<SEC-DOCUMENT>0001398344-21-006909.txt : 20210323
<SEC-HEADER>0001398344-21-006909.hdr.sgml : 20210323
<ACCEPTANCE-DATETIME>20210323171706
ACCESSION NUMBER:		0001398344-21-006909
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20210323
DATE AS OF CHANGE:		20210323

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-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		21765647

	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

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-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254635
		FILM NUMBER:		21765646

	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
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>fp0063655_n2.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">As filed with the Securities and Exchange
Commission on March 23, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities Act File No. 333-[&nbsp;&nbsp;]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Investment Company Act File No. 811-06445</P>

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



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

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

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

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

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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; margin: 0pt 0; text-align: center"><B>FORM N-2</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</FONT></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" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify">Pre-Effective Amendment No.</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" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify">Post-Effective
Amendment No.</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; margin: 0pt 0; text-align: center">and/or</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD><TD STYLE="text-align: justify">REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940</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; margin: 0pt 0; text-align: center">Amendment No. 19</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; margin: 0pt 0; text-align: center">THE HERZFELD CARIBBEAN BASIN FUND, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Charter)</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; margin: 0pt 0; text-align: center">119 Washington Avenue, Suite 504 Miami
Beach, FL 33139</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</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; margin: 0pt 0; text-align: center">Registrant&rsquo;s Telephone Number, Including
Area Code: (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; margin: 0pt 0; text-align: center">Erik M. Herzfeld</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and Address of Agent for Service)</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; margin: 0pt 0; text-align: center">Copies to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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 STYLE="width: 50%; text-align: center">Erik M. Herzfeld</TD>
    <TD STYLE="width: 50%; text-align: center">Joseph V. Del Raso, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">119 Washington Avenue</TD>
    <TD STYLE="text-align: center">Troutman Pepper Hamilton Sanders LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Suite 504</TD>
    <TD STYLE="text-align: center">3000 Two Logan Square</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Miami Beach, FL 33139</TD>
    <TD STYLE="text-align: center">18<SUP>th</SUP> and Arch Streets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Philadelphia, PA 19103</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; margin: 0pt 0">Approximate date of proposed public offering: From time to time
after the effective date of this Registration Statement.</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; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt">[&nbsp;&nbsp;]</TD>
    <TD>Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.</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>[X]</TD>
    <TD>Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (&ldquo;Securities Act&rdquo;), other than securities offered in connection with a dividend reinvestment plan.</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>[X]</TD>
    <TD>Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</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>[&nbsp;&nbsp;]</TD>
    <TD>Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt">[&nbsp;&nbsp;]</TD>
    <TD>Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.</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; margin: 0pt 0"><B>It is proposed that this filing will become effective (check
appropriate box):</B></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; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt">[&nbsp;&nbsp;]</TD>
    <TD>When declared effective pursuant to Section 8(c) of the Securities Act.</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; margin: 0pt 0"><B>If appropriate, check the following box:</B></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; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt">[&nbsp;&nbsp;]</TD>
    <TD>This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</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>[&nbsp;&nbsp;]</TD>
    <TD STYLE="text-align: justify">This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is&nbsp;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;]</TD>
    <TD STYLE="text-align: justify">This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is&nbsp;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[&nbsp;&nbsp;]</TD>
    <TD STYLE="text-align: justify">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is&nbsp;.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Check each box that appropriately characterizes the Registrant:</B></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; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">[X]</TD>
    <TD>Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&ldquo;Investment Company Act&rdquo;)).</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>[&nbsp;&nbsp;]</TD>
    <TD>Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).</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>[&nbsp;&nbsp;]</TD>
    <TD>Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).</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>[X]</TD>
    <TD>A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</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>[&nbsp;&nbsp;]</TD>
    <TD>Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).</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>[&nbsp;&nbsp;]</TD>
    <TD>Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (&ldquo;Exchange Act&rdquo;)).</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>[&nbsp;&nbsp;]</TD>
    <TD>If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.</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>[&nbsp;&nbsp;]</TD>
    <TD>New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).</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; margin: 0pt 0">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF
1933</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; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 25%; border-bottom: black 1pt solid; text-align: center"><B>Title of Securities <BR>
Being Registered</B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><B>Amount Being <BR>
Registered (1)</B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><B>Proposed Maximum <BR>
Aggregate Offering Price </B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><B>Amount of <BR>
Registration Fee(2)</B></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center">Common Stock Subscription Rights</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$88,000,000</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$9600.80</TD>
    </TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD>There are being registered hereunder such indeterminate
number of shares of common stock and such indeterminate number of subscription rights as shall have an aggregate offering price
not to exceed $88,000,000, less the aggregate dollar amount of all securities previously issued hereunder. The securities registered
hereunder also include such indeterminate number of securities of each identified class of securities, which may be offered from
time to time in unspecified numbers and at indeterminate prices, and as may be issued upon conversion, redemption, repurchase,
exchange or exercise of any securities registered hereunder, including under any applicable anti-dilution provisions of any of
such securities.&nbsp; In addition, pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended, or the Securities
Act, the securities being registered hereunder includes such indeterminate number of securities of each identified class of securities
as may be issuable with respect to the securities being registered hereunder as a result of stock splits, stock dividends or similar
transactions.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD>Calculated pursuant to Rule&nbsp;457(o)&nbsp;under the
Securities Act based on the proposed maximum aggregate offering price of all securities listed. Pursuant to Rule 415(a)(6) under
the Securities Act of 1933, as amended, this Registration Statement includes $88,000,000 of unsold securities of the registrant
that have been previously registered on the Registration Statement on Form N-2 (File No. 333-224685) originally filed by the registrant
on May 4, 2018. A filing fee of $10,956 was paid under the prior registration statement, of which $10,956 was paid in connection
with such unsold securities and is being offset against the total registration fee pursuant to Rule 457(p), resulting in a payment
of $0.00 in connection with the filing of this Registration Statement. Pursuant to Rule 415(a)(6), the offering of the unsold
securities registered under the prior registration statement will be deemed terminated as of the effective date of this Registration
Statement.</TD>
</TR></TABLE>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="fp0063655_01.jpg" ALT=""></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #C00000"><FONT STYLE="color: Red"><B>The information
in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where the offer and sale is not permitted.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #C00000"><FONT STYLE="color: Red">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #C00000"><FONT STYLE="color: Red"><B>Subject
to Completion, Base Prospectus dated March 23, 2021</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #C00000">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$88,000,000</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE HERZFELD CARIBBEAN BASIN FUND, INC.</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; margin: 0pt 0; text-align: center"><B>Common Stock</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; margin: 0pt 0; text-align: center"><B>Subscription Rights for Common Stock</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; margin: 0pt 0; text-align: justify">The Herzfeld Caribbean Basin Fund,
Inc. (the &ldquo;Fund&rdquo;) is a non-diversified, closed-end management investment company registered under the Investment
Company Act of 1940 (the &ldquo;1940 Act.&rdquo;). Its investment adviser is HERZFELD/CUBA, a division of Thomas J. Herzfeld
Advisors, Inc. (the &ldquo;Adviser&rdquo;). The Fund&rsquo;s investment objective is long-term capital appreciation. To
achieve its objective, the Fund invests in issuers that are likely, in the Adviser&rsquo;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 former Netherlands
Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, the United
States and Venezuela, or the &ldquo;Caribbean Basin Countries.&rdquo; The Fund invests at least 80% of its total assets in a
broad range of securities of issuers, including U.S.-based companies which engage in substantial trade with, and derive
substantial revenue from, operations in the Caribbean Basin Countries. The Fund may invest more than 25% of its total assets
in the securities of U.S.-based companies, which constituted approximately 58.63% of the Fund&rsquo;s total assets as of
December 31, 2020. Total assets includes the amount of any borrowings for investment purposes. At such time as it becomes legally
permissible for U.S. entities to invest directly in Cuba, the Fund will consider such investments. For additional
information, see &ldquo;Investment Objective and Policies&rdquo;. Equity and equity-linked securities include, but are not
limited to, common stock, preferred stock, debt securities convertible into equity, warrants, options and futures. An
investment in the Fund is not appropriate for all investors and should not constitute a complete investment program. No
assurances can be given that the Fund&rsquo;s objective will be achieved.</P>

<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: justify">We may offer, from time to time, in one
or more offerings of up to $88,000,000 of our common stock, par value $0.001 per share, or subscription rights described in this
prospectus. We may sell our securities through underwriters or dealers, &ldquo;at-the-market&rdquo; to or through a market maker
into an existing trading market or otherwise directly to one or more purchasers or through agents or through a combination of
methods of sale. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described
in one or more supplements to this prospectus. The securities may be offered at prices and on terms to be described in one or
more supplements to this prospectus. In the event we offer common stock, the offering price per share of our common stock exclusive
of any underwriting commissions or discounts will not be less than the net asset value, or NAV, per share of our common stock
at the time we make the offering except (1) in connection with a subscription rights offering to our existing stockholders, (2)
with the consent of the majority of our common stockholders and approval of our board of directors or (3) under such circumstances
as the Securities and Exchange Commission (&ldquo;SEC&rdquo;) may permit.</P>

<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: justify; background-color: white">Our common stock
is traded on the NASDAQ Capital Market under the symbol &ldquo;CUBA.&rdquo; On December 31, 2020, the last reported sales price
on the NASDAQ Capital Market for our common stock was $5.11 per share. We determine the NAV per share of our common stock no less
frequently than monthly. Our NAV per share of our common stock as of December 31, 2020 was $6.22 (unaudited) and our total net
assets were $38,129,511 (unaudited). As of December 31, 2020 there were 6,133,665 shares of our common stock outstanding<FONT STYLE="font-size: 11pt">.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the securities may be considered
speculative and involves a high degree of risk, including the risk of a total loss of investment. Shares of closed-end investment
companies frequently trade at a discount to their net asset value. <FONT STYLE="font-size: 11pt">See &ldquo;Risk Factors and Special
Considerations&rdquo;</FONT> beginning on page 18</B> <B>of this prospectus to read about the risks you should carefully
consider before investing in our securities.</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the SEC nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<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"><B>Investing in the Fund involves risks. See &ldquo;Risk Factors
and Special Considerations&rdquo; on page 18 of this prospectus.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is March 23,
2021</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus may not be used to consummate
sales of securities by us through agents, underwriters or dealers unless accompanied by a prospectus supplement.</P>

<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: justify">Please carefully read this prospectus and
any accompanying prospectus supplement before investing in our securities and keep each for future reference. This prospectus and
any accompanying prospectus supplement will contain important information about us that a prospective investor ought to know before
investing in our securities.</P>

<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: justify">We are required to file with or submit
to the U.S. Securities and Exchange Commission, or &ldquo;SEC,&rdquo; annual, semi-annual and quarterly reports, proxy statements
and other information about us. You may request copies of these reports and filings, including this prospectus and accompanying
prospectus supplement, free of charge, make inquiries or request other information about us by contacting us by mail at 119 Washington
Avenue, Suite 504 Miami Beach, FL 33139 or by telephone at (800) TJH-FUND (toll-free) or (305) 777-1660. Copies of these reports
and filings are also available free of charge through our website at <I>http://herzfeld.com/cuba. </I>The SEC also maintains a
website at <I>http://www.sec.gov</I> that contains this information. The inclusion of our website address above and elsewhere in
this prospectus and any accompanying prospectus supplement is, in each case, intended to be an inactive textual reference only
and not an active hyperlink to our website. The information contained in, or that can be accessed through, our website is not part
of this prospectus or any accompanying prospectus supplement.</P>

<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: justify">As permitted by regulations adopted by
the Securities and Exchange Commission, paper copies of the Fund&rsquo;s annual and semi-annual shareholder reports 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&rsquo;s website, https://www.herzfeld.com/cubafinancialreports,  and you will be notified by mail each time a report is
posted and provided with a website link to access the report.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: justify">&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; text-align: justify"><B>No dealer, salesperson or other person
is authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus or
any accompanying prospectus supplement. You must not rely on any unauthorized information or representations not contained in
this prospectus or incorporated by reference or any accompanying prospectus supplement as if we had authorized it. We are offering
to sell, and seeking offers to buy, shares of securities only in jurisdictions where offers and sales are permitted. This prospectus
and any accompanying prospectus supplement does not constitute an offer to sell or the solicitation of an offer to buy any security
other than the securities offered by this prospectus and any accompanying prospectus supplement, nor does this prospectus or any
accompanying prospectus supplement constitute an offer to sell or the solicitation of an offer to buy securities by anyone in
any jurisdiction in which such offer or solicitation would be unlawful. The information contained in this prospectus and any accompanying
prospectus supplement is accurate only as of the date of this prospectus and any accompanying prospectus supplement, regardless
of the time of delivery of this prospectus, any accompanying prospectus supplement or any sale of securities</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; width: 96%"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS SUMMARY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; text-align: right"><FONT STYLE="font-size: 11pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Information Regarding the Fund</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">The Offering</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Information Regarding the Adviser and Custodian</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Closed-End Fund Structure</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Investment Focus</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Summary Risk Factors and Special Considerations</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>FEES AND EXPENSES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Fee Table</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>PRICE RANGE OF COMMON STOCK</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Share Price Data</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>USE OF PROCEEDS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>INVESTMENT OBJECTIVE AND POLICIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Investment Policies - General</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Special Leverage Considerations</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Repurchase Agreements</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Debt Securities</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Securities Lending</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Portfolio Turnover</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Investment Restrictions</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Risks Related to Offerings Pursuant to this Prospectus</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Discount From Net Asset Value</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Risks of Investing in Caribbean Basin Countries</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Risks Related to Equity and Equity-Linked Securities</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Risk Relating to Our Adviser and its Affiliates</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>MANAGEMENT OF THE FUND</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Board of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Information About Directors and Officers</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Risk Oversight</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Committees of the Board</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Ownership of the Fund By Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Director Compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Investment Adviser and Portfolio Manager</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Investment Adviser</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Portfolio Managers</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Investment Advisory Agreement</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Benefit to the Adviser</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Rights Offerings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Expenses of the Fund</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>PORTFOLIO TRANSACTIONS AND BROKERAGE</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>REGULATION AS A REGISTERED CLOSED-END MANAGEMENT INVESTMENT COMPANY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">General</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Code of Ethics</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Compliance Policies and Procedures</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Sarbanes-Oxley Act of 2002</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Proxy Voting Policies and Procedures</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>DESCRIPTION OF COMMON STOCK</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Share Repurchases and Tender Offers</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Certain Provisions of Articles of Incorporation and Bylaws</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Subscription Rights</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>DIVIDENDS AND DISTRIBUTIONS; DIVIDEND REINVESTMENT PLAN</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>PLAN OF DISTRIBUTION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>TAXATION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Federal Taxation of the Fund and its Distributions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>DETERMINATION OF NET ASSET VALUE</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING AGENT, AND REGISTRAR</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">50</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>LEGAL MATTERS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">50</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>EXPERTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">50</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">50</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>AVAILABLE INFORMATION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">51</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>INCORPORATION BY REFERENCE</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>APPENDIX A</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>APPENDIX B</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">B-1</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUMMARY</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; margin: 0pt 0; text-align: justify">This summary highlights some information
that is described more fully elsewhere in this prospectus and is qualified in its entirety by the more detailed information included
elsewhere in the prospectus. The summary does not purport to be a complete discussion of all matters referred to in this prospectus
and any accompanying prospectus supplement and may not contain all of the information that is important to you. To understand an
offering fully you should read the entire prospectus and any accompanying prospectus supplement carefully, including the &ldquo;Risk
Factors and Special Consideration,&rdquo; before making a decision to invest in our securities<FONT STYLE="font-size: 11pt">.</FONT></P>

<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: justify; background-color: white">You should carefully
read the section entitled &ldquo;Risk Factors and Special Considerations &rdquo; in this prospectus, any accompanying prospectus
supplement, and our financial statements included in our Annual Report to stockholders for the fiscal year ended June 30, 2020,
filed with the SEC on September 4, 2020, and in our Semi-Annual Report to stock holders for the six month period ended December
31, 2019, filed with the SEC on March 3, 2020. References to &ldquo;fiscal year&rdquo; mean our applicable fiscal year which ends
on June 30th in such year.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Except where the context requires otherwise,
the terms the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to The Herzfeld Caribbean Basin Fund,
Inc. and the &ldquo;Adviser&rdquo; refers to HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc.</P>

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

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

<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: justify; background-color: white">The Herzfeld Caribbean
Basin Fund, Inc. is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland
that has registered as an investment company under the 1940 Act. The Fund has elected and intends to continue to qualify annually
to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended, or the &ldquo;Code.&rdquo;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s investment objective is
long-term capital appreciation. To achieve its objective, the Fund invests in issuers that are likely, in the Adviser&rsquo;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 former Netherlands
Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, the United States
and Venezuela, or the &ldquo;Caribbean Basin Countries.&rdquo; The Fund invests at least 80% of its total assets in equity and
equity-linked securities of issuers, including U.S. based companies which engage in substantial trade with, and derive substantial
revenue from, operations in the Caribbean Basin Countries. The Fund may invest more than 25% of its total assets in the securities
of U.S.-based companies, which constituted approximately 58.63% of the Fund&rsquo;s total assets as of December 31, 2020. Total assets
includes the amount of any borrowings for investment purposes. At such time as it becomes legally permissible for U.S. entities
to invest directly in Cuba, the Fund will consider such investments. See &ldquo;Investment Objective and Policies.&rdquo; Equity
and equity-linked securities include, but are not limited to, common stock, preferred stock, debt securities convertible into equity,
warrants, options and futures. An investment in the Fund is not appropriate for all investors and should not constitute a complete
investment program. No assurances can be given that the Fund&rsquo;s objective will be achieved.</P>

<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: justify"><B>The Offering</B></P>

<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: justify">We may offer, from time to time, in one
or more offerings, our common shares, $0.001 par value per share, or our subscription rights to purchase our common shares (the
&ldquo;Offer&rdquo; or the &ldquo;Offering&rdquo;). The securities may be offered at prices and on terms to be set forth in one
or more supplements to this prospectus (each a &ldquo;prospectus supplement&rdquo;). The offering price per common share will not
be less than the net asset value per common share at the time we make the offering, exclusive of any underwriting commissions or
discounts, provided that rights offerings that meet certain conditions may be offered at a price below the then current net asset
value. See &ldquo;Rights Offerings.&rdquo; You should read this prospectus and the applicable prospectus supplement carefully before
you invest in our securities. Our securities may be offered directly to one or more purchasers, through agents designated from
time to time by us or to or through underwriters or dealers. The prospectus supplement relating to the offering will identify any
agents, underwriters, or dealers involved in the sale of our shares or notes, and will set forth any applicable purchase price,
fee, commission or discount arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon
which such amount may be calculated. The prospectus supplement relating to any offering of subscription rights will set forth the
number of common or preferred shares issuable upon the exercise of each right and the other terms of such rights offering. We may
not sell any of our shares or notes through agents, underwriters or dealers without delivery of a prospectus supplement describing
the method and terms of the particular offering.</P>

<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: justify">While the aggregate amount of securities
we may issue pursuant to this registration statement is limited to $88,000,000, our board of directors may, without any action
by the stockholders, amend our Articles of Incorporation, as amended, from time to time to increase or decrease the aggregate
number of shares or the number of shares of any class or series that we have authority to issue.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Regarding the Adviser and
Custodian, Transfer Agent, Dividend Disbursing Agent, and Registrar</B></P>

<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: justify">HERZFELD/CUBA, a division of Thomas J.
Herzfeld Advisors, Inc. has acted as the investment adviser to the Fund since the Fund&rsquo;s registration under the 1940 Act.
Our Investment Advisory Agreement with the Adviser, or the &ldquo;Investment Advisory Agreement,&rdquo; sets forth the services to
be provided by the Adviser. The Investment Advisory Agreement was last approved by our board of directors (the &ldquo;board of directors&rdquo;
or &ldquo;board&rdquo;) on August 13, 2020, and is required to be approved annually by our board. The Adviser is entitled to an advisory
fee paid by the Fund at the annual rate of 1.45% of the Fund&rsquo;s average weekly net assets and payable at the end of each month.
That fee may be higher than the advisory fee paid by some investment companies. The Adviser has voluntarily agreed to waive its
management fee by ten (10) basis points (from 1.45% to 1.35%) for any fiscal year over a three-year period beginning July 1, 2019
and ending June 30, 2022 if the Fund&rsquo;s average discount to NAV during the preceding fiscal year is greater than 5%. See,
&ldquo;Share Purchases and Tender Offers&rdquo; below. For the fiscal year ended June 30, 2020, the Adviser earned $591,150, and
received $550,388 after waiving fees of $40,762. For the fiscal years ended June 30, 2019 and 2018, the Adviser earned $668,416
and $748,415, respectively, for investment advisory services provided to the Fund pursuant to the Investment Advisory Agreement.</P>

<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: justify">See &ldquo;Management of the Fund - Investment
Adviser.&rdquo;</P>

<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: justify">Fifth Third Bank N.A. acts as custodian
for the Fund&rsquo;s assets. For its services as custodian the Fund currently pays Fifth Third Bank an annual fee, plus a monthly
fee based on the market value of the Fund&rsquo;s assets. Ultimus Fund Solutions, LLC serves as the Fund&rsquo;s transfer agent,
and provides shareholder services to the Fund. Ultimus has subcontracted transfer agency services to American Stock Transfer &amp;
Trust Company, LLC, which serves as dividend/distribution disbursing agent, dividend reinvestment plan agent and as registrar for
the Fund&rsquo;s common stock. For its services as transfer agent, the Fund currently pays Ultimus a monthly fee based primarily
on the number of registered Fund shareholders.</P>

<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">See, &ldquo;Custodian, Transfer Agent, Dividend Disbursing Agent,
And Registrar&rdquo;.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Closed-End
Fund Structure</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fund is a
non-diversified, closed-end management investment company under the 1940 Act, commonly referred to as a &ldquo;closed-end fund.&rdquo;
Closed-end management investment companies differ from open-end management investment companies (commonly referred to as &ldquo;mutual
funds&rdquo;) in that closed-end funds generally list their shares for trading on a stock exchange and do not redeem their stock
at the request of the stockholder. This means that if a stockholder wishes to sell shares of a closed-end management investment
company, he or she must trade them on the market, like any other stock, at the prevailing market price at that time. With respect
to a mutual fund, if the stockholder wishes to sell shares of the company, the mutual fund will redeem, or buy back, the shares
at NAV. Mutual funds also generally offer new shares on a continuous basis to new investors, and closed-end management investment
companies generally do not. The continuous inflows and outflows of assets in a mutual fund can make it difficult to manage the
company&rsquo;s investments. By comparison, closed-end management investment companies are generally able to stay more fully invested
in securities that are consistent with their investment objectives and also have greater flexibility to make certain types of investments
and to use certain investment strategies, such as investments in illiquid securities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">When shares of
closed-end management investment companies are traded, they may trade at a discount to their NAV. This characteristic of shares
of closed-end management investment companies is a risk separate and distinct from the risk that the closed-end management investment
company&rsquo;s NAV may decrease as a result of investment activities. Our conversion to an open-end mutual fund would require an amendment
to the Fund&rsquo;s articles of incorporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Investment
Focus</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fund&rsquo;s investment
objective is to obtain long-term capital appreciation. This objective may not be changed without the prior approval of the holders
of a majority of the Fund&rsquo;s outstanding voting securities. As further described below, 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, (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 a Caribbean Basin Country, which we
refer to collectively as &ldquo;Caribbean Basin Companies.&rdquo; Current income through receipt of interest or dividends from the
Fund&rsquo;s securities is incidental to the Fund&rsquo;s efforts to attain its investment objective.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fund invests
in Caribbean Basin Companies that are likely, in the opinion of the Adviser, to benefit from economic, political, structural and
technological developments in the Caribbean Basin Countries. Under normal market conditions, the Fund invests at least 80% of its
total assets in equity and equity-linked securities of Caribbean Basin Companies. This 80% policy may be changed without stockholder
approval upon sixty days written notice to stockholders. Total assets includes the amount of any borrowings for investment purposes.
The Fund may invest more than 25% of its total assets in the securities of U.S.-based companies, which constituted approximately
58.63% of the Fund&rsquo;s total assets as of December 31, 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Investment in
Cuban securities or any investment in Cuba directly or indirectly is currently prohibited under U.S. law. At such time as it becomes
legally permissible for U.S. entities to invest directly in Cuba, the Fund will consider such investments. U.S. law currently prohibits
the Fund from investing its assets in securities of companies that benefit from free trade with Cuba, which we refer to as &ldquo;companies
strategically linked to Cuba.&rdquo; Companies strategically linked to Cuba may include a company that benefits from free trade
with Cuba, but does not meet the definition of Caribbean Basin Company set forth above. If permitted to make such investments upon
a lifting or easing of the U.S. trade embargo against Cuba or pursuant to regulations promulgated by a department or agency of
the U.S. Government, the Fund may invest up to 20% of its assets in equity and equity-linked securities of non-Caribbean Basin
Companies strategically linked to Cuba.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There can be no
assurances that the U.S. trade embargo against Cuba will ever be lifted or eased or, if and when such lifting or easing of the
embargo commences, that the Adviser will be able to identify direct investments in issuers domiciled in Cuba that are acceptable
for the Fund. If investment in securities issued by companies domiciled in Cuba were to be permitted under U.S. law, certain risks
and special considerations not typically associated with investing in securities of U.S. companies would be relevant to such securities.
These risks include, among others, restrictions on foreign investment and on repatriation of capital invested in Cuba, unstable
currency exchange and fluctuation, the absence of a capital market structure or market oriented economy, potential price volatility
and lesser or lack of liquidity of shares listed on a securities market (if one is established), continued political and economic
risks and other risks described in &ldquo;Risk Factors and Special Considerations&rdquo;.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Equity securities
of public and private companies that may be purchased by the Fund consist of common stock, convertible and non-convertible preferred
stock (whether voting or non-voting), debt with equity warrants and unattached warrants. Debt issued with a warrant entitles the
holder to purchase equity shares and differs from convertible debt because the conversion feature is in the form of a separately
traded warrant. Equity-linked securities of public and private companies that may be purchased by the Fund consist of debt securities
convertible into equity and securities such as warrants, options and futures, the prices of which are functions of the value of
the equity securities receivable upon exercise or settlement thereof.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may invest
up to 20% of our assets in non-equity linked debt securities including foreign denominated corporate debt and sovereign debt issued
by foreign governments, their agencies or instrumentalities, or other government-related entities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For more information,
see &ldquo;Investment Objective and Policies&rdquo;.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary Risk Factors and Special Considerations</B></P>

<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: justify">The value of our assets, as well as the
market price of our securities, will fluctuate. Our investments may be risky, and you may lose all or part of your investment in
us. For additional information about the risks associated with investing in the Fund&rsquo;s common stock, see &ldquo;Risk Factors
and Special Considerations.&rdquo;</P>

<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: justify">The Fund is a non-diversified, closed-end
investment company designed primarily as a long-term investment and not as a trading tool. The Fund invests generally in a portfolio
of Caribbean Basin Companies. An investment in the Fund should be considered speculative and involves a high degree of risk. The
Fund&rsquo;s shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured
depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or
any governmental agency.</P>

<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; background-color: white">Risks that you should carefully consider
before investing in our securities include, but are not limited to, the following:</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><B><I>Discount From NAV</I></B></TD>
    <TD STYLE="width: 60%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Shares of closed-end funds frequently trade at a market price that is less than the value of the net assets attributable to those shares (a &ldquo;discount&rdquo;). The possibility that the Fund&rsquo;s shares will trade at a discount from NAV is a risk separate and distinct from the risk that the Fund&rsquo;s NAV will decrease. The risk of purchasing shares of a closed-end fund that might trade at a discount or unsustainable premium is more pronounced for investors who wish to sell their shares in a relatively short period of time after purchasing them because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance.</P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><BR STYLE="clear: both">
<B><I>Caribbean Basin Countries</I></B></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Investing in the securities of non-U.S. issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers. These risks include currency fluctuations, political and economic risks, including nationalization and expropriation, reduced levels of publicly available information concerning issuers and reduced levels of government regulation of foreign securities markets. Also, investment in Caribbean Basin Countries may involve special considerations, such as limited liquidity and small market capitalization of the Caribbean Basin securities markets, currency devaluations, high inflation and repatriation restrictions.</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B><I>Equity and Equity-Linked Securities Risk</I></B></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consistent with its objective, the Fund
        invests a substantial portion of its assets in equity securities of Caribbean Basin Companies. Equity securities, such as common
        stock, generally represent an ownership interest in a company. An adverse event, such as an unfavorable earnings report, may depress
        the value of a particular equity security held by the Fund. Also, the prices of equity securities, particularly common stocks,
        are sensitive to general movements in the stock market. The Fund&rsquo;s share price can fall because of weakness in the markets
        in which it invests, a particular industry or specific holdings. Markets as a whole can decline for many reasons, including adverse
        political or economic developments, changes in investor psychology, or heavy institutional selling. The prospects for an industry
        or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment.
        Investments in futures and options, if any, are subject to additional volatility and potential losses.</P>
        <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: justify">The Fund may also invest in preferred
stock, convertible securities and other types of equity-linked securities. The market value of preferred and convertible securities
and other debt securities tends to fall when prevailing interest rates rise. Preferred securities may pay fixed or adjustable
rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities.
In addition, a company&rsquo;s preferred securities generally pay dividends only after the company makes required payments to
holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than
bonds and other debt to actual or perceived changes in the company&rsquo;s financial condition or prospects. Preferred securities
of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies. The market value
of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of
a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be
able to pay interest or dividends when due, and their market value may change based on changes in the issuer&rsquo;s credit rating
or the market&rsquo;s perception of the issuer&rsquo;s creditworthiness. Since it derives a portion of its value from the common
stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that
apply to the underlying common stock. Equity-linked securities bear the risk that, in addition to market risk and other risks
of the referenced equity security, the Fund may experience a return that is different from that of the referenced equity security.
Equity-linked instruments also subject the Fund to counterparty risk, including the risk that the issuing entity may not be able
to honor its financial commitment, which could result in a loss of all or part of the Fund&rsquo;s investment.</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><B><I>Cuba Specific Issues</I></B></TD>
    <TD STYLE="width: 60%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment in Cuban securities or any investment
        in Cuba directly or indirectly is currently prohibited under U.S. law. There can be no assurances that the U.S. trade embargo against
        Cuba will ever be lifted or eased or, if and when such a normalization commences, that the Adviser will be able to identify direct
        investments in issuers domiciled in Cuba that are acceptable for the Fund.</P>
        <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: justify">However, if investment in securities issued
        by companies domiciled in Cuba were to be permitted under U.S. law, certain considerations not typically associated with investing
        in securities of U.S. companies should be considered, including: (1) restrictions on foreign investment and on repatriation of
        capital invested in Cuba; (2) unstable currency exchange and fluctuation; (3) the cost of converting foreign currency into U.S.
        Dollars; (4) potential price volatility and lesser or lack of liquidity of shares listed on a securities market (if one is established);
        (5) continued political and economic risks including a new government that if not properly stabilized may lead to the risk of nationalization
        or expropriation of assets and the risk of civil war; (6) the absence of a developed legal structure governing private property;
        (7) the absence of a capital market structure or market oriented economy; and (8) the difficulty of assessing the financial status
        of particular companies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B><I>&ldquo;Non-diversified&rdquo; Investment Company</I></B></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">As a &ldquo;non-diversified&rdquo; investment company, the Fund&rsquo;s investments involve greater risks than would be the case for a similar diversified investment company because the Fund is not limited by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), in the proportion of its assets that may be invested in the assets of a single issuer. Although the Fund is not diversified for the purposes of the 1940 Act, it must maintain a certain degree of diversification in order to comply with certain requirements of the Code, applicable to regulated investment companies. See &ldquo;Risk Factors/Special Considerations&rdquo; and &ldquo;Taxation.&rdquo;</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B><I>Management Risk</I></B></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">The Adviser&rsquo;s judgment about the attractiveness, relative value or potential appreciation of a particular security or investment strategy may prove to be incorrect.</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B><I>Managed Distribution Risk</I></B></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Managed
Distribution Risk.</I></B> Under the Fund&rsquo;s Managed Distribution Policy (see &ldquo;Managed Distribution Policy&rdquo;),
the Fund makes quarterly distributions to stockholders at a rate that may include periodic distributions of its net income and
net capital gains (&ldquo;Net Earnings&rdquo;), or from return-of-capital. For any fiscal year where total cash distributions
exceeded Net Earnings (the &ldquo;Excess&rdquo;), the Excess would decrease the Fund&rsquo;s total assets and, as a result, would
have the likely effect of increasing the Fund&rsquo;s expense ratio. There is a risk that the total Net Earnings from the Fund&rsquo;s
portfolio would not be great enough to offset the amount of cash distributions paid to stockholders. If this were to be the case,
the Fund&rsquo;s assets would be depleted, and there is no guarantee that the Fund would be able to replace the assets. In addition,
in order to make such distributions, the Fund may have to sell a portion of its investment portfolio, including securities purchased
with the proceeds of the Offering, at a time when independent investment judgment might not dictate such action. Furthermore,
such assets used to make distributions will not be available for investment pursuant to the Fund&rsquo;s investment objective.
The Fund adopted the Managed Distribution Policy in 2019, and has made quarterly distributions beginning September 30, 2019. The
Fund may use the proceeds of the Offering to maintain the Managed Distribution Policy by providing funding for future distributions,
which may constitute a return of capital to stockholders and lower the tax basis in their shares which, for the taxable stockholders,
will defer any potential gains until the shares are sold. For the taxable stockholders, the portion of distribution that constitutes
ordinary income and/or capital gains is taxable to such stockholders in the year the distribution is declared. A return of capital
is non-taxable to the extent of the stockholder&rsquo;s basis in the shares. The stockholders would reduce their basis in the
shares by the amount of the distribution and therefore may result in an increase in the amount of any taxable gain on a subsequent
disposition of such shares, even if such shares are sold at a loss to the stockholder&rsquo;s original investment amount. Any
return of capital will be separately identified when stockholders receive their tax statements. Any return of capital that exceeds
cost basis may be treated as capital gain. Stockholders are advised to consult with their own tax advisers with respect to the
tax consequences of their investment in the Fund. Furthermore, the Fund may need to raise additional capital in order to maintain
the Managed Distribution Policy.</P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><B><I>Dividends and Distributions</I></B></TD>
    <TD STYLE="width: 60%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fund distributes
        annually to its stockholders substantially all of its net investment income and net short-term capital gains. The Fund determines
        annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses. We
        paid annual distributions to our common stockholders in fiscal year 2020 of $1.01 per share and in fiscal year 2019 of $0.31 per
        share.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 returned capital of $5,529,654.</P>
        <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: justify; background-color: white">See &ldquo;Dividends
        and Distributions: Dividend Reinvestment Plan&rdquo; and &ldquo;Taxation.&rdquo;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B><I>Plan of Distribution</I></B></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">We may offer, from time to time, up to $88,000,000 of our securities, on terms to be determined at the time of each such offering and set forth in a supplement to this prospectus. Securities may be offered at prices and on terms described in one or more supplements to this prospectus. We may sell our securities through underwriters or dealers, &ldquo;at-the-market&rdquo; to or through a market maker, into an existing trading market or otherwise directly to one or more purchasers or through agents or through a combination of methods of sale. The supplement to this prospectus relating to an offering will identify any agents or underwriters involved in the sale of our securities, and will set forth any applicable purchase price, fee and commission or discount arrangement or the basis upon which such amount may be calculated. In compliance with the guidelines of the Financial Industry Regulatory Authority, Inc., or FINRA, the compensation to the underwriters or dealers in connection with the sale of our securities pursuant to this prospectus and the accompanying supplement to this prospectus may not exceed 8% of the aggregate offering price of the securities as set forth on the cover page of the supplement to this prospectus. We may not sell securities pursuant to this prospectus without delivering a prospectus supplement describing the terms of the particular securities to be offered and the method of an offering of such securities. See &ldquo;Plan of Distribution&rdquo;.</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B><I>Certain Charter Provisions</I></B></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">The Fund&rsquo;s Articles of Incorporation, as amended, include provisions that could have the effect of: inhibiting the Fund&rsquo;s possible conversion to open-end status; limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of its board; and depriving stockholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. See &ldquo;Description of Common Stock.&rdquo;</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B><I>Market Disruption Risk</I></B></TD>
    <TD STYLE="text-align: justify">Certain events have had a disruptive effect on the securities markets, such as pandemics, terrorist attacks, war and other geopolitical events, hurricanes, droughts, floods and other disasters. The Fund cannot predict the effects of similar events in the future on the markets or economies of Caribbean Basin Countries.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><B><I>Pandemic Risk</I></B></TD>
    <TD STYLE="width: 60%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The continuing spread of an infectious
        respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations
        and liquidity constraints in many markets, including securities the Fund holds, and may adversely affect the Fund&rsquo;s investments
        and operations. The outbreak was first detected in December 2019 and subsequently spread globally. The transmission of COVID-19
        and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international borders, enhanced
        health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines,
        event and service cancellations or interruptions, disruptions to business operations (including staff reductions), supply chains
        and consumer activity, as well as general concern and uncertainty that has negatively affected the economic environment.</P>
        <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: justify">The foregoing could lead to a significant
        economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse
        effects on the values and liquidity of securities or other assets, including those held by the Fund. Such impacts, which may vary
        across asset classes, may adversely affect the performance of the Fund&rsquo;s investments, the Fund and a shareholder&rsquo;s
        investment in the Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities
        or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or
        financial instruments or to accurately price its investments.</P>
        <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: justify">Governmental authorities and regulators
throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes
to fiscal and monetary policy, including but not limited to, direct capital infusions, new monetary programs and dramatically
lower interest rates. Certain of those policy changes are being implemented in response to the COVID-19 pandemic. Such policy
changes may adversely affect the value, volatility and liquidity of dividend and interest paying securities. The effect of recent
efforts undertaken by the U.S. Federal Reserve to address the economic impact of the COVID-19 pandemic, such as the reduction
of the federal funds target rate, and other monetary and fiscal actions that may be taken by the U.S. federal government to stimulate
the U.S. economy, are not yet fully known. The duration of the COVID-19 outbreak and its full impacts are unknown, resulting in
a high degree of uncertainty for potentially extended periods of time.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The risks and
special considerations discussed above apply generally to the investments and strategies that the Adviser will use under normal
market conditions. The Fund and the Adviser also may use other strategies and engage in other investment practices. For more information
about the risks described above and other risks, see &ldquo;Risk Factors and Special Considerations&rdquo; and, risks and special
considerations discussed in any accompanying prospectus supplement. In addition, the other information included in this prospectus
and any accompanying prospectus supplement contains a discussion of factors you should carefully consider before deciding to invest
in shares of our common stock.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FEES AND EXPENSES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following
table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you
that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise,
whenever this prospectus and any accompanying prospectus supplement contains a reference to fees or expenses paid by &ldquo;us&rdquo;
or the Fund or that &ldquo;we&rdquo; will pay fees or expenses, you will indirectly bear such fees or expenses as an investor in
the Fund.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 85%; text-align: justify"><B>Fee Table</B></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><I>Stockholder Transaction Expenses:</I></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify">Sales load (as a percentage of the offering price) (1)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">[&#9679;]%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify">Offering expenses borne by us (1)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">[&#9679;]%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify">Dividend reinvestment plan fees</TD>
    <TD STYLE="white-space: nowrap; text-align: center">None</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholder transaction expenses (as a percentage of offering price)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 85%"><I>Annual Expenses (as a percentage of net assets attributable to common shares):</I></TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify">Management Fees (2)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">1.45%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify">Other expenses (estimated) (3)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">1.75%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify">Acquired Fund Fees and Expenses (4)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">0.00%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify">Total Annual Expenses (estimated) (4)</TD>
    <TD STYLE="white-space: nowrap; text-align: center">3.20%</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD>To be provided by amendment. The actual amounts in connection
with any offering will be set forth in the prospectus supplement if applicable.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD>During the fiscal year ended June 30, 2020, the Adviser
voluntarily waived its management fee by 10 basis points (from 1.45% to 1.35%) in support of the Fund&rsquo;s initiative to attempt
to reduce the stock price discount to NAV.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD>&ldquo;Other Expenses&rdquo; do not include expenses of
the Fund incurred in connection with any Offer. However, these expenses will be borne by the holders of the shares of common stock
of the Fund and result in a reduction in the net asset value, or &ldquo;NAV&rdquo;, of the shares of common stock.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(4)</TD><TD>&ldquo;Acquired Fund Fees and Expenses&rdquo; are less
than 0.005%. Total Annual Expenses may not correlate to the ratio of expenses to average net assets disclosed in the Fund&rsquo;s
annual and semi-annual reports to stockholders in the financial highlights table, which reflects operating expenses of the Fund
and does not include &ldquo;Acquired Fund&rdquo; fees and expenses. The Fund&rsquo;s Total Annual Expenses, after the Adviser&rsquo;s
voluntary waiver of 10 basis points of its management fee, is 3.10%.</TD>
</TR></TABLE>

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

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

<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: justify">The following example demonstrates the
projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical
investment in our common stock.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><B>Cumulative Expenses Paid for the Period of:</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">1 year</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">3 years</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">5 years</TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center">10 years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify">An investor would pay the following expenses on a $1,000 investment,
    assuming a 5% annual return:</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$32</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$99</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$167</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$350</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: justify"><B>The example and the expenses in the
tables above should not be considered a representation of past or future expenses or annual rates of return and actual expenses
or annual rates of return may be more or less than those shown.</B> The foregoing table and example are intended to assist investors
in understanding the costs and expenses that an investor in the Fund will bear directly or indirectly. &ldquo;Other Expenses&rdquo;
are based on estimated amounts for the current fiscal year. See &ldquo;Management of the Fund&rdquo; for additional information.</P>

<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: justify">The example assumes the reinvestment of
all dividends and distributions at NAV and an expense ratio of 3.20%. The tables above and the assumption in the example of a
5% annual return are required by SEC regulations applicable to all investment companies. In addition, while the example assumes
the reinvestment of all dividends and distributions at NAV, participants in the Dividend Reinvestment Plan may receive shares
purchased or issued at a price or value different from NAV. See &ldquo;Dividends and Distributions; Dividend Reinvestment Plan.&rdquo;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PRICE RANGE
OF COMMON STOCK</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">Price</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">NAV</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">Premium/(Discount)</TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%">Quarter<BR>
Ended</TD>
    <TD STYLE="white-space: nowrap; width: 12%">High</TD>
    <TD STYLE="white-space: nowrap; width: 12%">Low</TD>
    <TD STYLE="white-space: nowrap; width: 12%">High</TD>
    <TD STYLE="white-space: nowrap; width: 12%">Low</TD>
    <TD STYLE="white-space: nowrap; width: 12%">High</TD>
    <TD STYLE="white-space: nowrap; width: 12%">Low</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">12/31/2020</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$5.35 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$3.57 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$6.36 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$4.78 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-14.26%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-27.81%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">9/30/2020</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$3.94 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$3.41 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$5.15 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$4.45 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-18.63%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-27.88%</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">6/30/2020</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$4.43 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$2.91 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$5.69 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$3.67 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-7.69%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-26.16%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">3/31/2020</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$6.85 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$2.67 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$7.98 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$3.52 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-8.89%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-24.28%</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">12/31/2019</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$6.90 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$6.16 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$8.05 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$7.40 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-13.24%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-18.19%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">9/30/2019</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$6.73 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$5.86 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$7.93 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$7.28 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-14.43%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-19.95%</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">6/30/2019</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$6.45 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$5.86 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$7.73 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$7.24 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-14.15%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-22.63%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">3/31/2019</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$5.90 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$4.80 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$7.48 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">$6.45 </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-18.78%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">-25.58%</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: justify">The Shares are traded on the NASDAQ Capital
Market. During each completed fiscal quarter of the Fund during the past two fiscal years and during the current fiscal year, the
highest and lowest NAV and Market Price per Share, and the highest and lowest premium/discount were as follows:</P>

<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: justify">Our common stock has historically traded
at a premium or at a discount to its NAV. We cannot predict whether our common stock will trade at a premium or discount to NAV
in the future. In recognition of the possibility that the Fund&rsquo;s shares might trade at a discount to NAV, our board of directors
may determine that it would be in the best interest of stockholders of the Fund to take action to attempt to reduce or eliminate
a market value discount from NAV. To that end, the board may take action from time to time either to repurchase Fund shares in
open market or private transactions or to make a tender offer for Fund shares at NAV. No assurance can be given that the board
will decide to undertake such repurchases or tender offers, or that any such repurchases or tender offers would reduce any market
discount. The board does not currently intend to undertake repurchases or tenders offers.</P>

<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: justify">See also, &ldquo;Description of Common
Stock - Share Repurchases and Tender Offers&rdquo;.</P>

<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"><B>USE OF PROCEEDS</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; margin: 0pt 0; text-align: justify">Unless otherwise specified in a prospectus
supplement, we intend to use all or substantially all of the net proceeds from a sale of our securities, pursuant to a prospectus
supplement, if any, for acquiring investments in accordance with our investment objective and policies described in this prospectus
and any accompanying prospectus supplement and for general corporate purposes. The Adviser anticipates that such proceeds, if
received, will be invested promptly as investment opportunities are identified, depending on market conditions and the availability
of appropriate securities, which we anticipate will take not more than approximately three to six months from the closing of any
offering. Pending investment, the proceeds will be invested in short-term cash-equivalent instruments. Although the Adviser anticipates
that a substantial portion of the proceeds from any offering will be invested pursuant to the Fund&rsquo;s investment objective
and policies, some of the proceeds may be used to make capital gain distributions required to maintain the Fund&rsquo;s tax status
as a regulated investment company. To the extent necessary, a portion of the increase in the Fund&rsquo;s assets will also be
used to maintain the Fund&rsquo;s Managed Distribution Policy. See &ldquo;Managed Distribution Policy&rdquo; below.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INVESTMENT OBJECTIVE AND 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; margin: 0pt 0; text-align: justify"><B>Investment Policies - General</B></P>

<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: justify">The Fund&rsquo;s investment objective is
to obtain long-term capital appreciation. This objective may not be changed without the prior approval of the holders of a majority
of the Fund&rsquo;s outstanding voting securities. 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, (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 referred to herein
as &ldquo;Caribbean Basin Companies&rdquo;). Current income through receipt of interest or dividends from the Fund&rsquo;s securities
is incidental to the Fund&rsquo;s efforts to attain its investment objective. The Fund invests in Caribbean Basin Companies that
are likely, in the opinion of the Adviser, to benefit from political, legal and economic developments in the Caribbean Basin Countries.
Under normal market conditions, the Fund invests at least 80% of its total assets in equity and equity-linked securities of Caribbean
Basin Companies, including U.S.-based companies which engage in substantial trade with, and derive substantial revenue from, operations
in the Caribbean Basin Countries. Total assets includes the amount of any borrowings for investment purposes. The Fund may invest
more than 25% of its total assets in the securities of U.S.-based companies. U.S. law currently prohibits the Fund from investing
its assets in securities of companies that benefit from free trade with Cuba (&ldquo;companies strategically linked to Cuba&rdquo;).
Companies strategically linked to Cuba may include a company that benefits from free trade with Cuba, but does not meet the definition
of Caribbean Basin Company set forth above. If permitted to make such investments upon a lifting or easing of the U.S. trade embargo
against Cuba or pursuant to regulations promulgated by a department or agency of the U.S. Government, the Fund may invest up to
20% of its assets in equity and equity-linked securities of non-Caribbean Basin Companies strategically linked to Cuba.</P>

<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: justify">The Fund&rsquo;s investment objective is
fundamental and may not be changed without the approval of the Fund&rsquo;s outstanding voting securities. As used in this prospectus,
a majority of the Fund&rsquo;s outstanding voting securities means the lesser of (i) 67% of the shares represented at a meeting
at which more than 50% of the outstanding shares are present in person or represented by proxy or (ii) more than 50% of the outstanding
shares. The Fund&rsquo;s investment policies may be changed by its board without stockholder approval, but the Fund will not change
its investment policies without notice to its stockholders. The Fund is designed primarily for long-term investment, and investors
should not consider it a trading vehicle. An investment in the Fund&rsquo;s shares should not constitute a complete investment
program. The Fund&rsquo;s NAV can be expected to fluctuate, and no assurance can be given that the Fund will continue to achieve
its investment objective.</P>

<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: justify">Equity securities of public and private
companies that may be purchased by the Fund consist of common stock, convertible and non-convertible preferred stock (whether voting
or non-voting), debt with equity warrants and unattached warrants. Debt issued with a warrant entitles the holder to purchase equity
shares and differs from convertible debt because the conversion feature is in the form of a separately traded warrant. Equity-linked
securities of public and private companies that may be purchased by the Fund consist of debt securities convertible into equity
and securities such as warrants, options and futures, the prices of which are functions of the value of the equity securities receivable
upon exercise or settlement thereof.</P>

<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: justify">The Fund may also invest in the shares
of other registered investment companies, some of which may be Caribbean Basin Companies. By investing in shares of investment
companies, the Fund would indirectly pay a portion of the operating expenses, management expenses and brokerage costs of such companies
as well as the expense of operating the Fund. Thus, the Fund&rsquo;s investors may indirectly pay higher total operating expenses
and other costs than they might pay by owning the underlying investment companies directly. The Adviser will continue to attempt
to identify investment companies that have demonstrated superior management in the past, thus possibly offsetting these factors
by producing better results and/or lower expenses than other investment companies. There can be no assurance that this result will
continue to be achieved. In addition, Section 12(d)(1)(A) of the 1940 Act imposes limits on the amount of the investment of the
Fund&rsquo;s assets, and those of its affiliates, in any investment company and that provision may adversely affect the Fund&rsquo;s
ability to purchase or redeem shares issued by an investment company.</P>

<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: justify">The Fund may invest in securities that
lack an established secondary trading market or otherwise are considered illiquid. Liquidity of a security relates to the ability
to dispose easily of the security and the price to be obtained upon disposition of the security, which may be less than would be
obtained for a comparable more liquid security. Illiquid securities may trade at a discount from comparable, more liquid investments.
Investment of the Fund&rsquo;s assets in illiquid securities may restrict the ability of the Fund to dispose of its investments
in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated
with illiquidity will be particularly acute where the Fund&rsquo;s operations require cash, such as when the Fund redeems shares
or pays a distribution, and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses
on the sale of illiquid investments.</P>

<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: justify">The Fund may invest in securities that
are not registered under the Securities Act (&ldquo;restricted securities&rdquo;). Restricted securities may be sold in private
placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established
markets. In many cases, privately placed securities may not be freely transferable under the laws of the applicable jurisdiction
or due to contractual restrictions on resale. As a result of the absence of a public trading market, privately placed securities
may be less liquid and more difficult to value than publicly traded securities. To the extent that privately placed securities
may be resold in privately negotiated transactions, the prices realized from the sales, due to illiquidity, could be less than
those originally paid by the Fund or less than their fair market value. In addition, issuers whose securities are not publicly
traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities
were publicly traded. If any privately placed securities held by the Fund are required to be registered under the securities laws
of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Certain of the
Fund&rsquo;s investments in private placements may consist of direct investments and may include investments in smaller, less seasoned
issuers, which may involve greater risks. These issuers may have limited product lines, markets or financial resources, or they
may be dependent on a limited management group. In making investments in such securities, the Fund may obtain access to material
nonpublic information, which may restrict the Fund&rsquo;s ability to conduct portfolio transactions in such securities.</P>

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

<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: justify">The Fund may vary its investment policy
for temporary defensive purposes when, in the opinion of the Adviser, such a change is warranted due to changes in the securities
markets in which the Fund may invest or other economic or political conditions affecting such markets. For temporary defensive
purposes, the Fund may reduce its position in equity and equity-linked securities and invest in U.S. Treasury bills and U.S. Dollar
denominated bank time deposits and certificates of deposit rated high quality or better by any nationally recognized statistical
rating service or, if unrated, of equivalent investment quality as determined by the Adviser. The banks whose obligations may be
purchased by the Fund will include any member of the U.S. Federal Reserve System. The Fund does not seek to achieve its stated
investment objective when it has assumed a temporary defensive position.</P>

<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: justify"><B>Special Leverage Considerations</B></P>

<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: justify"><U>Hedging Transactions</U></P>

