<SEC-DOCUMENT>0001398344-21-013606.txt : 20210809
<SEC-HEADER>0001398344-21-013606.hdr.sgml : 20210809

<ACCEPTANCE-DATETIME>20210629171813

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001398344-21-013606

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		6

FILED AS OF DATE:		20210629

DATE AS OF CHANGE:		20210701


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/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-06445

		FILM NUMBER:		211059176



	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/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-255265

		FILM NUMBER:		211059175



	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>N

<IS-FUND-24F2-ELIGIBLE>N

</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>fp0066483_n2a.htm
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">As filed with the Securities and Exchange
Commission on June 29, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities Act File No. 333- <FONT STYLE="font-weight: normal">255265</FONT></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="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&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>

<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>

<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: 2.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><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 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: 4in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-Effective Amendment No.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Post-Effective Amendment No.</FONT></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 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: 2.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</FONT></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. 21</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="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Erik M. Herzfeld</FONT></TD>
    <TD STYLE="width: 50%; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Joseph V. Del Raso, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">119 Washington Avenue</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Troutman Pepper Hamilton Sanders LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Suite 504</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3000 Two Logan Square</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Miami Beach, FL 33139</FONT></TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18<SUP>th</SUP> and Arch Streets</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Philadelphia, PA 19103</FONT></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"></P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">When declared effective pursuant to Section 8(c) of the Securities Act.</FONT></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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;.</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;.</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;.</FONT></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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&ldquo;Investment Company Act&rdquo;)).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">[X]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (&ldquo;Exchange Act&rdquo;)).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).</FONT></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="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title of Securities <BR>
Being Registered</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount Being <BR>
Registered (1)</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Proposed Maximum <BR>
Aggregate Offering Price </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount of <BR>
Registration Fee(2)(3)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Stock Subscription Rights</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$88,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$9600.80</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This amount was previously offset against the Registration Fee as described in footnote 2, above, in connection with a registration statement on Form N-2 filed by the registrant on March 23, 2021 (1933 Act File No. 333-254635) (the &ldquo;Prior Registration Statement&rdquo;). No shares of common stock were offered or sold under the Prior Registration Statement, and the Prior Registration Statement was withdrawn on April 13, 2021 due to an inadvertent omission of certain disclosure on the facing sheet. This registration statement is intended to replace the Prior Registration Statement. The registrant paid $9,600.80 in connection with the filing of the Prior Registration Statement. In accordance with Rule 457(p) promulgated under the Securities Act, the entire registration fee of $9,600.80 associated with this registration statement is hereby satisfied by offset against the $9,600.80 prepaid registration fee paid in connection with the Prior Registration Statement.</FONT></TD></TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
that specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section 8(a), may determine.&nbsp;</B></P>


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

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

<P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="fp0066483_01.jpg" ALT=""></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"><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">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; 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">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.</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 our ticker symbol &ldquo;CUBA,&rdquo;
U.S. law currently prohibits U.S. persons including the Fund from investing in Cuban securities or investing in Cuba directly or indirectly. </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>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. See &ldquo;Risk Factors and Special Considerations&rdquo; beginning
on page 18 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">&nbsp;</P>

<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 June ___,
2021</B> </P>


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

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

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

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

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

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<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>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: 0pt 0"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 94%"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PROSPECTUS SUMMARY</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Information
    Regarding the Fund</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
    Offering</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Information
    Regarding the Adviser and Custodian</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Closed-End
    Fund Structure</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
    Focus</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Summary
    Risk Factors and Special Considerations</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FEES AND EXPENSES</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Fee
    Table</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FINANCIAL HIGHLIGHTS</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"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PRICE RANGE OF COMMON STOCK</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Share
    Price Data</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>USE OF PROCEEDS</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INVESTMENT OBJECTIVE AND POLICIES</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
    Policies - General</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Special
    Leverage Considerations</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Repurchase
    Agreements</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
    Securities</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
    Lending</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio
    Turnover</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
    Restrictions</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">17</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Risks
    Related to Offerings Pursuant to this Prospectus</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Discount
    From Net Asset Value</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">18</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Risks
    of Investing in Caribbean Basin Countries</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Risks
    Related to Equity and Equity-Linked Securities</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Risk
    Relating to Our Adviser and its Affiliates</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">24</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
    STATEMENTS</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MANAGEMENT OF THE FUND</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Board
    of Directors</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Information
    About Directors and Officers</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Risk
    Oversight</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Committees
    of the Board</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Ownership
    of the Fund By Directors</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Director
    Compensation</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
    Adviser and Portfolio Manager</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
    Adviser</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio
    Managers</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT> </TD></TR>
</TABLE>
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<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: 94%; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
    Advisory Agreement</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Benefit
    to the Adviser</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Rights
    Offerings</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses
    of the Fund</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PORTFOLIO TRANSACTIONS AND BROKERAGE</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
    OWNERS</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REGULATION AS A REGISTERED CLOSED-END
    MANAGEMENT INVESTMENT COMPANY</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">General</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Code
    of Ethics</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Compliance
    Policies and Procedures</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Sarbanes-Oxley
    Act of 2002</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Proxy
    Voting Policies and Procedures</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DESCRIPTION OF COMMON STOCK</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Tender
    Offers and Share Repurchases</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
    Provisions of Articles of Incorporation and Bylaws</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Subscription
    Rights</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DIVIDENDS AND DISTRIBUTIONS; DIVIDEND
    REINVESTMENT PLAN</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PLAN OF DISTRIBUTION</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TAXATION</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">43</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 3pt; padding-right: 3pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Federal
    Taxation of the Fund and its Distributions</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">44</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DETERMINATION OF NET ASSET VALUE</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CUSTODIAN, TRANSFER AGENT, DIVIDEND
    DISBURSING AGENT, AND REGISTRAR</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LEGAL MATTERS</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXPERTS</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FINANCIAL STATEMENTS</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AVAILABLE INFORMATION</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><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: White">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>APPENDIX A</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">A-1</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>APPENDIX B</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif">B-1</FONT> </TD></TR>
</TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; 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.</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"> 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, 20120, filed with the SEC on February
26, 2021. 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">&nbsp;</P>

