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Manager</P></TD>
<TD STYLE="vertical-align: top; width: 26%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">2019 to present</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 30 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
 </B></I></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 76%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Principal Occupation(s) <BR>
</B><B>During Past 5 Years</B></P></TD>
<TD STYLE="border-bottom: #000000 1pt solid; vertical-align: bottom; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Other <BR>
Directorships <BR>
</B><B>Held by Officer</B></P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: bottom; width: 76%">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 24%">&nbsp;</TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 76%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Strategic Incubation Partners, Inc. </P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top; width: 76%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Thomas J. Herzfeld Advisors, Inc., serving as Chief Compliance Officer, 2018-present; TMorgan Advisers Limited Liability Company, compliance consulting and outsourced chief compliance officer services.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">N/A </P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 76%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Vice President, Director of Financial Administration for Ultimus Fund Solutions, LLC since February 2019. Assistant Vice President, Associate Director of Financial Administration for Ultimus Fund Solutions, LLC December 2015-February 2019; Manager, Fund Administration, Huntington Asset Services, Inc. January 2011-December 2015.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">N/A</P></TD>
</TR>
<TR STYLE="background-color: Gainsboro">
<TD STYLE="vertical-align: top; width: 76%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Thomas J. Herzfeld Advisors, Inc., serving as Operations Manager, 2012-present.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">N/A </P></TD>
</TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; width: 76%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Thomas J. Herzfeld Advisors, Inc., serving as Portfolio Manager for the Advisor&#8217;s separately managed accounts 2012-present.</P></TD>
<TD STYLE="vertical-align: top; width: 24%"><P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">N/A</P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 31 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Quarterly Portfolio Reports </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the &#8220;SEC&#8221;) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund&#8217;s Form N-PORT reports are available on the SEC&#8217;s website at http://www.sec.gov.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B>Proxy Voting Policies and Procedures </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve month period ended June 30, 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.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 32 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Privacy Policy </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We consider customer privacy to be an essential part of our investor relationships and are committed to maintaining the confidentiality, integrity and security of our current, prospective and former stockholders&#8217; non-public personal information. We have developed policies that are designed to protect this confidentiality, while permitting stockholder needs to be served.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Obtaining Personal Information
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">While providing stockholders with products and services, we, and certain service providers, such as the Fund&#8217;s Transfer Agents and/or Administrators, may obtain non-public personal information about stockholders, which may come from sources such as (i) account applications, subscription agreements and other forms, (ii) written, electronic or verbal correspondence, (iii) stockholder transactions, (iv) a stockholder&#8217;s brokerage or financial advisory firm, financial advisor or consultant, and/or (v) from information captured on applicable websites. The non-public personal information that may be collected from stockholders may include the stockholder&#8217;s name, address, tax identification number, birth date, investment selection, beneficiary information, and possibly the stockholder&#8217;s personal bank account information and/or email address if the stockholder has provided that information, as well as the stockholder&#8217;s transaction and account history with the Fund.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Respecting Your Privacy
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We do not disclose any non-public personal information provided by stockholders or gathered by us to third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Fund. Non-affiliated companies may from time to time be used to provide certain services, such as maintaining stockholder accounts, preparing and mailing prospectuses, reports, account statements and other information, and gathering stockholder proxies. In many instances, the stockholders will be clients of a third party, but we may also provide a stockholder&#8217;s personal and account information to the stockholder&#8217;s respective brokerage or financial advisory firm and/or financial advisor or consultant.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Sharing Information with Third Parties
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We reserve the right to report or disclose personal or account information to third parties in circumstances where we believe in good faith that disclosure is required or permitted under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by the Fund&#8217;s Investment Advisor. In addition, we may disclose information about a stockholder or a stockholder&#8217;s accounts to a third party at the stockholder&#8217;s request or with the consent of the stockholder.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Procedures to Safeguard Private Information
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">We are committed to our obligation to safeguard stockholder non-public personal information. In addition to this policy, we have implemented procedures that are designed to limit access to a stockholder&#8217;s non-public personal information to internal personnel who require the information to complete tasks, such as processing transactions, maintaining </P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 33 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Privacy Policy </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">stockholder accounts or otherwise providing services the stockholder requested. Physical, electronic and procedural safeguards are in place to guard a stockholder&#8217;s non-public personal information.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Information Collected from Websites
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Websites maintained by the Fund, the Investment Advisor or their service providers may use a variety of technologies to collect information that helps the Fund, the Investment Advisor and their service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as &#8220;cookies&#8221;) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. If you are a registered user of the Fund&#8217;s or the Investment Advisor&#8217;s and/ or their service providers&#8217; website, the Fund or the Investment Advisor, their service providers, or third party firms engaged by the Fund or the Investment Advisor and/or their service providers, may collect or share information submitted by you, which may include personally identifiable information. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly. The Fund and the Investment Advisor do not look for web browser &#8220;do not track&#8221; requests.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Changes to the Privacy Policy
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">From time to time, we may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 34 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Dividend Reinvestment Plan </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>Registered holders (&#8220;Stockholders&#8221;) of shares of common stock, $0.001 par value (&#8220;Common Stock&#8221;) of The 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:
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">1.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">American Stock Transfer &amp; Trust Company, LLC (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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">2.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">3.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">4.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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 </P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 35 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Dividend Reinvestment Plan </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">5.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">6.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">7.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 36 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Dividend Reinvestment Plan </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">8.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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. 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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">9.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">10.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Each registered Participant may terminate his or her account under the Plan by calling the Agent at (877) 283-0317. 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 </P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 37 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="border-bottom: #000000 2.25pt solid; vertical-align: bottom; width: 100%"><P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><I><B><BR>
Dividend Reinvestment Plan </B></I><FONT STYLE="font-size: 11pt"><I><B>(unaudited) (continued)</B></I></FONT></P></TD>
</TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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.