<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: justify">The Fund may employ one or more of the
hedging techniques described below, primarily to protect against a decrease in the U.S. Dollar equivalent value of its portfolio
securities denominated in foreign currencies or in the payments thereon that may result from an adverse change in foreign currency
exchange rates. Conditions in the securities, futures, options and foreign currency markets will continue to determine whether
and under what circumstances the Fund will employ any of the techniques or strategies described below. The Fund&rsquo;s ability
to pursue certain of these strategies may be limited by applicable regulations of the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;)
and the Federal tax requirements applicable to regulated investment companies. See &ldquo;Taxation.&rdquo;</P>

<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: justify">Pursuant to applicable law and subject
to certain restrictions, the Fund may effect hedging transactions on a variety of U.S. and foreign exchanges. The operations of
U.S. exchanges are considered to be subject to more stringent regulation and supervision than those of certain non-U.S. exchanges.</P>

<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: justify">If any percentage limitations applicable
to the transactions described below are exceeded due to market fluctuations after an initial investment, the Fund may not enter
into new transactions of the type to which the exceeded limitation applies until the total of the Fund&rsquo;s commitments with
respect to such transactions falls within the applicable limitation.</P>

<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: justify"><U>Forward Foreign Currency Exchange Contracts</U></P>

<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: justify">The Adviser believes that in some circumstances
the purchase and sale of forward foreign currency exchange contracts (&ldquo;forward contracts&rdquo;) may help offset declines
in the U.S. Dollar equivalent value of the Fund&rsquo;s assets denominated in foreign currencies and in the income available for
distribution to the Fund&rsquo;s stockholders that would result from adverse changes in the exchange rate between the U.S. Dollar
and such foreign currencies. For example, the U.S. Dollar equivalent value of the principal of and rate of return on, the Fund&rsquo;s
foreign denominated securities will decline if the exchange rate fluctuates between the U.S. Dollar and such foreign currency whereby
the U.S. Dollar increases in value. Such a decline could be partially or completely offset by an increase in the value of a foreign
currency forward contract. The Fund may purchase forward contracts involving either the currencies in which certain of its portfolio
securities are denominated or, in cross-hedging transactions, other currencies, changes in the value of which correlate closely
with the changes in the value of the currencies in which its portfolio securities are denominated. The Fund will enter into such
cross-hedging transactions (i) only with respect to currencies whose foreign exchange rate changes historically have shown a high
degree of correlation to changes in the foreign exchange rate of the currency in which the hedged asset is denominated (a &ldquo;correlated
currency&rdquo;) and (ii) only when the Adviser believes that the increase in correlation risk is offset by the lower transaction
costs and increased liquidity available for financial instruments denominated in the correlated currency.</P>

<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: justify">The Fund may enter into forward contracts
or maintain a net exposure on such contracts only if (i) the consummation of the contracts would not obligate the Fund to deliver
an amount of foreign currency in excess of the value of the Fund&rsquo;s portfolio securities or other assets denominated in that
currency or (ii) the Fund maintains cash, U.S. Government securities or other liquid, high-grade debt securities in a segregated
account in an amount not less than the value of the Fund&rsquo;s total assets committed to the consummation of the contract.</P>

<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: justify">Although the use of forward contracts may
protect the Fund against declines in the U.S. Dollar equivalent value of the Fund&rsquo;s assets, such use may reduce the possible
gain from advantageous changes in the value of the U.S. Dollar against particular currencies in which the Fund&rsquo;s assets are
denominated. Moreover, the use of forward contracts will not eliminate fluctuations in the underlying U.S. Dollar equivalent value
of the prices of, or rates of return on, the assets held in the Fund&rsquo;s portfolio.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The use of forward contracts subjects the
Fund to certain risks. The matching of the increase in value of a forward contract and the decline in the U.S. Dollar equivalent
value of the asset that is the subject of the hedge generally is not precise. The success of any of these techniques depends on
the ability of the Adviser to predict correctly movements in foreign currency exchange rates. If the Adviser incorrectly predicts
the direction of such movements or if unanticipated changes in foreign currency exchange rates occur, the Fund&rsquo;s performance
may be poorer than if it had not entered into such contracts. The cost to the Fund of engaging in forward contracts varies with
such factors as the foreign currency involved, the length of the contract period and the prevailing market conditions, including
general market expectations as to the direction of the movement of various foreign currencies against the U.S. Dollar. Consequently,
because the Fund may not always be able to enter into forward contracts at attractive prices, it may be limited in its ability
to use such contracts to hedge its assets or for other risk management purposes. In addition, there can be no assurance that historical
correlations between the movements of certain foreign currencies relative to the U.S. Dollar will continue.</P>

<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: justify"><U>Options on Foreign Currencies</U></P>

<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: justify">The Fund may purchase and write put and
call options on foreign currencies to protect against a decline in the U.S. Dollar equivalent value of its portfolio securities
or payments due thereon or a rise in the U.S. Dollar equivalent cost of securities that it intends to purchase. A foreign currency
put option grants the holder the right, but not the obligation, at a future date to sell a specified amount of a foreign currency
to its counterparty at a predetermined price. A foreign currency call option grants the holder the right, but not the obligation,
to purchase at a future date a specified amount of a foreign currency at a predetermined price.</P>

<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: justify">As in the case of other types of options,
the benefit to the Fund from purchases of foreign currency options will be reduced by the amount of the premium and related transaction
costs. In addition, if currency exchange rates do not move in the direction or to the extent anticipated, the Fund could sustain
losses on transactions in foreign currency options which would require it to forego a portion or all of the benefits of advantageous
changes in such rates.</P>

<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: justify">Any options on foreign currencies written
by the Fund will be covered. A call option is &ldquo;covered&rdquo; if the Fund owns the underlying foreign currency covered by
the call or has an absolute and immediate right to acquire that foreign currency without additional cash consideration (or for
additional cash consideration held in a segregated account by its custodian) upon conversion or exchange of other foreign currency
held in its portfolio. A call option is also covered if the Fund has a call on the same foreign currency and in the same principal
amount as the call written, so long as the exercise price of the call held (i) is equal to or less than the exercise price of the
call written or (ii) is greater than the exercise price of the call written if the difference is maintained by the Fund in cash,
U.S. government securities or other liquid, high-grade debt securities in a segregated account with its custodian. The Fund covers
any put option it writes on foreign currencies by holding with its custodian, in a segregated account, cash, U.S. government securities
or other liquid, high-grade debt securities in an amount equal to the option price.</P>

<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: justify">The Fund may not purchase or write options
on foreign currencies if, as a result, the Fund will have more than 20% of the value of its total assets invested in, or at risk
with respect to, such options.</P>

<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: justify"><U>Futures Contracts</U></P>

<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: justify">The Fund may enter into contracts for the
purchase or sale for future delivery (&ldquo;futures contracts&rdquo;) of foreign stock or bond indices or other financial indices
that the Adviser and the Manager determine are appropriate to hedge the risks associated with changes in interest rates or general
fluctuations in the value of the Fund&rsquo;s portfolio securities.</P>

<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: justify">Pursuant to the regulations of the CFTC,
and subject to certain restrictions, the Fund may purchase or sell futures contracts that are traded on U.S. exchanges that have
been designated as contract markets by the CFTC. The Fund may also generally purchase or sell futures contracts that are subject
to the rules of any foreign board of trade (&ldquo;foreign futures contracts&rdquo;). The Fund may not, however, trade a foreign
futures contract based on a foreign stock index unless the contract has been approved by the CFTC for trading by U.S. persons.</P>

<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: justify">The Fund is required to make a margin deposit
in cash or government securities with a broker or custodian to initiate and maintain positions in futures contracts. Minimal initial
margin requirements are established by the futures exchange and brokers may establish margin requirements which are higher than
the exchange requirements. After a futures contract position is opened, the value of the contract is marked to market daily. If
the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional
&ldquo;variation&rdquo; margin is required. Conversely, reduction in the contract value may reduce the required margin resulting
in a repayment of excess margin to the Fund. Variation margin payments are made to and from the futures broker for as long as the
contract remains open.</P>

<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: justify">Notwithstanding the foregoing, the Fund
will generally only purchase or sell futures contracts (including foreign currency exchange contracts), or options thereon, for
bona fide hedging purposes, as defined in applicable CFTC regulations. If the Fund purchases or sells such futures contracts (including
foreign currency exchange contracts), or options thereon for purposes other than bona fide hedging transactions, in accordance
with CFTC regulations, the Fund will in no event purchase or sell futures contracts if immediately thereafter the sum of the amounts
of initial margin deposits and premiums on the Fund&rsquo;s existing futures contracts would exceed 5% of the fair market value
of the Fund&rsquo;s total assets. The Adviser reserves the right to comply with such different standards as may be established
by the CFTC with respect to the purchase or sale of futures contracts and foreign futures contracts.</P>

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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Options on Securities and Options on
Indices</U></P>

<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: justify">The Fund may purchase or sell exchange
traded or over-the-counter put and call options on its portfolio securities.</P>

<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: justify">The Fund may write covered put and call
options on portfolio securities to generate additional revenue for the Fund and, in certain circumstances, as a partial hedge (to
the extent of the premium received less transaction costs) against a decline in the value of portfolio securities and in circumstances
in which the Adviser anticipates that the price of the underlying securities will not increase above or fall below (in the case
of put options) the exercise price of the option by an amount greater than the premium received (less transaction costs incurred)
by the Fund. Although writing put and call options may generate additional revenue for the Fund, such revenue is incidental to
the Fund&rsquo;s efforts to achieve its investment objective. The Fund&rsquo;s strategy limits potential capital appreciation in
the portfolio securities subject to the options.</P>

<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: justify">The Fund may write only covered options.
&ldquo;Covered&rdquo; means that, so long as the Fund is obligated as the writer of a call option, it will own either the underlying
securities or an option to purchase the same underlying securities having an expiration date not earlier than the expiration date
of the covered option and an exercise price equal to or less than the exercise price of the covered option, or establish or maintain
with its custodian for the term of the option a segregated account consisting of cash, U.S. government securities or other liquid,
high-grade debt obligations having a value equal to the fluctuating market value of the option securities. The Fund will continue
to cover any put option it writes by maintaining a segregated account with its custodian as described above.</P>

<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: justify">The Fund may not purchase or write options
on securities or options on indices if, as a result, the Fund will have more than 5% of the value of its total assets invested
in, or at risk with respect to, either such class of options.</P>

<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: justify">The Fund&rsquo;s successful use of options
and futures depends on the ability of the Adviser to predict the direction of the market, and is subject to various additional
risks. The investment techniques and skills required to use options and futures successfully are different from those required
to select equity and equity-linked securities for investment. The correlation between movements in the price of the option or future
and the price of the securities being hedged is imperfect and the risk from imperfect correlation increases, with respect to stock
index futures and options, as the composition of the Fund&rsquo;s portfolio diverges from the composition of the index underlying
such index futures and options. In addition, the ability of the Fund to close out a futures or options position depends on a liquid
secondary market. There is no assurance that liquid secondary markets will exist for any particular option or futures contract
at any particular time. The securities the Fund is required to maintain in segregated accounts in connection with its hedging transactions
are not available for investment in accordance with the Fund&rsquo;s investment objective of long-term capital appreciation.</P>

<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: justify">On U.S. exchanges, once an option contract
has been accepted for clearance, the exchange clearing organization is substituted as both buyer and seller of the contract, thereby
guaranteeing the financial integrity of the option contract. Options on securities and on indices traded on certain non-U.S. exchanges
may not be so guaranteed by a clearing organization. The absence of such a role for a clearing organization on such a non-U.S.
exchange would expose the Fund to the credit risk of its counterparty. If its counterparty were to default on its obligations,
the Fund could lose the expected benefit of the transaction.</P>

<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: justify"><B>Repurchase Agreements</B></P>

<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: justify">When cash may be available to the Fund
for only a few days, the Fund may invest such cash in repurchase agreements until such time as it otherwise may be invested or
used for payments of obligations of the Fund. In these transactions, the Fund purchases a security and simultaneously commits to
resell that security to the seller at an agreed-upon price and date. The resale price reflects the purchase price plus an agreed-upon
market rate of interest, which is unrelated to the coupon rate or maturity of the security purchased. The obligation of the seller
to pay the agreed-upon price is secured by the value of the underlying securities, which is maintained at the Fund&rsquo;s custodian
at a value at least equal to the resale price. The Adviser monitors the adequacy of the collateral on a daily basis to ensure that
the collateral always equals or exceeds the repurchase price. Repurchase agreements could involve certain risks in the event of
default or insolvency of the other party, including possible delays or restrictions upon the Fund&rsquo;s ability to dispose of
the underlying securities. The Fund could suffer a loss to the extent proceeds from the sale of collateral were less than the value
of the contract.</P>

<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: justify">The Fund may not invest its assets in repurchase
agreements with a maturity of more than seven days, but the collateral securities may have maturities of more than one year. The
Fund has not adopted an investment restriction limiting the value of its total assets not invested in accordance with its fundamental
investment policy that may be invested in repurchase agreements. To minimize the risks of such investments, however, the Fund enters
into repurchase agreements only with its custodian, other member banks of the Federal Reserve System having assets in excess of
$1 billion, and recognized primary U.S. Government securities dealers determined by the Adviser, subject to review by the board
of the Fund, to be creditworthy.</P>

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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Repurchase agreements do not constitute
cash, cash items, receivables or government securities for purposes of the federal tax diversification test. Therefore, the Fund
limits its investments in repurchase agreements with any one bank, dealer, broker or other entity in order to comply with the federal
tax diversification test.</P>

<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: justify"><B>Debt Securities</B></P>

<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: justify">The Fund may invest up to 20% of its assets
in non-equity linked debt securities including foreign denominated corporate debt and sovereign debt issued by foreign governments,
their agencies or instrumentalities, or other government-related entities. Debt securities, such as bonds, involve credit risk.
This is the risk that the issuer will not make timely payments of principal and interest. The degree of credit risk depends on
the issuer&rsquo;s financial condition and on the terms of the debt securities. Changes in an issuer&rsquo;s credit rating or the
market&rsquo;s perception of an issuer&rsquo;s creditworthiness may also affect the value of a Fund&rsquo;s investment in that
issuer. All debt securities are subject to interest rate risk. This is the risk that the value of the security may fall when interest
rates rise. If interest rates move sharply in a manner not anticipated by the Adviser, a Fund&rsquo;s investments in debt securities
could be adversely affected and the Fund could lose money. In general, the market price of debt securities with longer maturities
will go up or down more in response to changes in interest rates than will the market price of shorter-term debt securities. In
addition, debt securities issued in foreign currency denominations will be subject to currency risk.</P>

<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: justify">Investment in sovereign debt can involve
a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay
the principal and/or interest when due in accordance with the terms of such debt. A governmental entity&rsquo;s willingness or
ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation,
the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative
size of the debt service burden to the economy as a whole, the governmental entity&rsquo;s policy towards the International Monetary
Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on
expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages
on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned
on the implementation of economic reforms and/or economic performance and the timely service of such debtor&rsquo;s obligations.
Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result
in the cancellation of such third parties&rsquo; commitments to lend funds to the governmental entity, which may further impair
such debtor&rsquo;s ability or willingness to timely service its debts. Consequently, governmental entities may default on their
sovereign debt. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further
loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective legal remedies
for collecting on such debt.</P>

<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: justify"><B>Securities Lending</B></P>

<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: justify">The Fund may lend portfolio securities
with a value not exceeding 33 1/3% of its total assets or the limit prescribed by applicable law to banks, brokers and other financial
institutions. In return, the Fund receives collateral in cash or securities issued or guaranteed by the U.S. Government, which
will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The Fund
maintains the ability to obtain the right to vote or consent on proxy proposals involving material events affecting securities
loaned. The Fund receives the income on the loaned securities. Where the Fund receives securities as collateral, the Fund receives
a fee for its loans from the borrower and does not receive the income on the collateral. Where the Fund receives cash collateral,
it may invest such collateral and retain the amount earned, net of any amount rebated to the borrower. As a result, the Fund&rsquo;s
yield may increase. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed
securities within the standard time period for settlement of securities transactions. The Fund is obligated to return the collateral
to the borrower at the termination of the loan. The Fund could suffer a loss in the event the Fund must return the cash collateral
and there are losses on investments made with the cash collateral. In the event the borrower defaults on any of its obligations
with respect to a securities loan, the Fund could suffer a loss where there are losses on investments made with the cash collateral
or where the value of the securities collateral falls below the market value of the borrowed securities. The Fund could also experience
delays and costs in gaining access to the collateral. The Fund may pay reasonable securities lending agent, administrative and
custodial fees in connection with its loans.</P>

<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: justify"><B>Portfolio Turnover</B></P>

<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: justify">It is the Fund&rsquo;s policy to sell any
security whenever, in the opinion of the Adviser, the appreciation possibilities of the security have been substantially realized
or the business or market prospects for the issuer of such security have deteriorated, irrespective of the length of time that
such security has been held. In addition, the Fund from time to time may engage in short-term transactions in order to take advantage
of what the Adviser believes to be market inefficiencies in the pricing of equity and equity-linked securities. The Adviser expects
that the Fund&rsquo;s annual rate of portfolio turnover may exceed 100% at times when the Fund is taking advantage of short-term
trading opportunities or if a complete reallocation of the Fund&rsquo;s investment portfolio becomes advisable. A 100% annual turnover
rate would occur if all of the securities in the Fund&rsquo;s portfolio were replaced once within a period of one year. The turnover
rate has a direct effect on the transaction costs borne by the Fund.</P>

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

<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: justify">The Fund has adopted certain investment
restrictions that may not be changed without the prior approval of a majority of the board. For purposes of the non-fundamental
restrictions listed below and other investment restrictions of the Fund described in this prospectus, all percentage limitations
apply immediately after a purchase or initial investment, and any subsequent change in any applicable percentage resulting from
market fluctuations does not require elimination of any security from the Fund&rsquo;s portfolio. Under its investment restrictions,
the Fund may not:</P>

<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: 20pt"></TD><TD STYLE="width: 20pt">1.</TD><TD STYLE="text-align: justify">Purchase any securities (other than obligations of the U.S. government, its agencies or instrumentalities
or securities of other regulated investment companies) if as a result more than 25% of the Fund&rsquo;s total assets would be invested
in securities of any single issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">2.</TD><TD STYLE="text-align: justify">Invest 25% or more of the value of its total assets in a particular industry. This restriction
does not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, but will apply to
foreign government obligations until such time as the SEC permits their exclusion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">3.</TD><TD STYLE="text-align: justify">Purchase more than 10% of the outstanding voting securities of any one issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">4.</TD><TD STYLE="text-align: justify">Issue senior securities, pledge its assets or borrow money in excess of 10% of the total value
of its assets (including the amount borrowed) less its liabilities (not including its borrowings) and other than for temporary
or emergency purposes or for the clearance of transactions, except that the Fund may borrow from a bank or other entity in a privately
arranged transaction for repurchases and/or tenders for its shares, if after such borrowing there is asset coverage of at least
300% as defined in the 1940 Act, and may pledge its assets to secure any permitted borrowing. For the purposes of this investment
restriction, the Fund will not purchase additional portfolio securities while borrowings exceed 5% of the Fund&rsquo;s total assets;
and collateral arrangements with respect to the writing of options or the purchase or sale of futures contracts are not deemed
a pledge of assets or the issuance of a senior security.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">5.</TD><TD STYLE="text-align: justify">Make loans, except through purchasing debt obligations, lending portfolio securities and entering
into repurchase agreements consistent with the Fund&rsquo;s investment objective and policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">6.</TD><TD STYLE="text-align: justify">Purchase or sell real estate or real estate mortgage loans, except that the Fund may purchase and
sell securities secured by real estate or interests therein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">7.</TD><TD STYLE="text-align: justify">Make short sales of securities or maintain a short position in any security.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">8.</TD><TD STYLE="text-align: justify">Purchase securities on margin, except such short-term credits as may be necessary or routine for
the clearance or settlement of transactions, and except that the Fund may engage in transactions as described under &ldquo;Investment
Objective and Policies--Hedging Transactions&rdquo; and post margin in connection therewith consistent with its investment policies.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">9.</TD><TD STYLE="text-align: justify">Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter
under the Securities Act in selling portfolio securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">10.</TD><TD STYLE="text-align: justify">Buy or sell commodities, commodity contracts or futures contracts (other than as described under
&ldquo;Investment Objective and Policies&mdash;Hedging Transactions&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&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: 20pt"></TD><TD STYLE="width: 20pt">11.</TD><TD STYLE="text-align: justify">Buy, sell or write put or call options (other than as described under &ldquo;Special Leverage Considerations
- Hedging Transactions&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is also subject to certain diversification
requirements with respect to its qualification as a &ldquo;regulated investment company&rdquo; under the Code. See &ldquo;Taxation--
Federal Taxation of the Fund and its Distributions&rdquo;.</P>

<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: justify">As an additional non-fundamental investment
restriction, the Fund will not guarantee the obligations of third parties. The Fund may invest in other investment companies,
subject to limitations set forth in the 1940 Act.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS</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; margin: 0pt 0; text-align: justify">Investing in the Fund&rsquo;s common stock
provides an ownership interest in the Fund. Investing in any investment company security involves significant risk, including the
risk that a stockholder may receive little or no return on the stockholder&rsquo;s investment or that the stockholder may lose
part or all of the stockholder&rsquo;s investment. In addition to the other information contained in this prospectus and the applicable
prospectus supplement, you should consider carefully the following information before making an investment in our securities. The
risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed
material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition
and results of operations could be materially and adversely affected. In such case, the net asset value and trading price, if any,
of our common stock could decline, or the value of our subscription rights may decline, and you may lose all or part of your investment.
Therefore, before investing, stockholders should consider carefully the following risks that are assumed when investing in the
Fund.</P>

<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"><B>Risks Related to Offerings Pursuant to this Prospectus</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A stockholder&rsquo;s interest in us will
be diluted if we issue additional shares of common stock, which could reduce the overall value of an investment in us. Our stockholders
do not have preemptive rights to any shares we issue in the future. Our Articles of Incorporation authorizes us to issue up to
100,000,000 shares of capital stock, all of which is currently designated as common stock. Our board may elect to sell additional
shares in the future or issue equity interests in private offerings. To the extent we issue additional equity interests at or below
net asset value, stockholders&rsquo; the percentage ownership interest in us may be diluted. In addition, depending upon the terms
and pricing of any additional offerings and the value of our investments, holders of our common stock may also experience dilution
in the book value and fair value of their shares.</P>

<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: justify">Under the 1940 Act, we generally are prohibited
from issuing or selling our common stock at a price below net asset value per share, which may be a disadvantage as compared with
certain public companies. We may, however, sell our common stock, or warrants, options, or rights to acquire our common stock,
at a price below the current net asset value of our common stock if our board of directors and independent directors determine
that such sale is in our best interests and the best interests of our stockholders, and our stockholders, including a majority
of those stockholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are
to be issued and sold may not be less than a price that, in the determination of our board of directors, closely approximates the
fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock
or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our stockholders
at that time will decrease and holders of our common stock will experience dilution.</P>

<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: justify">Certain provisions of the Maryland General
Corporation Law could deter takeover attempts. The Maryland Control Share Acquisition Act significantly restricts the voting rights
of control shares of a Maryland corporation acquired in a control share acquisition. The Maryland Control Share Acquisition Act
may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such a transaction.
<FONT STYLE="font-family: Times New Roman, Times, Serif">The Fund has not opted-in to the provisions of the Maryland Control Share
Acquisition Act, but may do so in the future upon the determination of the Board.</FONT></P>

<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: justify"><B>Discount From Net Asset Value</B></P>

<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: justify">Shares of closed-end funds frequently trade
at a market price that is less than the value of the net assets attributable to those shares. The possibility that the Fund&rsquo;s
shares will trade at a discount from NAV is a risk separate and distinct from the risk that the Fund&rsquo;s NAV will decrease.
The risk of purchasing shares of a closed-end fund that might trade at a discount or unsustainable premium is more pronounced for
investors who wish to sell their shares in a relatively short period of time after purchasing them because, for those investors,
realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount than
upon portfolio performance. The Fund&rsquo;s shares are not redeemable at the request of stockholders. The Fund may repurchase
its shares in the open market or in private transactions, although it has no present intention to do so. Stockholders desiring
liquidity may, subject to applicable securities laws, trade their shares in the Fund on the NASDAQ Capital Market or other markets
on which such shares may trade at the then current market value, which may differ from the then current NAV.</P>

<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: justify">The NAV of our common stock may fluctuate
significantly. The NAV and liquidity of the market for shares of our common stock may be significantly affected by numerous factors,
some of which are beyond our control and may not be directly related to our operating performance. These factors include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD><FONT STYLE="font-size: 11pt">changes in
                                         the value of our portfolio of investments;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD><FONT STYLE="font-size: 11pt">changes in
                                         regulatory policies or tax guidelines;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD><FONT STYLE="font-size: 11pt">distributions
                                         that exceed our net investment income and net income as reported according to generally
                                         accepted account principles in the United States;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD><FONT STYLE="font-size: 11pt">changes in
                                         earnings or variations in operating results;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD><FONT STYLE="font-size: 11pt">changes in
                                         accounting guidelines governing valuation of our investments;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD><FONT STYLE="font-size: 11pt">departure
                                         of our Adviser or certain of their respective key personnel;</FONT> <FONT STYLE="font-size: 11pt">and</FONT></TD>
</TR></TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0in; font: 9pt Times New Roman, Times, Serif">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD><FONT STYLE="font-size: 11pt">general economic
                                         trends and other external factors.</FONT></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: justify">Investing in our securities involves a
high degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk
than alternative investment options and includes volatility or loss of principal. Our investments in portfolio companies may be
highly speculative and aggressive and, therefore, an investment in our securities may not be suitable for someone with lower risk
tolerance.</P>

<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"><B>Risks of Investing in Caribbean Basin Countries</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The economies of Caribbean Basin Countries
have in the past experienced considerable difficulties, including high inflation rates, high interest rates, and high unemployment.
The emergence of the economies and securities markets of the Caribbean Basin Countries will require continued economic and fiscal
discipline that has been lacking at times in the past, as well as stable political and social conditions. International economic
conditions, particularly those in the United States, as well as world prices for oil and other commodities may also influence the
development of the economies of the Caribbean Basin Countries.</P>

<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: justify">The currencies of foreign countries (including
those foreign countries in the definition of the Caribbean Basin) are subject to fluctuations relative to the U.S. Dollar and foreign
countries (including those foreign countries in the definition of the Caribbean Basin) have had to make major adjustments in their
currencies from time to time. Also many Caribbean Basin Countries have experienced substantial, and in some periods extremely high,
rates of inflation for many years. For companies that keep accounting records in the local currency, inflation accounting rules
in some Caribbean Basin Countries require, for both tax and accounting purposes, that certain assets and liabilities be restated
on the company&rsquo;s balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting
may indirectly generate losses or profits for certain Caribbean Basin Companies. Inflation and rapid fluctuations in inflation
rates have had, and could, in the future, have very negative effects on the economies and securities markets of certain Caribbean
Basin Countries.</P>

<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: justify">In addition, governments of many Caribbean
Basin Countries have exercised and continue to exercise substantial influence over many aspects of the private sector. Governmental
actions in the future could have a significant effect on economic conditions in Caribbean Basin Countries, which could affect the
companies in which the Fund invests and, therefore, the value of Fund shares. Investments in foreign markets may be adversely affected
by governmental actions such as the imposition of punitive taxes. In addition, the governments of certain countries may prohibit
or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Substantial limitations
may exist in certain countries with respect to the Fund&rsquo;s ability to repatriate investment income, capital or the proceeds
of sales of securities. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval
for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Any of these actions
could severely affect security prices, impair the Fund&rsquo;s ability to purchase or sell foreign securities or transfer the Fund&rsquo;s
assets or income back into the United States, or otherwise adversely affect the Fund&rsquo;s operations.</P>

<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: justify">Certain Caribbean Basin Countries have
entered into regional trade agreements that are designed to, among other things, reduce barriers between countries, increase competition
among companies and reduce government subsidies in certain industries. No assurance can be given that these changes will be successful
in the long term, or that these changes will result in the economic stability intended. There is a possibility that these trade
arrangements will not be fully implemented, or will be partially or completely unwound. It is also possible that a significant
participant could choose to abandon a trade agreement, which could diminish its credibility and influence. Any of these occurrences
could have adverse effects on the markets of both participating and non-participating countries, including sharp appreciation or
depreciation of participants&rsquo; national currencies and a significant increase in exchange rate volatility, a resurgence in
economic protectionism, an undermining of confidence in the Caribbean Basin markets, an undermining of Caribbean Basin economic
stability, the collapse or slowdown of the drive towards economic unity, and/or reversion of the attempts to lower government debt
and inflation rates that were introduced in anticipation of such trade agreements. Such developments could have an adverse impact
on the Fund&rsquo;s investments in the Caribbean Basin generally or in specific countries participating in such trade agreements.</P>

<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: justify">The Caribbean Basin has experienced natural
disasters, including hurricanes, droughts and floods, which have caused substantial damage to parts of the Caribbean Basin and
have harmed the region&rsquo;s economies. The possibility exists that another natural disaster could materially disrupt and adversely
affect the economies of Caribbean Basin Countries. In addition, companies and industries in which the Fund invests may experience
substantial disruptions in operations as a result of any such natural disasters.</P>

<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: justify">The Caribbean Basin is vulnerable to environmental
disasters, for instance the BP Oil spill in the Gulf of Mexico in 2010 had a widespread economic impact on the region. The potential
and impact of such occurrences in the future is impossible to gauge.</P>

<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: justify">The COVID-19 global pandemic has resulted
in a material disruption of the economies of many Caribbean Basin Countries, due to their dependence on tourism and cruise lines.</P>

<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: justify">Other Caribbean Basin market risks include
foreign exchange controls, difficulties in pricing securities, defaults on sovereign debt, difficulties in enforcing contracts,
difficulties in enforcing favorable legal judgments in local courts and political and social instability. Legal remedies available
to investors in certain Caribbean Basin countries may be less extensive than those available to investors in the United States
or other foreign countries.</P>

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

<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: justify">The Fund may invest from time to time a
substantial amount of its 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&rsquo;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: justify">&nbsp;</P>

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

<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: justify">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: justify">&nbsp;</P>

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

<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: justify">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&rsquo;s ability to purchase or sell
foreign securities or transfer the Fund&rsquo;s assets or income back into the United States, or otherwise adversely affect the
Fund&rsquo;s operations.</P>

<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: justify">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: justify">&nbsp;</P>

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

<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: justify">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&rsquo;s portfolio. Because the Fund&rsquo;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&rsquo;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&rsquo;s portfolio. Generally, when the U.S. Dollar rises in value against a foreign currency,
a security denominated in that currency loses value because the currency is worth fewer U.S. Dollars. Conversely, when the U.S.
Dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency
is worth more U.S. Dollars. This risk, generally known as &ldquo;currency risk,&rdquo; 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: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Governmental Supervision and Regulation/Accounting
Standards</U></P>

<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: justify">Foreign issuers are generally not bound
by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable
to U.S. issuers. Some of the securities held by the Fund may not be registered with the SEC nor may the issuers be subject to the
SEC&rsquo;s reporting requirements. Thus, there may be less available information concerning foreign issuers of securities held
by the Fund than is available concerning U.S. issuers. Adequate public information on foreign issuers may not be available, and
it may be difficult to secure dividends and information regarding corporate actions on a timely basis. In general, there is less
overall governmental supervision and regulation of securities exchanges, brokers, and listed companies than in the United States.
OTC markets tend to be less regulated than stock exchange markets and, in certain countries, may be totally unregulated. Regulatory
enforcement may be influenced by economic or political concerns, and investors may have difficulty enforcing their legal rights
in foreign countries.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the U.S. Government has from
time to time imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors, including current
prohibitions on U.S. investment in Cuba. Investments in securities of Cuban companies, if permitted by U.S. law, may be subject
to certain political and economic risks in addition to the risks associated with investment in the securities of issuers domiciled
in other foreign countries. The risks include (i) less social, political and economic stability; (ii) the small current size of
the markets for such securities and the currently low or nonexistent volume of trading, which result in a lack of liquidity and
in greater price volatility; (iii) certain national policies which may restrict the Fund&rsquo;s investment opportunities, including
restrictions on investment in issuers or industries deemed sensitive to national interests; (iv) the absence of developed legal
structures governing private or foreign investment or allowing for judicial redress for injury to private property; (v) the absence
of a capital market structure or market-oriented economy; and (vi) the possibility that recent favorable economic developments
may be slowed or reversed by unanticipated political or social events in such countries. Investments in securities of Cuban companies,
if and when the Fund is permitted to invest in such securities, will be speculative and involve risks not usually associated with
investments in securities of issuers in more developed market economies. See &ldquo;Emerging Markets Risk&rdquo; below.</P>

<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: justify">Some foreign securities or nations impose
restrictions on transfer within the United States or to U.S. persons. Although securities subject to such transfer restrictions
may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions.</P>

<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: justify">Accounting standards in other countries
are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail
as U.S. accounting standards, it may be harder for the Adviser to completely and accurately determine a company&rsquo;s financial
condition. In instances where the financial statements of an issuer are not deemed to reflect accurately the financial situation
of the issuer, the Adviser will take appropriate steps to evaluate the proposed investment, which may include on-site inspection
of the issuer (including Cuba, if U.S. restrictions on travel to Cuba are lifted), interviews with its management and consultation
with accountants, bankers and other specialists.</P>

<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: justify"><U>Certain Risks of Holding Fund Assets
Outside the United States</U></P>

<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: justify">The Fund generally holds its foreign securities
and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized
or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also,
the laws of certain countries limit the Fund&rsquo;s ability to recover its assets if a foreign bank, depository or issuer of a
security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to buy, sell and hold securities
in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount
the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund than for investment
companies invested only in the United States.</P>

<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: justify"><U>Settlement Risk</U></P>

<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: justify">Settlement and clearance procedures in
certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade
regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with
the settlement of U.S. investments. Communications between the United States and emerging market countries may be unreliable, increasing
the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. At times,
settlements in certain foreign countries have not kept pace with the number of securities transactions. These problems may make
it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities,
it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some
period. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security
then declines or, if it has contracted to sell the security to another party, the Fund could be liable for any losses incurred.
Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes.</P>

<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: justify"><U>Emerging Markets Risk</U></P>

<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: justify">The risks of foreign investments are usually
much greater for emerging markets. Investments in emerging markets, including many Caribbean Basin Countries, may be considered
speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully
develop. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price
depression because of adverse publicity, investor perceptions or the actions of a few large investors. Many emerging markets have
histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions
that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries. Certain emerging
markets may also face other significant internal or external risks, including the risk of war, and civil unrest. In addition, governments
in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair
investment and economic growth.</P>

<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: justify">Investments in the securities of issuers
domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments
in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack
of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed
capital markets; (ii) uncertain national policies and social, political and economic instability, increasing the potential for
expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible
fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial
restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iv) national policies
that may limit the Fund&rsquo;s investment opportunities such as restrictions on investment in issuers or industries deemed sensitive
to national interests; and (v) the lack or relatively early development of legal structures governing private and foreign investments
and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential
capital gains taxes on foreign investors.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging capital markets are developing
in a dynamic political and economic environment brought about by events over recent years that have reshaped political boundaries
and traditional ideologies. In such a dynamic environment, there can be no assurance that any or all of these capital markets will
continue to present viable investment opportunities for the Fund. In the past, governments of such nations have expropriated substantial
amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such
expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments
in the affected market.</P>

<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: justify">Also, there may be less publicly available
information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such
issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which
U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely. As a result, traditional
investment measurements used in the United States, such as price/ earnings ratios, may not be applicable. Emerging market securities
may be substantially less liquid and more volatile than those of mature markets, and company shares may be held by a limited number
of persons. This may adversely affect the timing and pricing of the Fund&rsquo;s acquisition or disposal of securities. Communications
between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses
of security certificates.</P>

<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: justify">Practices in relation to settlement of
securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund may
need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries
may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership
exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The
Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation.</P>

<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-indent: 0in"><B>Risks Related to Equity and Equity-Linked
Securities</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in common stock. Common
stock is issued by a company principally to raise cash for business purposes and represents an equity or ownership interest in
the issuing company. Common stockholders are typically entitled to vote on important matters of the issuing company, including
the selection of directors, and may receive dividends on their holdings. The Fund participates in the success or failure of any
company in which it holds common stock. In the event a company is liquidated or declares bankruptcy, the claims of bondholders,
other debt holders, owners of preferred stock and general creditors take precedence over the claims of those who own common stock.</P>

<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: justify">The prices of common stocks change in response
to many factors including the historical and prospective earnings of the issuing company, the value of its assets, general economic
conditions, interest rates, investor perceptions and market liquidity.</P>

<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"><U>Preferred Stock Risks</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in preferred stock.
Preferred stock, unlike common stock, often offers a specified dividend rate payable from a company&rsquo;s earnings. Preferred
stock also generally has a preference over common stock on the distribution of a company&rsquo;s assets in the event the company
is liquidated or declares bankruptcy; however, the rights of preferred stockholders on the distribution of a company&rsquo;s assets
in the event of a liquidation or bankruptcy are generally subordinate to the rights of the company&rsquo;s debt holders and general
creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred
stocks to decline.</P>

<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: justify">Some fixed rate preferred stock may have
mandatory sinking fund provisions that provide for the stock to be retired or redeemed on a predetermined schedule, as well as
call/redemption provisions prior to maturity, which can limit the benefit of any decline in interest rates that might positively
affect the price of preferred stocks. Preferred stock dividends may be &ldquo;cumulative,&rdquo; requiring all or a portion of
prior unpaid dividends to be paid before dividends are paid on the issuer&rsquo;s common stock. Preferred stock may be &ldquo;participating,&rdquo;
which means that it may be entitled to a dividend exceeding the stated dividend in certain cases.</P>

<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"><U>Convertible Securities Risks</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in convertible securities.
Convertible securities are generally bonds, debentures, notes, preferred stocks or other securities or investments that may be
converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent
value) at a stated exchange ratio or predetermined price (the conversion price). A convertible security is designed to provide
current income and also the potential for capital appreciation through the conversion feature, which enables the holder to benefit
from increases in the market price of the underlying common stock. A convertible security may be called for redemption or conversion
by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If
a convertible security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption,
convert it into the underlying common stock, or sell it to a third party, which may have an adverse effect on the Fund&rsquo;s
ability to achieve its investment objective. Convertible securities have general characteristics similar to both debt and equity
securities.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A convertible security generally entitles
the holder to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before
conversion, convertible securities have characteristics similar to non-convertible debt obligations and are designed to provide
for a stable stream of income with generally higher yields than common stocks. However, there can be no assurance of current income
because the issuers of the convertible securities may default on their obligations. Convertible securities rank senior to common
stock in a corporation&rsquo;s capital structure and, therefore, generally entail less risk than the corporation&rsquo;s common
stock. Convertible securities are subordinate in rank to any senior debt obligations of the issuer, and, therefore, an issuer&rsquo;s
convertible securities entail more risk than its debt obligations. Moreover, convertible securities are often rated below investment
grade or not rated because they fall below debt obligations and just above common stock in order of preference or priority on an
issuer&rsquo;s balance sheet. To the extent that the Fund invests in convertible securities with credit ratings below investment
grade, such securities may have a higher likelihood of default, although this may be somewhat offset by the convertibility feature.</P>

<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: justify">Convertible securities generally offer
lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital
appreciation. The common stock underlying convertible securities may be issued by a different entity than the issuer of the convertible
securities.</P>

<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: justify">The value of convertible securities is
influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock.
The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield)
is sometimes referred to as its &ldquo;investment value.&rdquo; The investment value of the convertible security typically will
fluctuate based on the credit quality of the issuer and will fluctuate inversely with changes in prevailing interest rates. However,
at the same time, the convertible security will be influenced by its &ldquo;conversion value,&rdquo; which is the market value
of the underlying common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly
with the price of the underlying common stock, and will therefore be subject to risks relating to the activities of the issuer
and general market and economic conditions. Depending upon the relationship of the conversion price to the market value of the
underlying security, a convertible security may trade more like an equity security than a debt instrument.</P>

<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: justify">The Fund will invest in convertible securities
based primarily on the characteristics of the equity security into which it converts, and without regard to the credit rating of
the convertible security (even if the credit rating is below investment grade). To the extent that the Fund invests in convertible
securities with credit ratings below investment grade, such securities may have a higher likelihood of default, although this may
be somewhat offset by the convertibility feature.</P>

<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: justify">If, because of a low price of the common
stock, the conversion value is substantially below the investment value of the convertible security, the price of the convertible
security is governed principally by its investment value. Generally, if the conversion value of a convertible security increases
to a point that approximates or exceeds its investment value, the value of the security will be principally influenced by its conversion
value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right
to acquire the underlying common stock while holding an income-producing security.</P>

<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"><U>Risks of Other Equity-Linked Securities</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity-linked securities are instruments
whose value is based upon the value of one or more underlying equity securities, a reference rate or an index. Equity-linked securities
come in many forms and may include features, among others, such as the following: (i) may be issued by the issuer of the underlying
equity security or by a company other than the one to which the instrument is linked (usually an investment bank), (ii) may convert
into equity securities, such as common stock, within a stated period from the issue date or may be redeemed for cash or some combination
of cash and the linked security at a value based upon the value of the underlying equity security within a stated period from the
issue date, (iii) may have various conversion features prior to maturity at the option of the holder or the issuer or both, (iv)
may limit the appreciation value with caps or collars of the value of the underlying equity security, and (v) may have fixed, variable
or no interest payments during the life of the security which reflect the actual or a structured return relative to the underlying
dividends of the linked equity security.</P>

<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: justify">Investments in equity-linked securities
may subject the Fund to additional risks not ordinarily associated with investments in other equity securities. Because equity-linked
securities are sometimes issued by a third party other than the issuer of the linked security, the Fund is subject to risks if
the underlying equity security, reference rate or index underperforms, or if the issuer defaults on the payment of the dividend
or the common stock at maturity. In addition, the trading market for particular equity-linked securities may be less liquid, making
it difficult for the Fund to dispose of a particular security when necessary and reduced liquidity in the secondary market for
any such securities may make it more difficult to obtain market quotations for valuing the Fund&rsquo;s portfolio.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Risks Relating to Our Adviser and its Affiliates</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Conflicts of Interest Caused by Compensation Arrangements
</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser and its respective affiliates
will receive substantial fees from us in return for their services. These fees could influence the advice provided to us. Generally,
the more equity we sell in public offerings and the greater the risk assumed by us with respect to our investments, the greater
the potential for growth in our assets and profits (and, correlatively, the fees payable by us to the Adviser). These compensation
arrangements could affect our Adviser&rsquo;s or its affiliates&rsquo; judgment with respect to public offerings of equity and
investments made by us, which allow the Adviser to earn increased asset management fees.</P>

<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"><U>Competition for the Time and Resources of the Adviser </U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser currently manages other investment
entities and is not prohibited from raising money for and managing future investment entities that make the same types of investments
as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense
activity in other programs the Adviser may devote less time and resources to our business than is necessary or appropriate. In
addition, we may compete with any such investment entity for the same investors and investment opportunities.</P>

<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"><U>Conflicts of Interest in Connection with the Management of
our Business Affairs</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser will experience conflicts of
interest in connection with the management of our business affairs, including relating to the allocation of investment opportunities
by the Adviser and its affiliates; compensation to the Adviser; services that may be provided by the Adviser and its affiliates
to issuers in which we invest; investments by us and other clients of the Adviser, subject to the limitations of the 1940 Act;
the formation of additional investment funds by the Adviser; differing recommendations given by the Adviser to us versus other
clients; the Adviser&rsquo;s use of information gained from issuers in our portfolio for investments by other clients, subject
to applicable law; and restrictions on the Adviser&rsquo;s use of &ldquo;inside information&rdquo; with respect to potential investments
by us.</P>

<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"><U>Conflicts of Interest with the Adviser&rsquo;s Management
of Other Accounts</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because our Adviser manages assets for
other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and
certain high net worth individuals), certain conflicts of interest are present. For instance, an Adviser may receive fees from
certain accounts that are higher than the fees received by the Adviser from us, or receive a performance-based fee on certain accounts.
In those instances, a portfolio manager for the Adviser has an incentive to favor the higher fee and/or performance-based fee accounts
over us. In addition, a conflict of interest exists to the extent an Adviser has proprietary investments in certain accounts, where
its portfolio managers or other employees have personal investments in certain accounts, or when certain accounts are investment
options in the Adviser&rsquo;s employee benefit plans. The Adviser has an incentive to favor these accounts over us. The Adviser
has policies and procedures in place to mitigate such conflicts and our board of directors monitors these conflicts.</P>

<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"><U>Risk due to the Adviser&rsquo;s Actions on Behalf of its
Other Accounts and Clients</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser manages assets for accounts
other than us, including private funds (for purposes of this section, Adviser Funds). Actions taken by an Adviser on behalf of
its Adviser Funds may be adverse to us and our investments, which could harm our performance. For example, we may invest in the
same credit obligations as other Adviser Funds, although, to the extent permitted under the 1940 Act, our investments may include
different obligations of the same issuer. Decisions made with respect to the securities held by one Adviser Fund may cause (or
have the potential to cause) harm to the different class of securities of the issuer held by other Adviser Funds (including us).
As a further example, an Adviser may manage accounts that engage in short sales of (or otherwise take short positions in) securities
or other instruments of the type in which we invest, which could harm our performance for the benefit of the accounts taking short
positions, if such short positions cause the market value of the securities to fall.</P>

<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"><U>Risk due to Inside Information</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the course of it duties, the members,
officers, directors, employees, principals or affiliates of our Adviser may come into possession of material, non-public information.
The possession of such information may, to our detriment, limit the ability of our Adviser to buy or sell a security or otherwise
to participate in an investment opportunity for us. In certain circumstances, employees of our Adviser may serve as board members
or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities
of such companies. For example, if personnel of our Adviser comes into possession of material non-public information with respect
to our investments, such personnel will be restricted by our Adviser&rsquo;s information-sharing policies and procedures or by
law or contract from sharing such information with our management team, even where the disclosure of such information would be
in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment.
This conflict and these procedures and practices may limit the freedom of our Adviser to enter into or exit from potentially profitable
investments for us which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that
we will be able to fully leverage the resources and industry expertise of our Adviser&rsquo;s other businesses. Additionally, there
may be circumstances in which one or more individuals associated with our Adviser will be precluded from providing services to
us because of certain confidential information available to those individuals or to other parts of the Adviser.</P>

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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk in Transactions with Affiliates </U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are prohibited under the 1940 Act from
participating in certain transactions with certain of our affiliates without the prior approval of a majority of the independent
directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities
will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from
or to such affiliate on a principal basis. The 1940 Act also prohibits certain &ldquo;joint&rdquo; transactions with certain of
our affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or
different times to the extent the transaction is considered a joint transaction. If a person acquires more than 25% of our voting
securities, we will be prohibited from buying or selling any security from or to such person or certain of that person&rsquo;s
affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions
limit our ability to transact business with our officers or directors or their affiliates. As a result of these restrictions, we
may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by
either the Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment opportunities
that would otherwise be available to us.</P>

<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: justify">We may, however, invest alongside our Adviser&rsquo;s
and its affiliates&rsquo; other clients, including other entities it manages, which we refer to as affiliates&rsquo; other clients,
in certain circumstances when doing so is consistent with applicable law and SEC staff interpretations and guidance. We may also
invest alongside the other clients of our Adviser, as otherwise permissible under regulatory guidance, applicable regulations and
the Adviser&rsquo;s allocation policies. However, we can offer no assurance that investment opportunities will be allocated to
us fairly or equitably in the short-term or over time.</P>

<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: justify">In situations when co-investment with affiliates&rsquo;
other clients is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions
of exemptive relief granted to us by the SEC, our Adviser will need to decide which client or clients will proceed with the investment.
Generally, we will not have an entitlement to make a co-investment in these circumstances and, to the extent that another client
elects to proceed with the investment, we will not be permitted to participate. Moreover, except in certain circumstances, we are
unable to invest in any issuer in which an affiliate&rsquo;s other client holds a controlling interest.</P>

<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"><U>Risk of Investments that Could Give Rise to a Conflict of
Interest</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect to invest in, or hold
securities of, companies that are controlled by affiliates&rsquo; other clients. However, an affiliate&rsquo;s other clients may
invest in, and gain control over, one of our portfolio companies. If an affiliate&rsquo;s other client, or clients, gains control
over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the
1940 Act. As a result of these conflicts and restrictions our Adviser may be unable to implement our investment strategies as
effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction,
our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts
and restrictions, our Adviser may choose to exit these investments prematurely and, as a result, we would forego any positive
returns associated with such investments. In addition, to the extent that an affiliate&rsquo;s other client holds a different
class of securities than we as a result of such transactions, our interests may not be aligned.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CAUTIONARY NOTICE
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and any prospectus supplement
contains forward-looking statements. Words such as &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
&ldquo;predicts,&rdquo; &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;continue,&rdquo; &ldquo;believes,&rdquo; &ldquo;seeks,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; &ldquo;targets,&rdquo; &ldquo;projects,&rdquo; &ldquo;continue,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;approximate&rdquo; and variations of these words and similar expressions, or
the negatives of such words, are intended to identify forward-looking statements, although not all forward-looking statements contain
these identifying words. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could
differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual
results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the public markets
and other factors discussed in our periodic filings with the SEC. The forward-looking statements contained in this prospectus and
any prospectus supplement involve risks and uncertainties, including but not limited to, statements as to potential changes to
the current prohibition on investment with Cuba that may arise from future diplomatic and legal developments with respect to the
relationship between the United States and Cuba.</P>

<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: justify">Although we believe that the assumptions
on which these forward-looking statements are based are reasonable, actual results could differ materially from those projected
or assumed in such forward-looking statements. The Fund&rsquo;s future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed
in the &ldquo;Investment Objective and Policies&rdquo; and &ldquo;Risk Factors and Special Considerations&rdquo; sections of this
prospectus.</P>

<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: justify">All forward-looking statements contained
in or incorporated by reference into this prospectus or any accompanying prospectus supplement are made as of the date of this
prospectus or the accompanying prospectus supplement, as the case may be. Except for the Fund&rsquo;s ongoing obligations under
the federal securities laws, it does not intend, and it undertakes no obligation, to update any forward-looking statements. The
forward-looking statements contained in this prospectus and any accompanying prospectus supplement are excluded from the safe harbor
protection provided by Section 27A of the 1933 Act.</P>

<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: justify">Currently known risk factors that could
cause actual results to differ materially from our expectations include, but are not limited to, the factors described in the
&ldquo;Investment Objective and Policies&rdquo; and &ldquo;Risk Factors and Special Considerations&rdquo; sections of this prospectus.
We urge you to review carefully those sections for a more detailed discussion of the risks of an investment in our securities.</P>


<!-- Field: Page; Sequence: 31; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0in"><P STYLE="margin: 0pt 0pt 0in">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT OF THE FUND</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; margin: 0pt 0; text-align: justify"><B>Board of Directors</B></P>

<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: justify">The board is responsible for the overall
management of the Fund, including oversight of the Adviser and other service providers. There are five directors of the Fund. One
of the directors is an &ldquo;interested person&rdquo; (as defined in the 1940 Act). A director who is not an &ldquo;interested
persons&rdquo; is referred to as an &ldquo;Independent Director.&rdquo; Information about both the Fund&rsquo;s directors and officers
is set forth in the tables below. Unless otherwise noted, the mailing address of each director and officer is c/o The Herzfeld
Caribbean Basin Fund, Inc., 119 Washington Avenue, Suite 504, Miami Beach, FL, 33139.</P>