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


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

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

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

<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>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"><B>Closed-End Fund Structure</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 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"></P>


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

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

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

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

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

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

<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. 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"></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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">&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">Risks that you should carefully consider before investing in
our securities include, but are not limited to, the following:</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Discount From NAV</I></B></FONT></TD>
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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="text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Caribbean Basin Countries</I></B></FONT></TD>
    <TD STYLE="width: 60%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Equity and Equity-Linked Securities Risk</I></B></FONT></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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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Cuba Specific Issues</I></B></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>&ldquo;Non-diversified&rdquo; Investment Company</I></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;</FONT></TD></TR>
</TABLE>
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<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: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Management Risk</I></B></FONT></TD>
    <TD STYLE="width: 60%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Managed Distribution Risk</I></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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.</FONT></TD></TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Dividends and Distributions</I></B></FONT></TD>
    <TD STYLE="width: 60%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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">&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">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">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Plan of Distribution</I></B></FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Certain Charter Provisions</I></B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Market Disruption Risk</I></B></FONT></TD>
    <TD STYLE="text-align: justify; width: 60%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Tender Offers and Share Repurchases</I></B></FONT> </TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Fund may make tender offers or
        other offers to repurchase shares of the Fund from time to time. 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.
        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. </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"> 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 or withdrawing the share repurchase or
        tender offer. 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 performance. 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. See &ldquo;Share Repurchases
        and Tenders.&rdquo; </P></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Pandemic Risk</I></B></FONT></TD>
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 40%">&nbsp;</TD>
    <TD STYLE="width: 60%">
        <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">&nbsp;</P>

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

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

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fee
    Table</B></FONT> </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"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Stockholder Transaction
    Expenses:</I></FONT> </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"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Sales load (as a
    percentage of the offering price) </FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">--%*</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Offering expenses
    borne by us </FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">--%*</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend reinvestment
    plan fees</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    stockholder transaction expenses (as a percentage of offering price)</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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; width: 85%; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Annual
    Expenses (as a percentage of net assets attributable to common shares):</I></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Management Fees
    (1)</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">1.45%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Other expenses (estimated)
    (2)</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">1.75%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Acquired Fund Fees
    and Expenses (3)</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">0.00%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 0.25in; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Annual Expenses (estimated) (3)</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3.20%</FONT> </TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">To be provided by amendment. The actual amounts in connection with
    any offering will be set forth in the prospectus supplement if applicable.</FONT> </TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT> </TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&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.</FONT> </TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"> &nbsp; </TD>
    <TD STYLE="width: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif">&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%.</FONT> </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; 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>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cumulative Expenses Paid for<BR>
the Period of:</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">1 year</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3 years</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5 years</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">10 years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">An investor would pay the following expenses on a $1,000 investment, assuming a 5% annual return:</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$32</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$99</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$167</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$350</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"><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.&nbsp;</P>