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">11.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt; vertical-align: top; text-align: right">
<P STYLE="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">12.	</P>
</TD>
<TD STYLE="vertical-align: top; text-align: left">
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">These terms and conditions shall be governed by the laws of the State of Maryland.
</P>
</TD>
</TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of: December 13, 2019
</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">- 38 -</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><B>THE HERZFELD CARIBBEAN BASIN FUND, INC.
</B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">119
Washington Avenue<BR>
Suite 504<BR>
Miami Beach, FL 33139&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 2. CODE OF ETHICS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(c) There have been no amendments, other than technical, administrative
or other non-substantive 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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 &quot;audit committee financial expert&quot; serving on its audit committee
and that she is &quot;independent&quot; as such terms are defined by Item 3 of Form N-CSR.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a) - (d)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Set forth in the table below are audit fees and non-audit related
fees billed to the registrant by its principal accountant (the &quot;Auditor&quot;) 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, 2018 and 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Fiscal Year</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ended June 30,</P></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Audit</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fees</P></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Audit-Related</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fees</P></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Tax</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fees(2)</P></TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">All Other</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fees(3)</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$36,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$3,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$36,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$4,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif">These fees related to services consisting of the review or preparation of U.S. federal, state, local and excise tax returns.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif">These fees related to services consisting of accounting consultations, agreed upon procedure reports, attestation reports, comfort letters and review of statutory and regulatory filings.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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, 2018 and 2019 were pre-approved by the Audit Committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(f) Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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 $0 for 2018 and $0 for 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(h) Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">(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, 2020, the registrant's
audit committee was comprised of Kay W. Tatum, John A. Gelety, Cecilia L. Gondor, and Ann S. Lieff.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 6. INVESTMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) Not applicable.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A copy of the registrant's proxy voting policies and procedures
as well as its adviser's policies and procedures are attached hereto as <A HREF="#appa">Appendix A</A>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(1) Thomas J. Herzfeld, Chairman of Thomas J. Herzfeld Advisors,
Inc. (the &ldquo;Investment Manager&rdquo;) serves as a portfolio manager of the Fund and has held this position since its inception
in 1993. This information is as of September 2, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Erik M. Herzfeld, President of the Investment Manager serves as
a portfolio manager of the Fund and has held this position since 2007. Before joining the Fund's Investment Manager 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 September 2, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ryan M. Paylor, Portfolio Manager of the Investment Manager serves
as a portfolio manager of the Fund and has held this position since 2019. Before joining the Fund&rsquo;s Investment Manager in
2012, Mr. Paylor spent eight years at JPMorgan on the FX Derivatives Operations team. This information is as of September 2, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(2)(i) and (ii) As of June 30, 2020, Messrs. T. Herzfeld, E.
Herzfeld, and Paylor were also portfolio managers for 294 other accounts comprising approximately $262 million under management,
one other investment company comprising approximately $25 million under management, and 1 pooled investment vehicles comprising
$47 million under management, however, none of the these accounts are managed with an investment strategy similar to the Fund's.
Also, as of June 30, 2020, the Fund had total assets of approximately $29 million.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(2)(iii) 1 account with assets of $47 million is charging fees based on performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(2)(iv) The Fund does not believe that any material conflicts
are likely to arise through Messrs. T. Herzfeld's, E. Herzfeld's and Paylor&rsquo;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 Investment Manager has
adopted procedures overseen by the Chief Compliance Officer (&quot;CCO&quot;) of the Investment Manager intended to monitor compliance
with the compliance policies of the Investment Manager which include conflicts which may occur regarding allocation of investment
opportunities between the Fund and other accounts. The CCO also serves as CCO of the Fund and reports directly to the Board of
Directors at least annually.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(3) Messrs. T. Herzfeld, E. Herzfeld, and Paylor receive no direct
compensation from the Fund for their services as Portfolio Managers. Mr. T. Herzfeld&nbsp;owns 100% of the&nbsp;voting stock of
the Investment Manager,&nbsp;a Subchapter S Corporation, therefore he is taxed on its profits. Portfolio managers, other than Mr.
T. Herzfeld, are paid a fixed salary by the Investment Manager. In addition, the Investment Manager retains the ability to pay
bonuses based on the overall profitability of the Investment Manager, however, compensation is not directly based upon the performance
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(4)(a) Range of value of shares of the Fund owned by Mr.&nbsp;T.