<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: justify"><U>Information About Directors and Officers</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; text-align: center"><B>Name and Age</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center"><B>Position(s)</B><BR>
<B>Held with</B><BR>
<B>Fund</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center"><B>Term of</B><BR>
<B>Office*</B><BR>
<B>and Length of</B><BR>
<B>Time Served</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; text-align: center"><B>Principal Occupation(s)</B><BR>
<B>During Past 5 Years</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center"><B>Number of</B><BR>
<B>Portfolios</B><BR>
<B>in Complex</B><BR>
<B>Overseen by</B><BR>
<B>Director</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center"><B>Other</B><BR>
<B>Directorships</B><BR>
<B>Held by</B><BR>
<B>Director</B></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: bottom"><B>Independent Directors</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>John A. Gelety, Esq.<BR>
Age: 52</TD>
    <TD>Director</TD>
    <TD>Current term expires 2022; 2011 to present.</TD>
    <TD>Attorney and shareholder at Greenspoon Marder, LLP, corporate practice group, 2016-present; John A. Gelety, PA, a transactional law firm, 2005-2016.</TD>
    <TD>1</TD>
    <TD>None</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Cecilia L. Gondor<BR>
Age: 59</TD>
    <TD>Director</TD>
    <TD>Current term expires 2021; 2014 to present.</TD>
    <TD>Managing Member of L&amp;M Management, a real estate management business, 2014-present. Executive Vice President of Thomas J. Herzfeld Advisors, Inc., 1984-2014.</TD>
    <TD>1</TD>
    <TD>None</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Ann S. Lieff<BR>
Age: 68</TD>
    <TD>Director</TD>
    <TD>Current term expires 2022; 1998 to present.</TD>
    <TD>President of the Lieff Company, a management consulting firm that offers ongoing advisory services as a corporate director, 1998-present; former CEO Spec&rsquo;s Music, 1980-1998, a retailer of recorded music.</TD>
    <TD>1</TD>
    <TD>None</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Kay W. Tatum, Ph.D., CPA<BR>
Age: 68</TD>
    <TD>Director</TD>
    <TD>Current term expires 2021; 2007 to present.</TD>
    <TD>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.</TD>
    <TD>1</TD>
    <TD>None</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>Interested Director</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Thomas J. Herzfeld**<BR>
Age: 75</TD>
    <TD>Chairman, Director and Portfolio Manager</TD>
    <TD>Current term expires 2023; 1993 to present.</TD>
    <TD>Thomas J. Herzfeld Advisors, Inc., serving as Chairman, 1984-present; Portfolio Manager, 1984-present; and President, 1984-2016.</TD>
    <TD>2</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><B>Officers:</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Erik M. Herzfeld**<BR>
Age: 47</TD>
    <TD>Portfolio Manager and President </TD>
    <TD>2008 to present 2016 to present</TD>
    <TD>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 options trading.</TD>
    <TD>N/A</TD>
    <TD>N/A</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Thomas K. Morgan<BR>
Age: 62</TD>
    <TD>CCO and Assistant Secretary</TD>
    <TD>2018 to present</TD>
    <TD>Thomas J. Herzfeld Advisors, Inc., serving as Chief Compliance Officer, 2018-present; TMorgan Advisers LLC, 2015-present; Tremont Realty Capital, LLC, 2006-2015.</TD>
    <TD>N/A</TD>
    <TD>N/A</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Zachary P. Richmond***<BR>
Age:&nbsp;&nbsp;40</TD>
    <TD>Treasurer</TD>
    <TD>2020 to present</TD>
    <TD>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.</TD>
    <TD>N/A</TD>
    <TD>N/A</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Alice Tham<BR>
Age:&nbsp;&nbsp;30</TD>
    <TD>Secretary</TD>
    <TD>2019 to present</TD>
    <TD>Thomas J. Herzfeld Advisors, Inc., serving as Operations Manager, 2012-present.</TD>
    <TD>N/A</TD>
    <TD>N/A</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Ryan M. Paylor<BR>
Age:&nbsp;&nbsp;39</TD>
    <TD>Portfolio Manager</TD>
    <TD>2019 to present</TD>
    <TD>Thomas J. Herzfeld Advisors, Inc., serving as Portfolio Manager for the Advisor&rsquo;s separately management accounts 2012-present.</TD>
    <TD>N/A</TD>
    <TD>N/A</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">*</TD><TD>Each director serves a three-year term after which the
director may be re-elected for additional three-year terms.</TD>
</TR></TABLE>

<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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">**</TD><TD>Thomas J. Herzfeld is an &ldquo;interested person&rdquo;
of the Fund (as defined in the 1940 Act) because he is a control person, director and employee of the Fund&rsquo;s investment
adviser. Thomas J. Herzfeld is the father of Erik M. Herzfeld.</TD>
</TR></TABLE>

<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: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">***</TD><TD>Mr. Richmond&rsquo;s address is: 225 Pictoria Drive, Suite
450, Cincinnati, OH 45246.</TD>
</TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thomas J. Herzfeld is an &ldquo;interested
person&rdquo; (as such term is defined in the 1940 Act) who currently serves as the Chairman of the board. The board believes that
Mr. Herzfeld&rsquo;s service as Chairman is appropriate and benefits stockholders due to his personal and professional stake in
the quality of services provided to the Fund. The independent directors believe that they can act independently and effectively
without having an independent director serve as Chairman. John A. Gelety serves as Lead Independent Director. In this role, Mr.
Gelety serves as the primary liaison between the independent directors and the Advisor. As currently composed, the independent
directors constitute a substantial majority of the board.</P>

<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: justify">The board believes that the significance
of each director&rsquo;s experience, qualifications, attributes or skills is an individual matter (meaning that experience that
is important for one director may not have the same value for another) and that these factors are best evaluated at the board level,
with no single director, or particular factor, being indicative of the Board&rsquo;s effectiveness. The board determined that each
of the directors is qualified to serve as such based on a review of the experience, qualifications, attributes and skills of each
director. In reaching this determination, the board has considered a variety of criteria, including, among other things: character
and integrity; ability to review critically, evaluate, question and discuss information provided, to exercise effective business
judgment in protecting stockholder interests and to interact effectively with the other directors, the Adviser, other service providers,
counsel and the independent registered accounting firm or independent accountants; and willingness and ability to commit the time
necessary to perform the duties of a director. Each director&rsquo;s ability to perform his or her duties effectively is evidenced
by his or her experience or achievements in the following areas: management or board experience in the investment management industry
or companies or organizations in other fields, educational background and professional training; and experience as a director of
the Fund. In addition, the board values the diverse skill sets and experiences that each director contributes. The board considers
that its diversity as a whole is as a result of a combination of directors and the various perspectives that each director provides
as a result of his or her present experiences and his or her background. Information discussing the specific experience, skills,
attributes and qualifications of each director which led to the board&rsquo;s determination that the directors should serve in
this capacity is provided below.</P>

<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: justify">Thomas J. Herzfeld has served as Chairman
of the board since inception of The Herzfeld Caribbean Basin Fund, Inc. in 1993. In addition, he is the Chairman and President
of Thomas J. Herzfeld Advisors, Inc., the Fund&rsquo;s investment adviser. Mr. Herzfeld entered the securities industry in 1968,
was founder of a New York Stock Exchange member firm in 1970 and was the Chairman and President of FINRA member firm Thomas J.
Herzfeld &amp; Co., Inc., formed in 1981.</P>

<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: justify">Ann S. Lieff joined the board in 1998.
Ms. Lieff is President of Lieff Company, a management consulting firm that offers ongoing advisory services as a corporate director
to several retail operations. Previously she served as Chief Executive Officer of Spec&rsquo;s Music for 18 years, from 1980-1998;
Specs was one of the largest music retail chain stores in the Southeastern region of the United States for many decades.</P>

<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: justify">Kay W. Tatum, Ph.D., CPA, joined the board
in 2007. Dr. Tatum is an Associate Professor of Accounting at the University of Miami School of Business Administration, where
she has been since 1986. She also served as Chair of the Department of Accounting from 2004 to 2008.</P>

<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: justify">John A. Gelety, Esq. joined the board in
2011. Mr. Gelety is a practicing attorney who specializes in business law, with a concentration on domestic and cross-border mergers
&amp; acquisitions, private equity and commercial transactions.</P>

<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: justify">Cecilia L. Gondor joined the board in 2014.
Ms. Gondor is a Managing Member of L&amp;M Management, a real estate management business. Ms. Gondor served as the Secretary/Treasurer
of Fund since its inception until her retirement in May 2014. She also served as Executive Vice President of the Adviser from 1984
through the date of her retirement. Additionally, she was the Executive Vice President of Thomas J. Herzfeld &amp; Co., Inc., a
broker-dealer, from 1984 through 2010, when the broker-dealer ceased operations. Ms. Gondor is a freelance financial writer, including
topics related to closed-end funds.</P>

<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: justify">Specific details regarding each director&rsquo;s
principal occupations during the past five years are included in the table above. The summaries set forth above as to the experience,
qualifications, attributes and/or skills of the directors do not constitute holding out the board or any director as having any
special expertise or experience, and do not impose any greater responsibility or liability on any such person or on the board as
a whole than would otherwise be the case.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>Risk Oversight</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While responsibility
for the day-to-day operations for the Fund, including certain risk management functions addressed in policies and procedures relating
to the Fund, resides with the Adviser, the board actively performs a risk oversight function, both directly and through its committees,
as described below. The board and its audit committee (the &ldquo;audit committee&rdquo;) exercise a risk oversight function through
regular and ad hoc board and audit committee meetings during which the board and the audit committee meet with representatives
of the Adviser and other service providers. The board also periodically receives reports regarding the Fund&rsquo;s and the Adviser&rsquo;s
policies and procedures, and reviews and approves changes to the Fund&rsquo;s policies and procedures. The audit committee also meets
regularly with the Fund&rsquo;s independent registered public accounting firm to discuss internal controls and financial reporting matters,
among other things. The board and audit committee routinely receive reports from the Fund&rsquo;s officers and the Adviser on a variety
of other risk areas relating to the Fund, including, without limitation, investment risks, liquidity risks, valuation risks and
operational risks, as well as more general business risks. In addition, the board consults with Fund counsel both during and, to
the extent required, between meetings of the board and the audit committee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The board also
meets regularly with the Fund&rsquo;s Chief Compliance Officer (&ldquo;CCO&rdquo;), who reports directly to the board. The CCO has responsibility
for annually testing the compliance procedures of the Fund and its service providers. The CCO regularly discusses issues related
to compliance and provides a quarterly report to the board regarding certain Fund compliance matters.</P>

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

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

<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: justify">The board has formed an Audit Committee
and a Nominating Committee.</P>

<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: justify">The board has adopted a written charter
for the Audit Committee, which became effective February 5, 2004. The Audit Committee of the board currently consists of Mr. Gelety,
Ms. Gondor, Ms. Lieff and Dr. Tatum, none of whom is an &ldquo;interested person&rdquo; of the Fund. Each member of the Audit Committee
is considered independent under the applicable NASDAQ Capital Market listing standards. During the fiscal year ended June 30, 2020,
the Audit Committee met two times. The Audit Committee reviews the scope of the audit by the Fund&rsquo;s independent accountants,
confers with the independent accountants with respect to the audit and the internal accounting controls of the Fund and with respect
to such other matters as may be important to an evaluation of the audit and the financial statements of the Fund, and makes recommendations
with respect to the selection of the independent accountants for the Fund.</P>

<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: justify">The Nominating Committee is comprised of
Mr. Gelety, Ms. Gondor, Ms. Lieff, and Dr. Tatum, each of whom is an independent director under the 1940 Act and under NASDAQ Capital
Market listing standards. During the fiscal year ended June 30, 2020, the Nominating Committee met once. The Nominating Committee
is responsible for reviewing and recommending qualified candidates in the event that a directorship is vacated or created. The
Nominating Committee will not consider nominees recommended by stockholders. The Nominating Committee believes that candidates
for director should have certain minimum qualifications, including (i) the ability to apply good business judgment; (ii) the ability
to properly exercise their duties of loyalty and care; (iii) proven leadership capabilities, high integrity and moral character,
significant business experience and a high level of responsibility within their chosen fields; (iv) the ability to quickly grasp
complex principles of business, finance, international transactions and the regulatory environment in which investment companies
must operate; and (v) the ability to read and understand basic financial statements. The Nominating Committee retains the right
to modify these minimum qualifications from time to time. In general, candidates will be preferred who hold an established senior
or executive level position in business, finance, law, education, research or government. The Nominating Committee&rsquo;s process
for identifying and evaluating nominees is as follows:</P>

<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: justify">In the case of incumbent directors whose
terms of office are set to expire, the Nominating Committee reviews such directors&rsquo; overall service to the Fund during their
term, including the number of meetings attended, level of participation, quality of performance, and transactions of such directors
with the Fund, if any, during their term, and confirms their independence, if applicable. In the case of new director candidates,
the committee first determines whether the nominee must be independent for purposes of The NASDAQ Capital Market and whether the
candidate must be considered an independent director under the 1940 Act. In either case, determinations are based upon the Fund&rsquo;s
charter and bylaws, applicable securities laws, the rules and regulations of the SEC, and the advice of counsel, if necessary.
The Committee then uses its network of contacts to compile a list of potential candidates, but may also engage, if it deems appropriate,
a professional search firm. The Committee then meets to discuss and consider such candidates&rsquo; qualifications and recommend
the nominee.</P>

<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: justify"><U>Ownership of the Fund by Directors </U></P>

<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: justify">Set forth in the following table are the
directors of the Fund, together with the dollar range of equity securities beneficially owned by each director as of December 31,
2020, as well as the aggregate dollar range of equity securities in all funds overseen or to be overseen in a family of investment
companies (i.e., funds managed by the Adviser).</P>

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    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 70%; text-align: center; border-bottom: Black 1pt solid"><B>Name of Director</B></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: center; border-bottom: Black 1pt solid"><B>Dollar Range of Equity</B><BR>
<B>Securities in the Fund</B></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: center; border-bottom: Black 1pt solid"><B>Aggregate Dollar Range of</B><BR>
<B>Equity Securities in All Funds in</B><BR>
<B>Family of Investment Companies</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><B>Independent Directors</B></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify">John A. Gelety</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$10,001-50,000</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$10,001-50,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify">Cecilia L. Gondor</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$10,001-50,000</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$10,001-50,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify">Ann S. Lieff</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$50,001-100,000</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$50,001-100,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify">Kay W. Tatum</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0-10,000</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0-10,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><B>Interested Director</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify">Thomas J. Herzfeld</TD>
    <TD STYLE="white-space: nowrap; text-align: center">Over $100,000</TD>
    <TD STYLE="white-space: nowrap; text-align: center">Over $100,000</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: justify">None of the independent directors, and
no immediate family member of any independent director, own beneficially or of record any securities of the Fund&rsquo;s Adviser,
or any person directly or indirectly controlling, controlled by, or under common control with the Adviser.</P>

<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: justify">As of December 31, 2020, directors (5 persons)
beneficially owned an aggregate of 9.79% of the Fund&rsquo;s outstanding shares.</P>

<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: justify"><U>Director Compensation</U></P>

<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: justify">Our board of directors held four regular
meetings and four special meetings during the Fund&rsquo;s fiscal year ended June 30, 2020.</P>

<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: justify">For the fiscal year ended June 30, 2020,
the aggregate director compensation paid by the Fund was $136,400. The compensation paid by the Fund to each of its directors serving
during the fiscal year ended June 30, 2020 is set forth in the table below. Directors are also reimbursed for related business
expenses. Directors who are current employees or officers of the Fund&rsquo;s investment adviser (currently Mr. Herzfeld) are not
paid compensation for their service as a director. None of the other directors serves on the board of any other registered investment
company to which the Adviser or an affiliated person of the Adviser provides investment advisory services. Directors and officers
of the Fund do not receive pension or retirement benefits from the Fund.</P>

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




<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 55%; border-bottom: black 1pt solid; text-align: center"><B>Name of Person and </B><BR>
<B>Position with the Fund</B></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; text-align: center"><B>Aggregate Compensation </B><BR>
<B>from the Fund</B></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; text-align: center"><B>Pension or Retirement </B><BR>
<B>Benefits Accrued As </B><BR>
<B>Part of Fund Expenses</B></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; text-align: center"><B>Total Compensation from </B><BR>
<B>the Fund and Fund </B><BR>
<B>Complex Paid to Directors</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><B>Independent Directors</B></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 10pt">John A. Gelety</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$35,600</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$35,600</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 10pt">Cecilia L. Gondor</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$32,600</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$32,600</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 10pt">Ann S. Lieff</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$32,600</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$32,600</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 10pt">Kay W. Tatum</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$35,600</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$35,600</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><B>Interested Director</B></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 10pt">Thomas J. Herzfeld</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD>
    <TD STYLE="white-space: nowrap; text-align: center">$0</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Adviser and Portfolio Managers</B></P>

<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: justify"><U>Investment Adviser</U></P>

<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: justify; background-color: white">The Fund is advised
by HERZFELD/CUBA (the &ldquo;Adviser&rdquo;), a division of Thomas J. Herzfeld Advisors, Inc., whose principal business address
is 119 Washington Avenue, Suite 504 Miami Beach, FL 33139. The Adviser has been providing advisory services to the Fund since our
registration under the 1940 Act. Thomas J. Herzfeld Advisors, Inc. has provided advisory services since 1984 and is beneficially
owned by Thomas J. Herzfeld, as the sole voting stockholder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an investment advisory agreement
with the Fund (the &ldquo;Investment Advisory Agreement&rdquo;) and under the direction and control of the board, the Adviser manages
the Fund&rsquo;s portfolio and makes investment decisions pursuant to the Fund&rsquo;s stated investment objective, policies and
restrictions. The Adviser is authorized to transmit purchase and sale orders and select brokers and dealers to execute portfolio
transactions on behalf of the Fund. The Adviser determines the timing of portfolio transactions and other matters related to execution.</P>

<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: justify"><U>Portfolio Managers</U></P>

<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: justify">Thomas J. Herzfeld currently serves as
the Chairman, Director and Portfolio Manager of the Fund. Mr. T. Herzfeld has managed the Fund since our registration under the
1940 Act. In addition, Mr. T. Herzfeld has served as the Chairman of the Adviser since 1984. Prior to these positions, he served
as the President of the Adviser from 1984 to 2016. He also served as Chairman and President of Thomas J. Herzfeld &amp; Co., Inc.
an affiliated broker/dealer (that ceased operations in 2010) from 1981-2010. Prior to these positions Mr. Herzfeld was Executive
Vice President and Director of a New York Stock Exchange member firm. Mr. T. Herzfeld has authored or edited a number of books,
including The Investors Guide to Closed-End Funds (McGraw Hill, 1980), Herzfeld&rsquo;s Guide to Closed End Funds (McGraw Hill,
1993) and co-authored High Return, Low Risk Investment (1st edition, G.P. Putnam&rsquo;s Sons, 1981 and 2nd edition, McGraw Hill,
1993). He is considered the first and a leading expert in the field of closed-end funds. Mr. T. Herzfeld has been quoted in thousands
of articles and written hundreds of articles on the subject of closed end funds. He has written periodically for <I>Barron&rsquo;s</I>
and has made television appearances on <I>Wall Street Week, The Nightly Business Report</I> and <I>CNBC</I>.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Erik M. Herzfeld currently serves as President
and Portfolio Manager of the Fund. Mr. E. Herzfeld has managed the Fund since 2008. In addition, Mr. E. Herzfeld has served as
President of the Adviser since February 2016. Mr. E. Herzfeld formerly served as Managing Director of the Adviser since 2007. Prior
to these positions he had served in quantitative research, trading and management roles with Lehman Brothers and JPMorgan and was
based in New York and Asia.</P>

<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: justify">Ryan M. Paylor currently serves as Portfolio
Manager of the Fund. Mr. Paylor has managed the Fund since 2019. He joined the Adviser in 2012 as a Senior Trader after spending
eight years at J.P. Morgan Chase in New York on the FX Derivatives Operations team.</P>

<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; background-color: white">Messrs. T. Herzfeld, E. Herzfeld, and
Paylor are primarily responsible for the day-to-day management of the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of June 30,
2020, Mr. T. Herzfeld, Mr. E. Herzfeld, and Mr. Paylor were also portfolio managers for approximately 291 other accounts comprising
$215 million under management, 1 pooled investment vehicle comprising $47 million under management, and 1 other investment company
comprising approximately $25 million under management. However, none of these accounts are managed with an investment strategy
similar to the Fund&rsquo;s. As of the same date, the Fund had total assets of approximately $29.3 million.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fund does
not believe that any material conflicts are likely to arise through the Portfolio Managers&rsquo; 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 Adviser
and the Fund have adopted procedures overseen by the CCO intended to monitor compliance with such policies which include conflicts
which may occur regarding allocation of investment opportunities between the Fund and other accounts. The CCO of the Fund reports
directly to the board at least annually.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Fund&rsquo;s
Portfolio Managers receive no direct compensation from the Fund for their services as Portfolio Managers. Mr. T. Herzfeld owns
100% of the voting stock of the Adviser, 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 Adviser. In addition, the Adviser retains the ability to pay bonuses
based on the overall profitability of the Adviser, however, compensation is not directly based upon the performance of a particular
client or account, including the Fund&rsquo;s performance, nor the value of a particular client or account, including the value of the
Fund&rsquo;s assets.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The range of value
of shares of the Fund owned by Mr. T. Herzfeld as of June 30, 2020 was over $1,000,000. The range of value of shares of the Fund
owned by Mr. E. Herzfeld as of June 30, 2020 was over $l,000,000. The range of value of shares of the Fund owned by Mr. Paylor
as of June 30, 2020 was $1-10,000.</P>

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

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

<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: justify">The Investment Advisory Agreement sets
forth the services to be provided by the Adviser as described above. Pursuant to the Investment Advisory Agreement, the Adviser
is entitled to an advisory fee paid by the Fund at the annual rate of 1.45% of the Fund&rsquo;s average weekly net assets and payable
at the end of each month. That fee may be higher than the advisory fee paid by some investment companies. The Adviser has voluntarily
agreed to waive its management fee by ten (10) basis points (from 1.45% to 1.35%) for any fiscal year over a three-year period
beginning July 1, 2019 and ending June 30, 2022 if the Fund&rsquo;s average discount to NAV during the preceding fiscal year is
greater than 5%. See, &ldquo;Share Purchases and Tender Offers&rdquo; below. For the fiscal years ended June 30, 2020, 2019 and
2018, the Fund paid the Adviser $550,388 (after a voluntary waiver of $40,762), $668,416 and $748,415, respectively, for investment
advisory services provided to the Fund pursuant to the Investment Advisory Agreement.</P>

<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: justify">The Investment Advisory Agreement was last
approved by the board on August 13, 2020. A discussion regarding the basis for the board&rsquo;s approval of the Investment Advisory
Agreement is provided in the Fund&rsquo;s Semi-Annual Report to stockholders for the semi-annual report period in which the approval
occurred.</P>

<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: justify">The Investment Advisory Agreement provides
that the Adviser bears all expenses of its employees and overhead incurred by it in connection with its duties thereunder. Except
with respect to the reimbursement for compliance services, the Adviser pays the salaries and expenses of officers and directors
of the Fund who are current employees or officers of the Adviser. The Fund bears all of its own expenses (See &ldquo;Expenses of
the Fund&rdquo; below).</P>

<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: justify">The services of the Adviser under the Investment
Advisory Agreement are not deemed to be exclusive, and nothing in the Investment Advisory Agreement prevents the Adviser or any
affiliate thereof, from providing similar services to other investment companies and other clients (whether or not their investment
objectives and policies are similar to those of the Fund) or from engaging in other activities. When other clients of the Adviser
desire to purchase or sell a security at the same time the security is purchased for or sold by the Fund, such purchases and sales
are to the extent feasible, allocated among such clients and the Fund in a manner believed by the Adviser to be equitable to the
Fund. The allocation of securities may adversely affect the price and quality of purchases and sales of securities by the Fund.
Purchase and sale orders for the Fund may be combined with those of other clients of the Adviser in the interest of the most favorable
results for the Fund.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Advisory Agreement was initially
approved by the board on June 24, 1993. The Agreement continued in effect for a period of two years from the effective date and
thereafter it is required to be approved annually by the board. The Investment Advisory Agreement continues in effect for successive
periods of 12 months, provided that its continuance is specifically approved annually by (i) the vote of a majority of the board
who are not parties to such agreement or interested persons (as such term is defined in the 1940 Act) of the Adviser, cast in person
at a meeting called for the purpose of voting on such approval and (ii) either (a) the vote of a majority of the outstanding voting
securities of the Fund or (b) the vote of a majority of the board. The Investment Advisory Agreement may be terminated by the Fund,
without the payment of any penalty, upon vote of a majority of the board or a majority of the outstanding voting securities of
the Fund at any time upon not less than 60 days&rsquo; prior written notice to the Adviser, or by the Adviser upon not less than
60 days&rsquo; prior written notice to the Fund. The Investment Advisory Agreement terminates automatically in the event of its
assignment (as such term is defined in the 1940 Act) by either party or upon its termination.</P>

<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: justify">The Adviser is not liable for any act or
omission, error of judgment, mistake of law or loss suffered by the Fund or its investors in connection with the matters to which
the Investment Advisory Agreement relates, except for a loss resulting from willful misfeasance, bad faith or gross negligence
in the performance of, or from reckless disregard of, its obligations and duties under the Investment Advisory Agreement, or a
loss resulting from a breach of fiduciary duty with respect to receipt of compensation for services (in which case any award of
damages shall be limited to the period and the amount set forth in Section 36 (b) (3) of the 1940 Act).</P>

<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: justify">The Adviser also performs or arranges for
the performance of certain administrative and accounting functions for the Fund, including (i) providing persons satisfactory to
the directors of the Fund to serve as officers and, in that capacity, manage the daily operations of the Fund; (ii) processing
the payment of expenses for the Fund; (iii) supervising the preparation of periodic reports to the Fund&rsquo;s stockholders; (iv)
preparing materials for Fund board and committee meetings; (v) supervising the pricing of the Fund&rsquo;s investment portfolio
and the publication of the NAV of the Fund&rsquo;s shares, earnings reports and other financial data; (vi) monitoring relationships
with organizations providing services to the Fund, including the custodian, transfer agent, administrator, fund accounting agent,
auction agent and printers; (vii) supervising compliance by the Fund with record-keeping requirements under the 1940 Act and regulations
thereunder, maintaining books and records for the Fund (other than those maintained by the Adviser, custodian, administrator, and/or
transfer agent) and preparing and filing of tax reports other than the Fund&rsquo;s income tax returns; and (viii) providing executive,
clerical and secretarial help needed to carry out these responsibilities.</P>

<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: justify"><B>Benefit to the Adviser</B></P>

<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: justify">The Fund&rsquo;s Adviser will benefit from
any Offer because the Adviser&rsquo;s fee is based on the average net assets of the Fund. It is not possible to state precisely
the amount of additional compensation the Adviser will receive as a result of any Offer because the proceeds of such Offer will
be invested in additional portfolio securities which will fluctuate in value.</P>

<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: justify"><B>Rights Offerings</B></P>

<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: justify">The Fund may, in the future and at its
discretion, choose to make rights offerings from time to time for a number of shares and on terms which may or may not be similar
to any Offer. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Maryland, the state
in which the Fund is organized, the board is authorized to approve rights offerings without obtaining stockholder approval. The
staff of the SEC has interpreted the 1940 Act as not requiring stockholder approval of a rights offering at a price below the then
current NAV so long as certain conditions are met, including a good faith determination by a board that such offering would result
in a net benefit to existing stockholders.</P>

<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: justify"><B>Expenses of the Fund</B></P>

<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: justify">Except as indicated above, the Fund pays
all of its expenses, including but not limited to the following: organizational and certain offering expenses (but not overhead
or employee costs of the Adviser); advisory fees payable to the Adviser; fees and out-of-pocket travel expenses of the Fund&rsquo;s
directors and officers who are not interested persons (as such term is defined in the 1940 Act) of any other party and other expenses
incurred by the Fund in connection with directors&rsquo; meetings; interest expense; charges and expenses of the Fund&rsquo;s legal
counsel, independent accountants and, if applicable, third party consultants; taxes and governmental fees; brokerage and other
expenses connected with the execution, recording and settlement of portfolio security transactions; expenses of repurchasing shares;
expenses of issuing any preferred shares or indebtedness; expenses connected with negotiating, effecting purchase or sale, or registering
privately issued portfolio securities; membership dues to professional organizations; premiums allocable to fidelity bond and D&amp;O
insurance coverage; expenses of preparing stock certificates; expenses of registering and qualifying the Fund&rsquo;s shares for
sale with the SEC and in various states and foreign jurisdictions; custodian, sub-custodian, dividend paying agent, transfer agency
expenses; payment for portfolio pricing services to a pricing agent; expenses of printing and mailing share certificates, stockholder
reports, notices, proxy statements and reports to governmental offices; expenses of stockholders&rsquo; meetings and preparing
and distributing proxies and reports to stockholders; any litigation expenses; expenses relating to investor and public relations;
and NASDAQ Capital Market listing fees.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PORTFOLIO TRANSACTIONS AND BROKERAGE</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; margin: 0pt 0; text-align: justify">In portfolio transactions involving equity
securities, the Adviser places orders on behalf of the Fund directly with brokers, which may include brokers affiliated with the
Adviser, except that the purchase of shares in rights offerings is made directly from the issuer. The Adviser may manage other
accounts and funds that invest in equity securities of Caribbean Basin Companies. Although investment decisions for the Fund are
made independently from those of other accounts or funds managed by the Adviser, investments of the type the Fund may make may
also be made by those other accounts and funds. When the Fund and one or more accounts or funds managed by the Adviser are prepared
to invest in, or desire to dispose of, the same security, available investments or opportunities for each will be allocated in
a manner believed by the Adviser to be equitable to each. In some cases, this procedure may affect adversely the price paid or
received by the Fund or the size of the position obtained or disposed of by the Fund.</P>

<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: justify">The primary objective of the Adviser in
placing orders for the purchase and sale of securities for the Fund&rsquo;s portfolio is to obtain best execution taking into account
such factors as price, commission, size of order, difficulty of execution and skill required of the broker or dealer. The capability
and financial condition of the broker or dealer may also be criteria for the choice of that broker or dealer. Subject to obtaining
the best execution, brokers, who provide investment research services to the Adviser, including market and statistical information
and quotations for portfolio evaluation purposes, may receive orders for transactions of the Fund. The terms &ldquo;investment
research&rdquo; and &ldquo;market and statistical information and quotations&rdquo; include advice as to the value of securities,
the advisability of investing in, purchasing or selling securities, and the availability of securities and potential buyers or
sellers of securities, as well as the furnishing of analyses and reports concerning issuers, industries, securities, economic factors
and trends, and portfolio strategy. Neither the Fund nor the Adviser is obligated to deal with any broker or group of brokers for
the execution of portfolio transactions.</P>

<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: justify">Research provided to the Adviser in advising
the Fund will be in addition to and not in lieu of the services required to be performed by the Adviser itself, and the Adviser&rsquo;s
fees will not be reduced as a result of the receipt of supplemental information. This information is regarded as only supplementary
to the Adviser&rsquo;s own research effort, since the information must be analyzed, weighed and reviewed by the Adviser&rsquo;s
staff. This information may be useful to the Adviser in providing services to clients other than the Fund, and not all such information
will necessarily be used by the Adviser in connection with the Fund. Conversely, information provided to the Adviser by brokers
and dealers through whom other clients of the Adviser effect securities transactions may prove useful to the Adviser in providing
services to the Fund. The board will review at least annually the commissions allocated by the Adviser on behalf of the Fund to
determine if such allocations were reasonable in relation to the benefits inuring to the Fund.</P>

<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: justify">During the fiscal years ended 2020, 2019,
and 2018, the Fund paid $4,881, $2,195, and $3,652, respectively, in brokerage commissions.</P>

<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"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS</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; margin: 0pt 0; text-align: justify; background-color: white">Persons or organizations
beneficially owning 25% or more of the outstanding shares of the Fund could be presumed to &ldquo;control&rdquo; the Fund. As
a result, those persons or organizations could have the ability to take action with respect to the Fund without the consent or
approval of other stockholders. As of March 9, 2021, there were 70 record holders of the Fund&rsquo;s common stock. To the knowledge
of the Fund, as of March 12, 2021, Thomas J. Herzfeld beneficially owned 534,316 shares of common stock, or 8.71% of he voting
securities of the Fund. The address for Mr. T. Herzfeld is 119 Washington Avenue, Suite 504, Miami Beach, FL 33139. To our knowledge,
as of March 9, 2021, no other person or entities owned of record or beneficially more than 5% of our outstanding voting securities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our officers and directors, as a
group, owned an aggregate of 558,053 shares of our common stock, or 9.10% of the voting securities of the Fund, as of March
12, 2021.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>REGULATION
AS A REGISTERED CLOSED-END MANAGEMENT INVESTMENT COMPANY</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>General</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
are a non-diversified closed-end management investment company that has registered as an investment company under the 1940 Act.
As a registered closed-end investment company, we are subject to regulation under the 1940 Act. Under the 1940 Act, unless authorized
by vote of a majority of the outstanding voting securities, we may not:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">change
our classification to an open-end management investment company;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05in; background-color: white"><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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">except
in each case in accordance with our policies with respect thereto set forth in this prospectus (see &ldquo;Investment Objective
and Policies &ndash; Investment Restrictions&rdquo;), borrow money, issue senior securities, underwrite securities issued by other
persons, purchase or sell real estate or commodities or make loans to other persons;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05in; background-color: white"><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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">deviate
from any policy in respect of concentration of investments in any particular industry or group of industries as recited in the
prospectus, deviate from any investment policy which is changeable only if authorized by stockholder vote under the 1940 Act,
or deviate from any fundamental policy recited in its registration statement in accordance with the requirements of the 1940 Act;
or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05in; background-color: white"><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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">change
the nature of our business so as to cease to be an investment company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05in; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of
such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are
present or represented by proxy, or (b) more than 50%) of the outstanding voting securities of such company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
with other companies regulated by the 1940 Act, a registered closed-end management investment company must adhere to certain substantive
regulatory requirements. A majority of our directors must be persons who are not interested persons, as that term is defined in
the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to
protect the closed-end management investment company. Furthermore, as a registered closed-end management investment company, we
are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. We may also be
prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval
of our directors who are not interested persons and, in some cases, prior approval by the SEC.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
a registered closed-end management investment company, we are generally required to meet an asset coverage ratio with respect
to our outstanding senior securities representing indebtedness, defined under the 1940 Act as the ratio of our gross assets (less
all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities representing indebtedness,
of at least 300% after each issuance of senior securities representing indebtedness. In addition, we are generally required to
meet an asset coverage ratio with respect to any outstanding preferred stock, as defined under the 1940 Act as the ratio of our
gross assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities
representing indebtedness, plus the aggregate involuntary liquidation preference of any outstanding preferred stock, of at least
200% immediately after each issuance of preferred stock. We are also prohibited by the 1940 Act from issuing or selling any senior
security if, immediately after such issuance, we would have outstanding more than (i) one class of senior security representing
indebtedness, exclusive of any promissory notes or other evidences of indebtedness issued in consideration of any loan, extension,
or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, or (ii)
one class of senior security which is stock, except that in each case any such class of indebtedness or stock may be issued in
one or more series. Under the Fund's articles of incorporation, the Fund only issues common stock and is not currently permitted
to issue preferred stock and would only be permitted to do so after the Fund's articles of incorporation are revised or supplemented.
In addition to the 1940 Act requirements, the Fund is further limited in its ability to issue senior securities (including preferred
stock), pledge its assets or borrow money by its fundamental investment restrictions. Such investment restrictions are more restrictive
than the 1940 Act. See &quot;Investment Objective and Policies&mdash;Investment Restrictions&quot;.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">We
are generally not able to issue and sell our common stock at a price below net asset value per share. See &quot;Risk Factors and
Special Considerations&mdash;Risks Related to Offerings Pursuant to this Prospectus&quot;. We may, however, sell our common stock,
or at a price below the then-current net asset value of our common stock if our board determines that such sale is in our best
interests and the best interests of our stockholders, and our stockholders approve such sale. In addition, we may generally issue
new shares of our common stock at a price below net asset value in rights offerings to existing stockholders, in payment of dividends
and in certain other limited circumstances.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
a registered closed-end management investment company, we are generally limited in our ability to invest in any portfolio company
in which our investment adviser or any of its affiliates currently has an investment or to make any co-investments with our investment
adviser or its affiliates without an exemptive order from the SEC, subject to certain exceptions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
will be periodically examined by the SEC for compliance with the 1940 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
a registered closed-end management investment company, we are subject to certain risks and uncertainties. See &quot;&quot;Risk
Factors and Special Considerations&quot;.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
more information on temporary investments we may make pending investment of funds in portfolio securities consistent with our
investment objective and strategies described in this prospectus and the accompanying prospectus supplement, see &quot;Investment
Objective and Policies&mdash;Investment Policies - General&mdash; Temporary Defensive Positions&quot;.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
more information about issuance of senior securities (including certain debt securities and/or preferred stock) by the Fund and
more information about our fundamental investment policies, see &quot;Investment Objective and Policies&mdash;Investment Restrictions&quot;.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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"><B>Code
of Ethics</B></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund and the Adviser have adopted a joint code of ethics pursuant to Rule 17j-1 under the 1940 Act. The code of ethics permits
personnel subject to the code to invest in securities, including securities that may be purchased or held by the Fund, subject
to certain conditions and restrictions.</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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
code of ethics is available without charge, upon request, by contacting us by mail at 119 Washington Avenue, Suite 504 Miami Beach,
FL 33139, or by telephone at (800) TJH-FUND (toll-free) or (305) 777-1660 , or on the SEC's website at <I>http://www.sec.gov,
</I>or, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compliance
Policies and Procedures</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
and our investment adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent
violation of the federal securities laws and are required to review these compliance policies and procedures annually for their
adequacy and the effectiveness of their implementation and designate a CCO to be responsible for administering the policies and
procedures. Thomas K. Morgan currently serves as our CCO.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Sarbanes-Oxley
Act of 2002</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Sarbanes-Oxley Act of 2002 imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many
of these requirements affect us. For example:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
pursuant to Rule 30a-2 of the 1940 Act, our chief executive officer and chief financial officer must certify the accuracy of the
financial statements contained in our periodic reports;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05in; background-color: white"><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-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
pursuant to Item 11 of Form N-CSR, our periodic reports must disclose our conclusions about the effectiveness of our disclosure
controls and procedures; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05in; background-color: white"><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-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to Item 11 of Form N-CSR, our periodic reports must disclose whether there were significant changes in our internal controls
over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation,
including any corrective actions with regard to significant deficiencies and material weaknesses.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05in; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley
Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted
under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Proxy
Voting Policies and Procedures</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Information
regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, are
each available without charge, upon request, by contacting us by mail at 119 Washington Avenue, Suite 504 Miami Beach, FL 33139,
or by telephone at (800) TJH-FUND (toll-free) or (305) 777-1660, or on the SEC's website at <I>http://www.sec.gov, </I>or, upon
payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.</FONT></P>

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<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>DESCRIPTION
OF COMMON STOCK</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund is authorized to issue up to 100,000,000 shares of capital stock, at $0.001 par value per share, all of which shares are
classified as common stock. The board is authorized, however, to classify and reclassify any unissued shares of capital stock
by setting or changing in any one or more respects the designation and number of shares of any such class or series, and the nature,
rates, amounts and times at which and the conditions under which dividends shall be payable on, and the voting, conversion, redemption
and liquidation rights of, such class or series and any other preferences, rights, restrictions and qualifications applicable
thereto.</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&rsquo;s shares have no preemptive, conversion, exchange or redemption rights. Each share has equal voting, dividend, distribution
and liquidation rights. The shares outstanding are fully paid and nonassessable. Stockholders are entitled to one vote per share.
All voting rights for the election of directors are noncumulative, which means that the holders of more than 50% of the shares
can elect 100% of the directors then nominated for election if they choose to do so. In such event, the holders of the remaining
shares will not be able to elect any directors. The foregoing description and the description under &ldquo;Certain Provisions
of Articles of Incorporation and Bylaws&rdquo; below are subject to the provisions contained in the Fund&rsquo;s Articles of Incorporation
and Bylaws.</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 CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title
    of Class</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Authorized</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Amount
    of Shares Held</B><BR>
    <B>by the Fund for its</B><BR>
    <B>Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Amount
    of Shares</B><BR>
    <B>Outstanding as of</B><BR>
    December 31 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="white-space: nowrap; text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Shares
    of common stock</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">100,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0
    Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6,133,665
    Shares</FONT></TD></TR>
</TABLE>
<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 consider offering additional shares in the future based on, among other things, the lifting or easing of economic sanctions
against Cuba. Other offerings of the Fund&rsquo;s shares, if made, will require approval of the board. Any additional offering
will be subject to the requirement of the 1940 Act that shares may not be sold at a price below the then current NAV, exclusive
of underwriting discounts and commissions, except in connection with an offering to existing stockholders or with the consent
of the holders of a majority of the Fund&rsquo;s outstanding voting securities.</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"><B>Share
Repurchases and Tender Offers</B></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
recognition of the possibility that the Fund&rsquo;s shares might trade at a discount to NAV, the board may determine that it
would be in the best interest of stockholders of the Fund to take action to attempt to reduce or eliminate a market value discount
from NAV. The board may take action from time to time either to repurchase Fund shares in open market or private transactions
or to make a tender offer for Fund shares at NAV. No assurance can be given that the directors will decide to undertake such action,
or that any such repurchases or tender offers would reduce any market discount.</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
that end, the board has authorized the implementation of a plan to be instituted over a three-year period (beginning July 1, 2019
and ending June 30, 2022) to address the Fund&rsquo;s trading discount to its NAV per share which includes (i) implementation
of a managed distribution policy (see &ldquo;Managed Distribution Policy&rdquo;); (ii) a voluntary waiver by the Adviser of a
part of its management fee under certain conditions (see &ldquo;Investment Advisory Agreement&rdquo;); and (iii) the adoption
of a contingent tender offer policy (see &ldquo;Tender Offer Policy&rdquo; below).</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 anticipates that the market price of its shares generally will continue to vary from NAV. The market price of the Fund&rsquo;s
shares is determined by a number of factors, including the relative demand for and supply of such shares in the market, the Fund&rsquo;s
investment performance, the Fund&rsquo;s distributions and investor perception of the Fund&rsquo;s overall attractiveness as an
investment as compared with other investment alternatives. The fact that the Fund&rsquo;s shares may be the subject of share repurchases
or tender offers at NAV from time to time may reduce the spread between market price and NAV that otherwise might exist. In the
opinion of the Adviser, stockholders may be less inclined to accept a significant discount on sales of the Fund&rsquo;s shares
if they have a reasonable expectation of being able to recover NAV in conjunction with a possible share repurchase or tender offer.</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">Subject
to the Fund&rsquo;s investment restriction with respect to borrowing, the Fund may incur debt to finance repurchases and tenders.
See &ldquo;Investment Restrictions.&rdquo; If the Fund incurs debt to finance such repurchases and tenders, interest on any such
borrowings will reduce the Fund&rsquo;s net income. In addition, although the board believes that share repurchases and tenders
generally would have a favorable effect on the market price of the Fund&rsquo;s shares, the acquisition of shares by the Fund
will decrease the total assets of the Fund and therefore would have the effect of increasing the Fund&rsquo;s ratio of expenses
to average net assets.</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">It
is the directors&rsquo; announced policy, which may be changed by the directors, that the Fund cannot accept tenders or effect
repurchases if (1) such transactions, if consummated, would (a) impair the Fund&rsquo;s status as a regulated investment company
under the Code (which would make the Fund a taxable entity, causing the Fund&rsquo;s income to be taxed at the Fund level in addition
to the taxation of stockholders who receive dividends from the Fund) or (b) result in a failure to comply with applicable asset
coverage requirements; (2) the amount of securities tendered would require liquidation of such a substantial portion of the Fund&rsquo;s
securities that the Fund would not be able to liquidate portfolio securities in an orderly manner in light of the existing market
conditions and such liquidation would have an adverse effect on the NAV of the Fund to the detriment of non-tendering stockholders;
(3) there is any (a) in the board&rsquo;s judgment, material legal action or proceeding instituted or threatened challenging such
transactions or otherwise materially adversely affecting the Fund, (b) declaration of a banking moratorium by federal or state
authorities or any suspension of payment by banks in the United States, (c) limitation affecting the Fund or the issuers of its
portfolio securities imposed by federal or state authorities on the extension of credit by lending institutions, (d) commencement
of war, armed hostilities or other international or national calamity directly or indirectly involving the United States, or (e)
in the board&rsquo;s judgment, other event or condition which would have a material adverse effect on the Fund or its holders
of common stock if shares of common stock were repurchased; or (4) the board determines that effecting any such transaction would
constitute a breach of their fiduciary duty owed the Fund or its stockholders. The directors may modify these conditions in light
of experience.</FONT></P>

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<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
board of directors approved a self-tender offer policy (the &ldquo;Self-Tender Policy&rdquo;) beginning in 2020. Under the Self-Tender
Policy, the Fund has undertaken to conduct a tender offer within ninety (90) days after a fiscal year-end (June 30th) of 5% of
outstanding shares of the Fund at 97.5% of NAV if the average discount was greater than 10% for the fiscal year just ended. The
Self-Tender Policy was suspended by the Board as announced on June 5, 2020 due to the impacts of the COVID-19 pandemic on the
Fund&rsquo;s share price and securities markets generally. The Fund announced the reinstatement of the Self-Tender Policy on December
21, 2020.</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">Tender
offers will generally be made to all shareholders of the Fund and will not be conditioned upon any minimum number of shares being
tendered. If the number of shares properly tendered and not withdrawn prior to the termination of the offer is less than or equal
to the amount of shares offered to be repurchased, the Fund will, upon the terms and subject to the conditions of the offer, purchase
all shares so tendered. In general, if more shares are tendered than the amount of the offer and not withdrawn prior to the termination
of the offer, the Fund will purchase a number of shares equal to the amount of the offer on a pro rata basis. Costs associated
with tender offers will be charged against capital. During the period of a tender offer, the Fund&rsquo;s stockholders will be
able to determine the Fund&rsquo;s current NAV by use of a toll-free telephone number.</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">Shares
that have been accepted and purchased by the Fund pursuant to a tender offer or share repurchase will be held in the treasury
until retired by direction of the board. Treasury shares will be recorded and reported as an offset to stockholder&rsquo; equity
and, accordingly, will reduce the Fund&rsquo;s total assets. If treasury shares are retired, common stock issued and outstanding
and capital in excess of par will be reduced.</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">Because
of the nature of the Fund&rsquo;s investment objective and policies, if the Adviser anticipates that a share repurchase or tender
offer might have an adverse effect on the Fund&rsquo;s investment performance and anticipate any material difficulty disposing
of portfolio securities in order to consummate such share repurchase or tender offer, the board would consider deferring the share
repurchase or tender offer. If the Fund must liquidate portfolio securities in order to effect a share repurchase or tender offer,
the Fund&rsquo;s ability to achieve its investment objective may be adversely affected.</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">If
the Fund must liquidate portfolio securities in order to purchase shares tendered, the Fund may realize gains and losses on securities
that it may not otherwise wish to sell in the ordinary course of its portfolio management, which may adversely affect the Fund&rsquo;s
yield. The portfolio turnover rate of the Fund may or may not be affected by the Fund&rsquo;s repurchases of shares pursuant to
a tender offer.</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">In
the event that the Fund engages in financial leveraging, the asset coverage requirements of the 1940 Act may restrict the Fund&rsquo;s
ability to engage in repurchases of its shares. With respect to senior securities consisting of debt, such requirements provide
that no purchases of shares may be made by the Fund unless, at the time of the purchase, the senior securities consisting of debt
have an asset coverage of at least 300% after deducting the amount of the purchase price.</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"><B>Certain
Provisions of Articles of Incorporation and Bylaws</B></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 presently has provisions in its Articles of Incorporation and Bylaws (together, the &ldquo;Charter Documents&rdquo;) that
could have the effect of limiting (i) the ability of other entities or persons to acquire control of the Fund, (ii) the Fund&rsquo;s
freedom to engage in certain transactions or (iii) the ability of the Fund&rsquo;s directors or stockholders to amend the Charter
Documents or effect changes in the Fund&rsquo;s management. The Charter Documents also contain provisions which would inhibit
any conversion to an open-end investment company. The provisions of the Charter Documents may be regarded as &ldquo;anti-takeover&rdquo;
provisions.</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
board is divided into three classes. The term of office of the first class expired on the date of the second annual meeting of
stockholders, the term of office of the second class expired on the date of the third annual meeting of stockholders and the term
of office of the third class expired on the date of the fourth annual meeting of stockholders, etc. Upon the expiration of the
term of office of each class as set forth above, the directors in such class will be elected for a term of three years to succeed
the directors whose terms of office expired. Accordingly, only those directors in one class may be changed in any one year, and
such classification may prevent replacement of a majority of the board for up to a two-year period (although under Maryland law
procedures are available for the removal of directors even if they are not then standing for re-election, and under SEC regulations,
procedures are available for including stockholder proposals in the annual proxy statement). Such system of electing directors
is intended to have the effect of maintaining the continuity of management and, thus, make it more difficult for the Fund&rsquo;s
stockholders to change the majority of the directors. A director may be removed from office only by a vote of at least 75% of
the outstanding shares of the Fund entitled to vote for the election of directors.</FONT></P>

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<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">Under
the Fund&rsquo;s Articles of Incorporation, a vote of 75% (which is higher than that required under Maryland law or the 1940 Act)
of the outstanding shares of common stock of the Fund is required to authorize (i) any merger or consolidation of the Fund with
or into any other corporation; (ii) any sale, lease, exchange, mortgage, pledge, transfer or other disposition of assets of the
Fund having an aggregate fair market value of $1,000,000 or more (other than in the regular course of its investment activities);
and (iii) any amendment to the Articles of Incorporation of the Fund which converts the Fund to an open-end investment company.
Any amendment to the Articles of Incorporation of the Fund which reduces the 75% vote required to authorize the enumerated actions
also must be approved by vote of the holders of 75% of the outstanding shares of common stock. If any of the foregoing actions
is approved by a vote of two-thirds of the directors who have served on the board for a period of at least 12 months, however,
the affirmative vote of the holders of a majority of the Fund&rsquo;s outstanding common stock will be sufficient to approve such
actions.</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
provisions of the Charter Documents described above could have the effect of depriving the owners of shares of opportunities to
sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the
Fund in a tender offer or similar transaction. The overall effect of these provisions is to render more difficult the accomplishment
of a merger or the assumption of control by a principal stockholder. However, they provide the advantage of potentially requiring
persons seeking control of the Fund to negotiate with its management regarding the price to be paid and facilitating continuity
of the Fund&rsquo;s management, objective and policies. The board of the Fund has considered the forgoing provisions and concluded
that they are in the best interests of the Fund and its stockholders.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Subscription
Rights </B></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
may issue subscription rights to holders of our common shares to purchase common shares. Subscription rights may be issued independently
or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription
rights. In connection with a subscription rights offering to holders of our common shares, we would distribute certificates evidencing
the subscription rights and a prospectus supplement to our common stockholders as of the record date that we set for determining
the stockholders eligible to receive subscription rights in such subscription rights offering.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
applicable prospectus supplement would describe the following terms of subscription rights in respect of which this prospectus
is being delivered:</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         period of time the offering would remain open (which will be open a minimum number of
                                         days such that all record holders would be eligible to participate in the offering and
                                         will not be open longer than 120&nbsp;days);</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         title of such subscription rights;</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         exercise price for such subscription rights (or method of calculation thereof);</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         number of such subscription rights issued in respect of each common or preferred share;</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         number of rights required to purchase a single common or preferred share;</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         extent to which such subscription rights are transferable and the market on which they
                                         may be traded if they are transferable;</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">if
                                         applicable, a discussion of the material U.S.&nbsp;federal income tax considerations
                                         applicable to the issuance or exercise of such subscription rights;</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         date on which the right to exercise such subscription rights will commence, and the date
                                         on which such right will expire (subject to any extension);</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         extent to which such subscription rights include an over-subscription privilege with
                                         respect to unsubscribed securities and the terms of such over-subscription privilege;</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         termination right we may have in connection with such subscription rights offering; and</FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         other terms of such subscription rights, including exercise, settlement and other procedures
                                         and limitations relating to the transfer and exercise of such subscription rights.</FONT></TD>
</TR></TABLE>

<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
subscription right would entitle the holder of the subscription right to purchase for cash such number of shares at such exercise
price as in each case is set forth in, or be determinable as set forth in the prospectus supplement relating to the subscription
rights offered thereby. Subscription rights would be exercisable at any time up to the close of business on the expiration date
for such subscription rights set forth in the prospectus supplement. After the close time on the expiration date, all unexercised
subscription rights would become void.</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">Upon
expiration of the rights offering and the receipt of payment and the subscription rights certificate properly completed and duly
executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement
we would issue, as soon as practicable, the shares purchased as a result of such exercise. To the extent permissible under applicable
law, we may determine to offer any unsubscribed offered securities directly to persons other than stockholders, to or through
agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable prospectus supplement.</FONT></P>