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>FINANCIAL HIGHLIGHTS</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 table below sets forth selected data for
a share of common stock outstanding for each period presented. The information for the fiscal years ended June 30, 2017, and 2016 has
been audited by Tait Weller &amp; Baker LLP (&ldquo;Tait Weller&rdquo;), the Fund&rsquo;s independent registered public accounting firm.
Audited financial statements for the Fund for the fiscal year ended June 30, 2020, are included in the Annual Report to stockholders,
and unaudited financial statements for the Fund for the six-month period ended December 31, 2021 are included in the Semi-Annual Report
to stockholders. The Annual Report and Semi-Annual Report to stockholders is available without charge by calling (800) TJH-FUND. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &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">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold"> Six Months Ended December 31, 2020 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended June 30, </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> (unaudited) </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> 2020 </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> 2019 </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> 2018 </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> 2017 </TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> 2016 </TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> Selected Per Share Data: </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD STYLE="white-space: nowrap"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD STYLE="white-space: nowrap"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD STYLE="white-space: nowrap"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD STYLE="white-space: nowrap"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD STYLE="white-space: nowrap"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD STYLE="white-space: nowrap"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 34%; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.9pt"> Net asset value, beginning of period </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"> $ </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 4.76 </TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; font-weight: bold; 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: 8%; border-bottom: Black 1pt solid; text-align: right"> 7.59 </TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"> 8.00 </TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"> 8.32 </TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"> 6.47 </TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"> 7.43 </TD><TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8.9pt"> &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><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><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-indent: -8.65pt; padding-left: 8.9pt"> Operations: </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><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><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.55pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net
    investment loss</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>1</SUP></FONT> </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> (0.06 </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.10 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.08 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.11 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.14 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.07 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.55pt"> Net realized and unrealized gain
    (loss) on investment </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: right"> 1.83 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1.72 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.02 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.09 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2.12 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.80 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.2pt"> Total from investment operations </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: right"> 1.77 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1.82 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.10 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.20 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1.98 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.87 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 26.2pt"> &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><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><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.9pt"> Less distributions to shareholders
    from: </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><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><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: -8.65pt; padding-left: 17.55pt"> Net realized gains </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> &mdash; </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.11 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.31 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.12 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.13 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.16 </TD><TD STYLE="white-space: nowrap; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.55pt"> Return of capital </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: right"> (0.31 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.90 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &mdash; </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &mdash; </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &mdash; </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &mdash; </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 26.2pt"> Total distributions </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: right"> (0.31 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1.01 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.31 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.12 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.13 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.16 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 26.2pt"> &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><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><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: -8.65pt; padding-left: 8.9pt"> Accretive effect of ATM offering </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> &mdash; </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </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"> &mdash; </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"> &mdash; </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"> &mdash; </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"> 0.07 </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: -8.65pt; padding-left: 8.9pt"> Accretive effect of shares in reinvestment of distribution </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> &mdash; </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </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"> &mdash; </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"> &mdash; </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"> &mdash; </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"> &mdash; </TD><TD STYLE="white-space: nowrap; text-align: left"> <SUP>2</SUP>&nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.9pt"> Net asset value, end of period </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 6.22 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4.76 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7.59 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8.00 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8.32 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6.47 </TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.9pt"> Per share market value, end of period </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> $ </TD><TD STYLE="font-weight: bold; text-align: right"> 5.11 </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 3.70 </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"> 6.36 </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"> 6.60 </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"> 7.20 </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"> 6.11 </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 8.9pt"> &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><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><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.9pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
    investment return based on market value per share</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>3</SUP></FONT> </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>48.25</B></FONT> </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> %
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>4</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (27.37 </TD><TD STYLE="white-space: nowrap; text-align: left"> )% </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2.16 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (6.82 </TD><TD STYLE="white-space: nowrap; text-align: left"> )% </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 20.17 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (33.73 </TD><TD STYLE="white-space: nowrap; text-align: left"> )% </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 17.55pt"> &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><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><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="white-space: nowrap; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.9pt"> Ratios and Supplemental Data: </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><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><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: -8.65pt; padding-left: 8.9pt"> Net assets, end of period (000 omitted) </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> $ </TD><TD STYLE="font-weight: bold; text-align: right"> 38,130 </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 29,196 </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"> 46,542 </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"> 49,048 </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"> 51,047 </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"> 39,699 </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: -8.65pt; padding-left: 8.9pt"> Ratio of expenses to average net assets before waiver </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.52</B></FONT> </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> %
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>5</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.20 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2.79 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.72</FONT> </TD><TD STYLE="white-space: nowrap; text-align: left"> %
                                            <SUP>6</SUP> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.36</FONT> </TD><TD STYLE="white-space: nowrap; text-align: left"> %
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>7</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.20 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.9pt"> Ratio of expenses to average net assets after waiver </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3.42</B></FONT> </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> %
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>5</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.10 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2.79 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.72</FONT> </TD><TD STYLE="white-space: nowrap; text-align: left"> %
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>6</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.36</FONT> </TD><TD STYLE="white-space: nowrap; text-align: left"> %
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>7</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3.20 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.9pt"> Ratio of net investment loss to average net assets after
    waiver </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>(2.10</B></FONT> </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> )%
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>5</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1.51 </TD><TD STYLE="white-space: nowrap; text-align: left"> )% </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1.06 </TD><TD STYLE="white-space: nowrap; text-align: left"> )% </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1.29</FONT> </TD><TD STYLE="white-space: nowrap; text-align: left"> )%
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>6</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1.86</FONT> </TD><TD STYLE="white-space: nowrap; text-align: left"> )%
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>7</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.99 </TD><TD STYLE="white-space: nowrap; text-align: left"> )% </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.9pt"> Portfolio turnover rate </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5</B></FONT> </TD><TD STYLE="white-space: nowrap; font-weight: bold; text-align: left"> %
                                            <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12.5pt"><SUP>4</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 6 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 16 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 9 </TD><TD STYLE="white-space: nowrap; text-align: left"> % </TD></TR>
</TABLE>