Herzfeld as of June 30, 2020: over $1,000,000. Range of value of shares of the Fund owned by Mr. E. Herzfeld as of June 30, 2020:
over $1,000,000. Range of value of shares of the Fund owned by Mr. Paylor as of June 30, 2020: $1-$10,000.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END FUND MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 59%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(a) Total</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Purchased</P></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(b) Average</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Price Paid</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Per Share</P></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(c) Total</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of Shares</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Purchased</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">as Part</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of Publicly</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Announced</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Plans</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">or</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Programs</P></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(d)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Maximum</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares that</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">May Yet Be</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Purchased</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Under the</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Plans or</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Programs</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #1 (beginning&nbsp;July 1, 2019 and ending July 31, 2019)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #2 (beginning&nbsp;August 1, 2019 and ending August 31, 2019)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #3 (beginning&nbsp;September 1, 2019 and ending September 30, 2019)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #4 (beginning&nbsp;October 1, 2019 and ending October 31, 2019)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">5,730</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #5 (beginning&nbsp;November 1, 2019 and ending November 30, 2019)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #6 (beginning&nbsp;December 1, 2019 and ending&nbsp;December 31, 2019)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,550</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #7 (beginning&nbsp;January 1, 2020 and ending&nbsp;January 31, 2020)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,379</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #8 (beginning&nbsp;February 1, 2020 and ending&nbsp;February 29, 2020)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #9 (beginning&nbsp;March 1, 2020 and ending&nbsp;March 31, 2020)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">72,566</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #10 (beginning&nbsp;April 1, 2020 and ending&nbsp;April 30, 2020)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #11 (beginning&nbsp;May 1, 2020 and ending&nbsp;May 31, 2020)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #12 (beginning&nbsp;June 1, 2020 and ending&nbsp;June 30, 2020)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">6,199</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">n/a</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 11. CONTROLS AND PROCEDURES.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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 &quot;1940 Act&quot;) (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)).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">NOT APPLICABLE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ITEM 13. EXHIBITS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><A HREF="fp0056904_ex99code.htm">(a)(1) Not applicable &ndash; filed with annual report</A></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><A HREF="fp0056904_ex99cert.htm">(a)(2) Certifications by the registrant&rsquo;s principal executive officer and principal financial officer, pursuant to Section&nbsp;302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.</A></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(a)(3) Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><A HREF="fp0056904_ex99906cert.htm">(b) Certification pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 is filed herewith</A></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Signatures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Herzfeld Caribbean Basin Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid">/s/ Erik M. Herzfeld</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Erik M. Herzfeld </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(principal executive officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: September 03, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid">/s/ Erik M. Herzfeld</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Erik M. Herzfeld </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(principal executive officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: September 03, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid">/s/ Zachary P. Richmond</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Zachary P. Richmond</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasurer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: September 03, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="appa"></A>APPENDIX A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE HERZFELD CARIBBEAN BASIN FUND, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board of Directors of The Herzfeld Caribbean Basin Fund, Inc.
(the &quot;Fund&quot;) hereby adopts the following policy and procedures with respect to voting proxies relating to portfolio securities
held by the Fund:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-family: Times New Roman, Times, Serif">I.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">POLICY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Thomas J. Herzfeld Advisors, Inc. (the &quot;Adviser&quot;) 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 (&quot;ERISA&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-family: Times New Roman, Times, Serif">II.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">PURPOSE</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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 (&quot;Advisers Act&quot;). These Policies and Procedures also reflect the
fiduciary standards and responsibilities set forth by the Department of Labor for ERISA accounts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-family: Times New Roman, Times, Serif">III.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">PROCEDURES</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.&nbsp;&nbsp;Although
many proxy proposals can be voted in accordance with the Adviser&rsquo;s established guidelines (see Section V. below) (the &ldquo;Guidelines&rdquo;),
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. When an exception is made to these Procedures, the Portfolio Managers shall provide
to the Chief Compliance Officer of the Adviser (&ldquo;CCO&rdquo;) a written statement detailing the circumstances and rationale
for an exception from these Policies and Procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-family: Times New Roman, Times, Serif">IV.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">RECORD KEEPING</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-family: Times New Roman, Times, Serif">V.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GUIDELINES</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issues regarding the issuer's Board entrenchment and anti-takeover measures such as the following:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Oppose</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="width: 83%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals to limit the ability of shareholders to call special meetings;</FONT></TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">c.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals to require super majority votes;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">d.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals requesting excessive increases in authorized common or preferred shares where management provides no explanation for the use or need for these additional shares;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">e.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals regarding &quot;poison pill&quot; provisions; and</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">f.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Permitting &quot;green mail&quot;.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Providing cumulative voting rights.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Oppose</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;Social issues,&quot; unless specific client guidelines supersede, e.g., restrictions regarding South Africa.</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oppose</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Election of directors recommended by management, except if there is a proxy fight.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Election of auditors recommended by management, unless seeking to replace if there exists a dispute over policies.