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<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>MANAGED
DISTRIBUTION POLICY</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: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Effective
August 6, 2019, the Fund initiated a fixed, quarterly distribution to stockholders (the &ldquo;Managed Distribution Policy&rdquo;).
The primary purpose of the Managed Distribution Policy is to provide stockholders with a constant, but not guaranteed, fixed minimum
rate of distribution each quarter (currently set at 15% of the Fund&rsquo;s NAV for the fiscal year ending March 31, 2020 payable
in quarterly installments).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Under
the Managed Distribution Policy, the Fund will distribute all available investment income to its stockholders, consistent with
its investment objective and as required by the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). The amount
distributed per share is subject to change at the discretion of the Board. If sufficient investment income is not available on
a quarterly basis, the Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain
its managed distribution level. Each quarterly distribution to shareholders is expected to be at the fixed amount established
by the Board. However, the Fund may make additional distributions from time to time, including additional capital gain distributions
at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940,
as amended (the &ldquo;1940 Act&rdquo;).The Fund is currently not relying on any exemptive relief from Section 19(b) of the 1940
Act. The Fund expects that distributions under the Managed Distribution Policy will exceed investment income and capital gain
and thus expects that such distributions will likely include return of capital for the foreseeable future.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">On
August 6, 2019, the Board determined that the distribution percentage would be 15% of the Fund&rsquo;s NAV on June 30, 2019. Based
on the Fund&rsquo;s NAV on June 30, 2019, the Fund expected to distribute $1.1385 during the fiscal year ending June 30, 2020
in four quarterly installments of $0.284625, the first of which was declared and paid in September 2019. On May 21, 2020, the
board of directors determined to revise the Managed Distribution Policy to provide for quarterly distributions at an annual rate
of 15% of the Fund&rsquo;s NAV on March 31, 2020. Based on the Fund&rsquo;s NAV on March 31, 2020 the Fund expects to distribute
$0.15525 per quarter until the distribution is reset based upon the Fund&rsquo;s NAV as of March 31, 2021.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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
terms of the Managed Distribution Policy will be reviewed and approved at least annually by the Fund's board of directors and
can be modified at the board's discretion. Although it has no current intention to do so, the board of directors may terminate
this Managed Distribution Policy at any time, and such termination may have an adverse effect on the market price for the Fund's
shares. The Fund determines annually whether to distribute any net realized long term capital gains in excess of net realized
short-term capital losses, including capital loss carryovers, if any.</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">To
the extent that the Fund&rsquo;s taxable income in any calendar year exceeds the aggregate amount distributed pursuant to the
Managed Distribution Policy, an additional distribution may be made to avoid the payment of a 4% U.S. federal excise tax, and
to the extent that the aggregate amount distributed in any calendar year exceeds the Fund&rsquo;s taxable income, the amount of
that excess may constitute a return-of-capital for tax purposes. Dividends and distributions to stockholders are recorded by the
Fund on the ex-dividend date. The Fund is currently not relying on any exemptive relief from Section 19(b) of the 1940 Act. The
Fund expects that distributions under the Managed Distribution Policy will exceed investment income and capital gain and thus
expects that such distributions will likely include return of capital for the foreseeable future.</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">Although
return of capital distributions may not be taxable, such distributions may reduce a stockholder&rsquo;s cost basis in his or her
shares, and therefore may result in an increase in the amount of any taxable gain on a subsequent disposition of such shares,
even if such shares are sold at a loss to the stockholder&rsquo;s original investment amount. The Fund plans to maintain the Managed
Distribution Policy even if a return-of-capital distribution would exceed an investor&rsquo;s tax basis and therefore be a taxable
distribution. A return-of-capital distribution may make record-keeping by certain stockholders more difficult.</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 discloses the characterization of its distributions in notices to stockholders and press releases to the public. Notwithstanding
these communications, it is possible that the Managed Distribution Policy may create potential confusion in the marketplace as
to whether the Fund&rsquo;s distributions are comprised of income or return of capital and how such characterization may influence
the market price of the Fund&rsquo;s shares.</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
Managed Distribution Policy results in the payment of approximately the same amount per share to the Fund&rsquo;s stockholders
each quarter. These distributions are not to be tied to the Fund&rsquo;s investment income and capital gains and do not represent
yield or investment return on the Fund&rsquo;s portfolio. Section 19(a) of the 1940 Act and Rule 19a-1 thereunder require the
Fund to provide a written statement accompanying any such payment that adequately discloses its source or sources, other than
net investment income. Thus, if the source of some or all of the dividend or other distribution were the original capital contribution
of the Stockholder, and the payment amounted to a return of capital, the Fund would be required to provide written disclosure
to that effect. Nevertheless, persons who periodically receive the payment of a dividend or other distribution may be under the
impression that they are receiving net profits when they are not. Stockholders should read any written disclosure provided pursuant
to Section 19(a) and Rule 19a-1 carefully, and should not assume that the source of any distribution from the Fund is net profit.
A return of capital distribution does not reflect positive investment performance. Stockholders should not draw any conclusions
about the Fund&rsquo;s investment performance from the amount of its managed distributions or from the terms of the Managed Distribution
Policy. When the Fund issues a written disclosure pursuant to Section 19(a) and Rule 19a-1, the Fund will refer to such a notice
as a &ldquo;Rule 19a-1 Notice Accompanying Distribution Payment&rdquo;. In addition, the Fund will refer to the return of capital
distributions as &ldquo;Paid-in-capital&rdquo; which will be presented under the &ldquo;Source of payment&rdquo; heading in such
notice.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
conclusions should be drawn about the Fund&rsquo;s investment performance from the amount of the Fund&rsquo;s distributions or
from the terms of the Fund&rsquo;s Managed Distribution Policy. The amount distributed per share is subject to change at the discretion
of the Fund&rsquo;s Board of Directors. The Managed Distribution Policy will be subject to ongoing review by the Board of Directors
to determine whether the Managed Distribution Policy should be continued, modified or terminated. The Board of Directors may amend
the terms of the Managed Distribution Policy or suspend or terminate the Managed Distribution Policy at any time without prior
notice to the Fund&rsquo;s stockholders if it deems such actions to be in the best interest of the Fund or its stockholders. The
amendment or termination of the Managed Distribution Policy could have an adverse effect on the market price of the Fund's shares.
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&rsquo;s investment performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income.&rdquo;
Any such returns of capital will decrease the Fund&rsquo;s total assets and, therefore, could have the effect of increasing the
Fund&rsquo;s expense ratio. In addition, in order to make the level of distributions called for under its Plan, the Fund may have
to sell portfolio securities at a less than opportune time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>DIVIDENDS
AND DISTRIBUTIONS; DIVIDEND REINVESTMENT PLAN</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Dividends
and Distributions</U></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 currently intends to distribute to stockholders, in conformity with its Managed Distribution Policy, and at least annually
at such time so as to avoid imposition of excise taxes, substantially all of its investment company taxable income (i.e. net investment
income and any net short-term capital gains less expenses). Net investment income for this purpose is income other than realized
net capital gain (i.e. the extent of net long-term capital gains over net short-term capital losses).</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&rsquo;s current policy is to comply with the provisions of the Code that are applicable to regulated investment companies
and to distribute all its taxable income to its stockholders. Under these provisions, the Fund is not subject to federal income
tax on its taxable income and no federal tax provision is required.</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"><U>Dividend
Reinvestment Plan</U></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">Registered
stockholders of shares of common stock of the Fund will automatically be enrolled (&ldquo;Participants&rdquo;) in the Fund&rsquo;s
Dividend Reinvestment Plan (the &ldquo;Plan&rdquo;). The terms and conditions of the Plan are as follows:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">American
                                         Stock Transfer &amp; Trust Company, LLC (the &ldquo;Agent&rdquo;) will act as agent for
                                         each Participant. The Agent will open an account for each registered stockholder as a
                                         Participant under the Plan in the same name in which such Participant&rsquo;s shares
                                         of common stock are registered.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CASH
                                         OPTION. Pursuant to the Fund&rsquo;s Plan, unless a holder of common stock otherwise
                                         elects, all dividend and capital gains distributions (&ldquo;Distributions&rdquo;) 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 distributions in cash paid
                                         by check mailed directly to the stockholder 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 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.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MARKET
                                         PREMIUM ISSUANCES. If on the payment date for a Distribution, the NAV per share of 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 (&ldquo;Additional Common
                                         Stock&rdquo;) from the Fund for each Participant&rsquo;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 NAV per share of common stock on the payment date,
                                         or (ii) 95% of the market price per share of common stock on the payment date.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MARKET
                                         DISCOUNT PURCHASES. If the NAV per share of 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&rsquo;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 &ldquo;last purchase date&rdquo;) 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 NAV
                                         of the common stock as of the payment date, the purchase price paid by Agent may exceed
                                         the NAV of the common stock, resulting in the acquisition of fewer common stock than
                                         if such Distribution had been paid in common stock issued by the Fund. Because of the
                                         foregoing difficulty with respect to open-market purchases, the Plan provides that if
                                         the Plan Agent is unable to invest the full dividend amount in open-market purchases
                                         during the purchase period or if the market discount shifts to a market premium during
                                         the purchase period, the Plan Agent may cease making open-market purchases and may invest
                                         the uninvested portion of the dividend amount in newly issued common stock at the NAV
                                         per share of 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&rsquo;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&rsquo; funds to be used for open-market purchases of the Fund&rsquo;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 SEC may
                                         require the Agent to limit the Agent&rsquo;s market purchases or temporarily cease making
                                         market purchases for Participants.</FONT></TD></TR></TABLE>

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<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         market price of common stock on a particular date shall be the last sales price on the
                                         securities exchange where the common stock are listed on that date (currently the NASDAQ
                                         Capital Market)(the &ldquo;Exchange&rdquo;), 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 NAV per share of 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.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whenever
                                         the Agent receives or purchases shares or fractional interests for a Participant&rsquo;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&rsquo;s
                                         agent and may hold them in the Agent&rsquo;s name or the name of the Agent&rsquo;s nominee.
                                         The Agent will not send a Participant stock certificates for shares unless a Participants
                                         so requests in writing or unless a Participant&rsquo;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.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">There
                                         is presently no service charge for the Agent serving as Participants&rsquo; agent and
                                         maintaining Participants&rsquo; 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&rsquo; agent under the Plan, the
                                         Agent shall be liable only for acts, omissions, losses, damages or expenses caused by
                                         the Agent&rsquo;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.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">8.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Agent may hold each Participant&rsquo;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&rsquo;s name or that of the Agent&rsquo;s nominee.
                                         Each Participant will be sent a confirmation by the Agent of each acquisition made for
                                         his or her account as soon as practicable, but in no event later than 60 days, after
                                         the date thereof. Upon a Participant&rsquo;s request, the Agent will deliver to the Participant,
                                         without charge, a certificate or certificates for the full common stock. Although each
                                         Participant may from time to time have an undivided fractional interest in a common share
                                         of the Fund, no certificates for a fractional share will be issued. Similarly, Participants
                                         may request to sell a portion of the common stock held by the Agent in their Plan accounts
                                         by calling the Agent, writing to the Agent, or completing and returning the transaction
                                         form attached to each Plan statement. The Agent will sell such common stock through a
                                         broker-dealer selected by the Agent within 5 business days of receipt of the request.
                                         The sale price will equal the weighted average price of all common stock sold through
                                         the Plan on the day of the sale, less brokerage commissions. Participants should note
                                         that the Agent is unable to accept instructions to sell on a specific date or at a specific
                                         price. Any share dividends or split shares distributed by the Fund on common stock held
                                         by the Agent for Participants will be credited to their accounts. In the event that the
                                         Fund makes available to its stockholders rights to purchase additional common stock,
                                         the common stock held for each Participant under the Plan will be added to other common
                                         stock held by the Participant in calculating the number of rights to be issued to each
                                         Participant.</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 0pt 40pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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&rsquo;s records, all of such Participant&rsquo;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.</FONT></P>

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<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         reinvestment of Distributions does not relieve Participants of any federal, state or
                                         local taxes which may be payable (or required to be withheld on Distributions.) Participants
                                         will receive tax information annually for their personal records and to help them prepare
                                         their federal income tax return. For further information as to tax consequences of participation
                                         in the Plan, Participants should consult with their own tax advisors.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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&rsquo;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 or her shares, Agent is authorized to deduct from the proceeds the
                                         brokerage commissions incurred for the transaction. If a Participant has terminated his
                                         or her participation in the Plan but continues to have common shares registered in his
                                         or her name, he or she may re-enroll in the Plan at any time by notifying the Agent in
                                         writing at the address above.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">These
                                         terms and conditions may be amended by the Agent or the Fund at any time but, except
                                         when necessary or appropriate to comply with applicable law or the rules or policies
                                         of the SEC 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&rsquo;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.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">12.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">These
                                         terms and conditions shall be governed by the laws of the State of Maryland.</FONT></TD></TR></TABLE>




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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; 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">We
may offer, from time to time, in one or more offerings or series, up to $88,000,000 of our common stock, par value $0.001 per
share, or subscription rights in one or more underwritten public offerings, at-the-market offerings, negotiated transactions,
block trades, best efforts or a combination of these methods. Any underwriter or agent involved in the offer and sale of the securities
will be named in the applicable prospectus supplement. A prospectus supplement or supplements will also describe the terms of
the offering of the securities, including: the purchase price of the securities or how the price will be determined and the proceeds,
if any, we will receive from the sale; any over-allotment options under which underwriters may purchase additional securities
from us; any agency fees or underwriting discounts and other items constituting agents&rsquo; or underwriters&rsquo; compensation;
the public offering price and the date by which investors must pay for the securities; the amount of the sales load, if any, as
a percentage of the public offering price; any discounts or concessions allowed or re-allowed or paid to dealers; and any securities
exchange or market on which the securities may be listed. Only underwriters named in the prospectus supplement will be underwriters
of the securities offered by the prospectus supplement.</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
distribution of the securities may be effected from time to time in one or more transactions at a fixed price or prices, which
may be changed, at prevailing market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated
prices; provided, however, in the event we offer common stock, the offering price per share of our common stock exclusive of any
underwriting commissions or discounts will not be less than the NAV per share of our common stock at the time we make the offering
except (1) in connection with a subscription rights offering to our existing stockholders, (2) with the consent of the majority
of our common stockholders and approval of our board of directors, or the board, or (3) under such circumstances as the SEC may
permit. The price at which securities may be distributed may represent a discount from prevailing market prices.</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">In
connection with the sale of the securities, underwriters or agents may receive compensation from us or from purchasers of the
securities, for whom they may act as agents, in the form of discounts, concessions or commissions. Our common stockholders will
indirectly bear such fees and expenses as well as any other fees and expenses incurred by us in connection with any sale of securities.
Underwriters may sell the securities to or through dealers and such dealers may receive compensation in the form of discounts,
concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters,
dealers and agents that participate in the distribution of the securities may be deemed to be underwriters under the Securities
Act, and any discounts and commissions they receive from us and any profit realized by them on the resale of the securities may
be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified
and any such compensation received from us will be described in the applicable prospectus supplement. The maximum aggregate commission
or discount to be received by any member of FINRA or independent broker-dealer will not be greater than 8% of the gross proceeds
of the sale of securities offered pursuant to this prospectus and any applicable prospectus supplement. We may also reimburse
the underwriter or agent for certain fees and legal expenses incurred by it.</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">Any
underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance
with Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position.
Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified
maximum price. Syndicate-covering or other short-covering transactions involve purchases of the securities, either through exercise
of the over-allotment option or in the open market after the distribution is completed, to cover short positions. Penalty bids
permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased
in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the securities to be
higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time.</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">We
may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering
and sale of securities and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus
supplement states otherwise, our agent will act on a best-efforts basis for the period of its appointment.</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">Unless
otherwise specified in the applicable prospectus supplement, each issuance of common stock will be listed on the NASDAQ Capital
Market.</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">Under
agreements that we may enter, underwriters, dealers and agents who participate in the distribution of shares of our securities
may be entitled to indemnification by us against certain liabilities, including liabilities under the Securities Act, or contribution
with respect to payments that the agents or underwriters may make with respect to these liabilities. A prospectus supplement or
supplements will also describe the terms of such indemnification provisions. Underwriters, dealers and agents may engage in transactions
with, or perform services for, us in the ordinary course of business.</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">If
so indicated in the applicable prospectus supplement, we will authorize underwriters or other persons acting as our agents to
solicit offers by certain institutions to purchase our securities from us pursuant to contracts providing for payment and delivery
on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies,
pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must
be approved by us. The obligations of any purchaser under any such contract will be subject to the condition that the purchase
of our securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is
subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of
such contracts. Such contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus
supplement will set forth the commission payable for solicitation of such contracts.</FONT></P>

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    <!-- 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">We
may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties
in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives,
the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short
sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales
or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives
to close out any related open borrowings of stock. The third parties in such sale transactions will be underwriters and, if not
identified in this prospectus, will be identified in the applicable prospectus supplement.</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">In
order to comply with the securities laws of certain states, if applicable, our securities offered hereby will be sold in such
jurisdictions only through registered or licensed brokers or dealers.</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>TAXATION</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following summary reflects the existing provisions of the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;)
and other relevant federal income tax authorities as of the date of this prospectus and is subject to any subsequent changes therein.
The federal income tax consequences described below are merely statements of general tax principles. The following discussion
summarizes certain material U.S. federal income tax considerations affecting the Fund and its U.S. stockholders. This discussion
is for general information only and does not purport to consider all aspects of U.S. federal income taxation that might be relevant
to owners of common stock or subscription rights. Therefore, the summary discussion that follows may not be considered to be individual
tax advice and may not be relied upon by any owner of common stock or subscription rights. The summary is based upon current provisions
of the Code, applicable U.S. Treasury Regulations promulgated thereunder (the &ldquo;Regulations&rdquo;), and administrative and
judicial interpretations thereof, all of which are subject to change, which change could be retroactive, and may affect the conclusions
expressed herein. The summary applies only to U.S. stockholders in whose hands subscription rights and common stock are capital
assets within the meaning of Section 1221 of the Code, and may not apply to certain types of owners of common stock or subscription
rights in the Fund, including, but not limited to insurance companies, tax-exempt organizations, U.S. stockholders holding the
Fund&rsquo;s shares through tax-advantaged accounts (such as an individual retirement account (an &ldquo;IRA&rdquo;), a 401(k)
plan account, or other qualified retirement account), financial institutions, pass-through entities, broker-dealers, non-U.S.
stockholders, U.S. stockholders holding subscription rights or common stock as part of a hedge, straddle or conversion transaction,
and U.S. stockholders who are subject to the alternative minimum tax. Persons who may be subject to tax in more than one country
should consult the provisions of any applicable tax treaty to determine the potential tax consequences to them.</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">A
&ldquo;U.S. stockholder&rdquo; is for U.S. federal income tax purposes generally: (i) a citizen or individual resident of the
United States; (ii) a corporation or other entity treated as a corporation, created or organized in or under the laws of the United
States or any political subdivision thereof; (iii) a trust if a court within the United States is asked to exercise primary supervision
over the administration of the trust and one or more United States persons have the authority to control all substantive decisions
of the trust (or a trust which has made a valid election to be treated as a U.S. trust); or (iv) an estate, the income of which
is subject to U.S. federal income taxation regardless of its source. A &ldquo;non-U.S. stockholder&rdquo; generally is any person
or entity that is not a U.S. stockholder.</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">If
a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds shares of the Fund&rsquo;s
common stock, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities
of the partnership. A prospective stockholder that is a partner of a partnership holding shares of the Fund&rsquo;s common stock
should consult his, her or its tax advisers with respect to the purchase, ownership and disposition of shares of the Fund&rsquo;s
common stock.</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 has not requested and will not request an advance ruling from the Internal Revenue Service (the &ldquo;IRS&rdquo;) as to
the federal income tax matters described below. The IRS could adopt positions contrary to those discussed below and such positions
could be sustained. In addition, the following discussion applicable to U.S. stockholders of the Fund addresses only some of the
federal income tax considerations generally affecting investments in the Fund.</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">IN
VIEW OF THE INDIVIDUAL NATURE OF TAX CONSEQUENCES TO A STOCKHOLDER, EACH STOCKHOLDER IS ADVISED TO CONSULT THE STOCKHOLDER&rsquo;S
OWN TAX ADVISER WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES OF BEING A STOCKHOLDER OF THE FUND, INCLUDING THE EFFECT AND APPLICABILITY
OF FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES THEREIN.</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"><B>Federal
Taxation of the Fund and its Distributions </B></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 has elected and intends to continue to qualify annually to be treated as a regulated investment company under the Code. To
qualify as a regulated investment company, the Fund must, among other things: (a) derive at least 90% of its gross income for
each taxable year from (i) dividends, interest, payments with respect to securities loans and gains from the sale or other disposition
of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward
contracts) derived with respect to its business of investing in such stock, securities or currencies, and (ii) net income from
certain qualified publicly traded partnerships (together with (i), the &ldquo;Qualifying Income Requirement&rdquo;); and (b) diversify
its holdings so that, at the close of each quarter of the taxable year: (i) at least 50% of the value of its assets is comprised
of cash, cash items (including receivables), U.S. government securities, securities of other regulated investment companies and
other securities, with those other securities limited, in respect of any one issuer, to an amount that does not exceed 5% of the
value of its total assets and that does not represent more than 10% of the outstanding voting securities of such issuer; and (ii)
not more than 25% of the value of its assets is invested in the securities (other than U.S. government securities or securities
of other regulated investment companies) of any one issuer or the securities (other than the securities of other regulated investment
companies) of two or more issuers controlled by it and engaged in the same, similar or related trades or businesses, or one or
more &ldquo;qualified publicly traded partnerships&rdquo; (together with (i), the &ldquo;Diversification Requirement&rdquo;).</FONT></P>

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<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
Treasury Department is authorized to promulgate regulations under which gains from foreign currencies (and options, futures, and
forward contracts on foreign currency) would constitute qualifying income for purposes of the Qualifying Income Requirement only
if such gains are directly related to the principal business of the Fund in investing in stock or securities or options and futures
with respect to stock or securities. To date, no such regulations have been issued.</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">As
a regulated investment company, the Fund (but not its stockholders) generally will not be subject to U.S. federal income tax on
the portion of its income and capital gains that it distributes to its stockholders in any taxable year for which it distributes,
in compliance with the Code&rsquo;s timing and other requirements the sum of (i) at least 90% of its investment company taxable
income (which includes dividends, taxable interest, taxable original issue discount income, market discount income, income from
securities lending, net short-term capital gain in excess of net long-term capital loss, certain net realized foreign currency
exchange gains, and any other taxable income other than &ldquo;net capital gain&rdquo; as defined below and is reduced by deductible
expenses all determined without regard to any deduction for dividends paid); and (ii) 90% of its tax-exempt interest, if any,
net of certain expenses allocable thereto (&ldquo;net tax-exempt interest&rdquo;). The Fund may retain for investment all or a
portion of its &ldquo;net capital gain&rdquo; (i.e., the excess of its net long-term capital gain over its net short-term capital
loss). If the Fund retains any investment company taxable income or net capital gain, it will be subject to tax at regular corporate
rates on the amount retained. The Fund currently intends to distribute to its stockholders, at least annually, substantially all
of its investment company taxable income, as computed for U.S. federal income tax purposes. If the Fund retains any net capital
gain, it may designate the retained amount as undistributed net capital gain in a notice to its stockholders, who will be (i)
required to include in income for federal income tax purposes, as long-term capital gain, their shares of such undistributed amount;
and (ii) entitled to credit their proportionate shares of tax paid by the Fund against their federal income tax liabilities, if
any, and to claim refunds to the extent the credit exceeds such liabilities. For federal income tax purposes, the tax basis of
the shares owned by a stockholder of the Fund will be increased by the amount of undistributed net capital gain included in the
stockholder&rsquo;s gross income and decreased by the federal income tax paid by the Fund on that amount of capital gain.</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">In
general, for purposes of the Qualifying Income Requirement described above, income derived from a partnership will be treated
as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying
income if realized directly by the regulated investment company. However, all of the net income of a regulated investment company
derived from an interest in a qualified publicly traded partnership (defined as a partnership (x) the interests in which are traded
on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y)
that derives less than 90% of its income from the qualifying income described in clause (i) of the Qualifying Income Requirement
described above) will be treated as qualifying income. In general, such entities will be treated as partnerships for federal income
tax purposes if they meet the passive income requirement under Section 7704(c)(2) of the Code. In addition, although in general
the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment
company with respect to items attributable to an interest in a qualified publicly traded partnership. For purposes of the Diversification
Requirement described above, the term &ldquo;outstanding voting securities of such issuer&rdquo; will include the equity securities
of a qualified publicly traded partnership. The transferee of a partnership interest generally is required to withhold 10% of
the amount realized on the sale or exchange of a partnership interest after December 31, 2017, unless the transferor certifies
it is not a foreign person or meets other certification requirements. This rule only applies to transfers of interests in publicly
traded partnerships occurring after January 1, 2022.</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">If
the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, it may be
eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid
with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures
to satisfy the Diversification Requirements where the Fund corrects the failure within a specified period of time. If the applicable
relief provisions are not available or cannot be met, the Fund will fail to qualify as a regulated investment company and will
be subject to tax in the same manner as an ordinary corporation subject to tax at a flat rate of 21% and all distributions from
earnings and profits (as determined under U.S. federal income tax principles) to its stockholders will be taxable as ordinary
dividend income eligible for the dividends-received deduction for corporate stockholders and taxable at the long-term capital
gains tax rate taxable on a graduated basis with a maximum tax rate of 20% for non-corporate U.S. stockholders. In addition, certain
U.S. stockholders will be subject to a 3.8% tax with respect to their net investment income, which includes capital gains and
dividends.</FONT></P>

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<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">If
the Fund fails to distribute by December 31 of each calendar year an amount equal to the sum of (1) at least 98% of its taxable
ordinary income (excluding capital gains and losses) for such year, (2) at least 98.2% of the excess of its capital gains over
its capital losses (as adjusted for certain ordinary losses) for the twelve month period ending on October 31 of such year), and
(3) all taxable ordinary income and the excess of capital gains over capital losses for the prior year that were not distributed
during such year and on which it did not pay federal income tax, the Fund will be subject to a nondeductible 4% excise tax (the
&ldquo;Excise Tax&rdquo;) on the undistributed amounts. A distribution will be treated as paid on December 31 of the calendar
year if it is declared by the Fund in October, November, or December of that year to stockholders of record on a date in such
month and paid by it during January of the following year. Such distributions will be taxable to stockholders (other than those
not subject to federal income tax) in the calendar year in which the distributions are declared, rather than the calendar year
in which the distributions are received. The Fund intends to actually distribute or be deemed to have distributed substantially
all of its net income and gain, if any, by the end of each calendar year in compliance with these requirements so that it will
generally not be required to pay the Excise Tax. The Fund may, in certain circumstances, be required to liquidate its investments
in order to make sufficient distributions to avoid Excise Tax liability at a time when an investment adviser might not otherwise
have chosen to do so. Liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirements
for qualification as a regulated investment company. Moreover, if the Fund utilizes leverage through borrowings, it may be restricted
by loan covenants with respect to the declaration and payment of dividends in certain circumstances. Limits on the Fund&rsquo;s
payment of dividends may prevent the Fund from distributing at least 90% of its net income and may therefore jeopardize the Fund&rsquo;s
qualification for taxation as a regulated investment company and/or may subject the Fund to the nondeductible 4% federal excise
tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments. However, no assurances can be given
that the Fund will not be subject to the Excise Tax and, in fact, in certain instances if warranted, the Fund may choose to pay
the Excise Tax as opposed to making an additional distribution.</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">For
losses arising from tax years beginning before December 22, 2010, the Fund is permitted to carry forward a net capital loss from
any year to offset its capital gains, if any, realized during the eight years following the year of the loss and such capital
loss carryforward is treated as a short-term capital loss in the year to which it is carried. For capital losses realized with
respect to tax years of the Fund beginning after December 22, 2010, such Fund may carry capital losses forward indefinitely. For
capital losses realized in taxable years beginning after December 22, 2010, the excess of the Fund&rsquo;s net short-term capital
losses over its net long-term capital gain is treated as short-term capital losses arising on the first day of the Fund&rsquo;s
next taxable year and the excess of the Fund&rsquo;s net long-term capital losses over its net short-term capital gain is treated
as long-term capital losses arising on the first day of the Fund&rsquo;s net taxable year. If future capital gains are offset
by carried forward capital losses, such future capital gains are not subject to Fund-level federal income taxation, regardless
of whether they are distributed to stockholders. The Fund cannot carry back or carry forward any net operating losses.</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">Gain
or loss on the sales of securities by the Fund will generally be long-term capital gain or loss if the securities have been held
by the Fund for more than one year. Gain or loss on the sale of securities held for one year or less will be short-term capital
gain or loss.</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&rsquo;s investment in so-called &ldquo;Section 1256 contracts,&rdquo; such as regulated futures contracts, certain foreign
currency contracts, options on most stock indices and any listed non-equity options, are subject to special tax rules. Any such
Section 1256 contracts held by the Fund at the end of its taxable year are required to be marked to their market value, and any
unrealized gain or loss on those positions will be included in the Fund&rsquo;s income as if each position had been sold for its
fair market value at the end of the taxable year. The resulting gain or loss will be combined with any gain or loss realized by
the Fund from positions in Section 1256 contracts closed during the taxable year. Provided such positions are held as capital
assets and are not part of a &ldquo;hedging transaction&rdquo; nor part of a &ldquo;straddle,&rdquo; 60% of the resulting net
gain or loss will be treated as long-term capital gain or loss, and 40% of such net gain or loss will be treated as short-term
capital gain or loss, regardless of the period of time the positions were actually held by the Fund.</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">Certain
of the Fund&rsquo;s investment practices are subject to special and complex U.S. federal income tax provisions that may, among
other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends
received deduction, (ii) convert lower taxed long-term capital gains and qualified dividend income into higher taxed short-term
capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is
more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash making it difficult to
satisfy the investment income distribution requirements, (v) adversely affect the time as to when a purchase or sale of stock
or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii)
produce income that will not qualify as good income for purposes of the Qualifying Income Requirement described above. The Fund
monitors its transactions and may make certain tax elections and may be required to borrow money or dispose of securities to mitigate
the effect of these rules and prevent disqualification of the Fund as a regulated investment company.</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">Income
received by the Fund from sources within foreign countries may be subject to foreign withholding and other taxes. Tax conventions
between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the Fund&rsquo;s total
assets at the close of any taxable year consist of stock or securities of foreign corporations and it meets the distribution requirements
described above, the Fund may file an election (the &ldquo;pass-through election&rdquo;) with the IRS pursuant to which stockholders
of it would be required to (i) include in gross income (in addition to taxable dividends actually received) their pro rata shares
of foreign income taxes paid by it even though not actually received by such stockholders; and (ii) treat such respective pro
rata portions as foreign income taxes paid by them. The Fund will furnish its stockholders with a written statement providing
the amount of foreign taxes paid by it that will &ldquo;pass-through&rdquo; for the year, if any. Generally, a credit for foreign
taxes is subject to the limitation that it may not exceed the stockholder&rsquo;s U.S. tax attributable to his or her total foreign
source taxable income. For this purpose, if the pass-through election is made, the source of the Fund&rsquo;s income will flow
through to stockholders. The limitation on the foreign tax credit is applied separately to foreign source passive income, and
to certain other types of income. Stockholders may be unable to claim a credit for the full amount of their proportionate share
of the foreign taxes paid by the Fund. Various limitations, including a minimum holding period requirement, apply to limit the
credit and deduction for foreign taxes for purposes of regular federal tax and alternative minimum tax. In addition, a stockholder
of the Fund may not be able to use foreign tax credits passed through by the Fund if the Fund&rsquo;s shares are loaned pursuant
to a securities lending agreement.</FONT></P>

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<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 may invest in a non-U.S. corporation, which could be treated as a passive foreign investment company (a &ldquo;PFIC&rdquo;)
or become a PFIC under the Code. A PFIC is generally defined as a foreign corporation that meets either of the following tests:
(1) at least 75% of its gross income for its taxable year is income from passive sources (such as interest, dividends, certain
rents and royalties, or capital gains); or (2) an average of at least 50% of its assets produce, or are held for the production
of, such passive income. If the Fund acquires any equity interest in a PFIC, the Fund could be subject to federal income tax and
interest charges on &ldquo;excess distributions&rdquo; received with respect to such PFIC stock or on any gain from the sale of
such PFIC stock (collectively &ldquo;PFIC income&rdquo;), plus interest thereon even if the Fund distributes the PFIC income as
a taxable dividend to its stockholders. The balance of the PFIC income will be included in the Fund&rsquo;s investment company
taxable income and, accordingly, will not be taxable to it to the extent it distributes that income to its stockholders. The Fund&rsquo;s
distributions of PFIC income, if any, will be taxable as ordinary income even though, absent the application of the PFIC rules,
some portion of the distributions may have been classified as capital gain.</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 not be permitted to pass through to its stockholders any credit or deduction for taxes and interest charges incurred
with respect to a PFIC. Payment of this tax would therefore reduce the Fund&rsquo;s economic return from its investment in PFIC
shares. To the extent the Fund invests in a PFIC, it may elect to treat the PFIC as a &ldquo;qualified electing fund&rdquo; (&ldquo;QEF&rdquo;),
then instead of the tax and interest obligation described above on excess distributions, the Fund would be required to include
in income each taxable year its pro rata share of the QEF&rsquo;s annual ordinary earnings and net capital gain. As a result of
a QEF election, the Fund would likely have to distribute to its stockholders an amount equal to the QEF&rsquo;s annual ordinary
earnings and net capital gain to satisfy the Code&rsquo;s minimum distribution requirement described herein and avoid imposition
of the Excise Tax even if the QEF did not distribute those earnings and gain to the Fund. In most instances it will be very difficult,
if not impossible, to make this election because of certain requirements in making the election. The Fund may elect to &ldquo;mark-to-market&rdquo;
its stock in any PFIC. &ldquo;Marking-to-market,&rdquo; in this context, means including in ordinary income each taxable year
the excess, if any, of the fair market value of the PFIC stock over the Fund&rsquo;s adjusted basis therein as of the end of that
year. Pursuant to the election, the Fund also may deduct (as an ordinary, not capital, loss) the excess, if any, of its adjusted
basis in the PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market
gains with respect to that stock it included in income for prior taxable years under the election. The Fund&rsquo;s adjusted basis
in its PFIC stock subject to the election would be adjusted to reflect the amounts of income included and deductions taken thereunder.
In either case, the Fund may be required to recognize taxable income or gain without the concurrent receipt of cash.</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">Gains
or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or
other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays
such liabilities are generally treated as ordinary income or loss. Foreign currency gains and losses realized by the Fund in connection
with certain transactions involving foreign currency-denominated debt instruments, certain options, futures contracts, forward
contracts, and similar instruments relating to foreign currency, foreign currencies, and foreign currency-denominated payables
and receivables are subject to Section&nbsp;988 of the IRC, which causes such gains and losses to be treated as ordinary income
or loss and may affect the amount and timing of recognition of the Fund&rsquo;s income. In some cases elections may be available
that would alter this treatment, but such elections could be detrimental to the Fund by creating current recognition of income
without the concurrent recognition of cash. If a foreign currency loss treated as an ordinary loss under Section&nbsp;988 were
to exceed the Fund&rsquo;s investment company taxable income (computed without regard to such loss) for a taxable year the resulting
loss would not be deductible by it or its shareholders in future years. The foreign currency income or loss will also increase
or decrease the Fund&rsquo;s investment company income distributable to its shareholders.</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">Distributions
paid out of the Fund&rsquo;s current and accumulated earnings and profits (as determined at the end of the year), whether reinvested
in additional shares or paid in cash, are generally taxable and must be reported by each stockholder who is required to file a
federal income tax return. Distributions in excess of the Fund&rsquo;s current and accumulated earnings and profits, as computed
for federal income tax purposes, will first be treated as a return of capital up to the amount of a stockholder&rsquo;s tax basis
in his or her Fund shares and then as capital gain.</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">For
federal income tax purposes, distributions of investment company taxable income are generally taxable as ordinary income, and
distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income.
Distributions designated by the Fund as &ldquo;capital gain dividends&rdquo; (distributions from the excess of net long-term capital
gain over short-term capital losses) will be taxable to stockholders as long-term capital gain regardless of the length of time
they have held their shares of the Fund. Such dividends do not qualify as dividends for purposes of the dividends received deduction
described below.</FONT></P>

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<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">Non-corporate
stockholders of the Fund may be eligible for the long-term capital gain tax rate applicable to distributions of &ldquo;qualified
dividend income&rdquo; received by such non-corporate stockholders. The Fund&rsquo;s distribution will be treated as qualified
dividend income and therefore eligible for the long-term capital gains tax rate to the extent that it receives dividend income
from taxable domestic corporations and certain qualified foreign corporations, provided that certain holding periods and other
requirements are met. For example, if the Fund&rsquo;s shares are loaned pursuant to a securities lending arrangement, dividends
paid while the shares are held by the borrower may not be qualified dividend income and may not qualify for the dividends received
deduction. Currently, the maximum long-term capital gain tax rate for individual U.S. stockholders is 20%. Corporate stockholders
of the Fund will be subject to tax on distributions of qualified dividend income at a flat rate of 21%. Generally, corporate stockholders
will not be eligible for the dividends received deduction because the Fund&rsquo;s income will not consist of qualified dividend
income.</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">Under
current law, a 3.8% Medicare contribution tax on net investment income including interest (excluding, tax-exempt interest), dividends,
and capital gains of U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) and of estates and
trusts.</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 furnish a statement to stockholders providing the federal income tax status of its dividends and distributions including
the portion of such dividends, if any, that qualifies as long-term capital gain.</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">Different
tax treatment, including penalties on certain excess contributions and deferrals, certain pre-retirement and post-retirement distributions,
and certain prohibited transactions, is accorded to accounts maintained as qualified retirement plans. Stockholders are urged
and advised to consult their own tax advisers for more information.</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 may retain for investment its net capital gain. However, if the Fund retains any net capital gain or any investment company
taxable income, it will be subject to a tax of 21% of such amount. If the Fund retains any net capital gain, it expects to designate
the retained amount as undistributed capital gains in a notice to its stockholders, each of whom, if subject to U.S. federal income
tax on long-term capital gains, (i) will be required to include in income for U.S. federal income tax purposes its share of such
undistributed long-term capital gain, (ii) will be entitled to credit its proportionate share of the tax paid by the Fund against
their U.S. federal income tax liability, if any, and to claim refunds to the extent that the credit exceeds such liability and
(iii) will increase its tax basis in its common shares for the Fund by an amount equal to 79% of the amount of undistributed capital
gain included in such stockholder&rsquo;s gross income.</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&rsquo;s income will be increased or decreased by the amount of foreign currency gains or losses realized by the Fund in connection
with the disposition of foreign currency-denominated debt securities as well as changes in foreign exchange rates between the
time the Fund accrues a receivable (typically, dividends, interest and payments for securities sold) or payable (typically, expenses
and payments for securities purchased) and the time such receivable or payable is satisfied. The Fund cannot predict the impact
of such transactions on its investment company taxable income distributable to stockholders.</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">Upon
the disposition of shares of the Fund (whether by redemption, sale or exchange), a stockholder may realize a capital gain or loss.
Such capital gain or loss will be long-term or short-term depending upon the stockholder&rsquo;s holding period for the shares.
The capital gain will be long-term if the shares were held for more than 12 months and short-term if held for 12 months or less.
Currently, for individual U.S. stockholders, the maximum long-term capital gain tax rate is 20% and the maximum short-term capital
gain tax rate is 37%. In addition, certain U.S. stockholders will be subject to a 3.8% tax with respect to their net investment
income, which includes capital gains and dividends from selling, exchanging, or holding shares of the Fund. Corporate U.S. stockholders
are taxed at a flat rate of 21% on long-term and short-term capital gains.</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">If
a stockholder sells or exchanges shares of the Fund within 90 days of having acquired such shares and if, before January 31 of
the calendar year following the calendar year of the sale or exchange, as a result of having initially acquired those shares,
the stockholder subsequently pays a reduced sales charge on a new purchase of shares of the Fund, the sales charge previously
incurred in acquiring the Fund&rsquo;s shares generally shall not be taken into account (to the extent the previous sales charges
do not exceed the reduction in sales charges on the new purchase) for the purpose of determining the amount of gain or loss on
the disposition, but generally will be treated as having been incurred in the new purchase. Any loss realized on a disposition
will be disallowed under the &ldquo;wash sale&rdquo; rules to the extent that the shares disposed of by the stockholder are replaced
by the stockholder within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition. In such
a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a stockholder on
a disposition of shares held by the stockholder for six months or less will be treated as a long-term capital loss to the extent
of any distributions of capital gain dividends received by the stockholder and disallowed to the extent of any distributions of
tax-exempt interest dividends received by the stockholder with respect to such shares. Capital losses are generally deductible
only against capital gains except that individuals may deduct up to $3,000 of capital losses against ordinary income.</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 generally is required to withhold, and remit to the U.S. Treasury, subject to certain exemptions, an amount equal to 24%
of all distributions and redemption proceeds paid or credited to a stockholder of the Fund if (i) the stockholder fails to furnish
the Fund with the correct taxpayer identification number (&ldquo;TIN&rdquo;) certified under penalties of perjury, (ii) the stockholder
fails to provide a certified statement that the stockholder is not subject to backup withholding, or (iii) the IRS or a broker
has notified the Fund that the number furnished by the stockholder is incorrect or that the stockholder is subject to backup withholding
as a result of failure to report interest or dividend income. If the backup withholding provisions are applicable, any such distributions
or proceeds, whether taken in cash or reinvested in shares, will be reduced by the amounts required to be withheld. Backup withholding
is not an additional tax. Any amounts withheld may be credited against a stockholder&rsquo;s U.S. federal income tax liability.</FONT></P>

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<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">A
tax-exempt stockholder could realize unrelated business taxable income (&ldquo;UBTI&rdquo;) by virtue of its investment in the
Fund as a result of the Fund&rsquo;s investments and if shares in the Fund constitute debt financed property in the hands of the
tax-exempt stockholder within the meaning of Section 514(b) of the Code. In addition, special tax consequences apply to charitable
remainder trusts (CRTs) that invest in regulated investment companies that invest directly or indirectly in certain real estate
mortgage investments. Tax-exempt stockholders are urged and advised to consult their own tax advisers as to the tax consequences
of an investment in the Fund.</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">State
and local laws often differ from federal income tax laws with respect to the treatment of specific items of income, gain, loss,
deduction and credit.</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">Distributions
made to non-U.S. stockholders attributable to net investment income generally are subject to U.S. federal income tax withholding
at a 30% rate (or such lower rate provided under an applicable income tax treaty). Notwithstanding the foregoing, if a distribution
described above is effectively connected with the conduct of a trade or business carried on by a non-U.S. stockholder within the
United States (or, if an income tax treaty applies, is attributable to a permanent establishment in the United States), federal
income tax withholding and exemptions attributable to foreign persons will not apply. Instead, the distribution will be subject
to withholding at the highest applicable U.S. tax rate (currently 37% in the case of individuals and 21% in the case of corporations)
and the non-U.S. stockholder will be subject to federal income tax reporting requirements generally applicable to U.S. persons
described above.</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">Under
U.S. federal tax law, a non-U.S. stockholder is not, in general, subject to federal income tax or withholding tax on capital gains
(and is not allowed a deduction for losses) realized on the sale of shares of the Fund and on long-term capital gains dividends,
provided that the Fund obtains a properly completed and signed certificate of foreign status, unless (i) such gains or distributions
are effectively connected with the conduct of a trade or business carried on by the non-U.S. stockholder within the United States
(or, if an income tax treaty applies, are attributable to a permanent establishment in the United States of the non-U.S. stockholder);
(ii) in the case of an individual non-U.S. stockholder, the stockholder is present in the United States for a period or periods
aggregating 183 days or more during the year of the sale and certain other conditions are met; or (iii) the shares of the Fund
constitute U.S. real property interests (USRPIs), as described below.</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">Under
current law, if the Fund is considered to be a &ldquo;United States Real Property Holding Corporation&rdquo; (as defined in the
IRC and Treasury Regulations), then distributions attributable to certain underlying real estate investment trust (&ldquo;REIT&rdquo;)
investments and redemption proceeds paid to a non-U.S. stockholder that owns at least 5% of the Fund, generally, will (i) cause
the non-U.S. stockholder to treat such gain or distribution as income effectively connected with a trade or business in the United
States, (ii) subject such gain or distribution to withholding tax and (iii) cause the non-U.S. stockholder to be required to file
a federal income tax return. In addition, in any year when at least 50% of the Fund&rsquo;s assets are USRPIs (as defined in the
IRC and Treasury Regulations), distributions of the Fund that are attributable to gains from the sale or exchange of stock in
USRPIs may be subject to U.S. withholding tax (regardless of such stockholder&rsquo;s percentage interest in the Fund) and may
require the non-U.S. stockholder to file a U.S. federal income tax return in order to receive a refund (if any) of the withheld
amount.</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">Subject
to the additional rules described herein, federal income tax withholding will apply to distributions attributable to dividends
and other investment income distributed by the Fund. The federal income tax withholding rate may be reduced (and, in some cases,
eliminated) under an applicable tax treaty between the United States and the non-U.S. stockholder&rsquo;s country of residence
or incorporation. In order to qualify for treaty benefits, a non-U.S. stockholder must comply with applicable certification requirements
relating to its foreign status (generally by providing a Fund with a properly completed Form W-8BEN).</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">Pursuant
to the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;), a 30% withholding tax generally is imposed on payments of interest
and dividends to (i) foreign financial institutions including non-U.S. investment funds and (ii) certain other foreign entities,
unless the foreign financial institution or foreign entity provides the withholding agent with documentation sufficient to show
that it is compliant with FATCA (generally by providing the Fund with a properly completed Form W-8BEN or Form W-8BEN-E, as applicable).
If the payment is subject to the 30% withholding tax under FATCA, a non-U.S. stockholder will not be subject to the 30% withholding
tax described above on the same income. After December 31, 2018, FATCA withholding would have applied to certain capital gain
distributions, return of capital distributions, and the proceeds arising from the sale of Fund shares; however, based on proposed
regulations issued by the IRS, which can be relied on currently, such withholding is no longer required unless final regulations
provide otherwise (which is not expected). Stockholders are urged and advised to consult their own tax advisors regarding the
application of this new reporting and withholding regime to their own tax situation.</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"><B>All
non-U.S. stockholders are urged and advised to consult their own tax advisers as to the tax consequences of an investment in the
Fund.</B></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">A
stockholder that owns directly or indirectly more than 50% by vote or value of the Fund, is urged and advised to consult its own
tax adviser regarding its filing obligations with respect to IRS Form FinCEN114, Report of Foreign Bank and Financial Accounts.</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">Also,
subject to exceptions, certain individuals and certain domestic entities must report annually their interests in &ldquo;specified
foreign financial assets&rdquo; above a certain threshold on IRS Form 8938, which is filed with their U.S. federal income tax
returns.</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">Stockholders
may be subject to substantial penalties for failure to comply with these reporting requirements. Stockholders are urged and advised
to consult their own tax advisers to determine whether these reporting requirements are applicable to them.</FONT></P>

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<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">Under
Treasury regulations, if a stockholder recognizes a loss of $2 million or more for an individual stockholder or $10 million or
more for a corporate stockholder, the stockholder must file with the IRS a disclosure statement on IRS Form 8886. The fact that
a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer&rsquo;s treatment
of the loss is proper. Stockholders are urged and advised to consult their own tax advisers to determine the applicability of
these regulations in light of their individual circumstances.</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 inform stockholders of the source and tax status of all distributions promptly after the close of each calendar year.</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">Distributions
from the Fund and sales or other dispositions of shares of the Fund may be subject to additional state, local and foreign taxes
depending on each stockholder&rsquo;s particular situation. An investor should also be aware that the benefits of any reduced
tax rate applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative
minimum tax to individual stockholders.</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"><B>Stockholders
are urged and advised to consult their own tax advisers as to the federal, state, local, foreign and other tax laws affecting
investments in the Fund and to possible effects of the changes in any such federal, state, local, foreign, or other tax laws.
</B></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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>DETERMINATION
OF NET ASSET VALUE</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund&rsquo;s NAV per share will be calculated by the Adviser (i) no less frequently than monthly, (ii) on the last business day
of each month and (iii) at any other times determined by the board. NAV per share is calculated by dividing the value of the Fund&rsquo;s
net assets (the value of its assets less its liabilities) by the total number of shares of common stock outstanding.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
unaudited NAV per share is posted daily on the Fund&rsquo;s website at http://www.herzfeld.com/cuba.</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
calculating the NAV per share at any time:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         value of any cash on hand or on deposit, bills and demand notes and accounts receivable,
                                         prepaid expenses, cash dividends and interest declared or accrued and not yet received,
                                         will be its face amount, unless the Adviser has determined that its value is less, in
                                         which case its value will be deemed to be such amount as the Adviser determines to be
                                         reasonable;</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">investments
                                         in securities traded on a national securities exchange (or reported on the NASDAQ National
                                         Market or Capital Market) are stated at the last reported sales price on the day of valuation
                                         (or at the NASDAQ official closing price); other securities traded in the over-the-counter
                                         market and listed securities for which no sale was reported on that date are stated at
                                         the last quoted bid price;</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         value of any security traded in the unregulated market will be determined, by taking
                                         the last quoted bid price;</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">investments
                                         (if any) in securities of the U.S. government, its agencies and instrumentalities having
                                         a maturity of 60 days or less are valued at amortized cost;</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         value of a forward contract is calculated by reference to the price quoted at the date
                                         of valuation of the contract by the customary banking sources 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" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         value of commodity futures or option contracts entered into by the Fund are the margin
                                         deposit plus or minus the difference between the value of the contract on the date NAV
                                         is calculated and the value on the date the contract originated, value being that established
                                         on a recognized commodity or options exchange, or by reference to other customary sources,
                                         with a gain or loss being recognized;</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vii)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         value of any security or property for which no price quotation is available as provided
                                         above is the fair value determined in such manner as the board, acting in good faith,
                                         deems appropriate, although the actual calculation may be done by others; 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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(viii)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         liabilities of the Fund are deemed to include, without limitation, all bills and accounts
                                         payable, all other contractual obligations for the payment of money, including the amount
                                         of distributions declared and unpaid, all accrued and unpaid management fees, advisory
                                         fees and other expenses, all reserves for taxes or contingencies and all other liabilities
                                         of the Fund determined in accordance with generally accepted accounting principles.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: -0.3in"><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 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 Adviser convenes on a regular and ad hoc basis to review such securities and considers
a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at a fair
value. The Adviser may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions,
market multiples, book values and other relevant information for the investment to determine the fair value of the investment.
An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted
to calculate fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of investments.
Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that
would have been used had an active market existed. The Adviser 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.</FONT></P>