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


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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Computed by dividing
    the respective period&rsquo;s amounts from the Statement of Operations by the average outstanding shares for each period presented.</FONT> </TD></TR>
</TABLE>
<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"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2</SUP></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amount rounds to less
    than $0.01.</FONT> </TD></TR>
</TABLE>
<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"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>3</SUP></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total investment return
    is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the current market price
    on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be
    reinvested at the net asset value of the Fund on the dividend ex-date.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt 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"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>4</SUP></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not annualized.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt 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"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>5</SUP></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Annualized.</FONT> </TD></TR>
</TABLE>
<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"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>6</SUP></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This figure includes
    expenses incurred as a result of the expiration of the Fund&rsquo;s shelf registration. The overall impact on the Fund&rsquo;s ratios
    is an increase of 0.22% (See Note 7 to the Fund&rsquo;s financial statements included in the Fund&rsquo;s Semi-Annual Report for
    the period ended December 31, 2020).</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>7</SUP></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This figure includes
    expenses incurred as a result of the expiration of the Fund&rsquo;s ATM offering. The overall impact on the Fund&rsquo;s ratios is
    an increase of 0.63% (See Note 7 to the Fund&rsquo;s financial statements included in the Fund&rsquo;s Semi-Annual Report for the
    period ended December 31, 2020).</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>&nbsp;</B> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended June 30 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2015 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> 2014 </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> 2013 </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> 2012 </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> 2011 </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> PER SHARE OPERATING PERFORMANCE </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> (For a share of capital stock outstanding for each year) </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 45%; text-align: left; padding-bottom: 1pt"> Net asset value, beginning of year </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"> $ </TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 9.12 </TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; 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: 8%; border-bottom: Black 1pt solid; text-align: right"> 9.28 </TD><TD STYLE="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: 8%; border-bottom: Black 1pt solid; text-align: right"> 7.90 </TD><TD STYLE="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: 8%; border-bottom: Black 1pt solid; text-align: right"> 8.13 </TD><TD STYLE="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: 8%; border-bottom: Black 1pt solid; text-align: right"> 6.12 </TD><TD STYLE="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="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD> Operations: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment loss<FONT STYLE="font-size: 11pt">1</FONT></FONT> </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> (0.11 </TD><TD STYLE="font-weight: bold; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.07 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.03 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.06 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.06 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> Net realized and unrealized gain
    (loss) on investment transactions </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.08 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1.05 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1.61 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.11 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2.07 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"> Total from operations </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> (0.19 </TD><TD STYLE="font-weight: bold; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 0.98 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1.58 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.17 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2.01 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Distributions: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"> From net realized gains </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: right"> (0.64 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1.14 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.20 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.06 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> -- </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"> Total distributions </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> (0.64 </TD><TD STYLE="font-weight: bold; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1.14 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.20 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (0.06 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -- </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Dilutive effect of rights offering </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-weight: bold; text-align: right"> (0.86 </TD><TD STYLE="font-weight: bold; text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -- </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -- </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -- </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> -- </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Net asset value, end of year </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 7.43 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9.12 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 9.28 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7.90 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8.13 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"> Per share market value, end of year </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 9.46 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8.15 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8.51 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6.97 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 7.14 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt"> Total investment return (loss) based
    on market value per share </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: right"> 25.40 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 8.98 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 25.31 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1.39 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> %) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 25.93 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> RATIOS AND SUPPLEMENTAL DATA </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Net assets, end of year (in 000&rsquo;s) </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> 41,611 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 33,862 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 34,445 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 29,330 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 30,169 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"> Ratio of expenses to average net assets </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: right"> 2.97 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2.46 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2.50 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2.68 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2.66 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt"> Ratio of net investment loss to
    average net assets </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: right"> (1.36 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> %) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.78 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> %) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.38 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> %) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.81 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> %) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (0.81 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> %) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Portfolio turnover rate </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: right"> 14 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 24 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 37 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 15 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 22 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> % </TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT> </TD>
    <TD STYLE="font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Computed by dividing the respective year&rsquo;s
    amounts from the Statement of Operations by the average outstanding shares for each year presented.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; font-size: 11pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Price</FONT> </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">NAV</FONT> </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Premium/(Discount)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 29%; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Quarter<BR>
    Ended</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">High</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Low</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">High</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Low</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">High</FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Low</FONT> </TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3/31/2021</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.21</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$5.17</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$7.42</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.08</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-11.76%</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-19.73%</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">12/31/2020</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$5.35
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$3.57
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.36
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$4.78
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-14.26%</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-27.81%</FONT> </TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">9/30/2020</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$3.94
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$3.41
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$5.15
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$4.45
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-18.63%</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-27.88%</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">6/30/2020</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$4.43
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$2.91
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$5.69
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$3.67
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-7.69%</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-26.16%</FONT> </TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3/31/2020</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.85
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$2.67
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$7.98
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$3.52
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-8.89%</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-24.28%</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">12/31/2019</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.90
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.16
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$8.05
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$7.40
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-13.24%</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-18.19%</FONT> </TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">9/30/2019</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.73
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$5.86
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$7.93
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$7.28
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-14.43%</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-19.95%</FONT> </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">6/30/2019</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$6.45
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$5.86
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$7.73
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">$7.24
    </FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-14.15%</FONT> </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">-22.63%</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">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>


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

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

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

<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>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 is fundamental and 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
non-fundamental 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.&nbsp; </P>


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

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

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

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

<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.&nbsp;</P>


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

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

<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 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.&nbsp;</P>


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

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

<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 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"></P>


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    <!-- Field: /Page -->

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

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


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

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

<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">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.&nbsp;</P>