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date and place of annual meeting.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitation on charitable contributions or fees paid to lawyers.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratification of directors' actions on routine matters since previous annual meeting.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential voting</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential voting is most often proposed by shareholders as a means of eliminating undue management pressure on shareholders regarding their vote on proxy issues.</FONT></TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Limiting directors' liability</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Eliminate preemptive right</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Employee Stock Purchase Plan</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Establish 401(k) Plan</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Rotate annual meeting location/date</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Establish a staggered Board</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Eliminate director mandatory retirement policy</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Case-by-Case</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Option and stock grants to management and directors</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Case-by-Case</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Allowing indemnification of directors and/or officers after reviewing the applicable laws and extent of protection requested.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Case-by-Case</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">THOMAS J. HERZFELD ADVISORS, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PROXY VOTING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">POLICIES AND PROCEDURES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rule 206(4)-6 under the Investment Advisers
Act of 1940 helps to ensure that SEC-registered advisers act in the best interest of their clients when exercising proxy voting
authority. The rule obligates advisers to provide Clients with information on how their securities were voted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advisers that have explicit or implicit voting
authority must comply with rule 206(4)-6. Therefore, even when the advisory contract is silent, the rule applies if the adviser's
voting authority is implied by an overall delegation of discretionary authority. The rule does not apply, however, to advisers
that provide Clients with advice about voting proxies but do not have authority to vote them.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Firm&rsquo;s Proxy Voting
Policy is subject to annual review and approval by the independent members of the Board of Directors of the CUBA Fund, as set forth
in proxy voting policies and procedures adopted by such Board (the &ldquo;CUBA Fund Proxy Policies&rdquo;). In implementing this
Proxy Voting Policy, the CCO shall insure that all policies and procedures set forth herein are consistent with the CUBA Fund Proxy
Policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Procedures</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SEC adopted new rule 206(4)-6 and amended
rule 204-2 to regulate proxy voting by investment advisers with authority to vote their Clients&rsquo; proxies. Under the Investment
Advisers Act, an adviser is a fiduciary that owes each of its Clients the duties of care and loyalty with respect to all services
undertaken on the Client's behalf, which may or may not include proxy voting. To satisfy its duty of loyalty, the adviser must
cast proxy votes in a way that will advance the best interest of its Client. The adviser must not put its own interests ahead of
the Client&rsquo;s.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under rule 206(4)-6, it is a fraudulent, deceptive,
or manipulative act, practice or course of business for investment advisers to exercise voting authority over Client proxies before
they:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the Client&rsquo;s best interest;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disclose to Clients how they may obtain information regarding how their proxies were voted; and </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Describe proxy voting policies and procedures and furnish a copy of the policies and procedures to the Client when requested to do so.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Firm believes that each proxy proposal
must be individually reviewed to determine whether the proposal is in the best interests of its Clients.&nbsp; Absent specific
Client instructions, and subject to the limitations described below, the Firm has adopted the following proxy voting procedures
designed to ensure that proxies are properly identified and voted, and that any conflicts of interest are addressed appropriately:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon receipt of a corporate proxy by the Firm, the special or annual report and the proxy are submitted to the EC Proxy Voting Services (&ldquo;the Proxy Manager&rdquo;).&nbsp; The Proxy Manager will then vote the proxy in accordance with this policy.&nbsp; &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Proxy Manager shall be responsible for reviewing the special or annual report, proxy proposals, and proxy proposal summaries.&nbsp; The reviewer shall take into consideration what vote is in the best interests of Clients and the provisions of the Firm&rsquo;s Voting Guidelines in Section 2 below.&nbsp; The Proxy Manager will then vote the proxies.&nbsp; &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Proxy Manager shall be responsible for maintaining copies of each annual report, proposal, proposal summary, actual vote, and any other information required to be maintained for a proxy vote under Rule 204-2 of the Advisers Act (see discussion in Section 3 below).&nbsp; With respect to proxy votes on topics deemed, in the opinion of the Proxy Manager, to be controversial or particularly sensitive, the Proxy Manager will provide a written explanation for the proxy vote which will be maintained with the record of the actual vote in the Firm&rsquo;s files.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm will not neglect its proxy voting responsibilities, but may abstain from voting if it deems that abstaining is in its Clients&rsquo; best interests, as described below under the Limitations on Proxy Voting section. The Proxy Manager will document instances in which the Firm does not vote a Client&rsquo;s proxy. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proxies received after a Client terminates its advisory relationship with the Firm will not be voted. The Proxy Manager will promptly return such proxies to the sender, along with a statement indicating that the Firm&rsquo;s advisory relationship with the Client has terminated, and that future proxies should not be sent to the Firm.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To the extent that a conflict of interest is identified in conjunction with a specific proxy vote, the voting process will be modified as described below under Conflicts of Interest.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Conflicts of Interest</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When completing the steps above, the Proxy
Manager will consider whether the Firm is subject to any material conflicts of interest in connection with each proxy vote. In
addition, Employees, including Portfolio Managers involved in determining proxy votes, must notify the CCO if they are aware of
any material conflict of interest associated with a proxy vote. It is impossible to anticipate all material conflicts of interest
that could arise in connection with proxy voting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the CCO determines that a material conflict
of interest exists, the following procedures shall be followed:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm shall disclose the existence and nature of the conflict to the Client(s) owning the Client securities, and seek directions on how to vote the proxies;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm shall abstain from voting, particularly if there are conflicting Client interests (for example, where Client accounts hold different Client securities in a competitive merger situation); or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm shall follow the recommendations of an independent proxy voting service in voting the proxies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Firm keeps certain records required by
applicable law in connection with its proxy voting activities for Clients and shall provide proxy-voting information to Clients
upon their written or oral request. A copy of the Firm&rsquo;s proxy-voting policy is available to Clients upon request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Limitations on Proxy Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the procedures listed above,
in certain circumstances where the Firm has determined that it is in the Client&rsquo;s best interest, the Firm will not vote proxies
received. In other situations, the Client will decide unilaterally to retain proxy voting authority. The following are some, but
not all, circumstances where the Firm will limit its role in voting proxies:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Client Maintains Proxy Voting Authority</U>.