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<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">Any
assets or liabilities initially expressed in terms of foreign currencies are translated into dollars at a quoted exchange rate
or at such other appropriate rate as may be determined by the Adviser.</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>CUSTODIAN,
TRANSFER AGENT, DIVIDEND DISBURSING AGENT, AND REGISTRAR</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fifth
Third Bank acts as custodian for the Fund&rsquo;s assets. The principal address of the custodian is 38 Fountain Square Plaza,
Cincinnati, OH 45263. The custodian employs sub-custodians in each of the jurisdictions in which the Fund invests. The custodian&rsquo;s
services include, in addition to the custody of all cash and securities owned by the Fund, the maintenance of a custody account
in the custodian&rsquo;s Fund department, the segregation of all certificated securities owned by the Fund, the appointment of
authorized agents as sub-custodians, disbursement of funds from the custody account of the Fund, releasing and delivering securities
from the custody account of the Fund, maintaining records with respect to such custody account, delivering to the Fund a daily
and monthly statement with respect to such custody account, and causing proxies to be executed. The custodian&rsquo;s fee is paid
by the Fund.</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">Under
a Master Services Agreement between Ultimus Fund Solutions, LLC (&ldquo;Ultimus&rdquo;) and the Fund, Ultimus serves as the Fund&rsquo;s
administrator, fund accounting agent, and transfer agent. Ultimus is located at 225 Pictoria Drive, Suite 450, Cincinnati, OH
45246. Administrative services include 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. Fund accounting services
include calculating the net asset value per share and maintaining the financial books and records of the Fund. As transfer agent,
Ultimus 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 Ultimus has subcontracted transfer agency services
to American Stock Transfer &amp; Trust Company, LLC (&ldquo;AST&rdquo;). AST is located at 6201 15<SUP>th</SUP> Avenue Brooklyn,
New York, NY 11219. AST provides transfer agency services, including serving as the Fund&rsquo;s dividend/distribution disbursing
agent, dividend reinvestment plan agent, and as registrar for the Fund&rsquo;s common stock</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>LEGAL
MATTERS</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Troutman
Pepper Hamilton Sanders LLP, 3000 Two Logan Square, 18<SUP>th</SUP> and Arch Streets, Philadelphia, PA 19103 serves as counsel
to the Fund.</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>EXPERTS
</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
independent registered accounting firm of the Fund is Tait, Weller &amp; Baker LLP (&ldquo;Tait Weller&rdquo;), located at 1818
Market St., Suite 2400, Philadelphia, PA 19103. As the independent registered public accounting firm of the Fund, Tait Weller
is an expert in accounting and auditing and audited the Fund&rsquo;s financial statements included in the Fund&rsquo;s Annual
Report to Stockholders for the fiscal year ended June 30, 2020 (the &ldquo;Annual Report&rdquo;).</FONT></P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>AVAILABLE
INFORMATION</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
have filed with the SEC a registration statement on Form N-2 together with related exhibits under the Securities Act. The registration
statement contains information about us and the securities being offered by this prospectus and any accompanying prospectus supplement.
We are also required to file with or submit to the SEC annual, semi-annual and quarterly reports, proxy statements and other information
about us. You may request copies of these reports and filings, including this prospectus and any accompanying prospectus supplement
free of charge, make inquiries or request other information about us by contacting us by mail at 119 Washington Avenue, Suite
504 Miami Beach, FL 33139, or by telephone at (800) TJH-FUND (toll-free) or (305) 777-1660. Copies of these reports and filings
are also available free of charge through our website at <I>http://www.herzfeld.com/cuba and http://www.herzfeld.com/cubafinancialreports.
</I>The inclusion of our website address in this prospectus and any prospectus supplement is, in each case, intended to be an
inactive textual reference only and not an active hyperlink to our website. The information contained in, or that can be accessed
through, our website is not part of this prospectus or any accompanying prospectus supplement. <FONT STYLE="background-color: white">&nbsp;Information
contained on our website is not incorporated by reference into this prospectus or any accompanying prospectus supplement.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
SEC maintains an Internet site that contains reports, proxy and information statements and other information filed electronically
by us with the SEC which are available on the SEC's website at <I>http://www.sec.gov. </I>Copies of these reports, proxy and information
statements and other information may also be obtained, upon paying a duplicating fee, by electronic request at the following e-mail
address: publicinfo@sec.gov.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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>INCORPORATION
BY REFERENCE</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; background-color: white">This
prospectus is part of a registration statement that the Fund has filed with the SEC. The Fund is permitted to &ldquo;incorporate
by reference&rdquo; the information that it files with the SEC, which means that the Fund can disclose important information to
you by referring you to those documents. The information incorporated by reference is an important part of this prospectus, and
later information that the Fund files with the SEC will automatically update and supersede this information.</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; background-color: white">The
documents listed below, and any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the
1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering, are incor</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">porated
by reference into this prospectus and deemed to be part of this prospectus from the date of the filing of such reports and documents:</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Fund&rsquo;s Semi-Annual Report on Form N-CSR for the six month period ended December
                                         31, 2020, filed with the SEC on February 26, 2021;</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Fund&rsquo;s Annual Report on Form N-CSR for the fiscal year ended June 30, 2020, filed
                                         with the SEC on September 4, 2020 (the &ldquo;2020 Annual Report&rdquo;);</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Fund&rsquo;s proxy statement on Schedule 14A for our 2020 annual meeting of shareholders,
                                         filed with the SEC on August 31, 2020; 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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         description of our common shares contained in our Registration Statement on Form&nbsp;N-2&nbsp;(File&nbsp;No.
                                         333-144838)&nbsp;filed with the SEC on July 25, 2007, including any amendment or report
                                         filed for the purpose of updating such description prior to the termination of the offering
                                         registered hereby.</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">To
obtain copies of the<FONT STYLE="background-color: white">se filings, see &ldquo;Available Information&rdquo; above.</FONT></FONT></P>




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<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>APPENDIX
A</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>THE
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>Proxy
Voting Policy and Procedures</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: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Board of Directors of The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;Fund&rdquo;) hereby adopts the following policy and
procedures with respect to voting proxies relating to portfolio securities held by the Fund:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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"><B>Policy</B></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;).</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">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.</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">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.</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Procedures</B></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</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">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.</FONT></P>




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<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.
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.</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">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.</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">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.</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">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:</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">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.</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">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.</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">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.</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">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.</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">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.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">IV.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RECORD
                                         KEEPING</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">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.</FONT></P>




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<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
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.</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">V.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GUIDELINES</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">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.</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 CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issues
    regarding the issuer's Board entrenchment and anti-takeover measures such as the following:</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Oppose</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">b.</FONT></TD>
    <TD STYLE="width: 81%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proposals
    to limit the ability of shareholders to call special meetings;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">c.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proposals
    to require super majority votes;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">d.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">e.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proposals
    regarding &quot;poison pill&quot; provisions; and</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">f.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Permitting
    &quot;green mail&quot;.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Providing
    cumulative voting rights.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Oppose</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&quot;Social
    issues,&quot; unless specific client guidelines supersede, e.g., restrictions regarding South Africa.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Oppose</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Election
    of directors recommended by management, except if there is a proxy fight.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Election
    of auditors recommended by management, unless seeking to replace if there exists a dispute over policies.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date
    and place of annual meeting.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Limitation
    on charitable contributions or fees paid to lawyers.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratification
    of directors' actions on routine matters since previous annual meeting.</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Confidential
    voting</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 83%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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: 15%; text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Limiting
    directors' liability</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Eliminate
    preemptive right</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>

<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">12.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employee
    Stock Purchase Plan</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Establish
    401(k) Plan</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rotate
    annual meeting location/date</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approve</FONT></TD></TR>

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

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<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>APPENDIX
B</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"><B>THOMAS
J. HERZFELD ADVISORS, 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>PROXY
VOTING</B><BR>
<B>POLICIES AND PROCEDURES</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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</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">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.</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">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.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Procedures</B></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</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">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:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Disclose
                                         to Clients how they may obtain information regarding how their proxies were voted; 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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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>

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<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Conflicts
of Interest</B></FONT></TD>
</TR></TABLE>
<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">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.</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">If
the CCO determines that a material conflict of interest exists, the following procedures shall be followed:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 59.75pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20.15pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Firm shall follow the recommendations of an independent proxy voting service in voting
                                         the proxies.</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Limitations
                                         on Proxy Voting</B></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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:</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"><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.</FONT></P>

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<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">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.</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"><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.</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"><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.</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"><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.</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"><U>Non-Discretionary
Accounts</U>. If the Firm accepts a Client with non-discretionary authority, it may also yield the authority to vote proxies.</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"><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.</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"><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.</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"><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.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>D.</B></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Voting
                                         Guidelines</B></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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:</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Corporate
                                         Governance&nbsp;</B></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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Election
of Directors and Similar Matters&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Notwithstanding
the foregoing, the Firm expects to <B><U>support</U></B> proposals to:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Limit
                                         directors&rsquo; liability and broaden directors&rsquo; indemnification rights</FONT></TD></TR></TABLE>

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<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Generally
                                         vote against proposals to adopt or continue the use of a classified Board structure;
                                         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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Audit
Committee Approvals &nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Shareholder
Rights</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Adopt
                                         confidential voting and independent tabulation of voting results; 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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Require
                                         shareholder approval of poison pills;</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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">And
expects to generally <B><U>vote against</U></B> proposals to:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Adopt
                                         super-majority voting requirements; 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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Restrict
                                         the rights of shareholders to call special meetings, amend the bylaws or act by written
                                         consent.</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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Anti-Takeover
Measures, Corporate Restructurings and Similar Matters</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Notwithstanding
the foregoing, Adviser expects to generally <B><U>support</U></B> proposals to:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Require
                                         shareholder approval of &ldquo;poison pills.&rdquo;</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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">And
expects to generally <B><U>vote against</U></B> proposals to:&nbsp;</FONT></P>




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<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Adopt
                                         classified boards of directors;</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Require
                                         a company to consider the non-financial effects of mergers or acquisitions.</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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Capital
Structure Proposals&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compensation&nbsp;</B></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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>General&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Notwithstanding
the foregoing, the Firm expects to generally <B><U>support</U></B> proposals to:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Require
                                         shareholders&rsquo; approval of golden parachutes; 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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Adopt
                                         golden parachutes that do not exceed 1 to 3 times the base compensation of the applicable
                                         executives</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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">And
expects to generally <B><U>vote against</U></B> proposals to:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Adopt
                                         measures that appear to the Proxy Manager to arbitrarily limit executive or employee
                                         benefits.</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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Stock
Option Plans and Share Issuances&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;</FONT></P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Corporate
                                         Responsibility and Social Issues&nbsp;</B></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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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 0pt 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>E.</B></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class
                                         Actions</B></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</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="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>F.</B></FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Books
                                         and Records</B></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
    Issuer&rsquo;s name;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
    security&rsquo;s ticker symbol or CUSIP, as applicable;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
    shareholder meeting date;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
    number of shares that the Firm voted;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
    brief identification of the matter voted on;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whether
    the matter was proposed by the Issuer or a security-holder;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whether
    the Firm cast a vote;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">How
    the Firm cast its vote (for the proposal, against the proposal, or abstain); </FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whether
    the Firm cast its vote with or against management; </FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&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
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.</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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.</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>G.</B></FONT></TD>
    <TD STYLE="width: 98%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Disclosures
    to Clients and Investors</B></FONT></TD></TR>
</TABLE>
<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
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.</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">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.</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">As
a matter of policy, the Firm does not disclose how it expects to vote on upcoming proxies.</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">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;</FONT></P>




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<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>PART
C - OTHER INFORMATION</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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 100pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                                                                      25.</B></FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FINANCIAL
                                         STATEMENTS AND EXHIBITS</B></FONT></TD>
</TR></TABLE>

<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; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 60pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financial
                                         Statements:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Part
A</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
audited financial statements included in the annual report to the Fund&rsquo;s shareholders for the fiscal year ended June 30,
2020 (the &ldquo;2020 Annual Report&rdquo;), together with the report of Tait, Weller &amp; Baker LLP, are incorporated by reference
to the 2020 Annual Report in Part&nbsp;A.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><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; background-color: white"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">None</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><A HREF="https://www.sec.gov/Archives/edgar/data/880406/000158064221000800/herzfeldncsrs.htm">Certified Shareholder Report for the Fiscal Year Ended June 30, 2020</A></FONT></TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><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: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibits</FONT></TD>
</TR></TABLE>
<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
agreements included or incorporated by reference as exhibits to this registration statement contain representations and warranties
by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the
other parties to the applicable agreements and (i) were not intended to be treated as categorical statements of fact, but rather
as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified
in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement;
(iii) may apply contract standards of &ldquo;materiality&rdquo; that are different from &ldquo;materiality&rdquo; under the applicable
securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified
in the agreement. For the foregoing reasons, the representations, warranties and covenants or any descriptions of those provisions
should not be read alone and should instead be read in conjunction with the other information contained in the reports, statements
and filings that the Registrant publicly files with the Commission.</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
Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering
whether additional specific disclosures of material information regarding material contractual provisions are required to make
the statements in this registration statement not misleading.</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">(1)</FONT></TD>
    <TD STYLE="width: 85%"><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/articlesofincorporation.txt"><FONT STYLE="font-size: 11pt; color: blue">Articles of Incorporation filed with the State of Maryland dated March 10, 1992.(1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(2)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/articlesofamendment.txt"><FONT STYLE="font-size: 11pt; color: blue">Articles of Amendment to Articles of Incorporation as filed with the State of Maryland on July 23, 1993.(1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/bylaws.txt"><FONT STYLE="font-size: 11pt; color: blue">By Laws.(1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(d)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">(1)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/certificatespecimen.txt"><FONT STYLE="font-size: 11pt; color: blue">Form of Specimen Certificate of Common Stock.(1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(2)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/articlesofincorporation.txt"><FONT STYLE="font-size: 11pt; color: blue">Articles Sixth, Eighth, Ninth and Tenth of the Registrant&rsquo;s Articles of Incorporation filed as exhibit (a).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(3)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/bylaws.txt"><FONT STYLE="font-size: 11pt; color: blue">Articles II and III of the Registrant&rsquo;s By Laws filed as exhibit (b).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420406049904/v058949_ex99-2.txt"><FONT STYLE="font-size: 11pt; color: blue">Dividend Reinvestment Plan.(2)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(f)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(g)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/investmentadvisoryagreement.txt"><FONT STYLE="font-size: 11pt; color: blue">Investment Advisory Agreement dated September 10, 1993.(1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(h)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(i)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">(j)</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 85%"><FONT STYLE="font-size: 11pt"><A HREF="fp0063655_ex9925j.htm">Custodian Agreement dated November 14, 2019 is filed herewith.&nbsp;</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(k)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt"><A HREF="fp0063655_ex9925k.htm">Master Services Agreement dated September 30, 2019 is filed herewith.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(l)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt"><A HREF="fp0063655_ex9925l.htm">Opinion of Troutman Pepper Hamilton Sanders LLP filed herewith.</A>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(m)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(n)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt"><A HREF="fp0063655_ex9925n.htm">Consent of Tait, Weller &amp; Baker LLP is filed herewith.</A>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(o)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(p)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(q)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(r)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/v081245_ex99-codeeth.txt"><FONT STYLE="font-size: 11pt; color: blue">Joint Code of Ethics of the Registrant and the Adviser.(1)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(s)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt"><A HREF="fp0063655_ex9925s.htm">Powers of Attorney are filed herewith.</A>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">(t)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt"><A HREF="fp0063655_ex9925t.htm">Forms of Prospectus Supplement are filed herewith.</A></FONT></TD></TR>
</TABLE>


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Incorporated
    by reference to the Registrant&rsquo;s Registration Statement on Form N-2 filed with the SEC on July 25, 2007 (Securities
    Act File No. 333-144838 and Investment Company Act File No. 811-06445).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Incorporated
    by reference to Exhibit 99.2 to Form 8-K/A filed with the SEC on November 22, 2006 (Investment Company Act File No. 811-06445).</FONT></TD></TR>
</TABLE>
<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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            26.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>MARKETING
ARRANGEMENTS</B></FONT></TD>
</TR></TABLE>

<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">The
information contained under the heading &ldquo;Plan of Distribution&rdquo; in this Registration Statement is incorporated herein
by reference.</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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            27.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>OTHER
EXPENSES OF ISSUANCE AND DISTRIBUTION</B></FONT></TD>
</TR></TABLE>

<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="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 85%; text-align: left; padding-left: 0.25in; text-indent: -0.125in">SEC registration fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"><B>$</B></TD><TD STYLE="width: 12%; text-align: right">9600.80</TD><TD STYLE="width: 1%; text-align: left">(1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">FINRA filing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">NASDAQ Capital Market Listing of Additional Shares fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Printing (other than stock certificates)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Sales agent&rsquo;s expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">Miscellaneous</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">*</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</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: 0in"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fees
depend on number of issuances and amount of securities sold and cannot be estimated at this time.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: 0in"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Calculated
in accordance with Rule 457(o) under the Securities Act of 1933.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            28.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PERSONS
CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT</B></FONT></TD>
</TR></TABLE>

<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">None</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            29.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NUMBER
OF HOLDERS OF SECURITIES</B></FONT></TD>
</TR></TABLE>

<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 CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 68%; font: 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title
    of Class</B></FONT></TD>
    <TD STYLE="width: 32%; font: 11pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number
    of</B><BR>
    <B>Record Holders</B><BR>
    <B>as of</B><BR>
    <B>March 9, 2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common
    Stock, $0.001 par value</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>70</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            30.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>INDEMNIFICATION</B></FONT></TD>
</TR></TABLE>

<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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
is the Registrant&rsquo;s policy to indemnify its directors and officers to the maximum extent permitted by Section 2-418 of the
General Corporation Law of the State of Maryland as set forth in Article VII of the Registrant&rsquo;s By-Laws filed as exhibit
2(b) of Item 25 hereto, subject to the limitations of the Investment Company Act of 1940, as amended. The Registrant&rsquo;s indemnification
obligations with respect to each officer and director as set forth in Article VII of the Registrant&rsquo;s By-Laws further provide
for the payment of, and advancement of, any reasonable expenses incurred in connection with the successful defense of any proceeding
to which each such officer or director is a party by reason of service in such capacity. The Registrant&rsquo;s indemnification
obligations with respect to the Adviser are set forth in Section 5 of the Investment Advisory Agreement filed as exhibit 2(g)
of Item 25 hereto. The Registrant has purchased insurance insuring its directors and officers against certain liabilities incurred
in their capacities as such, and insuring the Registrant against any payments which it is obligated to make to such persons under
the foregoing indemnification provisions.</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">Insofar
as indemnification for liabilities arising under the Securities Act, may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant
of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            31.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>BUSINESS
AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in"><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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registrant
is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of its investment adviser, together
with information as to any other business, profession, vocation or employment of a substantial nature engaged in by those entities
or those of its officers and directors during the past two years, by incorporating herein by reference the information contained
in the current Form ADV filed on June 30, 2020 with the SEC by Thomas J. Herzfeld Advisors, Inc. (Investment Advisers Act File
No. 801- 20866) pursuant to the Investment Advisers Act of 1940, as amended, and in the section entitled &ldquo;Management of
the Fund&rdquo; in Part A of this Registration Statement.</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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            32.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>LOCATION
OF ACCOUNTS AND RECORDS</B></FONT></TD>
</TR></TABLE>

<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">All
such books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1
through 31a-3 thereunder are maintained at the following locations: Thomas J. Herzfeld Advisors, Inc., 119 Washington Avenue,
Suite 504 Miami Beach, FL 33139; Iron Mountain, 13700 NW 2<SUP>nd</SUP> Street Sunrise, FL 33325; Ultimus Fund Solutions, LLC,
225 Pictoria Dr, Suite 450, Cincinnati, OH 45246; Fifth Third Bank, Fifth Third Center, 38 Fountain Square Plaza, Cincinnati,
OH 45263; and American Stock Transfer &amp; Trust Company, LLC, 6201 15<SUP>th</SUP> Avenue Brooklyn, New York, NY 11219.</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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            33</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>MANAGEMENT
SERVICES</B></FONT></TD>
</TR></TABLE>

<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">Not
applicable.</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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: 0in"></TD><TD STYLE="width: 100pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ITEM
                            34.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>UNDERTAKINGS</B></FONT></TD>
</TR></TABLE>

<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">The
Registrant hereby undertakes:</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
    applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
    applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)&nbsp;to
    file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)
    to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as amended, or the Securities Act;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)
    to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
    set forth in the Registration Statement; and </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)
    to include any material information with respect to the plan of distribution not previously disclosed in the Registration
    Statement or any material change to such information in the Registration Statement; </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
    that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of those securities at that
    time shall be deemed to be the initial <I>bona fide</I> offering thereof;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)
    to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
    at the termination of the offering;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)
    that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to
    Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 497(b), (c), (d)&nbsp;or (e)&nbsp;under the Securities
    Act [17 CFR 230.497(b), (c), (d)&nbsp;or (e)] as part of a registration statement relating to an offering, other than prospectuses
    filed in reliance on Rule 430A under the Securities Act [17 CFR 230.430A], shall be deemed to be part of and included in the
    registration statement as of the date it is first used after effectiveness. <I>Provided, however,</I> that no statement made
    in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
    will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
    made in the registration statement or prospectus that was part of the registration statement or made in any such document
    immediately prior to such date of first use; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(e)
    that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
    of securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant
    pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser,
    if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant
    will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)
    any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant
    to Rule 497 under the Securities Act [17 CFR 230.497];</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred
    to by the undersigned Registrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)
    the portion of any advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating to the offering containing
    material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant;
    and</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)
    any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">that:
    (a) for purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus
    filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the
    Registrant pursuant to Rule 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of
    the time it was declared effective; and (b) for the purpose of determining any liability under the Securities Act, each post-effective
    amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
    of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
    applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Insofar
    as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
    persons of the Registrant, pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the
    opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
    In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
    incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit
    or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
    the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
    a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
    in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(7)
    </FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">to
    send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of
    a written or oral request, any prospectus or Statement of Additional Information.</FONT></TD></TR>
</TABLE>

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<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">SIGNATURES</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: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant
has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized,
in the city of Miami Beach, and State of Florida, on the 23rd day of March,
2021.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE
    HERZFELD CARIBBEAN BASIN FUND, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Erik M. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Erik
    M. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President
    </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following
persons in the capacities and on the date indicated.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name</FONT></TD>
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title</FONT></TD>
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Ann S. Lieff*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">,
    2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ann
    S. Lieff</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Kay W. Tatum*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">,
    2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Kay
    W. Tatum</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    John A. Gelety*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">,
    2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John
    A. Gelety</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Cecilia L. Gondor*</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">,
    2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cecilia
    L. Gondor</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Thomas J. Herzfeld*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman
    and Director </FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">,
    2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thomas
    J. Herzfeld</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Erik M. Herzfeld</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President
    (Principal Executive Officer)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">,
    2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Erik
    M. Herzfeld</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Zachary P. Richmond</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer
    (Principal Financial Officer)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">March 23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">,
    2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Zachary
    P. Richmond</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*
    By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Erik M. Herzfeld</FONT></TD>
    <TD STYLE="width: 60%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Erik
    M. Herzfeld</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Attorney-In-Fact
    pursuant to a power of attorney signed by each individual on March 15, 2021.</FONT></TD></TR>
</TABLE>

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<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>EXHIBIT
INDEX</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 CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="width: 85%; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Description
    of Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="fp0063655_ex9925j.htm">(j)</A></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="fp0063655_ex9925j.htm">Custodian Agreement</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="fp0063655_ex9925k.htm">(k)</A></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="fp0063655_ex9925k.htm">Master Services Agreement</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925l.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(l)</FONT></A></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925l.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Opinion of Troutman Pepper Hamilton Sanders LLP</FONT></A></TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925n.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(n)</FONT></A></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925n.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Consent of Tait, Weller &amp; Baker LLP</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925s.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(s)</FONT></A></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925s.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Powers of Attorney</FONT></A></TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925t.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(t)</FONT></A></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="fp0063655_ex9925t.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Forms of Prospectus Supplement</FONT></A></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">THIS CUSTODY AGREEMENT (this &ldquo;Agreement&rdquo;),
is made as of November 14, 2019, by and between <B>THE HERZFELD CARIBBEAN BASIN FUND, INC. </B>a corporation organized under the
laws of the State of Maryland (the &quot;Company&quot;), and <B>FIFTH THIRD BANK</B>, an Ohio banking corporation (the &quot;Custodian&quot;).</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">WHEREAS, the Company desires that
the Securities and cash of each of the investment portfolios identified in Exhibit A hereto, which Exhibit may be added to from
time-to-time by notice from the Company to the Custodian (such investment portfolios and individually referred to herein as a &quot;Fund&quot;
and collectively as the &quot;Funds&quot;), be held and administered by the Custodian pursuant to this Agreement; and</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-indent: 0.5in">WHEREAS, the Company is a closed-end
management investment company registered under the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;); and</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-indent: 0.5in">WHEREAS, the Custodian represents
that it is a bank having the qualifications prescribed in Section 26(a)(i) of the 1940 Act;</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-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual agreements herein made, the Company and the Custodian hereby agree as follows:</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have the following meanings:</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-indent: 0.5in">1.1 &quot;<U>Authorized
Person</U>&quot; means any Officer or other person duly authorized by resolution of the Board of Directors to give Oral Instructions
and Written Instructions on behalf of the Company and named in Exhibit B hereto or in such resolutions of the Board of Directors,
certified by an Officer, as may be received by the Custodian from time to time.</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-indent: 0.5in">1.2&nbsp;&quot;<U>Board
of Directors</U>&quot; shall mean the Directors from time to time serving under the Company&rsquo;s Articles of Incorporation,
as from time to time amended.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0">1.3&nbsp;&quot;<U>Business
Day</U>&quot; shall mean any day recognized as a settlement day by the New York Stock Exchange, Inc. and any other day for which
the Company computes the net asset value of the Company.</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-indent: 0.5in">1.4&nbsp;&quot;<U>Custody
Account</U>&quot; shall mean any account in the name of the Company, which is provided for in Section 3.2 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-top: 0; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in; text-align: left">1.5
&quot;<U>FINRA</U>&quot; shall mean the Financial Industry Regulatory Authority, Inc.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in; text-align: left">1.6
&ldquo;<U>Foreign Depository</U>&rdquo; shall mean (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each Eligible
Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940, as amended, identified to the
Company from time to time, and (d) the respective successors and nominees of the foregoing.</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-indent: 0.5in">1.7&nbsp;&quot;<U>Officer</U>&quot;
shall mean the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer
of the Company.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1.8&nbsp;&quot;<U>Oral
Instructions</U>&quot; shall mean instructions orally transmitted to and accepted by the Custodian because such instructions are:
(i) reasonably believed by the Custodian to have been given by an Authorized Person, (ii) recorded and kept among the records of
the Custodian made in the ordinary course of business and (iii) orally confirmed by the Custodian.</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-indent: 0.5in">1.9&nbsp;&quot;<U>Proper
Instructions</U>&quot; shall mean Oral Instructions or Written Instructions. Proper Instructions may include the of recurring or
continuous event only if they are Written Instructions.</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-indent: 0.5in">1.10&nbsp;&quot;<U>Securities</U>&quot;
shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates
of deposit, bankers' acceptances, mortgage-backed securities, other money market instruments or other obligations, and any certificates,
receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing
or representing any other rights or interests therein, or any similar property or assets that the Custodian has the facilities
to clear and to service.</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-indent: 0.5in">1.11&nbsp;&quot;<U>Securities
Depository</U>&quot; shall mean or The Depository Trust Company and (provided that Custodian shall have received a copy of a resolution
of the Board of Directors, certified by an Officer, specifically approving the use of such clearing agency as a depository for
the Company) any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities
and Exchange Act of 1934 (the &quot;1934 Act&quot;), which acts as a system for the central handling of Securities where all Securities
of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged
by bookkeeping entry without physical delivery of the 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-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">1.12
&quot;<U>Shares</U>&quot; shall mean the units of beneficial interest issued by the Company.</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: 0.5in">1.13&nbsp;&ldquo;<U>Specified
Country</U>&rdquo; shall mean each country listed on Schedule I attached hereto and each country, other than the United States,
constituting the primary market for a security with respect to which any Company has given settlement instruction to Custodian
(the &ldquo;Custodian&rdquo;) this Agreement.</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-indent: 0.5in">1.14&nbsp;&quot;<U>Written
Instructions</U>&quot; shall mean (i) written communications actually received by the Custodian and signed by one or more persons
as the Board of Directors shall have from time to time authorized, or (ii) communications by telex or any other such system from
a person or persons reasonably believed by the Custodian to be Authorized, or (iii) communications transmitted electronically through
the Institutional Delivery System (IDS), or any other similar electronic instruction system acceptable to Custodian and approved
by resolutions of the Board of Directors, a copy of which, certified by an Officer, shall have been delivered to the Custodian.</P>

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>APPOINTMENT OF CUSTODIAN</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2.1&nbsp;<U>Appointment</U>.
The Company hereby constitutes and appoints the Custodian as custodian of all Securities and cash owned by or in the possession
of the Company at any time during the period of this Agreement, provided that such Securities or cash at all times shall be and
remain the property of the Company.</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-indent: 0.5in">2.2&nbsp;<U>Acceptance</U>.
The Custodian hereby accepts appointment as such custodian and agrees to perform the duties thereof as hereinafter set forth and
in accordance with the 1940 Act as amended. Except as specifically set forth herein, the Custodian shall have no liability and
assumes no responsibility for any non- compliance by the Company or a Fund of any laws, rules or regulations.</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-indent: 0.5in">2.3&nbsp;<U>Foreign
Custody</U>. If applicable and or necessary Custodian hereby accepts the delegation of responsibilities with respect to each Specified
Country and agrees in performing the responsibilities as a Foreign Custody Manager to exercise reasonable care, prudence and diligence
such as a person having responsibility for the safekeeping of the Company&rsquo;s assets would exercise.</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">Custodian shall provide to the Board of Directors at such
times as deemed reasonable and appropriate based on the circumstances of Company or any Fund&rsquo;s foreign custody
arrangements, written reports notifying the Board of Directors of the placement of assets of the Company with a particular
Foreign Depository within a Specified Country and of any material change in the arrangements (including the contract
governing such arrangements) with respect to assets such Company with any such Foreign Depository.</P>

<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>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CUSTODY OF CASH AND SECURITIES</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.1&nbsp;<U>Segregation</U>.
All Securities and non-cash property held by the Custodian for the account of the Company, except Securities maintained in a Securities
Depository or Book-Entry System, shall be physically segregated from other Securities and non-cash property in the possession of
the Custodian and shall be identified as subject to this Agreement.</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-indent: 35.95pt">3.2&nbsp;<U>Custody
Account</U>. The Custodian shall open and maintain in its trust department a custody account in the name of each Fund, subject
only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of
the Company that are delivered to it.</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-indent: 0.5in">3.3&nbsp;<U>Appointment
of Agents</U>. In its discretion, the Custodian may appoint, and at any time remove, any domestic bank or trust company that has
been approved by the Board of Directors and is qualified to act as a custodian under the 1940 Act, as sub-custodian to hold Securities
and cash of the Company and to carry out such other provisions of this Agreement as it may determine, and may also open and maintain
one or more banking accounts with such a bank or trust company (any such accounts to be in the name of the Custodian and subject
only to its draft or order), provided, however, that the appointment of any such agent shall not relieve the Custodian of any of
its obligations or liabilities under this Agreement.</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: 0.5in">3.4&nbsp;<U>Appointment
of Foreign Agents.</U> Except as may otherwise be agreed upon in writing, Assets of the Company shall, when required, be maintained
in custody of a Foreign Depository. With respect to holding Property with an Eligible Foreign Custodian, it is expressly understood
and agreed that:</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 0 0 1in">(i)&nbsp;Custodian
will endeavor, to the extent feasible, to hold securities in the country or other jurisdiction in which the principal trading market
for such Securities is located, where such Securities are to be presented for cancellation and/or payment and/or registration,
or where such Securities are acquired;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify">(ii)
Cash which is maintained in a foreign country will be in any currency which may be legally held in such country and may be
held in non-interest bearing accounts;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify">(iii)
Foreign Depositories may hold Securities in central securities depositories or clearing agencies in which such participates;</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 0 0 1in">(iv)&nbsp;In performing
its delegated responsibilities as foreign custody manager to place or maintain the Company&rsquo;s assets with a Sub-Custodian,
the Custodian will ensure that the Company&rsquo;s assets will be subject to reasonable care, based on the standards applicable
to custodians in the country in which the Company&rsquo;s assets will be held by that Sub-Custodian, after considering all factors
relevant to safekeeping of such assets. Prior to placing or maintaining the Company&rsquo;s assets with a Sub-Custodian, the Custodian
shall report to the Company the material differences, if any, between custodial practices in the United States and the country
in which the Company&rsquo;s assets will be held by the Sub-Custodian as well as any material risks associated with the custodian
practices of such country.</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 0 0 1in">(v)&nbsp;Settlement
of and payment for Securities received for, and delivered from the Account may be made in accordance with the customary or established
securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs,
including without limitation, the delivery of Securities to a purchaser, broker, dealer or their prospective agents either against
a receipt for future payment or without any payment (so- called &quot;free delivery&quot;); and</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 0 0 1in">(vi) Customer
is solely responsible for the payment of and the reclamation, where applicable, of taxes. Custodian will, however, cooperate with
Customers in connection with Customer's payment or reclamation of taxes and shall make the necessary filings in connection with
obtaining tax exemptions and tax reclamations which are available to the Customer.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.5&nbsp;<U>Delivery
of Assets to Custodian</U>. The Company shall deliver, or cause to be delivered, to the Custodian all of the Company applicable
Securities, cash and other assets, including (a) all payments of income, payments of principal and capital distributions received
by the Company with respect to such Securities, cash or other assets owned by the Company at any time during the period of this
Agreement, and (b) all cash received by the Company for the issuance, at any time during such period, of shares. The Custodian
shall not be responsible for such Securities, cash or other assets until actually received by it.</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-indent: 0.5in">3.6&nbsp;<U>Securities
Depositories and Book-Entry Systems</U>. The Custodian may deposit and/or maintain Securities of the Company in a Securities Depository
or in a Book-Entry System, subject to the following provisions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Prior to a deposit of Securities of the Company in any Securities Depository or Book-Entry System, the Company shall deliver
to the Custodian a resolution of the Board of Directors, certified by an Officer, authorizing and instructing the Custodian on
an on-going basis to deposit in such Securities Depository or Book-Entry System all Securities eligible for deposit therein and
to make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance
hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities,
and deliveries and returns of collateral consisting of Securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Securities of the Company kept in a Book-Entry System or Securities Depository shall be kept in an account (&quot;Depository
Account&quot;) of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian
as a fiduciary, custodian or otherwise for customers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>The records of the Custodian and the Custodian's account on the books of the Book-Entry System and Securities Depository as
the case may be, with respect to Securities of the Company maintained in a Book-Entry System or Securities Depository shall, by
book-entry, or otherwise identify such Securities as belonging to the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>If Securities purchased by the Company are to be held in a Book-Entry System or Securities Depository, the Custodian shall
pay for such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have
been transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment
and transfer for the account of such Company. If Securities sold by the Company are held in a Book-Entry System or Securities Depository,
the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities depository that
payment for such Securities has been transferred to the Depository Account, and (ii) the making of an entry on the records of the
Custodian to reflect such transfer and payment for the account of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Upon request, the Custodian shall provide the Company with copies of any report (obtained by the Custodian from a Book-Entry
System or Securities Depository in which Securities of any Fund is kept) on the internal accounting controls and procedures for
safeguarding Securities deposited in such Book-Entry System or Securities Depository.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>Notwithstanding any other provision in this Agreement, the Custodian hereby represents and warrants, which representations
and warranties shall be continuing and shall be deemed to be reaffirmed upon any delivery of a Certificate or any giving of Oral
Instructions, Instructions, or Written Instructions, as the case may be, that the Custodian has determined that the custody arrangements
of each Foreign Depository provide reasonable safeguards against the custody risks associated with maintaining assets with such
Foreign Depository within the meaning of Rule 17f-7 under the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">Anything to the contrary in this Agreement notwithstanding,
the Custodian shall be liable to the Company for any loss or damage to the Company resulting (i) from the use of a Book-Entry
System or Securities Depository by reason of any negligence or willful misconduct on the part of Custodian or any sub-custodian
appointed pursuant to Section 3.3 or 3.4 above or any of its or their employees, or (ii) from failure of Custodian or any such
sub-custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities Depository. At its election,
the Company shall be subrogated to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities
Depository or any other person for any loss or damage to the Company arising from the use of such Book-Entry System or Securities
Depository, if and to the extent that the Company has been made whole for any such loss or damage.</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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.7</TD><TD><U>Disbursement of Moneys from Custody Accounts</U>. Upon receipt of Proper Instructions, the Custodian shall disburse moneys
from the Custody Account but only in the following cases:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>For the purchase of Securities for the Company but only upon compliance with Section 4.1 of this Agreement and only (i) in
the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery
to the Custodian (or any sub- custodian appointed pursuant to Section 3.3 or 3.4 above) of such Securities registered as provided
in Section 3.10 below in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System
or Securities Depository, in accordance with the conditions set forth in Section 3.6 above; (ii) in the case of options on Securities,
against delivery to the Custodian (or such sub-custodian) of such receipts as are required by the customs prevailing among dealers
in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or
such sub-custodian) of evidence of title thereto in favor of the Company or any nominee referred to in Section 3.10 below; and
(iv) in the case of repurchase or reverse repurchase agreements entered into between the Company and a bank which is a member of
the Federal Reserve System or between the Company and a primary dealer in U.S. Government securities, against delivery of the purchased
Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities
Depository for the account of the Company with such Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>In connection with the conversion, exchange or surrender, as set forth in Section 3.8(f) below, of Securities owned by the
Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>For the payment of any dividends or capital gain distributions declared by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>In payment of the redemption price of Shares as provided in Article V below;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for
the account of the Company: interest, taxes, administration, investment management, investment advisory, accounting, auditing,
transfer agent, custodian, trustee and legal fees; and other operating expenses of the Company; in all cases, whether or not such
expenses are to be in whole or in part capitalized or treated as deferred expenses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>For transfer in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer registered
under the 1934 Act and a member of the FINRA, relating to compliance with rules of The Options Clearing Corporation and of any
registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements
in connection with transactions by the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>For transfer in accordance with the provisions of any agreement among the Company, the Custodian, and a futures commission
merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission
and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions
by the Company;</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 CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including
the Custodian), which deposit or account has a term of one year or less; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">For any other proper purposes, but only upon receipt, in addition to Proper Instructions, of a
copy of a resolution of the Board of Directors, certified by an Officer, specifying the amount and purpose of such payment, declaring
such purpose to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">3.8</TD><TD><U>Delivery of Securities from a Custody Accounts</U>. Upon receipt of Proper Instructions, the Custodian shall release and
deliver Securities from a Custody Account but only in the following cases:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Upon the sale of Securities for the account of the Company but only against receipt of payment therefore in cash, by certified
or cashiers check or bank credit;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section
3.6 above;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>To an offeror's depository agent in connection with tender or other similar offers for Securities of the Company; provided
that, in any such case, the cash or other consideration is to be delivered to the Custodian;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 36pt">(d)</TD><TD>To the issuer thereof or its agent (i) for transfer into the name of the Company, the Custodian or any sub-custodian appointed
pursuant to Section 3.3 or 3.4 above, or of any nominee or nominees of any of the foregoing, or (ii) for exchange for a different
number of certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any
such case, the new Securities are to be delivered to the Custodian;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>To the broker selling Securities, for examination in accordance with the &quot;street delivery&quot; custom;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment
of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit
agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository
receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 36pt">(g)</TD><TD>Upon receipt of payment therefore pursuant to any repurchase or reverse repurchase agreement entered into by the Company on
behalf of the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>Upon the exercise of warrants, rights or similar Securities, provided, however, that in any such case, the new Securities and
cash, if any, are to be delivered to the Custodian;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">For delivery in connection with any loans of Securities of the Company, but only against receipt
of such collateral as the Company shall have specified to the Custodian in Proper Instructions;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 36pt">(j)</TD><TD>For delivery as security in connection with any borrowings by the Company on behalf of the Company requiring a pledge of assets
by the Company, but only against receipt by the Custodian of the amounts borrowed;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD>Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Company;</TD></TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></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: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD>For delivery in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer registered
under the 1934 Act and a member of the FINRA, relating to compliance with the rules of The Options Clearing Corporation and of
any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements
in connection with transactions by the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD>For delivery in accordance with the provisions of any agreement among the Company, the Custodian, and a futures commission
merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission
and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions
by the Company; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD>For any other proper corporate purposes, but only upon receipt, in addition to Proper Instructions, of a copy of a resolution
of the Board of Directors, certified by an Officer, specifying the Securities to be delivered, setting forth the purpose for which
such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom
delivery of such Securities shall be made.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">3.9</TD><TD><U>Actions Not Requiring Proper Instructions</U>. Unless otherwise instructed by the Company, the Custodian shall with respect
to all Securities held for the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Subject to Section 7.4 below, collect on a timely basis all income and other payments to which the Company is entitled either
by law or pursuant to custom in the securities business;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Present for payment and, subject to Section 7.4 below, collect on a timely basis the amount payable upon all Securities which
may mature or be called, redeemed, or retired, or otherwise become payable;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Endorse for collection, in the name of the Company, checks, drafts and other negotiable instruments;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Surrender interim receipts for Securities in temporary form for Securities in definitive form;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws
or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the Internal Revenue
Service (&quot;IRS&quot;) and to the Company at such time, in such manner and containing such information as is prescribed by the
IRS;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>Hold for the Company, either directly or, with respect to Securities held therein, through a Book- Entry System or Securities
Depository, all rights and similar securities issued with respect to Securities of the Company; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>In general, and except as otherwise directed in Proper Instructions, attend to all non- discretionary details in connection
with sale, exchange, substitution, purchase, transfer and other dealings with Securities and assets of the Company.</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-indent: 35.95pt">3.10&nbsp;<U>Registration
and Transfer of Securities</U>. All Securities held for the Company that are issued or issuable only in bearer form shall be held
by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System for the account of the Company
on behalf of a Fund, if eligible therefore. All other Securities held for the Company may be registered in the name of the Company,
the Custodian, or any sub-custodian appointed pursuant to Section 3.3 above, or in the name of any nominee of any of them, or in
the name of a Book-Entry System, Securities Depository or any nominee of either thereof; provided, however, that such Securities
are held specifically for the account of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.05pt">The Company shall furnish to the Custodian
appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any
of the nominees hereinabove referred to or in the name of a Book-Entry System or Securities Depository, any Securities registered
in the name of the Company.</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.11&nbsp;<U>Records</U>.
(a)&#9;The Custodian shall maintain, by the Company, complete and accurate records with respect to Securities, cash or other property
held for the Company, including (i) journals or other records of original entry containing an itemized daily record in detail
of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting
(A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and monies and Securities
loaned (together with a record of the collateral therefore and substitutions of such collateral), (D) dividends and interest received,
and (E) dividends receivable and interest accrued; and (iii) canceled checks and bank records related thereto. The Custodian shall
keep such other books and records of the Company as the Company shall reasonably request, or as may be required by the 1940 Act,
including, but not limited to these necessary to comply with Section 3.1 and Rule 31a-1 and Rule 31a-2 promulgated thereunder.</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-indent: 0.5in">(b)&nbsp;All
such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Company and in compliance
with rules and regulations of the Securities and Exchange Commission, (ii) be the property of the Company and at all times during
the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees
or agents of the Company and employees or agents of the Securities and Exchange Commission, and (iii) if required to be maintained
by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rule 31a-2 under the 1940 Act.</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-indent: 0.5in">3.12&nbsp;<U>Company
Reports by Custodian</U>. The Custodian shall furnish the Company with a daily activity statement by the Company and a summary
of all transfers to or from the Custody Account on the day following such transfers. At least monthly and from time to time, the
Custodian shall furnish the Company with a detailed statement, by Fund, of the Securities and moneys held for the Company under
this Agreement.</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-indent: 35.95pt">3.13&nbsp;<U>Other
Reports by Custodian</U>. The Custodian shall provide the Company with such reports as the Company may reasonably request from
time to time on the internal accounting controls and procedures for safeguarding Securities, which are employed by the Custodian
or any sub-custodian appointed pursuant to Section 3.3 or 3.4 above.</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-indent: 0.5in">3.14&nbsp;<U>Proxies</U>.
The Custodian, with respect to all Securities, however registered, shall cause the proxy voting rights to be exercised by the Company
or its designee. With respect to Securities issued outside of the United States, at the request of the Company, the Custodian or
it&rsquo;s agent will provide the Company or it&rsquo;s designee with access of global proxy services (the cost of which will be
paid by the Company). Other than providing access to such provider of global proxy services, the Custodian or its Agent shall have
no obligation with respect to voting such proxies.</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-indent: 0.5in">3.15.&nbsp;<U>Information
on Corporate Actions</U>. Custodian will promptly notify the Company of corporate actions limited to those Securities registered
in nominee name and to those Securities held at a Depository or sub-Custodian acting as agent for Custodian. Custodian will be
responsible only if the notice of such corporate actions is published by Xcitek, DTC, or received by first class mail from the
transfer agent. For market announcements not yet received and distributed by Custodian's services, Company will inform its custody
representative with appropriate instructions. Custodian will, upon receipt of the Company&rsquo;s response within the required
deadline, affect such action for receipt or payment for the Company. For those responses received after the deadline, Custodian
will affect such action for receipt or payment, subject to the limitations of the agent(s) affecting such actions. Custodian will
promptly notify the Company for put options only if the notice is received by first class mail from the agent. The Company will
provide or cause to be provided to Custodian with all relevant information contained in the prospectus for any security which has
unique put/option provisions and provide Custodian with specific tender instructions at least ten business days prior to the beginning
date of the tender period.</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-indent: 0.5in">3.16.&nbsp;<U>Securities
Class Action Services</U>. Custodian will only provide notification of class action to the Company. Custodian&rsquo;s reporting
will be based on its actual knowledge of Securities that the Company has deposited with the Bank during the term of the current
Custody Agreement. Securities held by the Company elsewhere or not in the account at the time Fifth Third Bank began to provide
custody services are deemed to be outside of the actual knowledge of Fifth Third. Custodian will have no responsibility to file
claims on behalf of the Company.</P>

<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>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>PURCHASE AND SALE OF INVESTMENTS
OF THE COMPANY</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">4.1&nbsp;<U>Purchase
of Securities</U>. Promptly upon each purchase of Securities for the Company, Written Instructions shall be delivered to the Custodian,
specifying (a) the name of the issuer or writer of such Securities, and the title or other description thereof, (b) the number
of shares, principal amount (and accrued interest, if any) or other units purchased, (c) the date of purchase and settlement, (d)
the purchase price per unit, (e) the total amount payable upon such purchase, and (f) the name of the person to whom such amount
is payable. The Custodian shall upon receipt of such Securities purchased by the Company on behalf of the Company pay out of the
moneys held for the account of the Company the total amount specified in such Written Instructions to the person named therein.
The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Company,
if in the relevant Fund there is insufficient cash available to settle the purchase of Securities in the Company.</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-indent: 0.5in">4.2&nbsp;<U>Liability
for Payment in Advance of Receipt of Securities Purchased</U>. In each and every case where payment for the purchase of Securities
for the Company is made by the Custodian in advance of receipt for the account of the Company of the Securities purchased but in
the absence of specific Proper Instructions to so pay in advance, the Custodian shall be liable to the Company for such Securities
to the same extent as if the Securities had been received by the Custodian.</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-indent: 0.5in">4.3&nbsp;<U>Sale
of Securities</U>. Promptly upon each sale of Securities by the Company, Written Instructions shall be delivered to the Custodian,
specifying (a) the name of the issuer or writer of such Securities, and the title or other description thereof, (b) the number
of shares, principal amount (and accrued interest, if any), or other units sold, (c) the date of sale and settlement (d) the sale
price per unit, (e) the total amount payable upon such sale, and (f) the person to whom such Securities are to be delivered. Upon
receipt of the total amount payable to the Company as specified in such Written Instructions, the Custodian shall deliver such
Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in
such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing
among dealers in 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; text-indent: 35.95pt">4.4&nbsp;<U>Delivery
of Securities Sold</U>. Notwithstanding Section 4.3 above or any other provision of this Agreement, the Custodian, when instructed
to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practices and procedures
in the foreign or domestic jurisdiction in which the transaction occurs, to deliver such Securities prior to actual receipt of
final payment therefore. In any such case, the Company shall bear the risk that final payment for such Securities may not be made
or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered,
and the Custodian shall have no liability for any of the foregoing.</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-indent: 0.5in">4.5&nbsp;<U>Payment
for Securities Sold, etc.</U> In its sole discretion and from time to time, the Custodian may credit the relevant Custody Account,
prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to
deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Company, and (iii) income from
cash, Securities or other assets of the Company. Any such credit shall be conditional upon actual receipt by Custodian of final
payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from
time to time, permit the Company to use funds so credited to its Custody Account in anticipation of actual receipt of final payment.
Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all
final payments in anticipation of which funds were credited to the Company.</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-indent: 0.5in">4.6&nbsp;<U>Advances
by Custodian for Settlement</U>. The Custodian may, in its sole discretion and from time to time, advance funds to the Company
or it&rsquo;s designee to facilitate the settlement of a Company transaction on behalf of the Company in its Custody Account. In
consideration of the services to be rendered pursuant to this</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">agreement, the Company shall pay Custodian in accordance
with the Fee Schedule annexed hereto as Schedule B. A compensating balance arrangement will be in place for each custody account
for the Company. Cash balance credits will be calculated daily in the custody account for each fund. The monthly aggregate cash
balance credit will offset the monthly aggregate overdraft balances. The net aggregate credit or overdraft balance amount will
be applied to the monthly custody fee invoice for each fund. No more than one months&rsquo; custody fee can be offset by any month&rsquo;s
net cash balance credit.</P>

<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>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>REDEMPTION
OF COMPANY SHARES</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>Transfer of Funds</U>. From such
funds as may be available for the purpose in the relevant Custody Account, and upon receipt of Proper Instructions specifying that
the funds are required to redeem Shares of the Company, the Custodian shall wire each amount specified in such Proper Instructions
to or through such bank as the Company may designate with respect to such amount in such Proper Instructions. Upon effecting payment
or distribution in accordance with proper Instruction, the Custodian shall not be under any obligation or have any responsibility
thereafter with respect to any such paying bank.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><U>ARTICLE
VI</U></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><U>SEGREGATED ASSETS</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.95pt">Certain Fund Transactions (e.g., when-issued
securities, delayed delivery transactions, and reverse repurchase agreements) require the Company to segregate liquid assets sufficient
to cover the future liability involved in these transactions. The Company&rsquo;s Investment Advisor will instruct the Custodian
to segregate those assets on the Custodian&rsquo;s books. The Custodian need not physically segregate the assets. The Custodian
may note on its books that the selected assets are &ldquo;segregated&rdquo;. The Advisor will review the value of the segregated
assets and will instruct the Custodian to place additional assets in the Segregated Asset status if the value of the assets falls
below the commitment value of the Company. The Custodian will provide Internet report access to authorized representatives of the
Advisor. The Advisor will review the Custodian&rsquo;s report for compliance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.95pt">&nbsp;</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>CONCERNING THE CUSTODIAN</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">7.1&nbsp;<U>Standard
of Care</U>. The Custodian shall be held to the exercise of reasonable care in carrying out its obligations under this Agreement,
and shall be without liability to the Company for any loss, damage, cost, expense (including attorneys' fees and disbursements),
liability or claim unless such loss, damages, cost, expense, liability or claim arises from negligence, bad faith or willful misconduct
on its part or on the part of any sub-custodian appointed pursuant to Section 3.3 above. The Custodian will not be liable for special
incidental or punitive damages. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and
shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify
the Company of any action taken or omitted by the Custodian pursuant to advice of counsel. The Custodian shall not be under any
obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations thereunder, the provisions
of the Company's charter documents or by-laws, or its investment objectives and policies as then in effect.</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-indent: 0.5in">With respect to each Foreign Depository,
Custodian shall exercise reasonable care, prudence, and diligence (i) to provide the Company with an analysis of the custody risks
associated with maintaining assets with the Foreign Depository, and (ii) to monitor such custody risks on a continuing basis and
promptly notify the Company of any material change in such risks. The Company acknowledges and agrees that such analysis and monitoring
shall be made on the basis of, and limited by, information gathered from sub-custodians or through publicly available information
otherwise obtained by Custodian, and shall not include any evaluation of Country Risks. As used herein the term &ldquo;Country
Risks&rdquo; shall mean with respect to any Foreign Depository: (a) the financial infrastructure of the country in which it is
organized, (b) such country&rsquo;s prevailing settlement practices, (c) nationalization, expropriation or other governmental actions,
(d) such country&rsquo;s regulation of the banking or securities industry, (e) currency controls, restrictions, devaluations or
fluctuations, and (f) market conditions which affect the order execution of securities transactions or affect the value of securities.</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">7.2&nbsp;<U>Actual
Collection Required</U>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the
Company or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents
actually receive such cash or collect on such instrument.</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-indent: 0.5in">7.3&nbsp;<U>No
Responsibility for Title, etc.</U> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall
not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by
it pursuant to this Agreement.</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-indent: 35.95pt">7.4&nbsp;<U>Limitation
on Duty to Collect</U>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property
due and payable with respect to Securities held for the Company if such Securities are in default or payment is not made after
due demand or presentation.</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-indent: 0.5in">7.5&nbsp;<U>Reliance
Upon Documents and Instructions</U>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in
writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Oral Instructions
and/or any Written Instructions actually received by it pursuant to this Agreement.</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: 0.5in">7.6&nbsp;<U>Express
Duties Only</U>. The Custodian shall have no duties or obligations whatsoever except such duties and obligations as are specifically
set forth in this Agreement, and no covenant or obligation shall be implied in this Agreement against the Custodian.</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-indent: 0.5in">7.7&nbsp;<U>Cooperation</U>.
The Custodian shall cooperate with and supply necessary information, by the Company, to the entity or entities appointed by the
Company to keep the books of account of the Company and/or compute the value of the assets of the Company or any Fund. The Custodian
shall take all such reasonable actions as the Company may from time to time request to enable the Company to obtain, from year
to year, favorable opinions from the Company's independent accountants with respect to the Custodian's activities hereunder in
connection with (a) the preparation of the Company's report on Form N-1A and Form N-SAR and any other reports required by the Securities
and Exchange Commission, and (b) the fulfillment by the Company of any other requirements of the Securities and Exchange Commission.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">8.1&nbsp;<U>Indemnification</U>.
The Company shall indemnify and hold harmless the Custodian and any sub- custodian appointed pursuant to Section 3.3 or 3.4 above,
and any nominee of the Custodian or of such sub- custodian from and against any loss, damage, cost, expense (including attorneys'
fees and disbursements), liability (including, without limitation, liability arising under the Securities Act of 1933, the 1934
Act, the 1940 Act, and any state or foreign securities and/or banking laws) or claim arising directly or indirectly (a) from the
fact that Securities are registered in the name of any such nominee, or (b) from any action or inaction by the Custodian or such
sub-custodian (i) at the request or direction of or in reliance on the advice of the Company, or (ii) upon Proper Instructions,
or (c) generally, from the performance of its obligations under this Agreement or any sub-custody agreement with a sub-custodian
appointed pursuant to Section 3.3 or 3.4 above or, in the case of any such sub-custodian, from the performance of its obligations
under such custody agreement, provided that neither the Custodian nor any such sub-custodian shall be indemnified and held harmless
from and against any such loss, damage, cost, expense, liability or claim arising from the Custodian's or such sub-custodian's
negligence, bad faith or willful misconduct.</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-indent: 0.5in"><FONT STYLE="font-size: 11pt">8.2&nbsp;<U>Indemnity
to be Provided</U>. If the Company requests the Custodian to take any action with respect to Securities, which may, in the opinion
of the Custodian, result in the Custodian or its nominee becoming liable for the payment of money or incurring liability of some
other form, the Custodian shall not be required to take such action until the Company shall have provided indemnity therefore to
the Custodian in an amount and </FONT>form satisfactory to the Custodian.</P>