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

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

<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 Restrictions</B></P>

<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"> <U>The Fund has adopted certain investment
restrictions, some of which are fundamental (i.e., may not be changed without the prior approval of the holders of a majority of the
Fund&rsquo;s outstanding voting securities) and others of which are non-fundamental (i.e., may be changed </U>with the approval of a
majority of the board only). For purposes of the fundamental and non-fundamental investment 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. </P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <U>Fundamental Investment Restrictions</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 following investment restrictions of the
Fund are fundamental and may not be changed without the prior approval of the holders of a majority 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 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: 0.25in"></TD><TD STYLE="width: 0.25in"> 1. </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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"> 2. </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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"> 3. </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="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: 0.25in"></TD><TD STYLE="width: 0.25in"> 4. </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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"> 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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in"> 6. </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="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"> Non-Fundamental Investment 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"> The Fund has adopted certain investment restrictions
that may not be changed without the prior approval of a majority of the board. Under its non-fundamental 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 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: 27px"> &nbsp; </TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp;&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: 27px"> &nbsp; </TD>
    <TD STYLE="width: 27px; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT> </TD>
    <TD STYLE="text-align: justify; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase more than 10%
    of the outstanding voting securities of any one issuer.</FONT> </TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 27px"> &nbsp; </TD>
    <TD STYLE="font-size: 11pt; width: 27px"> <FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT> </TD>
    <TD STYLE="text-align: justify; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Make short sales of
    securities or maintain a short position in any security.</FONT> </TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"> &nbsp; </TD>
    <TD STYLE="width: 27px; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT> </TD>
    <TD STYLE="text-align: justify; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 27px"> &nbsp; </TD>
    <TD STYLE="width: 27px; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">5..</FONT> </TD>
    <TD STYLE="text-align: justify; font-size: 11pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Buy, sell or write put
    or call options (other than as described under &ldquo;Special Leverage Considerations - Hedging Transactions&rdquo;).</FONT> </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; 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>

<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>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.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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.
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.</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 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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in the value of our portfolio of investments;</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in regulatory policies or tax guidelines;</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in earnings or variations in operating results;</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes in accounting guidelines governing valuation of our investments;</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">departure of our Adviser or certain of their respective key personnel; and</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.&nbsp;</P>


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

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


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

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

<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>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.&nbsp;</P>


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

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

<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, 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.&nbsp;</P>


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

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


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

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

<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">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"><B>Risks Related to Equity and Equity-Linked Securities</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"><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.&nbsp;</P>


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

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

<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">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.&nbsp;</P>


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

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

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


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

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

<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"><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.&nbsp;</P>


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    <!-- Field: /Page -->

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

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

<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>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

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


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

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

<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>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="width: 20%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name and Age</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Position(s) Held with Fund</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term of Office* and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Principal Occupation(s) During Past 5 Years</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number of Portfolios in Complex Overseen by Director</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other Directorships Held by Director</B></FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Independent Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">John A. Gelety, Esq.<BR>
Age: 52</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current term expires 2022; 2011 to present.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attorney and shareholder at Greenspoon Marder, LLP, corporate practice group, 2016-present; John A. Gelety, PA, a transactional law firm, 2005-2016.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cecilia L. Gondor<BR>
Age: 59</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current term expires 2021; 2014 to present.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ann S. Lieff<BR>
Age: 68</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current term expires 2022; 1998 to present.</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Kay W. Tatum, Ph.D., CPA<BR>
Age: 68</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Current term expires 2021; 2007 to present.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interested Director</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld**<BR>
Age: 75</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman, Director and Portfolio Manager</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Current term expires 2023; 1993 to present.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld Advisors, Inc., serving as Chairman, 1984-present; Portfolio Manager, 1984-present; and President, 1984-2016.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Officers:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Erik M. Herzfeld**<BR>
Age: 47</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio Manager and President </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2008 to present 2016 to present</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas K. Morgan<BR>
Age: 62</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">CCO and Assistant Secretary</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2018 to present</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld Advisors, Inc., serving as Chief Compliance Officer, 2018-present; TMorgan Advisers LLC, 2015-present; Tremont Realty Capital, LLC, 2006-2015.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Zachary P. Richmond***<BR>
Age:&nbsp;&nbsp;40</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasurer</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020 to present</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Alice Tham<BR>
Age:&nbsp;&nbsp;30</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Secretary</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2019 to present</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld Advisors, Inc., serving as Operations Manager, 2012-present.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ryan M. Paylor<BR>
Age:&nbsp;&nbsp;39</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio Manager</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2019 to present</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld Advisors, Inc., serving as Portfolio Manager for the Advisor&rsquo;s separately management accounts 2012-present.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Each director serves a three-year term after which the director may be re-elected for additional three-year terms.</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">**</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">***</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Richmond&rsquo;s address is: 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.</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">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.&nbsp;</P>


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

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

<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"><U>Risk Oversight</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">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"></P>