Where the Client has instructed the Firm in writing, the Firm 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 Firm, it will promptly be forwarded
to the Client or a specified third party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Client Provides Proxy Voting Instructions.
Where the Client has provided written instructions to the Firm directing the Firm how to vote proxies in specific situations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Terminated Account</U>. Once a Client account
has been terminated in accordance with the investment advisory agreement, the Firm may refrain from voting any proxies received
after the termination and will return the proxy materials to the sender or to an address provided by the Client for forwarding
any proxies received.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Securities No Longer Held</U>. The Firm
may refrain from voting proxies received for securities which are no longer held by the Client&rsquo;s account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Securities Lending Programs</U>. When securities
are out on loan, they are transferred into the borrower&rsquo;s name and are voted by the borrower, in its discretion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Non-Discretionary Accounts</U>. If the Firm
accepts a Client with non-discretionary authority, it may also yield the authority to vote proxies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Limited Value</U>. The Firm may abstain
from voting a Client proxy based upon a conclusion that the effect on a Client&rsquo;s economic interests or the value of the portfolio
holding is indeterminable or insignificant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Costs exceed benefits</U>. The Firm may
abstain from voting a Client proxy if the Firm believes that the costs of voting the proxy exceed the expected benefit to the Client
of voting the proxy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Non-US Issuers</U>. The Firm will vote non-US
issuer proxies on a best efforts basis. Some non-US proxies may involve a number of features that restrict or prevent the Firm&rsquo;s
ability to vote in a timely manner, or otherwise make voting impractical. For example, some proxies may not appear on any platform
because some issuers do not reimburse custodians for the distribution of proxies. The Firm will use its best efforts to vote all
proxies but cannot guarantee the votes will be processed due to obstacles such as share blocking, re-registration, required powers
of attorney, and sub-custodial arrangements. The Firm may also be limited in obtaining proxy records but will maintain evidence
reflecting best efforts to vote such proxies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Voting Guidelines</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While the Firm&rsquo;s policy is to review
each proxy proposal on its individual merits, the Firm has adopted guidelines for certain types of matters to assist the Proxy
Manager in the review and voting of proxies.&nbsp; These guidelines are set forth below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate Governance&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>Election of Directors and Similar
Matters&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">In an uncontested election, the Firm
will generally vote in favor of management&rsquo;s proposed directors.&nbsp; In a contested election, the Firm will evaluate proposed
directors on a case-by-case basis.&nbsp; With respect to proposals regarding the structure of a company&rsquo;s Board of Directors,
the Firm will review any contested proposal on its merits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Notwithstanding the foregoing, the
Firm expects to <B><U>support</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Limit directors&rsquo; liability and broaden directors&rsquo; indemnification rights</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Generally vote against proposals to adopt or continue the use of a classified Board structure; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add special interest directors to the board of directors (e.g., efforts to expand the board of directors to control the outcome of a particular matter.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>Audit Committee Approvals &nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Firm generally supports proposals
that help ensure that a company&rsquo;s auditors are independent and capable of delivering a fair and accurate opinion of a company&rsquo;s
finances.&nbsp; The Firm will generally vote to ratify management&rsquo;s recommendation and selection of auditors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>Shareholder Rights</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Firm shall consider all proposals
that will have a material effect on shareholder rights on a case by case basis.&nbsp; Notwithstanding the foregoing, the Firm expects
to generally <B><U>support</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt confidential voting and independent tabulation of voting results; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Require shareholder approval of poison pills;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">And expects to generally <B><U>vote
against</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt super-majority voting requirements; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restrict the rights of shareholders to call special meetings, amend the bylaws or act by written consent.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>Anti-Takeover Measures, Corporate
Restructurings and Similar Matters</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Firm shall review any proposal
to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of incorporation,
mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the
company.&nbsp; These effects may include, without limitation, the economic and financial impact the proposal may have on the company,
and the market impact that the proposal may have on the company&rsquo;s stock.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Notwithstanding the foregoing, Adviser
expects to generally <B><U>support</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prohibit the payment of greenmail (i.e., the purchase by the company of its own shares to prevent a hostile takeover);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt fair price requirements (i.e., requirements that all shareholders be paid the same price in a tender offer or takeover context), unless the Proxy Manager deems them sufficiently limited in scope; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Require shareholder approval of &ldquo;poison pills.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">And expects to generally <B><U>vote
against</U></B> proposals to:&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt classified boards of directors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Reincorporate a company where the primary purpose appears to the Proxy Manager to be the creation of takeover defenses; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Require a company to consider the non-financial effects of mergers or acquisitions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>Capital Structure Proposals&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Firm will seek to evaluate capital
structure proposals on their own merits on a case-by-case basis.&nbsp;Notwithstanding the foregoing, the Firm expects to generally
support proposals to eliminate preemptive rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>General&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Firm generally supports proposals
that encourage the disclosure of a company&rsquo;s compensation policies.&nbsp; In addition, the Firm generally supports proposals