<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>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.1pt"><U>ARTICLE
IX</U></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.1pt"><U>FORCE MAJEURE</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Custodian nor the Company
shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly
or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires;
floods; wars; civil or military disturbances; sabotage; strikes; epidemics; riots; power failures; computer failure and any such
circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer
(hardware or software) or telephone communication service; accidents; labor disputes, acts of civil or military authority; governmental
actions; or inability to obtain labor, material, equipment or transportation; provided, however, that the Custodian in the event
of a failure or delay shall use its best efforts to ameliorate the effects of any such failure or delay. Notwithstanding the foregoing,
the Custodian shall maintain sufficient disaster recovery procedures to minimize interruptions.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.1&nbsp;<U>Effective
Period</U>. This Agreement shall become effective as of the date first set forth above and shall continue in full force and effect
until terminated as hereinafter provided.</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-indent: 0.5in">10.2&nbsp;<U>Termination</U>.
Either party hereto may terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination,
which shall be not less than ninety (90) days after the date of the giving of such notice. If a successor custodian shall have
been appointed by the Board of Directors, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian,
on such specified date of termination (a) deliver directly to the successor custodian all Securities (other than Securities held
in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and
(b) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Company
at the successor custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to
the payment or reimbursement of which it shall then be entitled. Upon such delivery and transfer, the Custodian shall be relieved
of all obligations under this Agreement. The Company may at any time immediately terminate this Agreement in the event of the appointment
of a conservator or receiver for the Custodian by regulatory authorities in the State of Ohio or upon the happening of a like event
at the direction of an appropriate regulatory agency or court of competent jurisdiction.</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-indent: 0.5in">10.3&nbsp;<U>Failure
to Appoint Successor Custodian</U>. If a successor custodian is not designated by the Company on or before the date of termination
specified pursuant to Section 10.2 above, then the Custodian shall have the right to deliver to a bank or trust company of its
own selection, which is (a) a &quot;Bank&quot; as defined in the 1940 Act, (b) has aggregate capital, surplus and undivided profits
as shown on its then most recent published report of not less than $25 million, and (c) is doing business in New York, New York,
all Securities, cash and other property held by Custodian under this Agreement and to transfer to an account of or for the Company
at such bank or trust company all Securities of the Company held in a Book-Entry System or Securities Depository. Upon such delivery
and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved
of all obligations under this Agreement. If, after reasonable inquiry, Custodian cannot find a successor custodian as contemplated
in this Section 10.3, then Custodian shall have the right to deliver to the Company all Securities and cash then owned by the Company
and to transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the Company. Thereafter,
the Company shall be deemed to be its own custodian with respect to the Company and the Custodian shall be relieved of all obligations
under this Agreement.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 51.2pt">&nbsp;</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>COMPENSATION OF CUSTODIAN</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In consideration of the services
to be rendered pursuant to this Agreement, Customer shall pay Custodian in accordance with the Fee Schedule annexed hereto as Schedule
B, which Fee Schedule may be amended by Custodian from time to time upon thirty (30) days' prior written notice to the Company.</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-indent: 0.5in">In addition, the Company shall be
responsible for and shall reimburse Custodian for all costs and expenses incurred by Custodian in connection with this Agreement,
including (without limiting the generality of the foregoing) all brokerage fees and costs and transfer taxes incurred in connection
with the purchase, sale or disposition of Property, and all income taxes or other taxes of any kind whatsoever which may be levied
or assessed under existing or future laws upon or in respect to the Property, and all other similar expenses related to the administration
of the Accounts incurred by Custodian in the performance of its duties hereunder (including reasonable attorney&rsquo;s fees and
expenses).</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.95pt">Fees and reimbursement for costs
and expenses shall be paid monthly. Custodian, will submit an itemized statement to the Company each month. In the event Custodian
does not receive such payment within sixty (60) days of the date of such statement, Custodian is hereby authorized to debit the
Cash Accounts for such fees, costs and expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.95pt">&nbsp;</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>LIMITATION OF LIABILITY</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is a corporation organized
under the laws of the State of Maryland and under Articles of Incorporation, to which reference is hereby made a copy of which
is on file at the office of Secretary of State of Maryland as required by law, and to any and all amendments thereto so filed or
hereafter filed. The obligations of the Company entered into in the name of the Company or on behalf thereof by any of the directors,
officers, employees or agents are made not individually, but in such capacities, and are not binding upon any of the directors,
officers, employees, agents or shareholders of the Company or the Funds personally, but bind only the assets of the Company, and
all persons dealing with any of the Funds of the Company must look solely to the assets of the Company belonging to such Company
for the enforcement of any claims against the Company.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise specified herein, all
demands, notices, instructions, and other communications to be given hereunder shall be in writing and shall be sent or delivered
to the receipt set forth 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 0 0 2in"><U>To the Company</U>:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Alice Tham, Head of Operations</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Thomas J. Herzfeld Advisers, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">119 Washington Ave, Suite 504</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Miami Beach, FL 33139</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Telephone:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Facsimile:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">With a copy to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">John P Falco, Esq.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Pepper Hamilton LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">18<SUP>th</SUP> and Arch Streets</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Philadelphia, PA 19103</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in"><U>To the Custodian</U>:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Fifth Third Bank</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Global Securities Services Attn: Ryan Henrich</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Mail Drop 1090CC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">38 Fountain Square Plaza Cincinnati, Ohio 45263</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Telephone: (513) 534-6721</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">Facsimile: (513) 534-4735</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">or at such other address as either party shall have provided
to the other by notice given in accordance with this Article XIII. Writing shall include transmission by or through teletype, facsimile,
central processing unit connection, on-line terminal and magnetic tape.</P>

<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>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">14.1&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio.</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-indent: 0.5in">14.2&nbsp;<U>References
to Custodian</U>. The Company shall not circulate any printed matter which contains any reference to Custodian without the prior
written approval of Custodian, excepting printed matter contained in the prospectus, statement of additional information, registration
statement or other regulatory filing for the Company and such other printed matter as merely identifies Custodian as custodian
for the Company. The Company shall submit printed matter requiring approval to Custodian in draft form, allowing sufficient time
for review by Custodian and its counsel prior to any deadline for printing.</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-indent: 35.95pt">14.3&nbsp;<U>No
Waiver</U>. No failure by either party hereto to exercise and no delay by such party in exercising, any right hereunder shall operate
as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right,
and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.</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-indent: 0.5in">14.4&nbsp;<U>Amendments</U>.
This Agreement may be amended from time to time in whole or in part. No amendment or modification of this Agreement shall become
effective until expressed by an instrument in writing duly executed by the Custodian and the Company.</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-indent: 0.5in">14.5&nbsp;<U>Counterparts</U>.
This Agreement may be executed in one or more counterparts and by the parties hereto on separate counterparts, each of which shall
be deemed an original but all of which together shall constitute but one and the same instrument.</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: 35.95pt">14.6&nbsp;<U>Severability</U>.
If any provision of this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, the validity,
legality and enforceability of the remaining provisions shall not be affected or impaired thereby.</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-indent: 0.5in">14.7&nbsp;<U>Successors
and Assigns</U>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written
consent of the other party hereto.</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: 0.5in">14.8&nbsp;<U>Headings</U>.
The headings of sections in this Agreement are for convenience of reference only and shall not affect the meaning or construction
of any provision of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">[SIGNATURES ARE ON NEXT PAGE]</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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
each of the parties hereto has caused this Agreement to be executed and delivered in its name and on its behalf by its representatives
thereunto duly authorized, all as of the day and year first above written.</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" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>THE HERZFELD CARIBBEAN BASIN FUND, INC.</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD>/s/ Erik Herzfeld</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Its: </TD>
    <TD>President, Erik Herzfeld</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>FIFTH THIRD BANK</B></TD>
    <TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Its: </TD>
    <TD>Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Date: October 15, 2019</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-align: center">EXHIBIT A</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>TO THE
CUSTODY AGREEMENT BETWEEN</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>THE HERZFELD CARIBBEAN BASIN FUND, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>AND FIFTH THIRD BANK</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 50%">Name of Fund</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 50%">Date</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Gainsboro">
    <TD STYLE="text-align: center">The Herzfeld Caribbean Basin Fund, Inc.</TD>
    <TD STYLE="text-align: center">11/14/19</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>THE HERZFELD CARIBBEAN BASIN FUND, INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>/s/ Erik Herzfeld</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Its: </TD>
    <TD>Erik Herzfeld, President</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>FIFTH THIRD BANK</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD>/s/</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Its: </TD>
    <TD>Vice President</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Dated: October 15, 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; text-align: center">SCHEDULE A</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">FIFTH THIRD
BANK</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">GLOBAL CUSTODY NETWORK</P>

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

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

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

<P STYLE="font: bold 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; text-align: center; margin-top: 0; margin-bottom: 0"><B>October 15, 2019</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 40%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>COUNTRY</U></P></TD>
    <TD STYLE="width: 40%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>SUB-CUSTODIAN</U></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Argentina</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banco Rio de la Plata, SA</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Australia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Commonwealth Bank of Australia, Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Austria</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Bank Austria AG</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Bangladesh</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Standard Chartered Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Belgium</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banque Bruxelles Lambert</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Bermuda</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The Bank of Bermuda</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Botswana</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Stanbic Bank Botswana)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Brazil</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The Bank of Boston</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Bulgaria</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">ING Bank Sofia</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Canada</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Royal Bank of Canada</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Chile</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The Bank of Boston</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">China</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Standard Chartered Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Colombia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Cititrust</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Croatia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Privredna Banka</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Cyprus</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Bank of Cyprus</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Czech Republic</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Ceskoslovenska Obchodni Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Denmark</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Den Danske Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">EASDAQ</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banque Bruxelles Lambert</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Ecuador</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Citibank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Egypt</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Citibank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Estonia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Hansabank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Euromarkets</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Euroclear</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Finland</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Merita Bank, Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">France</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banque Paribas</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Germany</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Dresdner Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Ghana</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Merchant Bank of Ghana Ltd.)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Greece</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Paribas, Athens</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Hong Kong</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Hongkong and Shanghai Banking Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Hungary</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Citibank Budapest</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Iceland</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Landsbanki</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">India</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">State Bank of India</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Indonesia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Hongkong and Shanghai Banking Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Ireland</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Allied Irish Banks Plc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Israel</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Bank Leumi LE- Israel B.M.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Italy</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banca Commerciale Italiana</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Ivory Coast</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Societe Generale de Banques en Cote d&rsquo;Ivoire</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Japan</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Bank of Tokyo Mitsubishi Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Jordan</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The British Bank of Middle East</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Kenya</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Stanbic Bank of Kenya Ltd)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Latvia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Societe Generale</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Lebanon</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The British Bank of the Middle East</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Lithuania</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Vilniaus Bankas</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Luxembourg</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banque Internationale a Luxembourg</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Malaysia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Hongkong Bank Malaysia Berhad</FONT></TD></TR>
</TABLE>
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<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>SCHEDULE A- cont&rsquo;d</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="background-color: White; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%"><FONT STYLE="font-size: 11pt">COUNTRY</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%"><FONT STYLE="font-size: 11pt">SUB-CUSTODIAN</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Mauritius</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Hongkong and Shanghai Banking Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Mexico</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banco Nacional de Mexico</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Morocco</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banque Commerciale du Maroc</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Namibia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Stanbic Bank Nambia Ltd.)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Netherlands</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Mees Pierson</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">New Zealand</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">ANZ Banking Group Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Nigeria</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Stanbic Bank Nigeria Ltd.)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Norway</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Den Norske Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Oman</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The British Bank of the Middle East)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Pakistan</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Standard Chartered Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Peru</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Citibank NA</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Philippines</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Hongkong and Shanghai Banking Corp</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Poland</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Bank Handlowy W Warszawie</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Portugal</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banco Comercial Portugues</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Romania</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">ING Bank- Bucharest Branch</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Russia (Min Fin only)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Bank for Foreign Trade</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Russia (Equities &amp; Bonds)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Unexim Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Russia (Equities)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Credit Suisse First Bonston Ltd- Moscow Shanghai HK Connect</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Singapore</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Development Bank of Singapore</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Slovakia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Ceskoslovenska Obchodna Banka</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Slovenia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banka</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">South Africa</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Standard Bank of South Africa</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">South Korea</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Standard Chartered Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Spain</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banco Bilbao Vizcaya</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Sri Lanka</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Standard Chartered Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Swaziland</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Stanbic Bank Swaziland Ltd)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Sweden</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Skandinaviska Enskilda Banken</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Switzerland</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Union Bank of Switzerland</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Taiwan</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Hongkong and Shanghai Banking Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Thailand</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Standard Chartered Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Tunisia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Banque Internationale Arabe de Tunisie</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Turkey</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Ottoman Bank</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Ukraine</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Bank Ukraina</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">United Kingdom</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The Bank of New York</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Uruguay</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">BankBoston</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Venezuela</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Citibank NA</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Zambia</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Stanbic Bank Zambia LTd)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Zimbabwe</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SCMB (Stanbic Bank Zimbabwe Ltd)</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MASTER
SERVICES Agreement</B></FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Ultimus
FUND SOLUTIONS, LLC</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This first amendment (the
&ldquo;Amendment&rdquo;) is effective as of January 1, 2020, and amends the Master Services Agreement, dated September 30, 2019,
between The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;Fund&rdquo;), and Ultimus Fund Solutions, LLC (&ldquo;Ultimus&rdquo;)
(the &ldquo;Agreement&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Amendment</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The Agreement is hereby amended
by deleting Section 4.4 in its entirety and replacing it with the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD STYLE="text-align: justify">Reimbursement of Expenses</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><I>4.4</I></TD><TD STYLE="text-align: justify">The cost of obtaining secondary security market quotes
and any securities data, including but not limited to the cost of fair valuation services;</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Miscellaneous</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Except as hereby amended, the Agreement shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">This Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.</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; text-indent: 0.5in"><B>IN WITNESS WHEREOF,
</B>each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date first above written.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; 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 STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Herzfeld Caribbean Basin Fund, Inc.</B></P></TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Ultimus Fund Solutions, LLC</B></P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Erik Herzfeld</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ David K. James</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Erik Herzfeld</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">David K. James</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Executive Vice President and Chief Legal and Risk Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: bold 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">This Master Services Agreement (this &ldquo;Agreement&rdquo;),
dated September 30, 2019, is between The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;<B>Fund</B>&rdquo;), a corporation organized
under the laws of the State of Maryland, and <B>Ultimus Fund Solutions, LLC </B>(&ldquo;<B>Ultimus</B>&rdquo;), a limited liability
company organized under the laws of the State of Ohio.</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"><B><U>Background</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a closed-end management investment
company registered under the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment Company Act</B>&rdquo;), and
it desires that Ultimus perform certain services for the Fund. Ultimus is willing to perform such services on the terms and conditions
set forth in this Agreement.</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"><B><U>Terms and Conditions</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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: 0.5in">1.</TD><TD STYLE="text-align: left">Retention of Ultimus</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund retains Ultimus to act as the service
provider on behalf of the Fund for the services set forth in each Addendum selected below (collectively, the &ldquo;<B>Services</B>&rdquo;),
which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">[X]</TD><TD STYLE="text-align: justify">Fund Accounting Addendum</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">[X]</TD><TD STYLE="text-align: justify">Fund Administration Addendum</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">[X]</TD><TD STYLE="text-align: justify">Transfer Agent and Shareholder Servicing Addendum</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">Each selected Addendum is incorporated by reference
into this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>2.</B></TD><TD><B>Allocation of Charges and Expenses</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>2.1.</I></B></TD><TD STYLE="text-align: justify">Ultimus shall furnish at its own expense the executive, supervisory, and clerical personnel necessary
to perform its obligations under this Agreement. Ultimus shall also pay all compensation of any officers of the Fund who are affiliated
persons of Ultimus, except when such person is serving as the Fund&rsquo;s chief compliance officer.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>2.2.</I></B></TD><TD STYLE="text-align: justify">The Fund assumes and shall pay or cause to be paid all other expenses of the Fund not otherwise
allocated under this Section 2, including, without limitation, taxes, expenses for legal and auditing services, the expenses of
preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, proxy statements
and related materials, all expenses incurred in connection with issuing shares, the costs of custodial services, the cost of initial
and ongoing registration or qualification of the shares under federal and state securities laws, fees and out-of-pocket expenses
of Board members who are not affiliated persons of Ultimus or the investment adviser(s) to the Fund, insurance premiums, interest,
brokerage costs, litigation and other extraordinary or nonrecurring expenses, and all fees and charges of investment advisers to
the Fund.</TD></TR></TABLE>

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->2<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify"></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: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Compensation</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.1.</I></B></TD><TD STYLE="text-align: justify">The Fund shall pay for the Services to be provided by Ultimus under this Agreement in accordance
with, and in the manner set forth in, the fee letter attached to each addendum (each a &ldquo;<B>Fee Letter</B>&rdquo;), which
may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.2.</I></B></TD><TD STYLE="text-align: justify">If this Agreement becomes effective subsequent to the first day of a month, Ultimus&rsquo; compensation
for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of
the fees as set forth in the applicable Fee Letter. If this Agreement terminates before the last day of a month, Ultimus&rsquo;
compensation for that part of the month in which the Agreement is in effect shall be equal to a full calendar month&rsquo;s worth
of fees as calculated in a manner consistent with the calculation of the fees as set forth in the applicable Fee Letter. The Fund
shall promptly pay Ultimus&rsquo; compensation for the preceding month.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.3.</I></B></TD><TD STYLE="text-align: justify">In the event that the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;), Financial
Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;), or any other regulator or self-regulatory authority adopts regulations
and requirements relating to the payment of fees to service providers or which would result in any material increases in costs
to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order
to comply with such requirements and provide for additional compensation for Ultimus as mutually agreed to by the parties.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.4.</I></B></TD><TD STYLE="text-align: justify">In the event that any fees are disputed, the Fund shall, on or before the due date, pay all undisputed
amounts due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith. Payment for such
disputed fees shall be due on or before the tenth (10<SUP>th</SUP>) business day after the day on which Ultimus provides to the
Fund documentation which reasonably supports the disputed charges.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Reimbursement of Expenses</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to paying Ultimus the fees described
in each Fee Letter, the Fund agrees to reimburse Ultimus for its actual out-of-pocket expenses in providing services hereunder,
if applicable, including, without limitation, the following:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.1.</I></B></TD><TD STYLE="text-align: justify">Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection
with attendance at meetings of the Fund&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) or any committee thereof and
shareholders&rsquo; meetings;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.2.</I></B></TD><TD STYLE="text-align: justify">All freight and other delivery charges incurred by Ultimus in delivering materials on behalf of
the Fund;</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.3.</I></B></TD><TD STYLE="text-align: justify">All direct telephone, telephone transmission and telecopy or other electronic transmission expenses
incurred by Ultimus in communication with the Fund, the Fund&rsquo;s investment adviser(s) or custodian, counsel for the Fund,
counsel for the Fund&rsquo;s independent Board members, the Fund&rsquo;s independent accountants, dealers or others as required
for Ultimus to perform the Services;</TD></TR></TABLE>

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.4.</I></B></TD><TD STYLE="text-align: justify">The cost of obtaining primary and secondary security market quotes and any securities data, including
but not limited to the cost of fair valuation services;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.5.</I></B></TD><TD STYLE="text-align: justify">The cost of electronic or other methods of storing records and materials;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.6.</I></B></TD><TD STYLE="text-align: justify">All fees and expenses incurred in connection with any licensing of software, subscriptions to databases,
custom programming or systems modifications required to provide any special reports or services requested by the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.7.</I></B></TD><TD STYLE="text-align: justify">Any expenses Ultimus shall incur at the direction of an officer of the Fund thereunto duly authorized
other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the
Fund for certain purposes;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.8.</I></B></TD><TD STYLE="text-align: justify">A reasonable allocation of the costs associated with the preparation of Ultimus&rsquo; Service
Organization Control 1 Reports (&ldquo;<B>SOC 1 Reports</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.9.</I></B></TD><TD STYLE="text-align: justify">Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations
under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Maintenance of Books and Records; Record Retention</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>5.1.</I></B></TD><TD STYLE="text-align: justify">Ultimus shall maintain and keep current the accounts, books, records and other documents relating
to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as defined under
Rule 38a-1 under the Investment Company Act.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>5.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Ownership of Records</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>A.</I></TD><TD STYLE="text-align: justify">Ultimus agrees that all such books, records, and other data (except computer programs and procedures)
developed to perform the Services (collectively, &ldquo;<B>Client Records</B>&rdquo;) shall be the property of the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>B.</I></TD><TD STYLE="text-align: justify">Ultimus agrees to provide the Client Records to the Fund, at the expense of the Fund, upon reasonable
request, and to make such books and records available for inspection by the Fund or its regulators at reasonable times.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>C.</I></TD><TD STYLE="text-align: justify">Ultimus agrees to furnish to the Fund, at the expense of the Fund, all Client Records in the electronic
or other medium in which such material is then maintained by Ultimus as soon as practicable after any termination of this Agreement.
Unless otherwise required by applicable law, rules, or regulations, Ultimus shall promptly turn over to the Fund or, upon the written
request of the Fund, destroy the Client Records maintained by Ultimus pursuant to this Agreement. If Ultimus is required by applicable
law, rule, or regulation to maintain any Client Records, it will provide the Fund with copies as soon as reasonably practical after
the termination.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>5.3.</I></B></TD><TD STYLE="text-align: justify">Ultimus agrees to keep confidential all Client Records, except when requested to divulge such information
by duly constituted authorities or court process.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>5.4.</I></B></TD><TD STYLE="text-align: justify">If Ultimus is requested or required to divulge such information by duly constituted authorities
or court process, Ultimus shall, unless prohibited by law, promptly notify the Fund of such request(s) so that the Fund may seek,
at the expense of the Fund, an appropriate protective order.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Subcontracting</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus may, at its expense, subcontract with
any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of
its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent
provided in Section 10, for all acts of a subcontractor. Notwithstanding the foregoing, Ultimus shall not have the right to subcontract
for the provision of all or substantially all of the Services, without the Fund&rsquo;s prior written approval. The Fund hereby
consents to the engagement by Ultimus of American Stock Transfer &amp; Trust Company, LLC (&ldquo;AS&amp;T&rdquo;) to perform the
services described on the Transfer Agent and Shareholder Services Addendum attached hereto, pursuant to the Master Services Agreement
dated September 30, 2019 between Ultimus and AS&amp;T, as may be amended from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Effective Date</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>7.1.</I></B></TD><TD STYLE="text-align: justify">This Agreement shall become effective as of the date first above written (the &ldquo;<B>Agreement
Effective Date</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>7.2.</I></B></TD><TD STYLE="text-align: justify">Each Addendum shall become effective as of the date first written in the Addendum.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Term</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>8.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Initial Term. </I></B>This Agreement shall continue in effect, unless earlier terminated
by either party as provided under this Section 8, for a period of three (3) years from the date first above written (the &ldquo;<B>Initial
Term</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>8.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Renewal Terms.</I></B> Immediately following the Initial Term this Agreement shall automatically
renew for successive one-year periods (a &ldquo;<B>Renewal Term</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>8.3.</I></B></TD><TD STYLE="text-align: justify"><B><I>Termination. </I></B>A party may terminate this Agreement under the following circumstances.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>A.</I></TD><TD STYLE="text-align: justify"><I>Termination for Good Cause. </I>During the Initial Term or a Renewal Term, a party (the &ldquo;<B>Terminating
Party</B>&rdquo;) may only terminate the Agreement against the other party (the &ldquo;<B>Non-Terminating Party&rdquo;</B>) for
good cause. For purposes of this Agreement, &ldquo;<B>good cause</B>&rdquo; shall mean:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">a material breach of this Agreement by the Non-Terminating Party that has not been cured or remedied
within 30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; 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: 1.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">the Non-Terminating Party takes a position regarding compliance with Federal Securities Laws that
the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days&rsquo; prior written notice of such disagreement,
and the parties fail to come to agreement on the position within the 30-day notice period;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-indent: -0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in"></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: 1.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">a final and unappealable judicial, regulatory, or administrative ruling or order in which the Non-Terminating
Party has been found guilty of criminal or unethical behavior in the conduct of its business;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; 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: 1.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">the authorization or commencement of, or involvement by way of pleading, answer, consent, or acquiescence
in, a voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then in effect.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; 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: 1in"></TD><TD STYLE="width: 0.5in"><I>B.</I></TD><TD STYLE="text-align: justify"><I>Out-of-Scope Termination. </I>If the Fund demands services that are beyond the scope of this
Agreement and any incorporated Addendum, and the parties cannot agree on appropriate terms relating to such out-of-scope services,
Ultimus may terminate this Agreement upon 60 days&rsquo; prior written notice.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>C.</I></TD><TD STYLE="text-align: justify"><I>End-of-Term Termination. </I>A party can terminate this Agreement at the end of the Initial
Term or a Renewal Term by providing written notice of termination to the other party at least 90 days prior to the end of the Initial
Term or then-current Renewal Term.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>D.</I></TD><TD STYLE="text-align: justify"><I>Early Termination.</I> Any termination by the Fund other than termination under Section 8.3.A-C
is deemed an &ldquo;<B>Early Termination</B>&rdquo;. If the Fund provides a notice of early termination, the Fund is subject to
an &ldquo;<B>Early Termination Fee</B>&rdquo; equal to the pro rated fee amount due to Ultimus through the end of the then-current
term as calculated in the applicable Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during
the term of the Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>E.</I></TD><TD STYLE="text-align: justify"><I>Final Payment<B>. </B></I>Any unpaid compensation, reimbursement of expenses, or Early Termination
Fee is due to Ultimus within 15 calendar days of the termination date provided in the notice of termination.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>F.</I></TD><TD STYLE="text-align: justify"><I>Transition. </I>Upon termination of this Agreement, Ultimus will cooperate with any reasonable
request of the Fund to effect a prompt transition to a new service provider selected by the Fund. Ultimus shall be entitled to
collect from the Fund, in addition to the compensation described in each applicable Fee Letter, (1) the amount of all of Ultimus&rsquo;
cash disbursements reasonably made for services in connection with Ultimus&rsquo; activities in effecting such termination, including,
without limitation, the delivery to the Fund or its designees of the Fund&rsquo;s property, records, instruments, and documents,
and (2) a reasonable de-conversion fee as mutually agreed to by the parties.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>G.</I></TD><TD STYLE="text-align: justify"><I>Liquidation.</I> Upon termination of this Agreement due to the liquidation of the Fund, Ultimus
shall be entitled to collect from the Fund, in addition to the compensation described in each applicable Fee Letter, (1) the amount
of all of Ultimus&rsquo; cash disbursements reasonably made for services in connection with Ultimus&rsquo; activities in effecting
such termination, including, without limitation, the delivery to the Fund or its designees of the Fund&rsquo;s property, records,
instruments, and documents, and (2) a reasonable liquidation fee as mutually agreed to by the parties.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>8.4.</I></B></TD><TD STYLE="text-align: justify"><B><I>No Waiver.</I></B> Failure by either party to terminate this Agreement for a particular cause
shall not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>[Intentionally Omitted]</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Standard of Care; Limits of Liability; Indemnification</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>10.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Standard of Care. </I></B>Each party's duties are limited to those expressly set forth in
this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its
duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for
any damages, losses or costs arising directly or indirectly out of such party&rsquo;s failure to perform its duties under this
Agreement to the extent such damages, losses or costs arise directly or indirectly out of its willful misfeasance, bad faith, gross
negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>10.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Limits of Liability</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>A.</I></TD><TD STYLE="text-align: justify">Ultimus shall not be liable for any Losses (as defined below) arising from the following:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">performing Services or duties pursuant to any oral, written, or electric instruction, notice, request,
record, order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind that Ultimus
reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of the Fund
(other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of the
Fund for certain purposes);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">operating under its own initiative, in good faith and in accordance with the standard of care set
forth herein, in performing its duties or the Services;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">using valuation information provided by the Fund&rsquo;s approved third-party pricing service(s)
or the investment adviser(s) to the Fund for the purpose of valuing the Fund&rsquo;s portfolio holdings;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">any default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever
caused by events beyond Ultimus&rsquo; reasonable control, including, without limitation, corrupt, faulty or inaccurate data provided
to Ultimus by third-parties; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">any error, action or omission by the Fund or other past or current service provider.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>B.</I></TD><TD STYLE="text-align: justify">Ultimus may apply to the Fund at any time for instructions and may consult with counsel for the
Fund, counsel for the Fund&rsquo;s independent Board members, and with accountants and other experts with respect to any matter
arising in connection with Ultimus' duties or the Services. Ultimus shall not be liable or accountable for any action taken or
omitted by it in good faith in accordance with such instruction or with the reasonable opinion of such counsel, accountants, or
other experts qualified to render such opinion.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></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: 1in"></TD><TD STYLE="width: 0.5in"><I>C.</I></TD><TD STYLE="text-align: justify">A copy of the Fund&rsquo;s Articles of Incorporation (the &ldquo;<B>Articles of Incorporation</B>&rdquo;)
is on file with the Secretary of State (or equivalent authority) of the state in which the Fund is organized, and notice is hereby
given that this Agreement is executed on behalf of the Fund and not the members of the Board individually and that the obligations
of this Agreement are not binding upon any of the members of the Board, officers or shareholders individually but are binding only
upon the assets and property of the Fund, and Ultimus shall look only to the assets of the Fund for the satisfaction of such obligations.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>D.</I></TD><TD STYLE="text-align: justify">Ultimus shall not be held to have notice of any change of authority of any officer, agent, representative
or employee of the Fund, the Fund&rsquo;s investment adviser or any of the Fund&rsquo;s other service providers until receipt of
written notice thereof from the Fund. As used in this Agreement, the term &ldquo;<B>investment adviser</B>&rdquo; includes all
sub-advisers or persons performing similar services.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>E.</I></TD><TD STYLE="text-align: justify">The Board has and retains primary responsibility for oversight of all compliance matters relating
to the Fund, including, but not limited to, compliance with the Investment Company Act, the Internal Revenue Code of 1986, as amended
(the &ldquo;<B>Internal Revenue Code</B>&rdquo;), the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies
and limitations of the Fund relating to the portfolio investments as set forth in the prospectus and statement of additional information.
Ultimus&rsquo; monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day responsibility for
overseeing such compliance.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>F.</I></TD><TD STYLE="text-align: justify">To the maximum extent permitted by law, the Fund agrees to limit Ultimus&rsquo; liability for the
Fund&rsquo;s Losses (as defined below) to an amount that shall not exceed the total compensation received by Ultimus under this
Agreement during the most recent rolling 12-month period or the actual time period this Agreement has been in effect if less than
12 months. This limitation shall apply regardless of the cause of action or legal theory asserted.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><B><I>G.</I></B></TD><TD STYLE="text-align: justify"><B>In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental,
punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus
was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus
by any third-parties for use in delivering Ultimus&rsquo; Services to the Fund and Ultimus shall have no duty to independently
verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised
upon the limitation stated in this section.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B></B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>10.3.</I></B></TD><TD STYLE="text-align: justify"><B><I>Indemnification</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>A.</I></TD><TD STYLE="text-align: justify">Each party (the &ldquo;<B>Indemnifying Party</B>&rdquo;) agrees to indemnify, defend, and protect
the other party, including its trustees, directors, managers, officers, employees, and other agents (collectively, the &ldquo;<B>Indemnitees</B>&rdquo;
and each an &ldquo;<B>Indemnitee</B>&rdquo;), and shall hold the Indemnitees harmless from and against any actions, suits, claims,
losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses)
(collectively, &ldquo;<B>Losses</B>&rdquo;) arising directly or indirectly out of (1) the Indemnifying Party&rsquo;s failure to
exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance,
bad faith or gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated
persons or agents relating to this Agreement and the activities thereunder; and (3) any material breach by the Indemnifying Party
or its affiliated persons or agents of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>B.</I></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing provisions, the Fund shall indemnify Ultimus for Ultimus&rsquo; Losses
arising from circumstances under Section 10.2.A.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>C.</I></TD><TD STYLE="text-align: justify">Upon the assertion of a claim for which either party may be required to indemnify the other, the
Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep the Indemnifying Party advised with respect
to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify the Indemnifying
Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that the Indemnifying
Party is materially prejudiced by such failure.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>D.</I></TD><TD STYLE="text-align: justify">The Indemnifying Party shall have the option to participate with the Indemnitee in the defense
of such claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in no case
confess any claim or make any compromise in any case in which the Indemnifying Party may be required to indemnify the Indemnitee
except with the Indemnifying Party&rsquo;s prior written consent.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>10.4.</I></B></TD><TD STYLE="text-align: justify">The provisions of this Section 10 shall survive termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Force Majeure.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither party will be liable for Losses, loss
of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation,
delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor
difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, failure of the mails, transportation, communication,
or power supply.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>12.</B></TD><TD><B>Representations and Warranties</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>12.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Joint Representations. </I></B>Each party represents and warrants, which representations
and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><B>&nbsp;</B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><B></B></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">It is a corporation or limited liability company duly organized and validly existing in good standing
under the laws of the jurisdiction in which it is organized.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(B)</I></TD><TD STYLE="text-align: justify">To the extent required by Applicable Law (defined below), it is duly registered with all appropriate
regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for the duration
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(C)</I></TD><TD STYLE="text-align: justify">For the duties and responsibilities under this Agreement, it is currently and will continue to
abide by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations,
rules, and interpretations of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other
self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, &ldquo;<B>Applicable
Law</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(D)</I></TD><TD STYLE="text-align: justify">It has duly authorized the execution and delivery of this Agreement and the performance of the
transactions, duties, and responsibilities contemplated by this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(E)</I></TD><TD STYLE="text-align: justify">This Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured parties.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(F)</I></TD><TD STYLE="text-align: justify">Whenever, in the course of performing its duties under this Agreement, it determines that a violation
of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the
passage of time could occur, it shall promptly notify the other party of such violation.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>12.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Representations of the Fund. </I></B>The Fund represents and warrants, which representations
and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">(1) as of the close of business on the Agreement Effective Date, the Fund has 100 million shares
of common stock authorized, and (2) the Fund&rsquo;s registration statement under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), and the Investment Company Act is effective and all required state securities law filings have been made.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(B)</I></TD><TD STYLE="text-align: justify">It shall cause the investment adviser(s) and any sub-advisers, prime broker, custodian, legal counsel,
independent accountants, and other service providers and agents, past or present, for the Fund to cooperate with Ultimus and to
provide it with such information, documents, and advice relating to the Fund as appropriate or reasonably requested by Ultimus,
in order to enable Ultimus to perform its duties and obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(C)</I></TD><TD STYLE="text-align: justify">The Fund&rsquo;s Articles of Incorporation, bylaws, registration statement and prospectus are true
and accurate and will remain true and accurate at all times during the term of this Agreement in conformance with applicable federal
and state securities laws.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(D)</I></TD><TD STYLE="text-align: justify">If any of the employees of Ultimus shall serve as an officer of the Fund, including as the CCO,
President, Treasurer, Secretary or the AML Compliance Officer, they shall be covered by the Fund&rsquo;s Directors &amp; Officers/Errors
&amp; Omissions insurance policy (the &ldquo;<B>Policy</B>&rdquo;) and shall be subject to the provisions of the Fund&rsquo;s Articles
of Incorporation and bylaws regarding indemnification of its officers. The Fund shall provide Ultimus with proof of current coverage,
including a copy of the Policy, and shall notify Ultimus immediately should the Policy be canceled or terminated.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(E)</I></TD><TD STYLE="text-align: justify">Any officer of the Fund shall be considered an individual who is authorized to provide Ultimus
with instructions and requests on behalf of the Fund (an &ldquo;<B>Authorized Person</B>&rdquo;) (unless such authority is limited
in a writing from the Fund and received by Ultimus) and has the authority to appoint additional Authorized Persons, to limit or
revoke the authority of any previously designated Authorized Person, and to certify to Ultimus the names of the Authorized Persons
from time to time.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 0.5in"><B>13.</B></TD><TD><B>Insurance</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>13.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Maintenance of Insurance Coverage. </I></B>Each party agrees to maintain throughout the term
of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request,
a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that
it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>13.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Notice of Termination.</I></B> A party shall promptly notify the other party should any of
the notifying party&rsquo;s insurance coverage be canceled or reduced. Such notification shall include the date of change and the
reasons therefore.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>14.</B></TD><TD><B>Information Provided by the Fund</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>14.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Prior to the Agreement Effective Date. </I></B>Prior to the Agreement Effective Date, the
Fund will furnish to Ultimus the following:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">copies of the Articles of Incorporation and of any amendments thereto, certified by the proper
official of the state in which such document has been filed;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(B)</I></TD><TD STYLE="text-align: justify">the Fund&rsquo;s bylaws and any amendments thereto;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(C)</I></TD><TD STYLE="text-align: justify">certified copies of resolutions of the Board covering the approval of this Agreement, authorization
of a specified officer of the Fund to execute and deliver this Agreement and authorization for specified officers of the Fund to
instruct Ultimus thereunder;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(D)</I></TD><TD STYLE="text-align: justify">a list of all the officers of the Fund, together with specimen signatures of those officers who
are authorized to instruct Ultimus in all matters;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(E)</I></TD><TD STYLE="text-align: justify">the Fund&rsquo;s registration statement and all amendments thereto filed with the SEC pursuant
to the Securities Act and the Investment Company Act;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(F)</I></TD><TD STYLE="text-align: justify">the Fund&rsquo;s notification of registration under the Investment Company Act on Form N-8A as
filed with the SEC;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(G)</I></TD><TD STYLE="text-align: justify">the Fund&rsquo;s current prospectus and statement of additional information;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(H)</I></TD><TD STYLE="text-align: justify">a copy of the current plan of distribution adopted by the Fund under Rule 12b-1 under the Investment
Company Act, if applicable;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(I)</I></TD><TD STYLE="text-align: justify">copies of the current investment advisory agreement and current investment sub-advisory agreement(s),
if applicable, for the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(J)</I></TD><TD STYLE="text-align: justify">copies of the current underwriting agreement, if applicable, for the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(K)</I></TD><TD STYLE="text-align: justify">contact information for the Fund&rsquo;s service providers, including, but not limited to, the
Fund&rsquo;s custodian, transfer agent, independent accountants, legal counsel, and chief compliance officer; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(L)</I></TD><TD STYLE="text-align: justify">a copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the Investment Company
Act.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>14.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>After the Agreement Effective Date. </I></B>After the Agreement Effective Date, the Fund
will furnish to Ultimus any amendments to the items listed in Section 14.1.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>15.</B></TD><TD><B>Compliance with Law</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund assumes full responsibility for the
preparation, contents, and distribution of each prospectus of the Fund and further agrees to comply with all applicable requirements
of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the
Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002,
each as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Privacy and Confidentiality</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>16.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Definition of Confidential Information.</I></B> The term &ldquo;<B>Confidential Information</B>&rdquo;
shall mean all information that either party discloses (a &ldquo;<B>Disclosing Party</B>&rdquo;) to the other party (a &ldquo;<B>Receiving
Party</B>&rdquo;), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential,
proprietary, or relates to clients or shareholders (each either existing or potential). Confidential Information includes, but
is not limited to:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B><I>&nbsp;</I></B></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">any information concerning technology, such as systems, source code, databases, hardware, software,
programs, applications, engaging protocols, routines, models, displays, and manuals;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><I>&nbsp;</I></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(B)</I></TD><TD STYLE="text-align: justify">any unpublished information concerning research activities and plans, customers, clients, shareholders,
strategies and plans, costs, operational techniques;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>&nbsp;</I></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(C)</I></TD><TD STYLE="text-align: justify">any unpublished financial information, including information concerning revenues, profits and profit
margins, and costs or expenses; and</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(D)</I></TD><TD STYLE="text-align: justify">Customer Information (as defined below).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Confidential Information is deemed
confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally,
or marked appropriately.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>16.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Definition of Customer Information.</I></B> Any Customer Information will remain the sole
and exclusive property of the Fund. &ldquo;<B>Customer Information</B>&rdquo; shall mean all non-public, personally identifiable
information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (<I>e.g.</I>, SEC Regulation
S-P and Federal Reserve Board Regulation P) (collectively, the &ldquo;<B>GLB Act</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><I>&nbsp;</I></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>16.3.</I></B></TD><TD STYLE="text-align: justify"><B><I>Treatment of Confidential Information</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><I>&nbsp;</I></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">Each party agrees that at all times during and after the terms of this Agreement, it shall use,
handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure
requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether
in effect now or in the future.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><I>&nbsp;</I></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(B)</I></TD><TD STYLE="text-align: justify">Without limiting the foregoing, the Receiving Party shall apply to any Confidential Information
at least the same degree of reasonable care used for its own confidential and proprietary information to avoid unauthorized disclosure
or use of Confidential Information under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><I>&nbsp;</I></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(C)</I></TD><TD STYLE="text-align: justify">Each party further agrees that:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.75in; text-align: justify"><I>&nbsp;</I></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: 112.5pt"></TD><TD STYLE="width: 36pt">(1)</TD><TD STYLE="text-align: justify">The Receiving Party will hold all Confidential Information it obtains in strictest confidence and
will use and permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided for in this
Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need to know
and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably
necessary to carry out its obligations under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><I>&nbsp;</I></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: 112.5pt"></TD><TD STYLE="width: 36pt">(2)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, the Receiving Party may release Confidential Information as permitted
or required by law or approved in writing by the Disclosing party, which approval shall not be unreasonably withheld and may not
be withheld where the Receiving Party may be exposed to civil or criminal liability or proceedings for failure to release such
information;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 112.5pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="text-align: justify">Additionally, Ultimus may provide Confidential Information typically supplied in the investment
company industry to companies that track or report price, performance or other information regarding investment companies; and</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I></I></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: 112.5pt"></TD><TD STYLE="width: 36pt">(4)</TD><TD STYLE="text-align: justify">The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure
or use, and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><I>&nbsp;</I></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>16.4.</I></B></TD><TD STYLE="text-align: justify"><B><I>Severability.</I></B> This provision and the obligations under this Section 16 shall survive
termination of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B><I>&nbsp;</I></B></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: 0.5in"><B>17.</B></TD><TD><B>Press Release</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within the first 60 days following the Agreement
Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with
Ultimus; provided that Ultimus must obtain the Fund&rsquo;s written consent prior to publication of such release, which consent
shall not be unreasonably denied by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 0.5in"><B>18.</B></TD><TD><B>Non-Exclusivity</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The services of Ultimus rendered to the Fund
are not deemed to be exclusive. Except to the extent necessary to perform Ultimus&rsquo; obligations under this Agreement, nothing
herein shall be deemed to limit or restrict Ultimus&rsquo; right, or the right of any of Ultimus&rsquo; managers, officers or employees
who also may be a director, officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund to engage
in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar
or dissimilar nature, or to render services of any kind to any other person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"><B>19.</B></TD><TD><B>Arbitration</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any controversy or claim arising out of or
relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial
Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered
in any court having jurisdiction thereof.</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 arbitration provision shall be enforced
and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees,
or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award.
The prevailing party shall also be entitled to an award of reasonable attorneys&rsquo; fees and costs incurred in connection with
the enforcement of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.5in"><B>20.</B></TD><TD><B>Notices</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any notice provided under this Agreement shall
be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified
mail at the following address.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>20.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>If to the Fund:</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Herzfeld Caribbean Basin
Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Attn: Thomas J. Herzfeld,
Chairman</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">119 Washington
Avenue, Suite 504</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">Miami Beach,
FL 33139</P>

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

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>20.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>If to Ultimus:</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">Ultimus Fund
Solutions, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">Attn: Director
of Fund Administration</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">225 Pictoria
Drive, Suite 450</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">Cincinnati,
Ohio 45246</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0.25in">E-mail: <U>FundAdmin@ultimusfundsolutions.com</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>21.</B></TD><TD><B>General Provisions</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Incorporation by Reference.</I></B> This Agreement and its addendums, schedules, exhibits,
and other documents incorporated by reference express the entire understanding of the parties and supersede any other agreement
between them relating to the Services.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Conflicts.</I></B> In the event of any conflict between this Agreement and any Appendices
or Addendum thereto, this Agreement shall control.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.3.</I></B></TD><TD STYLE="text-align: justify"><B><I>Amendments. </I></B>The parties may only amend or waive all or part of this Agreement by
written amendment or waiver signed by both parties.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.4.</I></B></TD><TD STYLE="text-align: justify"><B><I>Assignments</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">Except as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall
not be assignable by either of the parties except by the specific written consent of the non-assigning party.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(B)</I></TD><TD STYLE="text-align: justify">The terms and provisions of this Agreement shall become automatically applicable to any investment
company that is the successor to the Fund because of reorganization, recapitalization, or change of domicile.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(C)</I></TD><TD STYLE="text-align: justify">Unless this Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may,
to the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate,
parent, subsidiary or to the purchaser of substantially all of its business, provided that Ultimus provides the Fund at least 90
days&rsquo; prior written notice.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(D)</I></TD><TD STYLE="text-align: justify">This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
respective successors and permitted assigns.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.5.</I></B></TD><TD STYLE="text-align: justify"><B><I>Governing Law. </I></B>This Agreement shall be construed in accordance with the laws of the
state of Ohio and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the state
of Ohio, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall
control.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.6.</I></B></TD><TD STYLE="text-align: justify"><B><I>Headings.</I></B> Section and paragraph headings in this Agreement are included for convenience
only and are not to be used to construe or interpret this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.7.</I></B></TD><TD STYLE="text-align: justify"><B><I>Multiple Counterparts.</I></B> This Agreement may be executed in two or more counterparts,
each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but one and the
same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed to
have the same legal effect as delivery of an original, signed copy of this Agreement.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B></B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>21.8.</I></B></TD><TD STYLE="text-align: justify"><B><I>Severability.</I></B> If any part, term or provision of this Agreement is held to be illegal,
in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected
by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not
contain the particular part, term or provisions held to be illegal or invalid.</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"><B><I>Signatures are located on the next page.</I></B></P>

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

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The parties duly executed this Agreement as
of September 30, 2019.</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The Herzfeld Caribbean Basin Fund, Inc. </B></FONT></TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify"><B>Ultimus Fund Solutions, LLC</B></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Thomas J. Herzfeld</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Gary Tenkman</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Thomas J. Herzfeld</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Gary Tenkman</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chairman</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">CEO and Managing Director&nbsp;</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Ultimus Master Services Agreement</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --> of 16</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>



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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Herzfeld Caribbean Basin Fund, Inc.</B></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 Fund Accounting Addendum, dated September
30, 2019, is between The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;<B>Fund</B>&rdquo;) and <B>Ultimus Fund Solutions, LLC
</B>(&ldquo;<B>Ultimus</B>&rdquo;) pursuant to that certain Master Services Agreement dated September 30, 2019 (the &ldquo;<B>Agreement</B>&rdquo;).</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"><B><U>Fund Accounting Services</U></B></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: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Performance of Daily Accounting Services</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus shall perform the following accounting
services daily for the Fund, each in accordance with the Fund&rsquo;s prospectus and statement of additional information:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.1.</I></B></TD><TD STYLE="text-align: justify">calculate the net asset value per share utilizing prices obtained from the sources described in
subsection 1.2 below;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.2.</I></B></TD><TD STYLE="text-align: justify">obtain security prices from independent pricing services, or if such quotes are unavailable, then
obtain such prices from the Fund&rsquo;s investment adviser or its designee, as approved by the Fund&rsquo;s Board of Directors
(hereafter referred to as &ldquo;<B>Board</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.3.</I></B></TD><TD STYLE="text-align: justify">verify and reconcile with the Fund&rsquo;s custodian cash and all daily activity;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.4.</I></B></TD><TD STYLE="text-align: justify">compute, as appropriate, the Fund&rsquo;s net income and realized capital gains, dividend payables,
dividend factors, and weighted average portfolio maturity;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.5.</I></B></TD><TD STYLE="text-align: justify">review daily the net asset value calculation and dividend factor (if any) for the Fund prior to
release to shareholders, check and confirm the net asset values and dividend factors for reasonableness and deviations, and distribute
net asset values and/or yields to NASDAQ and such other entities as directed by the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.6.</I></B></TD><TD STYLE="text-align: justify">determine unrealized appreciation and depreciation on securities held by the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.7.</I></B></TD><TD STYLE="text-align: justify">accrue income of the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.8.</I></B></TD><TD STYLE="text-align: justify">amortize premiums and accrete discounts on securities purchased at a price other than face value,
if requested by the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.9.</I></B></TD><TD STYLE="text-align: justify">update fund accounting system to reflect rate changes, as received/obtained by Ultimus, on variable
interest rate instruments;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.10.</I></B></TD><TD STYLE="text-align: justify">record investment trades received in proper form from the Fund or its authorized agents on the
industry standard T+1 basis;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.11.</I></B></TD><TD STYLE="text-align: justify">calculate Fund expenses based on instructions from the Fund&rsquo;s administrator;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.12.</I></B></TD><TD STYLE="text-align: justify">accrue expenses of the Fund;</TD></TR></TABLE>

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Accounting Addendum</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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    <!-- Field: /Page -->

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



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.13.</I></B></TD><TD STYLE="text-align: justify">determine the outstanding receivables and payables for all (1) security trades, (2) Fund share
transactions and (3) income and expense accounts;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.14.</I></B></TD><TD STYLE="text-align: justify">provide accounting reports in connection with the Fund&rsquo;s regular annual audit and other audits
and examinations by regulatory agencies;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.15.</I></B></TD><TD STYLE="text-align: justify">provide such periodic reports as agreed to by the parties;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.16.</I></B></TD><TD STYLE="text-align: justify">prepare and maintain the following records upon receipt of information in proper form from the
Fund or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record; (4) purchase and
sales-portfolio securities journals; (5) subscription and redemption journals; (6) security ledgers; (7) broker ledger; (8) general
ledger; (9) daily expense accruals; (10) daily income accruals, (11) securities and monies borrowed or loaned and collateral therefore;
(12) foreign currency journals; and (13) trial balances;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.17.</I></B></TD><TD STYLE="text-align: justify">provide information typically supplied in the investment company industry to companies that track
or report price, performance or other information with respect to investment companies;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.18.</I></B></TD><TD STYLE="text-align: justify">provide accounting information to the Fund&rsquo;s independent registered public accounting firm
in preparation of the Fund&rsquo;s tax returns; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.19.</I></B></TD><TD STYLE="text-align: justify">cooperate with, and take all reasonable actions in the performance of its duties under this Agreement,
to ensure that all necessary information is made available to, the Fund&rsquo;s independent public accountants in connection with
any audit or the preparation of any report requested by the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Additional Accounting Services</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus shall also perform the following additional
accounting services for the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>2.1.</I></B></TD><TD STYLE="text-align: justify"><B><I>Financial Statements. </I></B>Ultimus will provide monthly (or as frequently as may reasonably
be requested by the Fund&rsquo;s investment adviser) a set of Financial Statements for each Fund. For purposes of this Fund Accounting
Addendum, &ldquo;<B>Financial Statements</B>&rdquo; include the following: (A) Statement of Assets and Liabilities; (B) Statement
of Operations; (C) Statement of Changes in Net Assets; (D) Security Purchases and Sales Journals; and (E) Fund Holdings Reports.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>2.2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Other Information. </I></B>Provide accounting information for the following:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">federal and state income tax returns and federal excise tax returns;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&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: 1in"></TD><TD STYLE="width: 0.5in"><I>(B)</I></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Fund&rsquo;s reports with the SEC on Forms N-CEN, N-PORT, and
N-CSR</FONT>;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(C)</I></TD><TD STYLE="text-align: justify">registration statements and other filings relating to the registration of shares;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(D)</I></TD><TD STYLE="text-align: justify">Ultimus&rsquo; monitoring of the Fund&rsquo;s status as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended (the &ldquo;<B>Internal Revenue Code</B>&rdquo;);</TD></TR></TABLE>