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

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


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

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

<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: 50%; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name of Director</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dollar Range of Equity <BR>
Securities in the Fund</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate Dollar Range of <BR>
Equity Securities in All Funds in <BR>
Family of Investment Companies</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Independent Directors</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">John A. Gelety</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$10,001-50,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$10,001-50,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cecilia L. Gondor</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$10,001-50,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$10,001-50,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ann S. Lieff</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$50,001-100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$50,001-100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Kay W. Tatum</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0-10,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0-10,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interested Director</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Over $100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Over $100,000</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">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: 28%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name of Person and </B>&nbsp;<BR>
<B>Position with the Fund</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Aggregate Compensation </B>&nbsp;<BR>
<B>from the Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pension or Retirement </B>&nbsp;<BR>
<B>Benefits Accrued As </B>&nbsp;<B><BR>
Part of Fund Expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total Compensation from </B>&nbsp;<B><BR>
the Fund and Fund </B>&nbsp;<BR>
<B>Complex Paid to Directors</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Independent Directors</B></FONT></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; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">John A. Gelety</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$35,600</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$35,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cecilia L. Gondor</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$32,600</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$32,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ann S. Lieff</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$32,600</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$32,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Kay W. Tatum</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$35,600</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$35,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interested Director</B></FONT></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; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>


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

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

<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">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">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"></P>


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

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

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

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

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


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

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

<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 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"></P>

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


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

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

<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>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.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0; text-align: center"> <B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</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; text-align: justify"> 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 June 24,
2021, there were 67 record holders of the Fund&rsquo;s common stock. To the knowledge of the Fund, as of June 25, 2021, the following
persons 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: 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: top">
    <TD STYLE="border-left: Black 1pt solid; width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.7pt; text-indent: -0.7pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name
    and Address</B></FONT> </TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number
    of Shares Owned</B></FONT> </TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>%
    Ownership</B></FONT> </TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; border-top: Black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Type
    of Ownership</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Thomas J. Herzfeld </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> 119 Washington Avenue </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Suite 504 </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0.55pt; text-indent: -0.55pt"> Miami
    Beach, FL 33139 </P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">538,637.44</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">9.24%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial</FONT> </TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Phillip Goldstein </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> 60 Heritage Drive </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Pleasantville, NY 10570 </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">433,178</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">7.43%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial</FONT> </TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Cede &amp; Co. </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> 55 Water Street </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> New York, NY 10041 </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">5,563,161</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">95.47%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Record</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"> Our officers and directors, as a group, owned
an aggregate of 777,228.44 shares of our common stock, or 13.34% of the voting securities of the Fund, as of June 25, 2021. </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>REGULATION AS A REGISTERED CLOSED-END
MANAGEMENT INVESTMENT COMPANY</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>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">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:&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&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: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&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: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&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: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&nbsp;</P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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 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.</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 will be periodically examined by the
SEC for compliance with 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">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;.</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 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;.</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 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;.</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>Code of Ethics</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 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.</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 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.</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>Compliance Policies and Procedures</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 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.</P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sarbanes-Oxley Act of 2002</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 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:</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">&#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;</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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>Proxy Voting Policies and Procedures</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"> 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. </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"> A copy of the Fund&rsquo;s Proxy Voting Policies
and Procedures is attached as Appendix A. </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>DESCRIPTION OF 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 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.</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 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.</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: 31%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title of Class</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Authorized</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount of Shares Held <BR>
by the Fund for its <BR>
Account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount
    of Shares <BR>
    Outstanding as of <BR>
    </B>December 31 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares of common stock</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">100,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0 Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,133,665 Shares</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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>Share Repurchases and Tender Offers</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">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.</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">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).</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 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.</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 price at which shareholders may tender
their shares to the Fund will generally be a percentage of the market price of the Fund&rsquo;s shares at the close of trading on the
last day that shareholders can tender their shares. When a tender offer is made, notice will be provided describing the terms of the
tender offer; and the notice will contain information shareholders should consider in deciding whether or not to participate in the tender
offer (including the existence and amount of any repurchase fee that may be charged) and detailed instructions on how to tender 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">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.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> More generally, the use of leverage (borrowing
money or issuing senior securities to purchase properties or securities) will cause the Fund to incur additional expenses and may significantly
magnify losses in the event of underperformance of the assets purchased with borrowed money. In addition, a lender may terminate or refuse
to renew any credit facility. If the Fund is unable to access additional credit, it may be forced to sell investments at inopportune
times, which may further negatively impact the Fund&rsquo;s performance. </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 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. With respect to senior securities consisting of preferred stock, 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 preferred stock have an asset
coverage of at least 200% after deducting the amount of the purchase 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">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.</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 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.</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">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.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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">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.</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 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.</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 believes that these repurchase offers
are generally beneficial to the Fund&rsquo;s Shareholders, and generally are funded from available cash or sales of portfolio securities.
However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the
Fund&rsquo;s expense ratio. In addition, portfolio transactions by the Fund to fund repurchase offers may increase portfolio turnover
of the Fund. High portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed
to the Fund and, ultimately, shareholders, will be taxable as ordinary income. In addition, a higher portfolio turnover rate results
in correspondingly greater brokerage commissions and other transactional and custodial expenses that are borne 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"> A shareholder&rsquo;s tender of all or a part
of its Shares for cash pursuant to a tender or repurchase will be a taxable transaction for federal income tax purposes. In certain circumstances,
a shareholder will be treated as having received a dividend taxable as ordinary income in an amount equal to the entire amount of cash
received by the shareholder for its Shares pursuant to the tender offer or repurchase offer. </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 exercise of its business judgement,
in determining whether to undertake a tender offer, the Board of will generally consider, to the extent known at the time, the timing
and procedures associated with a proposed tender offer, including when and how the purchase price will be determined, and how the Fund
will fund the tender offer. The Board may consider all other information that it deems relevant in the exercise of its fiduciary duty. </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"> These tender offers may be commenced or suspended
at any time or from time to time without any notice. On May 31, 2020, in light of the effects of the COVID-19 pandemic on global economies
and stock markets and the resulting volatility in stock prices, the Board initiated a temporary suspension of the Fund&rsquo;s Self-Tender
Policy. The Board may in the future determine to suspend the tender offer policy in light of prevailing economic conditions, heightened
volatility in the financial markets, or other factors that the Board determines to be relevant in the exercise of its fiduciary duty. </P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Provisions of Articles of Incorporation
and Bylaws</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 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.</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 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.</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 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.</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 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.</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>Subscription Rights </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">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.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The applicable prospectus supplement would describe the following
terms of subscription rights in respect of which this prospectus is being delivered:</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the title of such subscription rights;</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the number of 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the number of 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any 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">&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: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any 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">&nbsp;</P>