that fairly compensate executives, particularly those proposals that link executive compensation to performance.&nbsp; The Firm
shall consider any contested proposal related to a company&rsquo;s compensation policies on a case-by-case basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Notwithstanding the foregoing, the
Firm expects to generally <B><U>support</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Require shareholders&rsquo; approval of golden parachutes; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt golden parachutes that do not exceed 1 to 3 times the base compensation of the applicable executives</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">And expects to generally <B><U>vote
against</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt measures that appear to the Proxy Manager to arbitrarily limit executive or employee benefits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>Stock Option Plans and Share Issuances&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Firm evaluates proposed stock
option plans and share issuances on a case-by-case basis.&nbsp; In reviewing proposals regarding stock option plans and issuances,
the Firm shall consider, without limitation, the potential dilutive effect on shareholders and the potential short and long-term
economic effects on the company. The Firm believes that stock option plans do not necessarily align the interest of executives
and outside directors with those of shareholders and that well thought out cash compensation plans can achieve these objectives
without diluting shareholders ownership. Therefore, the Firm generally will vote against stock option plans. However, these proposals
will be reviewed on a case-by-case basis to determine that shareholders&rsquo; interests are being represented. The Firm is in
favor of management, directors and employees owning stock, but prefer that the shares are purchased in the open market. &nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Notwithstanding the foregoing, the
Firm expects to generally <B><U>vote against</U></B> proposals to establish or continue stock option plans and share issuances
that are not in the best interest of the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate Responsibility and Social Issues&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The Firm generally believes that ordinary
business matters (including, without limitation, positions on corporate responsibility and social issues) are primarily the responsibility
of a company&rsquo;s management that should be addressed solely by the company&rsquo;s management.&nbsp; These types of proposals,
often initiated by shareholders, may request that the company disclose or amend certain business practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">Notwithstanding the foregoing, the
Firm will generally <B><U>vote in favor of</U></B> proposals involving corporate responsibility and social issues to the extent
called for by the United Nations Principles on Responsible Investment. The Firm also will generally vote in favor of corporate
responsibility and social issue proposals that the Firm believes will have substantial positive economic or other effects on a
company or the company&rsquo;s stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Class Actions</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Securities issuers are, on occasion, the subject
of class action lawsuits where the class of potentially injured parties is defined to be purchasers of the issuer&rsquo;s securities
during a specific period of time. These cases may result in an award of damages or settlement proceeds to the class members who
file claims with the settlement administrator. At the time of the settlement, notice of the settlement together with a claim form
and release is generally sent to the custodian of the securities who in turn may forward these notices to the separately managed
account Clients. The Firm does not provide any legal advice to Clients in connection with class action litigation. The Firm will
instead provide such accounts with reasonable assistance by providing account-level information upon request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>F.</B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Books and Records</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rule 204-2, requires that the following proxy
voting records be kept in to comply with Rule 206(4)-6 and the amendments to Rule 204-2. The CCO shall be responsible for maintaining
these records relating to proxy voting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Proxy Manager will ensure that the following information is retained and available to be promptly produced in connection with each proxy vote:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Issuer&rsquo;s name;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The security&rsquo;s ticker symbol or CUSIP, as applicable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The shareholder meeting date;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The number of shares that the Firm voted;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A brief identification of the matter voted on;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whether the matter was proposed by the Issuer or a security-holder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whether the Firm cast a vote;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">How the Firm cast its vote (for the proposal, against the proposal, or abstain); </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whether the Firm cast its vote with or against management; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any documentation created by the Firm that was material in making the proxy voting decision or that memorializes the basis for that decision, to the extent applicable; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any communication with Clients on how the Firm voted proxies on behalf of the Client.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Firm may satisfy certain of the above requirements by relying
on a third party to retain a copy of the proxy statement on the Firm&rsquo;s behalf, so long as the Firm has obtained an undertaking
from the third party to provide a copy of the proxy statement promptly upon request. The Firm may also satisfy certain of the above
requirements by relying on proxy statements available from the SEC&rsquo;s Electronic Data Gathering, Analysis, and Retrieval (EDGAR)
system.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Proxy Manager will periodically reconcile
the proxy voting records from the custodians with its proxy voting records and follow up on any discrepancies to ensure that accurate
records are maintained.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>G.</B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disclosures to Clients and Investors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Firm includes a description of its policies
and procedures regarding proxy voting and class actions in Part 2 of Form ADV, along with a statement that Clients and Investors
can contact the Firm to obtain a copy of these policies and procedures and information about how the Firm voted with respect to
the Client&rsquo;s securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any request for information about proxy voting
or class actions should be promptly forwarded to the Proxy Manager, who will respond to any such requests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a matter of policy, the Firm does not disclose
how it expects to vote on upcoming proxies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each proxy issue will be considered individually.