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Accounting Addendum</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(E)</I></TD><TD STYLE="text-align: justify">annual audit by the Fund&rsquo;s independent accountants; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 1in"></TD><TD STYLE="width: 0.5in"><I>(F)</I></TD><TD STYLE="text-align: justify">examinations performed by the SEC.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>2.3.</I></B></TD><TD><B><I>Other Services</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -0.5in"><B>&nbsp;</B></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: 1in"></TD><TD STYLE="width: 0.5in"><I>(A)</I></TD><TD STYLE="text-align: justify">as appropriate, compute the Fund&rsquo;s yields, total return, expense ratios, and portfolio turnover
rate, and any other financial ratios required by regulatory filings.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Special Reports and Services</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.1.</I></B></TD><TD STYLE="text-align: justify">Ultimus may provide additional special reports upon the request of the Fund&rsquo;s investment
adviser, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports
being made available.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.2.</I></B></TD><TD STYLE="text-align: justify">Ultimus may provide such other similar services with respect to a Fund as may be reasonably requested
by the Fund, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such
services being provided.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.3.</I></B></TD><TD STYLE="text-align: justify">For special cases, the parties hereto may amend the procedures or services set forth in this Agreement
as may be appropriate or practical under the circumstances, and Ultimus may conclusively assume that any special procedure or service
which has been approved by the Fund does not conflict with or violate any requirements of its Article of Incorporation, bylaws,
or then-current prospectuses, or any rule, regulation or requirement of any regulatory body.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Tax Matters</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus does not provide tax advice. Nothing
in the Agreement or this Fund Accounting Addendum shall be construed or have the effect of rendering tax advice. It is important
that the Fund consult a professional tax advisor regarding its individual tax situation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Forms N-CEN and N-PORT</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></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: 31.7pt"></TD><TD STYLE="width: 40.3pt"><B>5.1.</B></TD><TD STYLE="text-align: justify">If Ultimus provides fund administration to the Fund, Ultimus will prepare and file with the SEC
the reports on Forms N-CEN and N-PORT.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 31.7pt">&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: 31.7pt"></TD><TD STYLE="width: 40.3pt"><B>5.2.</B></TD><TD STYLE="text-align: justify">If Ultimus does not provide fund administration to the Fund, Ultimus will provide the fund administrator
with accounting information for Forms N-CEN and N-PORT.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -40.3pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Signatures are located on the next page.</I></B></P>

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

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Accounting Addendum</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The parties duly executed this Fund Accounting
Addendum as of September 30, 2019.</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Herzfeld Caribbean Basin Fund, Inc.</B></P></TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify"><B>Ultimus Fund Solutions, LLC</B></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Thomas J. Herzfeld</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Gary Tenkman</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Thomas J. Herzfeld</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Gary Tenkman</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chairman</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">CEO and Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Accounting Addendum</TD><TD STYLE="text-align: left">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>September 30, 2019</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Fund Administration Addendum</U></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Fund Administration Addendum, dated September
30, 2019, is between The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;<B>Fund</B>&rdquo;) and <B>Ultimus Fund Solutions, LLC
</B>(&ldquo;<B>Ultimus</B>&rdquo;) pursuant to that certain Master Services Agreement dated September 30, 2019 (the &ldquo;<B>Agreement</B>&rdquo;).</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"><B><U>Fund Administration Services</U></B></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: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Regulatory Reporting</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus shall provide the Fund with regulatory
reporting services, including:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.1.</I></B></TD><TD STYLE="text-align: justify">prepare, in consultation with Fund counsel, and supervise the filing of annual updates to prospectuses
and statements of additional information in the Fund&rsquo;s registration statements;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.2.</I></B></TD><TD STYLE="text-align: justify">prepare and file with the SEC (i) the reports for the Fund on Forms N-CSR, N-Q (as applicable)
and N-CEN, (ii) Form N-PX, and (iii) all required notices pursuant to Rule 24f-2 under the Investment Company Act;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.3.</I></B></TD><TD STYLE="text-align: justify">prepare such reports, notice filing forms and other documents (including reports regarding the
sale and repurchase of shares of the Fund as may be required in order to comply with federal and state securities law) as may be
necessary or desirable to make notice filings relating to the Fund&rsquo;s shares with state securities authorities, monitor the
sale of Fund shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance
filings as may be necessary or convenient to enable the Fund to make an offering of its shares; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>1.4.</I></B></TD><TD STYLE="text-align: justify">cooperate with, and take all reasonable actions in the performance of its duties under this Agreement,
to ensure that the necessary information is made available to the SEC or any other regulatory authority in connection with any
regulatory audit of the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Shareholder Communications</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus shall develop and prepare, with the
assistance of the Fund&rsquo;s investment adviser(s) and other service providers, communications to shareholders, including the
annual and semiannual reports to shareholders, coordinate the printing and mailing of prospectuses, notices and other reports to
Fund shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Corporate Governance</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus shall provide the following services
to the Fund:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.1.</I></B></TD><TD STYLE="text-align: justify">provide individuals reasonably acceptable to the Fund&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;)
to serve as officers of the Fund, who will be responsible for the management of certain of the Fund&rsquo;s affairs as determined
and under supervision by the Board;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.2.</I></B></TD><TD STYLE="text-align: justify">coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and
omissions insurance policies for the Fund in accordance with the requirements of the Investment Company Act and as such bonds and
policies are approved by the Board; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>3.3.</I></B></TD><TD STYLE="text-align: justify">coordinate meetings of, prepare materials for, attend and write minutes of the Board&rsquo;s quarterly
meetings.</TD></TR></TABLE>


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

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></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: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Other Services</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus shall provide all necessary office
space, equipment, personnel, and facilities for handling the affairs of the Fund; and shall provide such other services as the
Fund may reasonably request that Ultimus perform consistent with its obligations under the Agreement and this Fund Administration
Addendum:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.1.</I></B></TD><TD STYLE="text-align: justify">administer contracts on behalf of the Fund with, among others, the Fund&rsquo;s investment adviser(s),
custodian, and transfer agent;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.2.</I></B></TD><TD STYLE="text-align: justify">assist the Fund&rsquo;s investment adviser and the Fund&rsquo;s Chief Compliance Officer in monitoring
the Fund for compliance with applicable limitations as imposed by the Investment Company Act and the rules and regulations thereunder
or set forth in the Fund&rsquo;s then current prospectus or statement of additional information;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.3.</I></B></TD><TD STYLE="text-align: justify">perform all reasonable and customary administrative services and functions of the Fund to the extent
such administrative services and functions are not provided to the Fund by other agents of the Fund;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.4.</I></B></TD><TD STYLE="text-align: justify">furnish advice and recommendations with respect to other aspects of the business and affairs of
the Fund, as the Fund and Ultimus shall determine desirable;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.5.</I></B></TD><TD STYLE="text-align: justify">prepare and maintain the Fund&rsquo;s operating budget to determine proper expense accruals to
be charged to the Fund in order to calculate its daily net asset value;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.6.</I></B></TD><TD STYLE="text-align: justify">prepare, or cause to be prepared, expense and financial reports, including Fund budgets, expense
reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections on
a periodic basis;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.7.</I></B></TD><TD STYLE="text-align: justify">assist the Fund&rsquo;s independent registered public accounting firm with the preparation and
filing of the Fund&rsquo;s tax returns;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.8.</I></B></TD><TD STYLE="text-align: justify">research and calculate the qualified dividend rate for income and short-term capital gain distributions
and assist in the production of supplemental tax information letters for the Fund, if applicable;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.9.</I></B></TD><TD STYLE="text-align: justify">advise the Fund and the Board on matters concerning the Fund and its affairs including making recommendations
regarding dividends and distributions;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.10.</I></B></TD><TD STYLE="text-align: justify">administer all disbursements for the Fund; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>4.11.</I></B></TD><TD STYLE="text-align: justify">upon request, assist the Fund in the evaluation and selection of other service providers, such
as independent public accountants, printers and EDGAR providers.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For special cases, the parties hereto may amend
the procedures or services set forth in this Agreement as may be appropriate or practical under the circumstances, and Ultimus
may conclusively assume that any special procedure or service which has been approved by the Fund does not conflict with or violate
any requirements of its Articles of Incorporation, bylaws, or then-current prospectus, or any rule, regulation or requirement of
any regulatory body.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Tax Matters</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultimus does not provide tax advice. Nothing
in the Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important
that the Fund consult a professional tax advisor regarding its individual tax situation.</P>

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Administration Addendum</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->2<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Liquidity Risk Management Program</B>. Ultimus will provide assistance in the adoption and maintenance
of a Liquidity Risk Management Program (&ldquo;LRMP&rdquo;) which meets the requirements of Rule 22e-4 under the Investment Company
Act. The LRMP shall include the following services:</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><B>Implementation
Phase.</B></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: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Assist in the development and implementation of the Fund&rsquo;s written LRMP.</TD></TR></TABLE>

<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: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Perform an in-depth evaluation of the adequacy of the adviser&rsquo;s written LRMP to ensure compatibility
with the Fund&rsquo;s LRMP.</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 0 0 0.5in; text-align: justify"><B>Ongoing Services (as applicable).</B></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: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Provide data from the Fund&rsquo;s books and records</TD></TR></TABLE>

<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: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Assist in monitoring the Fund&rsquo;s highly liquid investment minimum, if applicable, and the
Fund&rsquo;s level of illiquid investments (15% limit).</TD></TR></TABLE>

<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: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Assist with arranging Board notifications.</TD></TR></TABLE>

<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: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Assist in the preparation of Form N-LIQUID.</TD></TR></TABLE>

<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: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Add adviser&rsquo;s liquidity risk discussion to shareholder reports.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Legal Representation</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding any provision of the Agreement
or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Fund, including through
the use of attorneys that are employees of Ultimus. The Fund acknowledges that in-house Ultimus attorneys exclusively represent
Ultimus and rely on outside counsel retained by the Fund to review all services provided by in-house Ultimus attorneys and to provide
independent judgment on the Fund&rsquo;s behalf. The Fund acknowledges that because no attorney-client relationship exists between
in-house Ultimus attorneys and the Fund, any information provided to Ultimus attorneys will not be privileged and may be subject
to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information
disclosed to its in-house attorneys on a best efforts basis.</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 parties duly executed this Fund Administration
Addendum as of September 30, 2019.</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Herzfeld Caribbean Basin Fund, Inc.</B></P></TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify"><B>Ultimus Fund Solutions, LLC</B></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Thomas J. Herzfeld</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Gary Tenkman</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Thomas J. Herzfeld</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Gary Tenkman</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chairman</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">CEO and Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Administration Addendum</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Transfer Agent and Shareholder Services
Addendum</U></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Transfer Agent and Shareholder Services
Addendum, dated September 30, 2019, is between The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;<B>Fund</B>&rdquo;) and <B>Ultimus
Fund Solutions, LLC </B>(&ldquo;<B>Ultimus</B>&rdquo;).</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"><B><U>Transfer Agent and Shareholder Services</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>ACCOUNT MAINTENANCE AND
RECORDKEEPING</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Open new accounts, consolidate
and close shareholder accounts</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Annual record storage services
(subject to additional fee)</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Maintain all shareholder
accounts</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Process address changes,
including seasonal addresses</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Place, maintain and remove
stop transfers</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Post all debit and credit
certificate transactions</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Perform social security
solicitation</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Handle shareholder and broker
inquiries, including internet correspondence</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Respond to requests for
audit confirmations</FONT></TD>
</TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Monthly report for all classes of securities in Microsoft Word and
HTML formats (Excel format is subject to an additional fee)</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>STOCK AUDIT / CONTROL
BOOK FUNCTIONS</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Maintain accurate records
of outstanding shares</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Respond to requests for
audit confirmations</FONT></TD>
</TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide web access to the total outstanding share balances</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>CERTIFICATE AND SECURITY
ISSUANCE FUNCTIONS</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Process all routine transfers</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Post all debit and credit
certificate transactions</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Issue stock certificates</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Create book entry Direct
Registration System (&ldquo;<U>DRS</U>&rdquo;) positions</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Participate in the DRS profile
system, allowing broker &ldquo;sweeps&rdquo; of registered positions</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Interface electronically
with DTC/CEDE &amp; CO.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Mail newly-issued certificates/DRS
advices to shareholders</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Replace lost or stolen stock
certificates upon shareholder request</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Issue and register all stock
certificates</FONT></TD>
</TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Issue shares upon exercise of stock options.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Process legal transfers
and transactions requiring special handling</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide, upon request, access
to daily reports of processed transfers</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>REPORTING</U></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Furnish, upon request, unlimited
shareholder list, sorted by Fund-designated criteria</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>LISTS AND MAILINGS</U></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Enclose multiple proxy cards to same household in one envelope, if
applicable (subject to additional fee)</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Monitor and suppress undeliverable mail until correct address is located</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Furnish shareholder lists, in any sequence</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide geographical detail reports of all stocks issued/surrendered
over a specific period</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide mailing labels</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Transfer Agent and Shareholder Services Addendum</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Value: 1; Name: PageNo -->1<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify; color: #262626"><B></B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>WEB-BASED ORIGINAL ISSUANCE
(OI) / DWAC SYSTEM</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Facilitate Deposit/Withdrawal At Custodian (&ldquo;<U>DWAC</U>&rdquo;) and original issuances initiated
from the Fund&rsquo;s desktop via Internet</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Accept files for original issuances</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Allow multiple requests to be submitted on the same form at the same time</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Notify the Fund via email when matching broker instructions have not been received</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Provide designated brokers the ability for brokers to log into the system and track the status
of Fund-submitted items</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Report daily and monthly transactions via e-mail</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Enforce built-in security procedures</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>TECHNOLOGY AND INTERNET
ACCESS</U></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Retrieve account information (including outstanding stock certificates and checks) 24 hours a day,
7 days per week</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Review frequently asked questions, including transfer requirements and corporate actions data</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Download forms (e.g., affidavit of domicile, form W8/W9, letters of transmittal and stock power)</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Change account addresses</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Replace lost, stolen or uncashed checks</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Replace lost, stolen or non-received stock certificates</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Obtain a duplicate Form 1099</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Sign up for electronic delivery (e.g., for proxy materials)</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Request a certificate for shares held in book-entry or plan form</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Enroll to have dividends directed toward purchase of additional shares</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Send e-mail inquiries concerning shareholder&rsquo;s account, or conduct an online chat session
with customer service representatives</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>SHAREHOLDERS VIA THE
INTERACTIVE VOICE RESPONSE (&ldquo;IVR&rdquo;)</U></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Obtain account-specific information, including account balance</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Execute plan transactions, including sales and certification requests</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Request a duplicate Form 1099, with delivery via mail or fax</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Request a transfer package via mail or fax</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Request forms to effect address changes, check replacements, stock
certificate replacements and direct deposit enrollments</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Obtain information pertaining to current corporate actions or other
significant Fund events</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>SHAREHOLDER (INQUIRIES)</U></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Distribute &ldquo;welcome&rdquo; material to new shareholders (may
incur reimbursable expenses)</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide assistance to shareholders related to their securities holdings
as they initiate account inquiries or perform transactions, including guidance through common transactions and explanations for
transaction rejections and the corrective steps required to complete their request</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide 24/7 account access via the internet and IVR telephonic system</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide toll-free number for shareholder-initiated telephone inquiries
to call center</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Oversee the fulfillment process for potential investors (if applicable)</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; color: #262626; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Please note that Ultimus does not charge a fee for DWAC
processing but that the broker may charge fees incurred from receipt of Shares.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Administration Addendum</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->2<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify; color: #262626"><B></B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>CLIENT-DESIGNATED PERSONNEL
VIA THE INTERNET</U></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">View and download detailed shareholder data, including: name, address
of record, account number(s), number of shares held in certificate and book-entry form, historical dividend-related information
and cost basis reporting information</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Obtain total outstanding share balances</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Utilize Ultimus&rsquo;s reporting tool to generate comprehensive reports
in a real-time environment, with immediate e-mail delivery</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Issue stock options and effect delivery through the DWAC system</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Update Fund profile and corporate information</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-align: justify; color: #262626">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><FONT STYLE="text-transform: uppercase"><B><U>Control
Books Tracking</U></B></FONT></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Receive daily emails of control books information</TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Review current transactions affecting the number of outstanding shares in a Fund-specified date
range</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>Proxy
Central</U></B></FONT></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Proxy reports (either summarized or detailed) by proposal</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Voting status on the 50 largest accounts</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Shareholders attending the Fund annual meeting</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">DTC position listing</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Broker voting detail</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>ANNUAL SHAREHOLDER MEETING</U></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Process proxy votes for routine/non-routine meetings of the Fund</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Imprint shareholders&rsquo; name on proxy cards</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #262626"><SUP>2</SUP></FONT><FONT STYLE="color: #262626">Mail
material to shareholders</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Prepare and transmit daily proxy tabulation reports to the Fund by
email</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide certified shareholder list in hard copy if requested</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Facilitate proxy distribution mailing</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #262626"><B><U>DIVIDEND DISBURSEMENT</U></B></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Confirm in writing that the dividend notice was received</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Prepare and calculate dividend payments</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Coordinate dividend checks and enclosures (if applicable) mailing
to the shareholders</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Furnish one copy of the dividend register, hard copy or CD-ROM (if
requested)</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Place stop payment orders on reported lost dividend checks</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Issue replacement dividend checks/sales checks</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Provide copies of paid dividend checks upon request (subject to additional
fee)</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Report annual dividend income to shareholders on applicable Form 1099</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">File annual tax information electronically to the Internal Revenue
Service</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Withhold and remit backup withholding taxes as required by the Internal
Revenue Service</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Withhold foreign tax and file foreign tax reports as required by the
Internal Revenue Service</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Maintain custody and control of all undeliverable checks and forward
returned items to shareholders upon confirmation of a current address</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Please note that postage
and processing fees will apply.</FONT></TD>
</TR></TABLE>

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Administration Addendum</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B><U>Unclaimed Property</U></B></FONT></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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Analyze and identify unclaimed or abandoned property across each class
of security (if applicable)</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Prepare and distribute due diligence notices (may incur reimbursable
expenses)</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Prepare unclaimed or abandoned property reports (including null or
negative reports, if applicable)</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Deliver all unclaimed property and reports to the applicable jurisdictions</FONT></TD></TR></TABLE>

<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: 0.5in">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #262626">Respond to shareholder and state inquiries relating to unclaimed property
filings</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: justify">The parties duly executed this Transfer Agent
and Shareholder Services Addendum as of September 30, 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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 STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Herzfeld Caribbean Basin Fund, Inc.</B></P></TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify"><B>Ultimus Fund Solutions, LLC</B></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Thomas J. Herzfeld</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <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">By:</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <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">/s/ Gary Tenkman</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Thomas J. Herzfeld</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">Gary Tenkman</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Chairman</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">CEO and Managing Director</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <DIV STYLE="text-align: center; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">The Herzfeld Caribbean Basin Fund, Inc.</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>Fund Administration Addendum</TD><TD STYLE="text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 4</TD></TR></TABLE><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P></DIV>
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<TYPE>EX-99.25.L
<SEQUENCE>4
<FILENAME>fp0063655_ex9925l.htm
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    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 75%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Troutman Pepper Hamilton Sanders LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">3000 Two Logan Square, Eighteenth and Arch Streets</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Philadelphia, PA 19103-2799</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">troutman.com</P></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March 23, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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 STYLE="width: 50%">
        <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">119 Washington Avenue, Suite 504</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Miami Beach, FL 33139</P></TD>
    <TD STYLE="width: 50%; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><B>The Herzfeld
                                         Caribbean Basin Fund, Inc.<BR>
                                         Investment Company Act of 1940 File No. 811-06445<BR>
                                         Shelf Offering</B></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">Ladies and Gentlemen:</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">We have acted as counsel to The Herzfeld Caribbean Basin Fund, Inc.,
a corporation formed under the laws of the State of Maryland (the &ldquo;Company&rdquo; or &quot;Fund&quot;), in connection with
the registration, under the 1933 Act, of the proposed offering by the Company of additional shares of common stock, par value $0.001
per share (the &ldquo;Shares&rdquo;) on an immediate, delayed or continuous basis in reliance on Rule 415 under the 1933 Act. The
Company is registering currently $88,000,000 of Shares, in accordance with the Fund&rsquo;s registration statement on Form N-2
(File No. 811-06445) (the &quot;Registration Statement&quot;) filed with the Securities and Exchange Commission under the Securities
Act of 1933, as amended (the &quot;1933 Act&quot;) and the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;).</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">You have requested our opinion as to the matters set forth below
in connection with the filing of the Registration Statement. For purposes of rendering that opinion, we have examined the Fund&rsquo;s
Registration Statement, the Articles of Incorporation and By-Laws of the Fund, and the action of the Fund that provides for the
issuance of the Shares, and we have made such other investigation as we have deemed appropriate. We have examined and relied upon
certificates of public officials and, as to certain matters of fact that are material to our opinions, we have also relied on a
certificate of an officer of the Fund. In rendering our opinion, we also have made the assumptions that are customary in opinion
letters of this kind. We have not verified any of those assumptions.</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">Our opinion, as set forth herein, is limited to the federal laws
of the United States of America and the laws of the State of Maryland that, in our experience, generally are applicable to the
issuance of shares by entities such as the Fund. We express no opinion with respect to any other laws.</P>

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

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    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 75%"><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">Page <FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March 2021</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Based upon and subject to the foregoing, we are of the opinion
that:</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. The Shares to be issued pursuant to the Registration Statement
have been duly authorized for issuance by the Fund; and</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. When issued and paid for upon the terms provided in the Registration
Statement, the Shares to be issued pursuant to the Registration Statement will be validly issued, fully paid and nonassessable.</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">This opinion is rendered solely in connection with the filing of
the Registration Statement. We hereby consent to the filing of this opinion with the SEC in connection with the Registration Statement
and to the reference to this firm in the prospectus that is being filed as part of the Registration Statement. In giving our consent
we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the 1933 Act or the
rules and regulations of the SEC thereunder.</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">Very truly yours,</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">/s/ Troutman Pepper Hamilton Sanders LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Troutman Pepper Hamilton Sanders LLP</P>

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

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<TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Mr. Erik M. Herzfeld, President</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Joseph
V. Del Raso, Esq.</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">John P. Falco, Esq.</TD></TR>
</TABLE>
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        <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; text-align: justify"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: bold 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"><FONT STYLE="font-size: 11pt">We have issued
our report dated </FONT>August 24, 2020 <FONT STYLE="font-size: 11pt">with respect to the financial statements and financial highlights
of </FONT>The Herzfeld Caribbean Basin Fund, Inc. <FONT STYLE="font-size: 11pt">contained in the Registration Statement and Prospectus
on Form N-2, as amended, and referenced in the aforementioned report. We consent to the use of the aforementioned report in such
Registration Statement and Prospectus, and to the use of our name as it appears in such Registration Statement and Prospectus.</FONT></P>

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>/s/ TAIT, WELLER &amp; BAKER LLP</B></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"><B>Philadelphia, Pennsylvania</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>March 19, 2021</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose name
appears below hereby nominates, constitutes and appoints Erik M. Herzfeld as his or her true and lawful attorney-in-fact and agent,
with full power to act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to make, execute and sign a Registration Statement on Form N-2 under the Securities Act of
1933, as amended (the &ldquo;Securities Act&rdquo;) and the Investment Company Act of 1940, as amended, of The Herzfeld Caribbean
Basin Fund, Inc. and any and all pre-effective or post-effective amendments thereto (including any and all amendments and any related
registration statements thereto filed pursuant to Rule 462 under the Securities Act and otherwise), and file the same, with all
exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent with full power to act alone, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do
in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitutes, may lawfully do or cause
to be done by virtue hereof.</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">IN WITNESS WHEREOF, the undersigned has executed this instrument
as of the 15<SUP>th</SUP> day of March, 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/John A. Gelety</P></TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">John A. Gelety</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/Cecilia Gondor</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Cecilia Gondor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/Ann S. Lieff</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ann S. Lieff</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/Kay W. Tatum</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dr. Kay W. Tatum</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/Thomas J. Herzfeld</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Thomas J. Herzfeld</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #C10000"><B>The information in this prospectus is not complete
and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any state where the offer and sale is not permitted.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #C10000"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>[FORM OF PROSPECTUS SUPPLEMENT]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(To Prospectus dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 2021)</B></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</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">The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;Fund&rdquo;)
is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, or the &ldquo;1940
Act.&rdquo; The Fund&rsquo;s investment adviser is HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc., or the &ldquo;Adviser.&rdquo;
The Fund&rsquo;s investment objective is long-term capital appreciation. To achieve our objective, we invest in issuers that are
likely, in the Adviser&rsquo;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 former Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica,
Panama, Colombia, the United States and Venezuela, or the &ldquo;Caribbean Basin Countries.&rdquo; We invest at least 80% of our
total assets in equity and equity-linked securities of issuers, including U.S.-based companies which engage in substantial trade
with, and derive substantial revenue from, operations in the Caribbean Basin Countries. The Fund may invest more than 25% of its
total assets in the securities of U.S.-based companies, which constituted approximately [ ] of the Fund&rsquo;s total assets as
of [ ]. Total assets includes the amount of any borrowings for investment purposes. At such time as it becomes legally permissible
for U.S. entities to invest directly in Cuba, the Fund will consider such investments. For additional information, see &ldquo;Investment
Objective and Policies&rdquo; in the accompanying prospectus. Equity and equity-linked securities include, but are not limited
to, common stock, preferred stock, debt securities convertible into equity, warrants, options and futures. An investment in the
Fund is not appropriate for all investors and should not constitute a complete investment program. No assurances can be given that
our investment objective will be achieved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0">Our common stock is traded on the NASDAQ Capital Market
under the symbol &ldquo;CUBA.&rdquo; On [ ], 2021, the last reported sales price on the NASDAQ Capital Market for our common stock
was $[ ] per share. We determine the NAV per share of our common stock no less frequently than monthly. Our NAV per share of our
common stock as of [ ], 2021 was $[ ] (unaudited) and our total net assets were $[ ] (unaudited). As of [ ], 2021, there were [
] shares of our common stock outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

<P STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif; margin: 0">. You should review the information set forth under &ldquo;Risk
Factors and Special Considerations&rdquo; on page [ ] of the accompanying prospectus before investing in our common stock or preferred
stock.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-bottom: 1pt; font-weight: bold; text-align: center"><B>Sales Load</B></TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 11pt"><B>Per Common Share</B></FONT></TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><FONT STYLE="font-size: 11pt"><B>Total<SUP>(1)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Public Offering Price</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">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Underwriting discounts and commissions</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">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds, before expenses, to us</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">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">[ ]</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.5pt solid">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The aggregate expenses of the offering are estimated to be $[&nbsp;&nbsp;&nbsp;&nbsp; ], which represents approximately $[&nbsp;&nbsp;&nbsp;&nbsp; ] per share. </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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The underwriters may also purchase up to an additional [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] common
stock from us at the public offering price, less underwriting discounts and commissions, to cover over-allotments, if any, within
[ &nbsp;] days after the date of this Prospectus Supplement. If the over-allotment option is exercised in full, the total proceeds, before
expenses, to the Fund would be $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] and the total underwriting discounts and commissions would be $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]. The common stock will be
ready for delivery on or about [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&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">Please carefully read this prospectus supplement and the accompanying
prospectus before investing in our common stock and keep each for future reference. This prospectus supplement and the accompanying
prospectus set forth concisely important information about us that a prospective investor ought to know before investing in our
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">The Fund is required to file with or submit to the U.S. Securities
and Exchange Commission, or &ldquo;SEC,&rdquo; annual, semi-annual and quarterly reports, proxy statements and other information
about us. You may request copies of these reports and filings, including this prospectus supplement and accompanying prospectus,
free of charge, make inquiries or request other information about us by contacting us by mail at 119 Washington Avenue, Suite 504
Miami Beach, FL 33139 or by telephone at (800) TJH-FUND (toll-free) or (305) 777-1660. Copies of these reports and filings are
also available free of charge through our website at <I>http://herzfeld.com/cuba</I>. The SEC also maintains a website at <I>http://www.sec.gov
</I>that contains this information. The inclusion of our website address above and elsewhere in this prospectus supplement and
the accompanying prospectus is, in each case, intended to be an inactive textual reference only and not an active hyperlink to
our website. The information contained in, or that can be accessed through, our website is not part of this prospectus supplement
or the accompanying prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">As permitted by regulations adopted
by the Securities and Exchange Commission, paper copies of the Fund&rsquo;s annual and semiannual shareholder reports 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&rsquo;s website, https://www.herzfeld.com/cubafinancialreports, and you will be notified by mail each time a report
is posted and provided with a website link to access the report.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>An investment in our common stock should be considered speculative
and involves a high degree of risk, including the risk of a total loss of investment. Shares of closed-end investment companies
frequently trade at a discount to their net asset value. See &ldquo;Prospectus Supplement Summary&mdash;Summary Risk Factors&rdquo;
beginning on page S-[ ] of this prospectus supplement, &ldquo;Supplemental Risk Factors&rdquo; beginning on page S-[ ] of this
prospectus supplement, &ldquo;Prospectus Summary&mdash;Risk Factors and Special Considerations&rdquo; beginning on page [ ] of
the accompanying prospectus and &ldquo;Risk Factors and Special Considerations&rdquo; beginning on page [ ] of the accompanying
prospectus to read about the risks you should carefully consider before investing in our common stock.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Neither the SEC nor any state securities commission has approved
or disapproved these securities or determined if the prospectus or this prospectus supplement is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>You should rely only on the information contained or incorporated
by reference in this prospectus supplement and the accompanying prospectus. We have not authorized any other person to provide
you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We
are not making an offer to sell these securities in any jurisdiction in which the offer or sale is not permitted.</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>THE OFFERING</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>FEES AND EXPENSES</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>SUPPLEMENTAL RISK FACTORS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>USE OF PROCEEDS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT> </TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT> </TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>PRICE RANGE OF COMMON STOCK</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>PLAN OF DISTRIBUTION</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>LEGAL MATTERS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>EXPERTS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT> </TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>AVAILABLE INFORMATION</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>INCORPORATION BY REFERENCE</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 11pt">S- </FONT></TD>
    </TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt"><B>TABLE OF CONTENTS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; width: 96%"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS SUMMARY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; width: 4%"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Information Regarding the Fund</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">The Offering</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Information Regarding the Adviser and Custodian</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Closed-End Fund Structure</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Investment Focus</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Summary Risk Factors and Special Considerations</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>FEES AND EXPENSES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Fee Table</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>PRICE RANGE OF COMMON STOCK</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Share Price Data</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>USE OF PROCEEDS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>INVESTMENT OBJECTIVE AND POLICIES</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Investment Policies - General</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Special Leverage Considerations</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Repurchase Agreements</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Debt Securities</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Securities Lending</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Portfolio Turnover</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Investment Restrictions</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Risks Related to Offerings Pursuant to this Prospectus</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Discount From Net Asset Value</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Risks of Investing in Caribbean Basin Countries</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Risks Related to Equity and Equity-Linked Securities</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Risk Relating to Our Adviser and its Affiliates</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>MANAGEMENT OF THE FUND</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Board of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Information About Directors and Officers</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Risk Oversight</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Committees of the Board</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Ownership of the Fund By Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Director Compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Investment Adviser and Portfolio Manager</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Investment Adviser</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 20pt"><FONT STYLE="font-size: 11pt">Portfolio Managers</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Investment Advisory Agreement</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Benefit to the Adviser</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Rights Offerings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Expenses of the Fund</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>PORTFOLIO TRANSACTIONS AND BROKERAGE</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>REGULATION AS A REGISTERED CLOSED-END MANAGEMENT INVESTMENT COMPANY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">General</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Code of Ethics</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Compliance Policies and Procedures</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Sarbanes-Oxley Act of 2002</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Proxy Voting Policies and Procedures</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>DESCRIPTION OF COMMON STOCK</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Share Repurchases and Tender Offers</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Certain Provisions of Articles of Incorporation and Bylaws</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt">Subscription Rights</TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>DIVIDENDS AND DISTRIBUTIONS; DIVIDEND REINVESTMENT PLAN</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>PLAN OF DISTRIBUTION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>TAXATION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 10pt"><FONT STYLE="font-size: 11pt">Federal Taxation of the Fund and its Distributions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>DETERMINATION OF NET ASSET VALUE</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING AGENT, AND REGISTRAR</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>LEGAL MATTERS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>EXPERTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 11pt"><B>AVAILABLE INFORMATION</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>INCORPORATION BY REFERENCE</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>APPENDIX A</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>APPENDIX B</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">B-1</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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</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">The Fund has filed with the SEC a registration statement on Form
N-2 (Securities Act File No. 333-202213;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment Company Act File No. 811-06445) utilizing a shelf registration
process relating to the securities described in this prospectus supplement, which registration statement was declared effective
on [ ]. This document is in two parts. The first part is the prospectus supplement, which describes the terms of this offering
of common stock and also adds to and updates information contained in the accompanying prospectus. The second part is the accompanying
prospectus, which gives more general information and disclosure. To the extent the information contained in this prospectus supplement
differs from or is additional to the information contained in the accompanying prospectus, you should rely only on the information
contained in this prospectus supplement. This prospectus supplement may add, update or change information contained in the accompanying
prospectus. To the extent that any statement we make in this prospectus supplement is inconsistent with statements made in the
accompanying prospectus or any previously filed documents incorporated by reference herein or therein, the statements made in this
prospectus supplement will be deemed to modify or supersede those made in the accompanying prospectus and such documents incorporated
by reference herein and therein. Please carefully read this prospectus supplement and the accompanying prospectus, including the
sections entitled &ldquo;Prospectus Supplement Summary&mdash;Summary Risk Factors&rdquo; and &ldquo;Supplemental Risk Factors&rdquo;
in this prospectus supplement and &ldquo;Prospectus Summary&mdash;Risk Factors and Special Considerations&rdquo; and &ldquo;Risk
Factors and Special Considerations&rdquo; in the accompanying prospectus, together with the additional information described under
the heading &ldquo;Available Information&rdquo; included in this prospectus before investing in our common stock.</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>Neither we nor [ ] has authorized any dealer, salesperson, representative
or other person to give any information or to make any representation other than those contained in this prospectus supplement,
if any, or incorporated by reference or the accompanying prospectus. If anyone provides you with different or inconsistent information,
you should not rely on it. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or a solicitation
of any offer to buy any security other than the registered securities to which they relate, nor do they constitute an offer to
sell or a solicitation of an offer to buy any securities in any jurisdiction or to any person to whom it is unlawful to make such
an offer or solicitation in such jurisdiction.</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>The information contained in this prospectus supplement and the
accompanying prospectus is accurate as of the dates on their respective covers. Our financial condition, results of operations
and prospects may have changed since those dates. To the extent required by law, we will amend or supplement the information contained
in this prospectus supplement and the accompanying prospectus to reflect any material changes subsequent to the date of this prospectus
supplement and the accompanying prospectus and prior to the completion of any offering pursuant to this prospectus supplement and
the accompanying prospectus.</B></P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROSPECTUS SUPPLEMENT SUMMARY</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 0 0 5.55pt"><I>This summary highlights some information that is described
more fully elsewhere in this prospectus supplement and is qualified in its entirety by the more detailed information included elsewhere
in this prospectus supplement and the accompanying prospectus. This summary does not purport to be a complete discussion of all
matters referred to in this prospectus supplement and may not contain all of the information that is important to you. For a more
complete understanding of the offering of shares of our common stock pursuant to this prospectus supplement and the accompanying
prospectus, we encourage you to read this entire prospectus supplement and the accompanying prospectus and the documents to which
we have referred in this prospectus supplement and the accompanying prospectus. Together, these documents describe the specific
terms of the shares we are offering.</I></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 0 0 5.55pt"><I>You should carefully read the sections entitled &ldquo;&mdash;Summary
Risk Factors&rdquo; and &ldquo;Supplemental Risk Factors&rdquo; in this prospectus supplement and &ldquo;Prospectus Summary&mdash;Risk
Factors and Special Considerations&rdquo; and &ldquo;Risk Factors and Special Considerations in the accompanying prospectus, and
our financial statements included in our Annual Report to stockholders for the fiscal year ended June 30, [ ], filed with the SEC
on [ ]. References to &ldquo;fiscal year&rdquo; mean our applicable fiscal year which ends on June 30th in such year.</I></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"><I>Except where the context requires otherwise, the terms the &ldquo;Fund,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to The Herzfeld Caribbean Basin Fund, Inc. and the &ldquo;Adviser&rdquo;
refers to HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc.</I></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 258.6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">The Fund is a non-diversified, closed-end management
investment company organized under the laws of the State of Maryland that has registered as an investment company under the 1940
Act. The Fund has elected and intends to continue to qualify annually to be treated as a regulated investment company under the
Internal Revenue Code of 1986, as amended, or the &ldquo;Code.&rdquo;</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 0 0 5.55pt">Our investment objective is long-term capital appreciation.
To achieve our objective, we invest in issuers that are likely, in the Adviser&rsquo;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 former Netherlands Antilles, the Commonwealth
of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, the United States and Venezuela, or the &ldquo;Caribbean
Basin Countries.&rdquo; We invest at least 80% of our total assets in equity and equity-linked securities of issuers, including
U.S.-based companies which engage in substantial trade with, and derive substantial revenue from, operations in the Caribbean Basin
Countries. The Fund may invest more than 25% of its total assets in the securities of U.S.-based companies, which constituted approximately
[ ]% of the Fund&rsquo;s total assets as of [ ]. Total assets includes the amount of any borrowings for investment purposes. At
such time as it becomes legally permissible for U.S. entities to invest directly in Cuba, the Fund will consider such investments.
For additional information, see &ldquo;Investment Objective and Policies&rdquo; in the accompanying prospectus. Equity and equity-linked
securities include, but are not limited to, common stock, preferred stock, debt securities convertible into equity, warrants, options
and futures. An investment in the Fund is not appropriate for all investors and should not constitute a complete investment program.
No assurances can be given that our investment objective will be achieved.</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 0 0 5.55pt"><B>Distributions</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 0 0 5.55pt">We currently intend to distribute to stockholders, in
conformity with its Managed Distribution Policy, and at least annually at such time so as to avoid imposition of excise taxes,
substantially all of our investment company taxable income (i.e., net investment income and any net short-term capital gains less
expenses). Net investment income for this purpose is income other than realized net capital gain (i.e., the extent of net long-term
capital gains over net short-term capital losses). We determine annually whether to distribute any net realized long-term capital
gains in excess of net realized short-term capital losses. Our current policy is to comply with the provisions of the Code, that
are applicable to regulated investment companies and to distribute substantially all our taxable income to our stockholders. Under
these provisions, we are not subject to federal income tax on our taxable income and no federal tax provision is required.</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">We paid annual distributions to our common stockholders of [ ].</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">For additional information, see &ldquo;Dividends and Distributions;
Dividend Reinvestment Plan&rdquo; and &ldquo;Taxation&rdquo; in the accompanying prospectus.</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 0 0 5.55pt"><B>Closed-End Fund Structure</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 0 0 5.55pt">The Fund is a non-diversified, closed-end management
investment company under the 1940 Act, commonly referred to as a &quot;closed-end fund.&quot; Closed-end management investment
companies differ from open-end management investment companies (commonly referred to as &quot;mutual funds&quot;) in that closed-end
funds generally list their shares for trading on a stock exchange and do not redeem their stock at the request of the stockholder.
This means that if a stockholder wishes to sell shares of a closed-end management investment company, he or she must trade them
on the market, like any other stock, at the prevailing market price at that time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">With respect to a mutual fund, if the stockholder wishes
to sell shares of the company, the mutual fund will redeem, or buy back, the shares at NAV. Mutual funds also generally offer new
shares on a continuous basis to new investors, and closed-end management investment companies generally do not. The continuous
inflows and outflows of assets in a mutual fund can make it difficult to manage the company's investments. By comparison, closed-end
management investment companies are generally able to stay more fully invested in securities that are consistent with their investment
objectives and also have greater flexibility to make certain types of investments and to use certain investment strategies, such
as investments in illiquid 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 0 0 5.55pt">When shares of closed-end management investment companies
are traded, they may trade at a discount to their NAV. This characteristic of shares of closed- end management investment companies
is a risk separate and distinct from the risk that the closed-end management investment company's NAV may decrease as a result
of investment activities. Our conversion to an open-end mutual fund would require an amendment to the Fund&rsquo;s articles of
incorporation.</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 0 0 5.55pt"><B>Investment Focus</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 0 0 5.55pt">The Fund&rsquo;s investment objective is to obtain long-term
capital appreciation. This objective may not be changed without the prior approval of the holders of a majority of the Fund&rsquo;s
outstanding voting securities. As further described below, 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, (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 a Caribbean Basin Country, which we refer to collectively
as &ldquo;Caribbean Basin Companies.&rdquo; Current income through receipt of interest or dividends from the Fund&rsquo;s securities
is incidental to the Fund&rsquo;s efforts to attain its investment objective.</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 0 0 5.55pt">The Fund invests in Caribbean Basin Companies that are
likely, in the opinion of the Adviser, to benefit from economic, political, structural and technological developments in the Caribbean
Basin Countries. Under normal market conditions, the Fund invests at least 80% of its total assets in equity and equity-linked
securities of Caribbean Basin Companies. This 80% policy may be changed without stockholder approval upon sixty days written notice
to stockholders. Total assets includes the amount of any borrowings for investment purposes. The Fund may invest more than 25%
of its total assets in the securities of U.S.-based companies, which constituted approximately [ ] of the Fund&rsquo;s total assets
as of[ ].</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 0 0 5.55pt">Investment in Cuban securities or any investment in Cuba
directly or indirectly is currently prohibited under U.S. law. At such time as it becomes legally permissible for U.S. entities
to invest directly in Cuba, the Fund will consider such investments. U.S. law currently prohibits the Fund from investing its assets
in securities of companies that benefit from free trade with Cuba, which we refer to as &ldquo;companies strategically linked to
Cuba.&rdquo; Companies strategically linked to Cuba may include a company that benefits from free trade with Cuba, but does not
meet the definition of Caribbean Basin Company set forth above. If permitted to make such investments upon a lifting or easing
of the U.S. trade embargo against Cuba or pursuant to regulations promulgated by a department or agency of the U.S. Government,
the Fund may invest up to 20% of its assets in equity and equity-linked securities of non-Caribbean Basin Companies strategically
linked to Cuba.</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">There can be no assurances that the U.S. trade
embargo against Cuba will ever be lifted or eased or, if and when such lifting or easing of the embargo commences, that the
Adviser will be able to identify direct investments in issuers domiciled in Cuba that are acceptable for the Fund. If
investment in securities issued by companies domiciled in Cuba were to be permitted under U.S. law, certain risks and special
considerations not typically associated with investing in securities of U.S. companies would be relevant to such securities.
These risks include, among others, restrictions on foreign investment and on repatriation of capital invested in Cuba,
unstable currency exchange and fluctuation, the absence of a capital market structure or market oriented economy, potential
price volatility and lesser or lack of liquidity of shares listed on a securities market (if one is established), continued
political and economic risks and other risks described in &ldquo;&mdash;Summary Risk Factors&rdquo; in this prospectus
supplement and &ldquo;Prospectus Summary&mdash;Risk Factors and Special Considerations&rdquo; and &ldquo;Risk Factors and
Special Considerations&rdquo; in the accompanying prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">Equity securities of public and private companies that
may be purchased by the Fund consist of common stock, convertible and non-convertible preferred stock (whether voting or non-voting),
debt with equity warrants and unattached warrants. Debt issued with a warrant entitles the holder to purchase equity shares and
differs from convertible debt because the conversion feature is in the form of a separately traded warrant. Equity-linked securities
of public and private companies that may be purchased by the Fund consist of debt securities convertible into equity and securities
such as warrants, options and futures, the prices of which are functions of the value of the equity securities receivable upon
exercise or settlement thereof.</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 0 0 5.55pt">We may invest up to 20% of our assets in non-equity linked
debt securities including foreign denominated corporate debt and sovereign debt issued by foreign governments, their agencies or
instrumentalities, or other government-related entities.</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">For more information, see &ldquo;Investment Objective and Policies&rdquo;
in the accompanying prospectus.</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 0 0 5.55pt"><B>Investment Opportunity</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 0 0 5.55pt">We intend to use all or substantially all of the net
proceeds from this offering, if any, to acquire investments in accordance with our investment objective and policies as described
in this prospectus supplement and for general corporate purposes. Our Adviser believes any such net proceeds may permit the Fund
to make strategic investments in additional securities of issuers currently held by us or in other issuers not currently held by
us without having to dispose of any securities we hold. Accordingly, we believe this offering may permit the Adviser to implement
the Fund&rsquo;s investment strategy more effectively. In addition to providing us the ability to invest pursuant to our investment
strategy with more flexibility and efficiency, we may achieve certain economies of scale by spreading our fixed costs over a larger
asset base, thereby reducing the Fund&rsquo;s expense ratio per share. See also &ldquo;Use of Proceeds&rdquo; in this prospectus
supplement.</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 0 0 5.55pt"><B>Summary Risk Factors</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 0 0 5.55pt">The value of our assets, as well as the market price
of our securities, will fluctuate. Our investments may be risky, and you may lose all or part of your investment in us. The Fund
is a non-diversified, closed-end investment company designed primarily as a long-term investment and not as a trading tool. The
Fund invests generally in a portfolio of Caribbean Basin Companies. An investment in the Fund should be considered speculative
and involves a high degree of risk. The Fund&rsquo;s shares do not represent a deposit or obligation of, and are not guaranteed
or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance
Corporation, the Federal Reserve Board or any governmental agency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Risks that you should carefully consider before investing in our
common stock include, but are not limited to, the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Investing in the securities of Caribbean Basin Companies involves certain risks and considerations not typically associated
with investing in securities of U.S. issuers, including, but not limited to, currency fluctuations, political and economic risks,
limited liquidity, high inflation and monetary repatriation restrictions.</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 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Equity securities in which we invest are sensitive to general movements in the stock market, may
experience a decline in value due to adverse events affecting the issuer of such securities and, in the event of liquidation or
bankruptcy of the issuer, would generally have a lower priority with respect to any distribution of the assets of the issuer than
holders of other classes of securities or creditors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Equity-linked securities are subject to market risk and other risks of the referenced equity security, risks related to the
market prices for debt securities and counterparty risk, among other risks.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Investment in Cuban securities or any investment in Cuba directly or indirectly is currently prohibited under U.S. law; if
investment in securities issued by companies domiciled in Cuba were to be permitted under U.S. law, certain risks and special considerations
not typically associated with investing in securities of U.S. companies would be relevant to those securities.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>As a &ldquo;non-diversified&rdquo; investment company, the Fund&rsquo;s investments involve greater risks than would be the
case for a similar diversified investment company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>The Adviser&rsquo;s judgment about the attractiveness, relative value or potential appreciation of a particular security or
investment strategy may prove to be incorrect.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>The Fund&rsquo;s
                                         Managed Distribution Policy may cause a decrease the Fund&rsquo;s total assets that could
                                         increase the Fund&rsquo;s expense ratio. In addition, in order to distributions, the
                                         Fund may have to sell a portion of its investment portfolio.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may not distribute to stockholders any net realized long-term capital gains in excess of net realized short-term capital
losses.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>A stockholder&rsquo;s economic and/or voting interest in the Fund may be diluted if we issue additional shares of common stock
in this offering or in any subsequent offering.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Certain provisions in our articles of incorporation, as amended, and our bylaws could deter takeover attempts and have an adverse
impact on the price of our common stock.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Certain local or global events have had, and may in the future have, a disruptive effect on the securities markets, including
the market on which our common stock is traded.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Pandemic outbreaks could severe market dislocations and liquidity constraints in many markets.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>The NAV of our common stock may fluctuate significantly, and the NAV and liquidity of the market for shares of our common stock
may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our
operating performance.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below NAV per share.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Securities traded in foreign markets have often (though not always) performed differently from securities traded in the United
States and often involve special risks not present in U.S. investments that can increase the chances that we will lose money.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may invest from time to time a substantial amount of our assets in issuers located in a single country or a limited number
of countries, which may increase the risk and/or volatility of our investment performance.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Changes in foreign currency exchange rates may affect the value of our portfolio as securities and other instruments in which
we invest may be denominated or quoted in currencies other than the U.S. dollar.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>The risks associated with investments in emerging markets, including many Caribbean Basin Countries in which we invest, are
usually much greater than those associated with other foreign or U.S. markets.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Certain actual or potential conflicts of interest and risks may arise in connection with the Adviser, including conflicts of
interest caused by compensation arrangements, competition for the time and resources of the Adviser, conflicts of interest in connection
with the management of the Fund&rsquo;s business affairs, conflicts of interest with the Adviser&rsquo;s management of other accounts,
risk due to the Adviser&rsquo;s actions on behalf of its other accounts and clients, risk due to inside information and risk in
transactions with affiliates.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Shares of our common stock may trade at a market price that is less than the NAV attributable to those shares.</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 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Sales of our common stock in this offering, or the perception that such sales may occur, may cause the market price of our
common stock to decline.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may allocate the net proceeds, if any, from this offering in ways with which you may not agree or which may not enhance
stockholder value.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may be unable to invest a portion of the net proceeds, if any, from this offering in a timely manner.</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 5.55pt">The risks and special considerations discussed above
apply generally to the investments and strategies that the Adviser will use under normal market conditions. The Fund and the Adviser
also may use other strategies and engage in other investment practices. Additional information about these investment strategies
and practices and related risks is provided in the accompanying prospectus.</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 0 0 5.55pt">For more information about the risks described above
and other risks, see &ldquo;Supplemental Risk Factors&rdquo; in this prospectus supplement and &ldquo;Prospectus Summary&mdash;Risk
Factors and Special Considerations&rdquo; and &ldquo;Risk Factors and Special Considerations&rdquo; in the accompanying prospectus.
In addition, the other information included in this prospectus supplement and the accompanying prospectus contains a discussion
of factors you should carefully consider before deciding to invest in shares of our common stock.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>Corporate Information</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">We were incorporated in the State of Maryland on March 10, 1992
and completed our initial public offering in 1993. We are a non-diversified closed-end management investment company that has
registered as an investment company under the 1940 Act. Our offices are located at 119 Washington Avenue, Suite 504 Miami Beach,
FL 33139, and our telephone number is (800) TJH-FUND (toll-free) or (305) 777-1660. Our website address is <I>http://herzfeld.com/cuba</I>.
The inclusion of our website address above and elsewhere in this prospectus supplement and the accompanying prospectus is, in
each case, intended to be an inactive textual reference only and not an active hyperlink to our website. The information contained
in, or that can be accessed through, our website is not part of this prospectus supplement or the accompanying prospectus. Information
contained on our website is not incorporated by reference into this prospectus supplement or any accompanying prospectus.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border-right: Black 1pt solid; width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; border-left: Black 1pt solid">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Common stock offered by us</FONT></TD>
    <TD STYLE="width: 62%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Shares of our common stock having an aggregate offering
price of up to $[ ].&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Common stock outstanding prior to this offering&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] shares.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Manner of offering</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[ ] See &ldquo;Plan of Distribution.&rdquo;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Use of Proceeds</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0pt">We
intend to use all or substantially all of the net proceeds from this offering, if any, for acquiring investments in accordance
with our investment objective and policies described in this prospectus supplement and for general corporate purposes. The Adviser
anticipates that such proceeds, if received, will be invested promptly as investment opportunities are identified, depending on
market conditions and the availability of appropriate securities, which we anticipate will take not more than approximately three
to six months from the time of any sales made under this offering. Pending investment, the proceeds will be invested in short-term
cash-equivalent instruments. Although the Adviser anticipates that all of the proceeds from this offering will be invested pursuant
to our investment objective and policies, some of the proceeds may be used to make capital gain distributions required to maintain
our tax status as a regulated investment company. To the extent necessary, a portion of the increase in the Fund&rsquo;s assets
will also be used to maintain the Fund&rsquo;s Managed Distribution Policy. See &ldquo;Use of Proceeds&rdquo; in this prospectus
supplement.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Distributions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">We distribute annually to our stockholders substantially
all of our net investment income and net short-term capital gains, if any. We determine annually whether to distribute any net
realized long-term capital gains in excess of net realized short-term capital losses. See &ldquo;Prospectus Supplement Summary&mdash;Distributions&rdquo;
in this prospectus supplement and &ldquo;Dividends and Distributions; Dividend Reinvestment Plan&rdquo; and &ldquo;Taxation&rdquo;
in the accompanying prospectus.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">NASDAQ Capital Market symbol of common stock&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">&ldquo;CUBA&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Risk Factors</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">An investment in our common stock is subject to risks and
involves a heightened risk of total loss of investment. In addition, the companies in which we invest are subject to special risks.
See &ldquo;Prospectus Supplement Summary&mdash;Summary Risk Factors&rdquo; and &ldquo;Supplemental Risk Factors&rdquo; in this
prospectus supplement and &ldquo;Prospectus Summary&mdash;Risk Factors and Special Considerations&rdquo; and &ldquo;Risk Factors
and Special Considerations&rdquo; in the accompanying prospectus to read about factors you should carefully consider before investing
in our common stock.&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FEES AND EXPENSES</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">The following table is intended to assist you in understanding the
costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table
below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus supplement and the accompanying
prospectus contains a reference to fees or expenses paid by &ldquo;us&rdquo; or the Fund or that &ldquo;we&rdquo; will pay fees
or expenses, you will indirectly bear such fees or expenses as an investor in 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%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 93%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Fee Table</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 93%"><FONT STYLE="font-size: 11pt"><I>Stockholder Transaction Expenses:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Sales load (as a percentage of the offering price)(1)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Offering expenses borne by us (as a percentage of offering price) (2)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Dividend reinvestment plan fees&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Total stockholder transaction expenses (as a percentage of offering price).</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 93%"><FONT STYLE="font-size: 11pt"><I>Annual Expenses (as a percentage of net assets attributable to common shares):</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Management Fees&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Other expenses (3)(estimated)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Acquired fund fees and expenses(4) </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Total Annual Expenses (estimated)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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 actual amounts in connection with
                                         any offering will be set forth in the prospectus supplement if applicable. During the
                                         fiscal year ended June 30, [ ], the Adviser voluntarily waived its management fee by
                                         [] basis points in support of the Fund&rsquo;s initiative to attempt to reduce the stock
                                         price discount to NAV.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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 offering expenses of this offering
                                         are estimated to be approximately $[ ]</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">(3)</TD><TD STYLE="text-align: justify">&ldquo;Other expenses&rdquo; are for
                                         the current fiscal year after giving effect to anticipated net proceeds of the offering,
                                         assuming that we incur the estimated offering expenses. These expenses will be borne
                                         by the holders of the shares of Common Stock of the Fund and result in a reduction in
                                         the NAV of the shares of Common Stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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">(4)</TD><TD STYLE="text-align: justify">&ldquo;Acquired Fund Fees and Expenses&rdquo;
                                         are [ ]%. Total Annual Expenses may not correlate to the ratio of expenses to average
                                         net assets disclosed in the Fund&rsquo;s annual and semi-annual reports to stockholders
                                         in the financial highlights table, which reflects operating expenses of the Fund and
                                         does not include &ldquo;Acquired Fund&rdquo; fees and expenses. The Fund&rsquo;s Total
                                         Annual Expenses, after the Adviser&rsquo;s voluntary waiver of [ ] basis points of its
                                         management fee, is [ ]%.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>Example</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The following example demonstrates the projected dollar amount of
total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock.
In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set
forth in the table above, and that we pay the transaction expenses set forth in the table above, including a sales load of [ ]%
paid by you (the commission to be paid by us with respect to common stock sold by us in this offering).</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%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Cumulative Expenses Paid for the Period of:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">1 year</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">3 years</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">5 years</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">10 years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"> <FONT STYLE="font-size: 11pt">An investor
    would pay the following <BR>
expenses on a $1,000 investment, <BR>
assuming a 5% annual return:&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #070707"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #070707"><B>The example and the expenses in
the tables above should not be considered a representation of past or future expenses or annual rates of return and actual expenses
or annual rates of return may be more or less than those shown.</B></FONT> The foregoing table and example are intended to assist
investors in understanding the costs and expenses that an investor in the Fund will bear directly or indirectly. &ldquo;Other Expenses&rdquo;
are based on estimated amounts for the current fiscal year. See &ldquo;Management of the Fund&rdquo; in the accompanying prospectus
for additional information.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The example assumes the reinvestment of all dividends and distributions
at NAV and an expense ratio of [ ]%. The tables above and the assumption in the example of a 5% annual return are required by SEC
regulations applicable to all investment companies. In addition, while the example assumes the reinvestment of all dividends and
distributions at NAV, participants in the Dividend Reinvestment Plan may receive shares purchased or issued at a price or value
different from NAV. See &ldquo;Dividends and Distributions; Dividend Reinvestment Plan&rdquo; in the accompanying prospectus.</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"><B>SUPPLEMENTAL RISK FACTORS</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"><I>Investing in our securities involves a number of significant
risks. Before you invest in our securities, you should be aware of various risks, including those described below and those set
forth elsewhere in this prospectus supplement and in the accompanying prospectus. You should carefully consider these risk factors,
together with all of the other information included in this prospectus supplement and the accompanying prospectus, before you decide
whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties
not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the
following events occur, our business, financial condition, and results of operations could be materially and adversely affected.
In such case, our NAV and the trading price of our securities could decline, and you may lose all or part of your investment.</I></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>Risks Related to This Offering</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; text-indent: 26.7pt"><I>Issuances of Our Common Stock.</I> Sales
of our common stock in this offering, or the perception that such sales may occur, could cause the market price of our common stock
to fall. We may issue and sell shares of our common stock for aggregate gross proceeds of up to $[ ] [from time to time] in connection
with this offering. The issuance and sale [from time to time] of these new shares of common stock, or the perception that such
sales may occur, could have the effect of depressing the market price of our common stock or could impair our ability to raise
capital through a future sale of our equity 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; text-indent: 26.7pt"><I>Allocation of Net Proceeds.</I> We may allocate
any net proceeds from this offering in ways with which you may not agree. We have significant flexibility in investing the net
proceeds of this offering and may use the net proceeds from this offering in ways with which you may not agree or for purposes
other than those intended at the time of this offering. You will not have the opportunity, as part of your investment decision,
to assess whether the proceeds are being used appropriately. If we do not invest or apply any net proceeds from this offering in
ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause the market price of our
common stock to decline.</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-indent: 26.7pt"><I>Time Necessary to Invest.</I> Delays in
investing the net proceeds, if any, raised in this offering could harm our financial condition and operating results. Depending
on market conditions and the availability of appropriate securities, we anticipate it will take not more than approximately three
to six months from the time of any sales made under this offering to invest the net proceeds of any such sales in investments meeting
our investment objective. Pending investment, the proceeds will be invested in short-term cash-equivalent instruments. These investments
may earn yields substantially lower than the income that we would anticipate receiving if all</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">or substantially all of the net proceeds of any sales under this
offering are invested in accordance with our investment objective. However, we cannot assure you that we will be able to identify
any investments that meet our investment objective or that any investment that we make will produce a positive return. We may be
unable to invest the net proceeds of this offering, if any, on acceptable terms within the time period that we anticipate or at
all, which could harm our financial condition and operating results.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">We estimate the net proceeds of the offering to be $[ &nbsp;&nbsp;&nbsp;&nbsp;] ($[&nbsp;&nbsp;&nbsp;&nbsp; ] if
the over-allotment options is exercised in full) based on the public offering price of $[&nbsp;&nbsp;&nbsp;&nbsp; ] per share and after deducting underwriting
discounts and commissions and estimated offering expenses payable by us.</P>