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


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

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

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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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 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;Return of Capital&rdquo; which will be presented under the &ldquo;Source of payment&rdquo;
heading in such notice. </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">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.</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>DIVIDENDS AND DISTRIBUTIONS; DIVIDEND
REINVESTMENT PLAN</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"><U>Dividends and Distributions</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 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).&nbsp;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The market price of common stock on a particular date shall be the last sales price on the securities exchange where the common stock are listed on that date (currently the NASDAQ Capital Market)(the &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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The reinvestment of Distributions does not relieve Participants of any federal, state or local taxes which may be payable (or required to be withheld on Distributions.) Participants will receive tax information annually for their personal records and to help them prepare their federal income tax return. For further information as to tax consequences of participation in the Plan, Participants should consult with their own tax advisors.</FONT></TD></TR>
</TABLE>
<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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These terms and conditions may be amended by the Agent or the Fund at any time but, except when necessary or appropriate to comply with applicable law or the rules or policies of the 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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These terms and conditions shall be governed by the laws of the State of Maryland.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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">Unless otherwise specified in the applicable
prospectus supplement, each issuance of common stock will be listed on the NASDAQ Capital 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">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.</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 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.</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 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.</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 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.</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>TAXATION</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 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.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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 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.</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 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.</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 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.</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>Federal Taxation of the Fund and its
Distributions </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 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;).</P>


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

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


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

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


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

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


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

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


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

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


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

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


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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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).</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 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.</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>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></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">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.</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, 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.</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">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.</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 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.</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 inform stockholders of the
source and tax status of all distributions promptly after the close of each calendar year.</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">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.&nbsp;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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></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>DETERMINATION OF NET ASSET VALUE</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 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.</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">An unaudited NAV per share is posted daily on the Fund&rsquo;s
website at http://www.herzfeld.com/cuba.</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 calculating the NAV per share at any
time:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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"></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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 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.</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>CUSTODIAN, TRANSFER AGENT, DIVIDEND DISBURSING
AGENT, AND REGISTRAR</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"> 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. For the fiscal years ended June 30, 2020, 2019 and 2018 the Fund paid
custodian fees of $24,293, $84,000, and $84,000, respectively. </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 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. For the
fiscal years ended June 30, 2020, 2019, and 2018, the Fund paid transfer agency fees of $24,526, $24,000, and $24,000, respectively.&nbsp; </P>


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPERTS </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 independent registered accounting firm
of the Fund is Tait, Weller &amp; Baker LLP (&ldquo;Tait Weller&rdquo;), located at 50 South 16th St., Suite 2900, Philadelphia, PA 19102.
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;). </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>AVAILABLE INFORMATION</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. &nbsp;Information contained on our website
is not incorporated by reference into 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">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.</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>DEALER PROSPECTUS DELIVERY OBLIGATION</B> </P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Until [ ], all dealers that effect transactions
in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the
dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions </P>

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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 and
deemed to be part of this prospectus from the date of the filing of such reports and documents:</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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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="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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">To obtain copies of these filings, see &ldquo;Available Information&rdquo;
above.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX A</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>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>Proxy Voting Policy and Procedures</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; text-indent: 0.25in">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:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Policy</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">Thomas J. Herzfeld Advisors, Inc. (the &quot;Adviser&quot;)
acts as discretionary investment adviser for various clients, including The Herzfeld Caribbean Basin Fund, Inc. an investment company
registered under the Investment Company Act of 1940, as amended, and clients governed by the Employee Retirement Income Security
Act of 1974 (&quot;ERISA&quot;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Selected clients, including The Herzfeld Caribbean Basin Fund,
Inc. have elected to have the Adviser vote proxies or act on the other shareholder actions on their behalf, while other clients
vote proxies themselves.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">When voting proxies or acting on corporate actions for clients,
the Adviser's utmost concern is that all decisions be made in the best interest of its clients (for ERISA accounts, plan beneficiaries
and participants, in accordance with the letter and spirit of ERISA). The Adviser will act in a manner deemed prudent and diligent
and which is intended to enhance the economic value of the assets of its clients' accounts.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Procedures</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">The Portfolio Managers are ultimately responsible for ensuring
that all proxies received by the Adviser are voted in a timely manner and voted consistently across all portfolios.&nbsp;&nbsp;Although
many proxy proposals can be voted in accordance with the Adviser&rsquo;s established guidelines (see Section V. below) (the &ldquo;Guidelines&rdquo;),
the Adviser recognizes that certain circumstances may require special consideration, which may dictate that the Adviser makes an
exception to the provisions of these Procedures. When an exception is made to these Procedures, the Portfolio Managers shall provide
to the Chief Compliance Officer of the Adviser (&ldquo;CCO&rdquo;) a written statement detailing the circumstances and rationale
for an exception from these Policies and Procedures.</P>