The Firm will maintain guidelines to be considered when voting proposals. These guidelines will be maintained by the Firm&rsquo;s
CCO, The guidelines will be used to provide guidance to the CCO when voting proxies, but are not to be applied as rigid rules.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>fp0056904_ex99code.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">EX-99.CODEETH</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>HERZFELD
CARIBBEAN BASIN FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>CODE
OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Purpose
                                         of the CEO and Senior Officer Code</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
purpose of this Code is to promote:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">A.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">honest
                                         and ethical conduct, including the ethical handling of actual or apparent conflicts of
                                         interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">B.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">full,
                                         fair, accurate, timely and understandable disclosure in reports and documents that a
                                         registrant files with, or submits to, SEC and in other public communications made by
                                         the registrant;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">compliance
                                         with applicable laws and governmental rules and regulations;</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">D.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         prompt internal reporting of violations of the Code to an appropriate person or persons
                                         identified in the Code; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-style: normal; font-variant: normal">E.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>accountability
                                         for adherence to the Code.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Covered Officer (defined below) 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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Covered
                                         Officers</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code applies to the Principal Executive Officer (CEO), President, Principal Financial Officer, Principal Accounting Officer or
Controller, and/or persons performing similar functions (the &ldquo;Covered Officers&rdquo;) for the Fund. The names of the Covered
Officers of the Fund are listed in Exhibit A.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Covered
                                         Officer&rsquo;s Actual and Apparent Conflicts of Interest</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
&ldquo;conflict of interest&rdquo; occurs when a Covered Officer&rsquo;s private interest interferes with the interests of, or
his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her
family, receives improper personal benefits as a result of his or her position with the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 1940 Act and the Advisers Act. 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 &ldquo;affiliated
persons&rdquo; of the Fund. The Fund&rsquo;s and the investment adviser&rsquo;s compliance programs and procedures are designed
to prevent, or identify and correct, violations of these provisions. 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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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, or any other service provider, of which the Covered Officers are also
officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties
(whether formally for the Fund, for the adviser, for other Fund service providers, or for all of them), be involved in establishing
policies and implementing decisions that will have different effects on the adviser, other service providers, and the Fund. The
participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the
adviser or other service provider and is consistent with the performance by the Covered Officers of their duties as officers of
the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Advisers Act, such activities
will be deemed to have been handled ethically. In addition, it is recognized by the Fund&rsquo;s Board that the Covered Officers
may also be officers or employees of one or more other investment companies covered by this or other codes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other
conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment
Company Act and the Advisers Act. 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. The overarching principle is that the personal interest of a Covered
Officer should not be placed improperly before the interest of the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Covered Officer has the responsibility for to:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">A.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">not
                                         use his or her 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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">B.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">not
                                         cause the Fund to take action, or fail to take action, for the individual personal benefit
                                         of the Covered Officer rather than the benefit the Fund; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">C.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">report
                                         to the Fund&rsquo;s Board any affiliations or other relationships related to conflicts
                                         of interest that are disclosed on the Fund&rsquo;s Directors and Officers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">There
are some conflict of interest situations that should always be approved by the CCO of the Fund, if material. Examples of these
include:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">service
                                         as a director on the board of any public or private company;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">the
                                         receipt of any gifts of more than a de minimis value;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">C.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">D.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">any
                                         ownership interest in, or any consulting or employment relationship with, any of the
                                         Fund&rsquo;s service providers, other than its investment adviser, principal underwriter,
                                         administrator or any affiliated person thereof; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">E.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">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&rsquo;s employment, such as compensation
                                         or equity ownership.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Disclosure
and Compliance</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">A.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">Each
                                         Covered Officer should familiarize himself or herself with the disclosure requirements
                                         generally applicable to the Fund;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">B.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">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&rsquo;s
                                         Directors and auditors, and to governmental regulators and self-regulatory organizations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">C.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">Each
                                         Covered Officer should, to the extent appropriate within his or her area of responsibility,
                                         consult with other officers and employees of the Fund, the adviser, and other affiliated
                                         service providers with the goal of promoting full, fair, accurate, timely and understandable
                                         disclosure in the reports and documents the Fund&rsquo;s file with, or submit to, the SEC and in other public communications made by the Fund; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">D.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">It
                                         is the responsibility of each Covered Officer to promote compliance with the standards
                                         and restrictions imposed by applicable laws, rules and regulations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Reporting
and Accountability</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Covered Officer must:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">A.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">upon
                                         adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer),
                                         affirm in writing to the Board that he or she has received, read, and understands the
                                         Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">B.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">annually
                                         thereafter affirm to the Board that he or she has complied with the requirements of the
                                         Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">C.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">not
                                         retaliate against any other Covered Officer or any employee of the Fund or their affiliated
                                         persons for reports of potential violations that are made in good faith; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">D.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">notify
                                         the Independent Directors promptly if he or she knows of any violation of this Code.