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

<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Unless otherwise specified in the prospectus supplement, we intend
to use all or substantially all of the net proceeds from a sale of our securities pursuant to this prospectus supplement, if any,
for acquiring investments in accordance with our investment objective and policies described in this prospectus supplement and
for general corporate purposes. The Adviser anticipates that such proceeds, if received, will be invested promptly as investment
opportunities are identified, depending on market conditions and the availability of appropriate securities, which we anticipate
will take not more than approximately three to six months from the closing of any offering. Pending investment, the proceeds will
be invested in short-term cash-equivalent instruments. Although the Adviser anticipates that a substantial portion of the proceeds
from any offering will be invested pursuant to the Fund&rsquo;s investment objective and policies, some of the proceeds may be
used to make capital gain distributions required to maintain the Fund&rsquo;s tax status as a regulated investment company. To
the extent necessary, a portion of the increase in the Fund&rsquo;s assets will also be used to maintain the Fund&rsquo;s Managed
Distribution Policy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PRICE RANGE OF COMMON STOCK</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Shares are traded on the NASDAQ Capital Market. During each
completed fiscal quarter of the Fund during the past two fiscal years and during the current fiscal year, the highest and lowest
NAV and Market Price per Share, and the highest and lowest premium/discount were as follows:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Premium/</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Premium/</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>NAV</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(Discount)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>NAV</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(Discount)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on High</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on High</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on Low</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on Low</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Ended</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>High </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Low </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</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">[To be provided.]</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[To be provided.]</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"><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Troutman Pepper Hamilton Sanders LLP, 3000
Two Logan Square, 18<SUP>th</SUP> and Arch Streets, Philadelphia, PA 19103 serves as counsel to the Fund.</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: center"><B>EXPERTS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The independent registered accounting firm of the Fund is [ ], located
at [ ]. As the independent registered public accounting firm of the Fund, [ ] is an expert in accounting and auditing and audited
the Fund&rsquo;s financial statements included in the Fund&rsquo;s Annual Report to Stockholders for the fiscal year ended [ ]
(the &ldquo;Annual Report&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AVAILABLE INFORMATION</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">We have filed with the SEC a registration statement on Form N-2
together with amendments and related exhibits under the Securities Act. The registration statement contains additional information
about us and the securities being offered by this prospectus supplement and the accompanying prospectus. We are also required
to file with or submit to the SEC annual, semi-annual and quarterly reports, proxy statements and other information about us.
You may request copies of these reports and filings, including this prospectus supplement and accompanying prospectus, free of
charge, make inquiries or request other information about us by contacting us by mail at 119 Washington Avenue, Suite 504 Miami
Beach, FL 33139, or by telephone at (800) TJH-FUND (toll-free) or (305) 271-1900. Copies of these reports and filings are also
available free of charge through our website at <I>http://herzfeld.com/cuba</I>. The inclusion of our website address above and
elsewhere in this prospectus supplement is, in each case, intended to be an inactive textual reference only and not an active
hyperlink to our website. The information contained in, or that can be accessed through, our website is not part of this prospectus
supplement. Information contained on our website is not incorporated by reference into this prospectus sup<FONT STYLE="color: Black">plement
or any accompanying prospectus.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: justify; color: blue"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: justify; color: blue"><FONT STYLE="color: Black">The
SEC maintains an Internet site that contains reports, proxy and information statements and other information filed electronically
by us with the SEC which are available on the SEC's website at <I>http://www.sec.gov. </I>Copies of these reports, proxy and information
statements and other information may also be obtained, upon paying a duplicating fee, by electronic request at the following e-mail
address: publicinfo@sec.gov.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: justify; color: blue"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 14 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: blue"><FONT STYLE="color: Black"><B>INCORPORATION
BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; color: blue"><FONT STYLE="color: Black">This prospectus
is part of a registration statement that the Fund has filed with the SEC. The Fund is permitted to &ldquo;incorporate by reference&rdquo;
the information that it files with the SEC, which means that the Fund can disclose important information to you by referring you
to those documents. The information incorporated by reference is an important part of this prospectus supplement and the accompanying
prospectus, and later information that the Fund files with the SEC will automatically update and supersede this information.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; color: blue"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt"><FONT STYLE="color: Black">The documents listed below,
and any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and Sections
13(a/), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering, are incorporated by reference into this
prospectus supplement and the accompanying prospectus and deemed to be part of this prospectus supplement and the accompanying
prospectus from the date of the filing of such reports and documents:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">[To be provided.]</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; color: blue"><FONT STYLE="color: Black">To obtain copies
of these filings, see &ldquo;Available Information&rdquo; above.</FONT></P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 91px; width: 108px"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #C10000"><B>The information in this prospectus is not complete
and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any state where the offer and sale is not permitted.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>[FORM OF PROSPECTUS SUPPLEMENT]</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(To Prospectus dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 2018)</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Subscription Rights for Common Stock</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;Fund&rdquo;,
&ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo;) is issuing subscription rights (the &ldquo;Rights&rdquo;) to our common
stockholders to purchase additional shares of common stock.</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. (the &ldquo;Fund&rdquo;)
is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, or the &ldquo;1940
Act&rdquo;. The Fund&rsquo;s investment adviser is HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc., or the &ldquo;Adviser&rdquo;.
The Fund&rsquo;s investment objective is long-term capital appreciation. To achieve its objective, the Fund invests in issuers
that are likely, in the Adviser&rsquo;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 former Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala,
Belize, Costa Rica, Panama, Colombia, the United States and Venezuela, or the &ldquo;Caribbean Basin Countries&rdquo;. The Fund
invests at least 80% of its total assets in a broad range of securities of issuers, including U.S.-based companies which engage
in substantial trade with, and derive substantial revenue from, operations in the Caribbean Basin Countries. The Fund may invest
more than 25% of its total assets in the securities of U.S.-based companies, which constituted approximately [ ]% of the Fund&rsquo;s
total assets as of [ ]. Total assets includes the amount of any borrowings for investment purposes. At such time as it becomes
legally permissible for U.S. entities to invest directly in Cuba, the Fund will consider such investments. For additional information,
see &ldquo;Investment Objective and Policies&rdquo; in the accompanying prospectus. Equity and equity-linked securities include,
but are not limited to, common stock, preferred stock, debt securities convertible into equity, warrants, options and futures.
An investment in the Fund is not appropriate for all investors and should not constitute a complete investment program. No assurances
can be given that the Fund&rsquo;s objective will be achieved.</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; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0">Our common stock is traded on the NASDAQ Capital Market
under the symbol &ldquo;CUBA.&rdquo; On [ ], 2018, the last reported sales price on the NASDAQ Capital Market for our common stock
was $[ ] per share. We determine the NAV per share of our common stock no less frequently than monthly. Our NAV per share of our
common stock as of [ ], 2018 was $[ ] (unaudited) and our total net assets were $[ ] (unaudited). As of [ ], 2018, there were [
] shares of our common stock outstanding.</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"><B>Neither the Securities and Exchange Commission
(&ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved these securities or determined if the accompanying
prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>You should rely only on the information contained or incorporated
by reference in this prospectus supplement and the accompanying prospectus. We have not authorized any other person to provide
you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We
are not making an offer to sell these securities in any jurisdiction in which the offer or sale is not permitted.</B></P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Please carefully read this prospectus supplement and the accompanying
prospectus before investing in our common stock and keep each for future reference. This prospectus supplement and the accompanying
prospectus set forth concisely important information about us that a prospective investor ought to know before investing in our
securities. The Fund is required to file with or submit to the U.S. Securities and Exchange Commission, or &ldquo;SEC,&rdquo; annual,
semi-annual and quarterly reports, proxy statements and other information about us. You may request copies of these reports and
filings, including this prospectus supplement and accompanying prospectus, free of charge, make inquiries or request other information
about us by contacting us by mail at 119 Washington Avenue, Suite 504 Miami Beach, FL 33139 or by telephone at (800) TJH-FUND (toll-free)
or (305) 271-1900. Copies of these reports and filings are also available free of charge through our website at <I>http://herzfeld.com/cuba</I>.
The SEC also maintains a website at <I>http://www.sec.gov </I>that contains this information. The inclusion of our website address
above and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">elsewhere in this prospectus supplement and
the accompanying prospectus is, in each case, intended to be an inactive textual reference only and not an active hyperlink to
our website. The information contained in, or that can be accessed through, our website is not part of this prospectus supplement
or the accompanying prospectus.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Investing in common stock through Rights should be considered
speculative and involves a high degree of risk, including the risk of a total loss of investment. Shares of closed-end investment
companies frequently trade at a discount to their net asset value. See &ldquo;Prospectus Supplement Summary&mdash;Summary Risk
Factors&rdquo; beginning on page R-</B>[ ] <B>of this prospectus supplement, &ldquo;Supplemental Risk Factors&rdquo; beginning
on page R</B>[ ] <B>of this prospectus supplement, &ldquo;Prospectus Summary&mdash;Risk Factors and Special Considerations&rdquo;
beginning on page </B>[ ] <B>of the accompanying prospectus and &ldquo;Risk Factors and Special Considerations&rdquo; beginning
on page </B>[ ] <B>of the accompanying prospectus to read about the risks you should carefully consider before investing in our
common stock.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>STOCKHOLDERS WHO DO NOT EXERCISE THEIR RIGHTS MAY, AT THE COMPLETION
OF THE OFFERING, OWN A SMALLER PROPORTIONAL INTEREST IN THE FUND THAN IF THEY EXERCISED THEIR RIGHTS. AS A RESULT OF THE OFFERING
YOU MAY EXPERIENCE DILUTION OR ACCRETION OF THE AGGREGATE NET ASSET VALUE OF YOUR SHARES OF COMMON STOCK DEPENDING UPON WHETHER
THE FUND&rsquo;S NET ASSET VALUE PER SHARE OF COMMON STOCK IS ABOVE OR BELOW THE SUBSCRIPTION PRICE ON THE EXPIRATION DATE.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 11pt"><B>Per Share</B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 11pt"><B>Total</B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Subscription price of Common Stock to shareholders exercising Rights</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></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>&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><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 STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Underwriting discounts and commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></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"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds, before expenses, to the Fund (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.5pt solid">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 11pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">The aggregate expenses of the offering are estimated to be $[&nbsp;&nbsp;&nbsp;&nbsp; ]. </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>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-size: 11pt">Page</FONT></TD>
    </TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>DESCRIPTION OF THE RIGHTS OFFERING</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>FEES AND EXPENSES</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>SUPPLEMENTAL RISK FACTORS</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>USE OF PROCEEDS</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>FINANCIAL HIGHLIGHTS</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>CAPITALIZATION</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>PRICE RANGE OF COMMON STOCK</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>LEGAL MATTERS</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-size: 11pt">R-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>EXPERTS</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>AVAILABLE INFORMATION</B></FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: bottom">&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%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt"><B>TABLE OF CONTENTS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0"></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; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>PROSPECTUS SUMMARY</B>&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Information Regarding the Fund&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">The Offering&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Information Regarding the Adviser and Custodian&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Closed-End Fund Structure</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Investment Focus</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Summary Risk Factors and Special Considerations.&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>FEES AND EXPENSES</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Fee Table&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>FINANCIAL HIGHLIGHTS</B>&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>PRICE RANGE OF COMMON STOCK</B>&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Share Price Data&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>USE OF PROCEEDS</B>&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>INVESTMENT OBJECTIVE AND POLICIES</B>&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Investment Policies - General&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Special Leverage Considerations&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Repurchase Agreements&#9;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Debt Securities&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Securities Lending&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Portfolio Turnover&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Investment Restrictions&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Risks Related to Offerings Pursuant to this Prospectus&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Discount From Net Asset Value.&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Risks of Investing in Caribbean Basin Countries&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Risks Relating to Equity and Equity-Linked Securities&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Risk Relating to Our Adviser and its Affiliates&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>MANAGEMENT OF THE FUND</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Board of Directors&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">Information About Directors and Officers&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">Risk Oversight</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">Committees of the Board&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">Ownership of the Fund By Directors&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">Director Compensation&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Investment Adviser and Portfolio Manager&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">Investment Adviser&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">Portfolio Managers&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Investment Advisory Agreement&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Benefit to the Adviser&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Rights Offerings&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Expenses of the Fund&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>PORTFOLIO TRANSACTIONS AND BROKERAGE</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">General</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Code of Ethics</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Compliance Policies and Procedures</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Sarbanes-Oxley Act of 2002</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Proxy Voting Policies and Procedures</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>DESCRIPTION OF COMMON STOCK</B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Share Repurchases and Tender Offers</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Certain Provisions of Articles of Incorporation and Bylaws</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Subscription Rights</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">DIVIDENDS AND DISTRIBUTIONS; DIVIDEND REINVESTMENT PLAN&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>PLAN OF DISTRIBUTION</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>TAXATION</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Federal Taxation of the Fund and its Distributions&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>DETERMINATION OF NET ASSET VALUE</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING AGENT, AND REGISTRAR</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>LEGAL MATTERS</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>EXPERTS</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>FINANCIAL STATEMENTS</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>AVAILABLE INFORMATION</B></FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>APPENDIX A</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>APPENDIX B</B>&#9;</FONT></TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 11pt">B-1</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</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">The Fund has filed with the SEC a registration statement on
Form N-2 (Securities Act File No. 333-202213; Investment Company Act File No. 811-06445) utilizing a shelf registration
process relating to the securities described in this prospectus supplement, which registration statement was declared
effective on [ ]. This document is in two parts. The first part is the prospectus supplement, which describes the terms of
this offering of common stock and also adds to and updates information contained in the accompanying prospectus. The second
part is the accompanying prospectus, which gives more general information and disclosure. To the extent the information
contained in this prospectus supplement differs from or is additional to the information contained in the accompanying
prospectus, you should rely only on the information contained in this prospectus supplement. This prospectus supplement may
add, update or change information contained in the accompanying prospectus. To the extent that any statement we make in this
prospectus supplement is inconsistent with statements made in the accompanying prospectus or any previously filed documents
incorporated by reference herein or therein, the statements made in this prospectus supplement will be deemed to modify or
supersede those made in the accompanying prospectus and such documents incorporated by reference herein and therein. Please
carefully read this prospectus supplement and the accompanying prospectus, including the sections entitled &ldquo;Prospectus
Supplement Summary&mdash;Summary Risk Factors&rdquo; and &ldquo;Supplemental Risk Factors&rdquo; in this prospectus
supplement and &ldquo;Prospectus Summary&mdash;Risk Factors and Special Considerations&rdquo; and &ldquo;Risk Factors and
Special Considerations&rdquo; in the accompanying prospectus, together with the additional information described under the
heading &ldquo;Available Information&rdquo; included in this prospectus before investing in our common stock.</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>Neither we nor</B> [ ] <B>has authorized any dealer, salesperson,
representative or other person to give any information or to make any representation other than those contained in this prospectus
supplement, if any, or the accompanying prospectus. If anyone provides you with different or inconsistent information, you should
not rely on it. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or a solicitation
of any offer to buy any security other than the registered securities to which they relate, nor do they constitute an offer to
sell or a solicitation of an offer to buy any securities in any jurisdiction or to any person to whom it is unlawful to make such
an offer or solicitation in such jurisdiction.</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>The information contained in this prospectus supplement and the
accompanying prospectus is accurate as of the dates on their respective covers. Our financial condition, results of operations
and prospects may have changed since those dates. To the extent required by law, we will amend or supplement the information contained
in this prospectus supplement and the accompanying prospectus to reflect any material changes subsequent to the date of this prospectus
supplement and the accompanying prospectus and prior to the completion of any offering pursuant to this prospectus supplement and
the accompanying prospectus.</B></P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROSPECTUS SUPPLEMENT SUMMARY</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 0 0 5.55pt"><I>This summary highlights some information that is described
more fully elsewhere in this prospectus supplement and is qualified in its entirety by the more detailed information included elsewhere
in this prospectus supplement and the accompanying prospectus. This summary does not purport to be a complete discussion of all
matters referred to in this prospectus supplement and may not contain all of the information that is important to you. For a more
complete understanding of the offering of shares of our common stock pursuant to this prospectus supplement and the accompanying
prospectus, we encourage you to read this entire prospectus supplement and the accompanying prospectus and the documents to which
we have referred in this prospectus supplement and the accompanying prospectus. Together, these documents describe the specific
terms of the shares we are offering.</I></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 0 0 5.55pt"><I>You should carefully read the sections entitled &ldquo;&mdash;Summary
Risk Factors&rdquo; and &ldquo;Supplemental Risk Factors&rdquo; in this prospectus supplement and &ldquo;Prospectus Summary&mdash;Risk
Factors and Special Considerations&rdquo; and &ldquo;Risk Factors and Special Considerations in the accompanying prospectus, and
our financial statements included in our Annual Report to stockholders for the fiscal year ended June 30,</I> [ ]<I>, filed with
the SEC on</I> [ ]<I>. References to &ldquo;fiscal year&rdquo; mean our applicable fiscal year which ends on June 30th in such
year.</I></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"><I>Except where the context requires otherwise, the terms the &ldquo;Fund,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to The Herzfeld Caribbean Basin Fund, Inc. and the &ldquo;Adviser&rdquo;
refers to HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc.</I></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"><B>Overview</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">The Fund is a non-diversified, closed-end management
investment company organized under the laws of the State of Maryland that has registered as an investment company under the 1940
Act. The Fund has elected and intends to continue to qualify annually to be treated as a regulated investment company under the
Internal Revenue Code of 1986, as amended, or the &ldquo;Code.&rdquo;</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 0 0 5.55pt">Our investment objective is long-term capital appreciation.
To achieve our objective, we invest in issuers that are likely, in the Adviser&rsquo;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 former Netherlands Antilles, the Commonwealth
of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, the United States and Venezuela, or the &ldquo;Caribbean
Basin Countries.&rdquo; We invest at least 80% of our total assets in equity and equity-linked securities of issuers, including
U.S.-based companies which engage in substantial trade with, and derive substantial revenue from, operations in the Caribbean Basin
Countries. The Fund may invest more than 25% of its total assets in the securities of U.S.-based companies, which constituted approximately
[ ]% of the Fund&rsquo;s total assets as of [ ]. Total assets includes the amount of any borrowings for investment purposes. At
such time as it becomes legally permissible for U.S. entities to invest directly in Cuba, the Fund will consider such investments.
For additional information, see &ldquo;Investment Objective and Policies&rdquo; in the accompanying prospectus. Equity and equity-linked
securities include, but are not limited to, common stock, preferred stock, debt securities convertible into equity, warrants, options
and futures. An investment in the Fund is not appropriate for all investors and should not constitute a complete investment program.
No assurances can be given that our investment objective will be achieved.</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 0 0 5.55pt"><B>Distributions</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 0 0 5.55pt">We currently intend to distribute to stockholders, at
least annually at such time so as to avoid imposition of excise taxes, substantially all of our investment company taxable income
(i.e., net investment income and any net short-term capital gains less expenses). Net investment income for this purpose is income
other than realized net capital gain (i.e., the extent of net long-term capital gains over net short-term capital losses). We determine
annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses. Our
current policy is to comply with the provisions of the Code, that are applicable to regulated investment companies and to distribute
substantially all our taxable income to our stockholders. Under these provisions, we are not subject to federal income tax on our
taxable income and no federal tax provision is required.</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">We paid annual distributions to our common stockholders of [ ].</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">For additional information, see &ldquo;Dividends and Distributions;
Dividend Reinvestment Plan&rdquo; and &ldquo;Taxation&rdquo; in the accompanying prospectus.</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 0 0 5.55pt"><B>Closed-End Fund Structure</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 0 0 5.55pt">The Fund is a non-diversified, closed-end management
investment company under the 1940 Act, commonly referred to as a &quot;closed-end fund.&quot; Closed-end management investment
companies differ from open-end management investment companies (commonly referred to as &quot;mutual funds&quot;) in that closed-end
funds generally list their shares for trading on a stock exchange and do not redeem their stock at the request of the stockholder.
This means that if a stockholder wishes to sell shares of a closed-end management investment company, he or she must trade them
on the market, like any other stock, at the prevailing market price at that time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">With respect to a mutual fund, if the stockholder wishes
to sell shares of the company, the mutual fund will redeem, or buy back, the shares at NAV. Mutual funds also generally offer new
shares on a continuous basis to new investors, and closed-end management investment companies generally do not. The continuous
inflows and outflows of assets in a mutual fund can make it difficult to manage the company's investments. By comparison, closed-end
management investment companies are generally able to stay more fully invested in securities that are consistent with their investment
objectives and also have greater flexibility to make certain types of investments and to use certain investment strategies, such
as investments in illiquid 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 0 0 5.55pt">When shares of closed-end management investment companies
are traded, they may trade at a discount to their NAV. This characteristic of shares of closed- end management investment companies
is a risk separate and distinct from the risk that the closed-end management investment company's NAV may decrease as a result
of investment activities. Our conversion to an open-end mutual fund would require an amendment to the Fund&rsquo;s articles of
incorporation.</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 0 0 5.55pt"><B>Investment Focus</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 0 0 5.55pt">The Fund&rsquo;s investment objective is to obtain long-term
capital appreciation. This objective may not be changed without the prior approval of the holders of a majority of the Fund&rsquo;s
outstanding voting securities. As further described below, 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, (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 a Caribbean Basin Country, which we refer to collectively
as &ldquo;Caribbean Basin Companies.&rdquo; Current income through receipt of interest or dividends from the Fund&rsquo;s securities
is incidental to the Fund&rsquo;s efforts to attain its investment objective.</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 0 0 5.55pt">The Fund invests in Caribbean Basin Companies that are
likely, in the opinion of the Adviser, to benefit from economic, political, structural and technological developments in the Caribbean
Basin Countries. Under normal market conditions, the Fund invests at least 80% of its total assets in equity and equity-linked
securities of Caribbean Basin Companies.&#9;This 80% policy may be changed without stockholder approval upon sixty days written
notice to stockholders. Total assets includes the amount of any borrowings for investment purposes. The Fund may invest more than
25% of its total assets in the securities of U.S.-based companies, which constituted approximately [ ]% of the Fund&rsquo;s total
assets as of [ ].</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 0 0 5.55pt">Investment in Cuban securities or any investment in Cuba
directly or indirectly is currently prohibited under U.S. law. At such time as it becomes legally permissible for U.S. entities
to invest directly in Cuba, the Fund will consider such investments. U.S. law currently prohibits the Fund from investing its assets
in securities of companies that benefit from free trade with Cuba, which we refer to as &ldquo;companies strategically linked to
Cuba.&rdquo; Companies strategically linked to Cuba may include a company that benefits from free trade with Cuba, but does not
meet the definition of Caribbean Basin Company set forth above. If permitted to make such investments upon a lifting or easing
of the U.S. trade embargo against Cuba or pursuant to regulations promulgated by a department or agency of the U.S. Government,
the Fund may invest up to 20% of its assets in equity and equity-linked securities of non-Caribbean Basin Companies strategically
linked to Cuba.</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">The United States re-established diplomatic relations
with Cuba and reopened the U.S. embassy in Havana on July 20, 2015. Additionally, the U.S. Department of the Treasury has implemented
certain regulatory changes that may facilitate travel to Cuba by U.S. trade delegations and by U.S. citizens who engage in certain
commercial activities, although the future impact that these changes may have on travel related to possible investment in Cuba
or Cuban securities (if any such investment activities become legally permissible) is not yet clear. There can be no assurances
that the U.S. trade embargo against Cuba will ever be lifted or eased or,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">if and when such lifting or easing of the embargo commences,
that the Adviser will be able to identify direct investments in issuers domiciled in Cuba that are acceptable for the Fund. If
investment in securities issued by companies domiciled in Cuba were to be permitted under U.S. law, certain risks and special considerations
not typically associated with investing in securities of U.S. companies would be relevant to such securities. These risks include,
among others, restrictions on foreign investment and on repatriation of capital invested in Cuba, unstable currency exchange and
fluctuation, the absence of a capital market structure or market oriented economy, potential price volatility and lesser or lack
of liquidity of shares listed on a securities market (if one is established), continued political and economic risks and other
risks described in &ldquo;&mdash;Summary Risk Factors&rdquo; in this prospectus supplement and &ldquo;Prospectus Summary&mdash;Risk
Factors and Special Considerations&rdquo; and &ldquo;Risk Factors and Special Considerations&rdquo; in the accompanying prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">Equity securities of public and private companies that
may be purchased by the Fund consist of common stock, convertible and non-convertible preferred stock (whether voting or non-voting),
debt with equity warrants and unattached warrants. Debt issued with a warrant entitles the holder to purchase equity shares and
differs from convertible debt because the conversion feature is in the form of a separately traded warrant. Equity-linked securities
of public and private companies that may be purchased by the Fund consist of debt securities convertible into equity and securities
such as warrants, options and futures, the prices of which are functions of the value of the equity securities receivable upon
exercise or settlement thereof.</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 0 0 5.55pt">We may invest up to 20% of our assets in non-equity linked
debt securities including foreign denominated corporate debt and sovereign debt issued by foreign governments, their agencies or
instrumentalities, or other government-related entities.</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">For more information, see &ldquo;Investment Objective and Policies&rdquo;
in the accompanying prospectus.</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 0 0 5.55pt"><B>Investment Opportunity</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 0 0 5.55pt">We intend to use all or substantially all of the net
proceeds from this offering, if any, to acquire investments in accordance with our investment objective and policies as described
in this prospectus supplement and for general corporate purposes. Our Adviser believes any such net proceeds may permit the Fund
to make strategic investments in additional securities of issuers currently held by us or in other issuers not currently held by
us without having to dispose of any securities we hold. Accordingly, we believe this offering may permit the Adviser to implement
the Fund&rsquo;s investment strategy more effectively. In addition to providing us the ability to invest pursuant to our investment
strategy with more flexibility and efficiency, we may achieve certain economies of scale by spreading our fixed costs over a larger
asset base, thereby reducing the Fund&rsquo;s expense ratio per share. See also &ldquo;Use of Proceeds&rdquo; in this prospectus
supplement.</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 0 0 5.55pt"><B>Summary Risk Factors</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 0 0 5.55pt">The value of our assets, as well as the market price
of our securities, will fluctuate. Our investments may be risky, and you may lose all or part of your investment in us. The Fund
is a non-diversified, closed-end investment company designed primarily as a long-term investment and not as a trading tool. The
Fund invests generally in a portfolio of Caribbean Basin Companies. An investment in the Fund should be considered speculative
and involves a high degree of risk. The Fund&rsquo;s shares do not represent a deposit or obligation of, and are not guaranteed
or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance
Corporation, the Federal Reserve Board or any governmental agency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.55pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Risks that you should carefully consider before investing in our
common stock include, but are not limited to, the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Investing in the securities of Caribbean Basin Companies involves certain risks and considerations not typically associated
with investing in securities of U.S. issuers, including, but not limited to, currency fluctuations, political and economic risks,
limited liquidity, high inflation and monetary repatriation restrictions.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Equity securities in which we invest are sensitive to general movements in the stock market, may
experience a decline in value due to adverse events affecting the issuer of such securities and, in the event of liquidation or
bankruptcy of the issuer, would generally have a lower priority with respect to any distribution of the assets of the issuer than
holders of other classes of securities or creditors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Equity-linked securities are subject to market risk and other risks of the referenced equity security, risks related to the
market prices for debt securities and counterparty risk, among other risks.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Investment in Cuban securities or any investment in Cuba directly or indirectly is currently prohibited under U.S. law; if
investment in securities issued by companies domiciled in Cuba were to be permitted under U.S. law, certain risks and special considerations
not typically associated with investing in securities of U.S. companies would be relevant to those securities.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>As a &ldquo;non-diversified&rdquo; investment company, the Fund&rsquo;s investments involve greater risks than would be the
case for a similar diversified investment company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>The Adviser&rsquo;s judgment about the attractiveness, relative value or potential appreciation of a particular security or
investment strategy may prove to be incorrect.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may not distribute to stockholders any net realized long-term capital gains in excess of net realized short-term capital
losses.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>A stockholder&rsquo;s economic and/or voting interest in the Fund may be diluted if we issue additional shares of common stock
in this offering or in any subsequent offering.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Certain provisions in our articles of incorporation, as amended, and our bylaws could deter takeover attempts and have an adverse
impact on the price of our common stock.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Certain local or global events have had, and may in the future have, a disruptive effect on the securities markets, including
the market on which our common stock is traded.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>The NAV of our common stock may fluctuate significantly, and the NAV and liquidity of the market for shares of our common stock
may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our
operating performance.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below NAV per share.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Securities traded in foreign markets have often (though not always) performed differently from securities traded in the United
States and often involve special risks not present in U.S. investments that can increase the chances that we will lose money.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may invest from time to time a substantial amount of our assets in issuers located in a single country or a limited number
of countries, which may increase the risk and/or volatility of our investment performance.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Changes in foreign currency exchange rates may affect the value of our portfolio as securities and other instruments in which
we invest may be denominated or quoted in currencies other than the U.S. dollar.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>The risks associated with investments in emerging markets, including many Caribbean Basin Countries in which we invest, are
usually much greater than those associated with other foreign or U.S. markets.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Certain actual or potential conflicts of interest and risks may arise in connection with the Adviser, including conflicts of
interest caused by compensation arrangements, competition for the time and resources of the Adviser, conflicts of interest in connection
with the management of the Fund&rsquo;s business affairs, conflicts of interest with the Adviser&rsquo;s management of other accounts,
risk due to the Adviser&rsquo;s actions on behalf of its other accounts and clients, risk due to inside information and risk in
transactions with affiliates.</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 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Shares of our common stock may trade at a market price that is less than the NAV attributable to those shares.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>Sales of our common stock in this offering, or the perception that such sales may occur, may cause the market price of our
common stock to decline.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may allocate the net proceeds, if any, from this offering in ways with which you may not agree or which may not enhance
stockholder value.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>We may be unable to invest a portion of the net proceeds, if any, from this offering in a timely manner.</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 5.55pt">The risks and special considerations discussed above
apply generally to the investments and strategies that the Adviser will use under normal market conditions. The Fund and the Adviser
also may use other strategies and engage in other investment practices. Additional information about these investment strategies
and practices and related risks is provided in the accompanying prospectus.</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 0 0 5.55pt">For more information about the risks described above
and other risks, see &ldquo;Supplemental Risk Factors&rdquo; in this prospectus supplement and &ldquo;Prospectus Summary&mdash;Risk
Factors and Special Considerations&rdquo; and &ldquo;Risk Factors and Special Considerations&rdquo; in the accompanying prospectus.
In addition, the other information included in this prospectus supplement and the accompanying prospectus contains a discussion
of factors you should carefully consider before deciding to invest in shares of our common stock.</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 0 0 5.55pt"><B>Corporate Information</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 0 0 5.55pt">We were incorporated in the State of Maryland on March
10, 1992 and completed our initial public offering in 1993. We are a non-diversified closed-end management investment company that
has registered as an investment company under the 1940 Act. Our offices are located at 119 Washington Avenue, Suite 504 Miami Beach,
FL 33139, and our telephone number is (800) TJH-FUND (toll-free) or (305) 271-1900. Our website address is <I>http://herzfeld.com/cuba</I>.
The inclusion of our website address above and elsewhere in this prospectus supplement and the accompanying prospectus is, in each
case, intended to be an inactive textual reference only and not an active hyperlink to our website. The information contained in,
or that can be accessed through, our website is not part of this prospectus supplement or the accompanying prospectus.</P>

<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>Terms of the Offer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">[To be provided.]</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Amount Available for Primary Subscription</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Title</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Subscription Rights for Common Stock</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Subscription Price</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Rights may be exercised at a price of $[ ] per share of Common Stock (the &ldquo;Subscription Price&rdquo;). <I>See &ldquo;Terms of the Offer.&rdquo;</I></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Record Date</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">Rights will be issued to holders of record of the Fund&rsquo;s Common Stock on [ ] (the &ldquo;Record Date&rdquo;). <I>See &ldquo;Terms of the Offer.&rdquo;</I></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Number of Rights Issued</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">[ ] Right will be issued in respect of each share of Common Stock of the Fund outstanding on the Record Date. <I>See &ldquo;Terms of the Offer.&rdquo;</I></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Number of Rights Required to Purchase One Common Share</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">A holder of Rights may purchase [ ] share of Common Stock of the Fund for every [ ] Rights exercised. The number of Rights to be issued to a stockholder on the Record Date will be rounded up to the nearest number of Rights evenly divisible by [ ]. <I>See &ldquo;Terms of the Offer.&rdquo;</I></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Over-Subscription Privilege</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">[To be provided.]</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Transfer of Rights</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">[To be provided.]</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Subscription Period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">The Rights may be exercised at any time after issuance and prior to expiration of the Rights, which will be 5:00 PM Eastern Time [ ] (the &ldquo;Expiration Date&rdquo;) (the &ldquo;Subscription Period&rdquo;). <I>See &ldquo;Terms of the Offer&rdquo; and &ldquo;Method of Exercise of Rights.&rdquo;</I></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Offer Expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">The expenses of the Offer are expected to be approximately [ ]. <I>See &ldquo;Use of Proceeds.&rdquo;</I></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Sale of Rights</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">[To be provided.]</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">The Fund estimates the net proceeds of the Offer to be approximately $[ ]. This figure is based on the Subscription Price per share of $[ ] and assumes all new shares of Common Stock offered are sold and that the expenses related to the Offer estimated at approximately $[ ] are paid. The Adviser anticipates that investment of the proceeds will be made in accordance with the Fund&rsquo;s investment objectives and policies as appropriate investment opportunities are identified, which is expected to be substantially completed in approximately three to six months. Pending such investment, the proceeds will be held in short-term cash-equivalent instruments. <I>See &ldquo;Use of Proceeds&rdquo;</I> in the accompanying prospectus. </FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>Taxation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt"><I>See &ldquo;Taxation&rdquo;</I> in the accompanying prospectus. </FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 11pt"><B>Rights Agent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">[To be provided.]</FONT></TD></TR>
<TR>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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

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    <DIV STYLE="break-before: page; 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"><B>DESCRIPTION OF THE RIGHTS OFFERING</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">[To be provided.]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FEES AND EXPENSES</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">The following table is intended to assist you in understanding the
costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table
below are estimates and may vary. Except where the context suggests otherwise, whenever this prospectus supplement and the accompanying
prospectus contains a reference to fees or expenses paid by &ldquo;us&rdquo; or the Fund or that &ldquo;we&rdquo; will pay fees
or expenses, you will indirectly bear such fees or expenses as an investor in 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%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 93%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Fee Table</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 93%"><FONT STYLE="font-size: 11pt"><I>Stockholder Transaction Expenses:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Sales load (as a percentage of the offering price)(1)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Expenses of the Offer (as a percentage of offering price) (1)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Dividend reinvestment plan fees&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Total stockholder transaction expenses (as a percentage of offering price).</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 93%"><FONT STYLE="font-size: 11pt"><I>Annual Expenses (as a percentage of net assets attributable to common shares):</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Management Fees&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp; ]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Other expenses (estimated)(2)&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">Acquired fund fees and expenses(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-left: 0.25in; text-align: justify"><FONT STYLE="font-size: 11pt">Total Annual Expenses&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt">[ &nbsp;&nbsp;]%</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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 actual amounts in connection with any offering will be set forth in the prospectus supplement
if applicable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">&ldquo;Other expenses&rdquo; are for the current fiscal year after giving effect to anticipated
net proceeds of the offering, assuming that we incur the estimated offering expenses. These expenses will be borne by the holders
of the shares of Common Stock of the Fund and result in a reduction in the NAV of the shares of Common Stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">(3)</TD><TD STYLE="text-align: justify">Includes fees and expenses of approximately [ ]% incurred indirectly as a result of investment
in shares of one or more &ldquo;Acquired Funds,&rdquo; which include (i) investment companies, or (ii) companies that would be
an investment company under Section 3(a) of the 1940 Act except for exceptions under Sections 3(c)(1) and 3(c)(7) under the 1940
Act.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Example</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">The following example demonstrates the projected dollar amount of
total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock.
In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set
forth in the table above, and that we pay the transaction expenses set forth in the table above, including a sales load of 2.0%
paid by you (the commission to be paid by us with respect to common stock sold by us in this offering).</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%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Cumulative Expenses Paid for the Period of:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">1 year</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">3 years</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">5 years</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center"><FONT STYLE="font-size: 11pt">10 years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"> <FONT STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">An
    investor would pay the following <BR>
expenses on a $1,000 investment, <BR>
assuming a 5% annual return:&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt">$[ ]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #070707"><B>The example and the expenses in
the tables above should not be considered a representation of past or future expenses or annual rates of return and actual expenses
or annual rates of return may be more or less than those shown.</B></FONT> The foregoing table and example are intended to assist
investors in understanding the costs and expenses that an investor in the Fund will bear directly or indirectly. &ldquo;Other Expenses&rdquo;
are based on estimated amounts for the current fiscal year. See &ldquo;Management of the Fund&rdquo; in the Fund&rsquo;s prospectus
for additional information.</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 example assumes the reinvestment of all dividends and distributions
at NAV and an expense ratio of [ ]%. The tables above and the assumption in the example of a 5% annual return are required by SEC
regulations applicable to all investment companies. In addition, while the example assumes the reinvestment of all dividends and
distributions at NAV, participants in the Dividend Reinvestment Plan may receive shares purchased or issued at a price or value
different from NAV. See &ldquo;Dividends and Distributions; Dividend Reinvestment Plan&rdquo;in the accompanying prospectus.</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"><B>SUPPLEMENTAL RISK FACTORS</B></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"><I>Investing in our securities involves a number of significant
risks. Before you invest in our securities, you should be aware of various risks, including those described below and those set
forth elsewhere in this prospectus supplement and in the accompanying prospectus. You should carefully consider these risk factors,
together with all of the other information included in this prospectus supplement and the accompanying prospectus, before you decide
whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties
not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the
following events occur, our business, financial condition, and results of operations could be materially and adversely affected.
In such case, our NAV and the trading price of our securities could decline, and you may lose all or part of your investment.</I></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>Risks Related to This Offering</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Dilution of Net Asset Value and Effect of
Non-Participation in the Offer</I> If a stockholder does not exercise all of his Rights, the stockholder will likely own a smaller
proportional interest in the Fund when the Offer is over (i.e., proportional dilution). In addition, whether or not a stockholder
exercises his Rights, because the subscription price (and net proceeds to the Fund) may be below the Fund&rsquo;s NAV per share
on the expiration date the per share NAV of a stockholder&rsquo;s shares may be diluted (reduced) immediately as a result of the
Offer (i.e., economic dilution).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund cannot state precisely the amount of any dilution/accretion
because it is not known at this time.</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-indent: 0.5in"><I>Discount From Net Asset Value. </I>Shares
of closed-end funds frequently trade at a market price that is less than the value of the net assets attributable to those shares
(a &ldquo;discount&rdquo;). The possibility that the Fund&rsquo;s shares will trade at a discount from NAV is a risk separate and
distinct from the risk that the Fund&rsquo;s NAV will decrease. The risk of purchasing shares of a closed-end fund that might trade
at a discount or unsustainable premium is more pronounced for investors who wish to sell their shares in a relatively short period
of time after purchasing them because, for those investors, realization of a gain or loss on their investments is likely to be
more dependent upon the existence of a premium or discount than upon portfolio performance. The Fund&rsquo;s shares are not redeemable
at the request of stockholders. The Fund may repurchase its shares in the open market or in private transactions, although it has
no present intention to do so. Stockholders desiring liquidity may, subject to applicable securities laws, trade their shares in
the Fund on the NASDAQ Capital Market or other markets on which such shares may trade at the then current market value, which may
differ from the then current NAV.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Under Subscription</I><B>. </B>It is possible
that the Offer will not be fully subscribed. Under-subscription of the Offer could have an impact on the net proceeds of the Offer
and whether the Fund achieves any benefits.</P>

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

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">We estimate the net proceeds of the offering to be $[&nbsp; ] ($[&nbsp; ] if
the over-allotment options is exercised in full) based on the public offering price of $[&nbsp; ] per share and after deducting underwriting
discounts and commissions and estimated offering expenses payable by us.</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">Unless otherwise specified in the prospectus supplement, we intend
to use all or substantially all of the net proceeds from a sale of our securities pursuant to this prospectus summary, if any,
for acquiring investments in accordance with our investment objective and policies described in this prospectus supplement and
for general corporate purposes. The Adviser anticipates that such proceeds, if received, will be invested promptly as investment
opportunities are identified, depending on market conditions and the availability of appropriate securities, which we anticipate
will take not more than approximately three to six months from the closing of any offering. Pending investment, the proceeds will
be invested in short-term cash-equivalent instruments. Although the Adviser anticipates that a substantial portion of the proceeds
from any offering will be invested pursuant to the Fund&rsquo;s investment objective and policies, some of the proceeds may be
used to make capital gain distributions required to maintain the Fund&rsquo;s tax status as a regulated investment company.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The table below sets forth selected data for a share of common stock
outstanding for each period presented. The information for the fiscal year ended June 30, [ ] and June 30, [ ] have been audited
by [ ], the Fund&rsquo;s independent registered public accounting firm. The information for the fiscal years ended June 30, [ ]
contained in the table was audited by the Fund&rsquo;s former independent registered public accounting firm. Audited financial
statements for the Fund for the fiscal year ended June 30, [ ], are included in the Annual Report to stockholders. The Annual Report
to stockholders is available without charge by calling (800) TJH-FUND.</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">[To be provided.]</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"><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[To be provided.]</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"><B>PRICE RANGE OF COMMON STOCK</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth, for the periods
indicated, the high and low sales prices for the shares on the NASDAQ Capital Market, the NAVs per share on the dates of the high
and low sales prices, and the discount or premium that each sales price represented as a percentage of the preceding NAV:</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"><B>Share Price Data</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Premium/</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Premium/</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>NAV</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(Discount)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>NAV</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(Discount)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on High</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on High</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on Low</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 11pt"><B>(on Low</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Ended</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>High </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Low </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt"><B>Date)</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">[To be provided.]</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pepper Hamilton LLP, 3000 Two Logan Square,
18<SUP>th</SUP> and Arch Streets, Philadelphia, PA 19103 serves as counsel to the Fund.</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: center"><B>EXPERTS</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; text-indent: 0.5in">The independent registered accounting firm of
the Fund is [ ], located at [ ]. As the independent registered public accounting firm of the Fund, [ ] is an expert in accounting
and auditing and audited the Fund&rsquo;s financial statements included in the Fund&rsquo;s Annual Report to Stockholders for the
fiscal year ended [ ] (the &ldquo;Annual Report&rdquo;).</P>

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

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AVAILABLE INFORMATION</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-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">We
have filed with the SEC a registration statement on Form N-2 together with amendments and related exhibits under the Securities
Act. The registration statement contains additional information about us and the securities being offered by this prospectus supplement
and the accompanying prospectus. We are also required to file with or submit to the SEC annual, semi-annual and quarterly reports,
proxy statements and other information about us. You may request copies of these reports and filings, including this prospectus
supplement and accompanying prospectus, free of charge, make inquiries or request other information about us by contacting us
by mail at 119 Washington Avenue, Suite 504 Miami Beach, FL 33139, or by telephone at (800) TJH-FUND (toll-free) or (305) 271-1900.
Copies of these reports and filings are also available free of charge through our website at <I>http://herzfeld.com/cuba</I>.
The inclusion of our website address above and elsewhere in this prospectus supplement is, in each case, intended to be an inactive
textual reference only and not an active hyperlink to our website. The information contained in, or that can be accessed through,
our website is not part of this prospectus supplement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0">You may also inspect and copy these reports, proxy statements and
other information, as well as the registration statement and related exhibits and schedules, at the SEC&rsquo;s Public Reference
Room at 100 F Street, NE, Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by
calling the SEC at (202) 551-8090 or toll free at 1 (800) SEC-0330. The SEC maintains an Internet site that contains reports, proxy
and information statements and other information filed electronically by us with the SEC which are available on the SEC&rsquo;s
website at <I>http://www.sec.gov.</I> Copies of these reports, proxy and information statements and other information may also
be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing
to the SEC&rsquo;s Public Reference Section, Washington, D.C. 20549.</P>

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end
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</SEC-DOCUMENT>