                                         Failure to do so is itself a violation of this Code; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">E.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal; font-variant: normal">the
                                         CCO of the Fund&rsquo;s investment adviser is responsible for applying this Code to specific
                                         situations in which questions are presented under it and has the authority to interpret
                                         this Code in any particular situation.<SUP>1 </SUP>However, any approvals or waivers<SUP>2
                                         </SUP>sought by a Covered Officer will be considered by the Board&rsquo;s Audit Committee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
CCO is authorized to consult, as appropriate, with the chair of the Audit Committee and/or, counsel to the Fund, and is encouraged
to do so.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item
2 of Form N-CSR defines &ldquo;waiver&rdquo; as &ldquo;the approval by the registrant of a material departure from a provision
of the code of ethics&rdquo; and &ldquo;implicit waiver,&rdquo; which must also be disclosed, as &ldquo;the registrant&rsquo;s
failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics
that has been made known to an executive office&rdquo; of the registrant.</FONT></TD>
</TR></TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 3 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;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. However, any approvals or waivers sought by a Covered
Officer will be considered by the Independent Directors on the Board.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund will follow these procedures in investigating and enforcing the Code:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Fund legal counsel will take all appropriate action to investigate any potential violations
                                         reported to such counsel;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">if,
                                         after such investigation, the Fund legal counsel believes that no violation has occurred,
                                         such counsel is not required to take any further action;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         matter that the Fund legal counsel believes is a violation will be reported to the Board;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Board will be responsible for granting waivers, as appropriate; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">F.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         changes to or waivers of the Code will, to the extent required, be disclosed as provided
                                         by SEC rules.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Other
Policies and Procedures</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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. Insofar as other policies or procedures of the Fund, the Fund&rsquo;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. The Fund&rsquo;s and its investment adviser&rsquo;s codes of ethics under Rule 17j-1 under Investment Company Act
and the adviser&rsquo;s more detailed policies and procedures are separate requirements applying to the Covered Officers and others,
and are not part of the Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>VII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Amendments</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
amendments to the Code, other than amendments to service providers, must be approved or ratified by a majority vote of the Board,
including a majority of independent trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>VIII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Confidentiality</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected
accordingly. 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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>IX.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Internal
Use</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>





<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>



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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>fp0056904_ex99cert.htm
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CERTIFICATIONS</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Erik M. Herzfeld, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. I have reviewed this report on Form N-CSR
of The Herzfeld Caribbean Basin Fund, Inc.;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. As the certifying officer, I am 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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within
those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under my 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c) Evaluated the effectiveness
of the registrant's disclosure controls and procedures and presented in this report my 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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. As the certifying officer, 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):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 35%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date: September 03, 2020</FONT></TD>
    <TD STYLE="width: 65%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Erik M. Herzfeld</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Erik M. Herzfeld</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President (Principal Executive Officer)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CERTIFICATIONS</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Zachary P. Richmond, certify that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. I have reviewed this report on Form N-CSR
of The Herzfeld Caribbean Basin Fund, Inc.;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. As the certifying officer, I am 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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within
those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under my 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c) Evaluated the effectiveness
of the registrant's disclosure controls and procedures and presented in this report my 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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. As the certifying officer, 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):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 35%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date: September 03, 2020</FONT></TD>
    <TD STYLE="width: 65%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Zachary P. Richmond</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Zachary P. Richmond</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>fp0056904_ex99906cert.htm
<TEXT>
<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">EX-99.906CERT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">certification
of president and Treasurer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the sarbanes oxley act of
2002</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Erik M. Herzfeld, President,
and Zachary P. Richmond, Treasurer of Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;Registrant&rdquo;), each certify to the best
of his or her knowledge that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s periodic report on Form N-CSR for the period ended June 30, 2020 (the &ldquo;Form
N-CSR&rdquo;) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>President</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Treasurer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Herzfeld Caribbean Basin Fund, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Herzfeld Caribbean Basin Fund, Inc.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Erik M. Herzfeld</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Zachary P. Richmond</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Erik M. Herzfeld</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Zachary P. Richmond</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD>September 03, 2020</TD>
    <TD>&nbsp;</TD>
    <TD>Date:</TD>
    <TD>September 03, 2020</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A signed original of this written statement
required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Capitol Series Trust and will be retained by Capitol
Series Trust and furnished to the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) or its staff upon request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This certification is being furnished to the
Commission solely pursuant to 18 U.S.C. &sect; 1350 and is not being filed as part of the Form N-CSR filed with the Commission.</P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>fp0055688_1.jpg
<DESCRIPTION>GRAPHIC
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