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


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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A. Conflicts of Interest. Where a proxy proposal raises a material
conflict of interest between the Adviser's interests and that of one or more its clients, the Adviser shall resolve such conflict
in the manner described below.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">1. Vote in Accordance with the Guidelines. To the extent that
the Adviser has little or no discretion to deviate from the Guidelines with respect to the proposal in question, the Adviser shall
vote in accordance with such pre-determined voting policy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">2. Obtain Consent of Clients. To the extent that the Adviser
has discretion to deviate from the Guidelines with respect to the proposal in question, the Adviser shall disclose the conflict
to the relevant clients and obtain their consent to the proposed vote prior to voting the securities. The disclosure to the clients
will include sufficient detail regarding the matter to be voted on and the nature of our conflict that the clients would be able
to make an informed decision regarding the vote. When a client does not respond to such a conflict disclosure request or denies
the request, the Adviser will abstain from voting the securities held by that client's account.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">B. Limitations. In certain circumstances, in accordance with
a client's investment advisory contract (or other written directive) or where the Adviser has determined that it is in the client's
best interest, the Adviser will not vote proxies received. The following are some circumstances where the Adviser may limit its
role in voting proxies received on client securities:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">1. Client Maintains Proxy Voting Authority: Where a client has
not specifically delegated the authority to vote proxies to the Adviser or that it has delegated the right to vote proxies to a
third party, the Adviser will not vote the securities and will direct the relevant custodian to send the proxy material directly
to the client. If any proxy material is received by the Adviser, it will promptly be forwarded to the client.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">2. Terminated Account: Once a client account has been terminated
with the Adviser in accordance with its investment advisory agreement, the Adviser will not vote any proxies received after the
termination. However, the client may specify in writing that proxies should be directed to the client for action.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">3. Limited Value: If the Adviser concludes that the client's
economic interest or the value of the portfolio holding is indeterminable or insignificant, the Adviser may abstain from voting
a client's proxies. The Adviser does not vote proxies received for securities which are not held in the client's account at the
time the proxies are received; although it may vote such proxies if determined to be in the best interest of the client. In addition,
the Adviser generally does not vote securities where the economic value of the securities in the client's account is less than
$500.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">4. Securities Lending Programs: When securities are out on
loan, they are transferred into the borrower's name and are voted by the borrower, in its discretion. However, where the Adviser
determines that a proxy vote (or shareholder action) is materially important to the client's account, the Adviser may recall the
security.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">5. Unjustifiable Costs: In certain circumstances, after doing
a cost-benefit analysis, the Adviser may abstain from voting where the cost of voting a client's proxy would exceed any anticipated
benefits of the proxy proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">IV.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">RECORD KEEPING</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with Rule 204-2 under the Advisers Act, the Adviser
will maintain for the time periods set forth in the Rule (i) these proxy voting procedures and policies, and amendments thereto;
(ii) all proxy statements received regarding client securities (provided however, that the Adviser may rely on the proxy statement
filed on EDGAR as its records)(1); (iii) a record of votes cast on behalf of clients; (iv) records of client requests for proxy
voting information; (v) any documents prepared by the adviser that were material to making a decision how to vote or that memorialized
the basis for the decision; and (vi) records relating to requests made to clients regarding conflicts of interest in voting the
proxy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Adviser will describe in its Part II of Form ADV (or other
brochure fulfilling the requirement of Rule 204-3) its proxy voting policies and procedures and advising clients how they may obtain
information on how the Adviser voted their securities. Clients may obtain information on how their securities were voted or a copy
of our Policies and Procedures by written request addressed to the Adviser.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif">V.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GUIDELINES</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Each proxy issue will be considered individually. The following
guidelines are a partial list to be used in voting proposals contained in the proxy statements, but will not be used as rigid rules.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issues regarding the issuer's Board entrenchment and anti-takeover measures such as the following:</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oppose</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 1%; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">b.</FONT></TD>
    <TD STYLE="width: 83%; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals to limit the ability of shareholders to call special meetings;</FONT></TD>
    <TD STYLE="width: 15%; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">c.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals to require super majority votes;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">d.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals requesting excessive increases in authorized common or preferred shares where management provides no explanation for the use or need for these additional shares;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">e.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proposals regarding &quot;poison pill&quot; provisions; and</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">f.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Permitting &quot;green mail&quot;.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Providing cumulative voting rights.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oppose</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;Social issues,&quot; unless specific client guidelines supersede, e.g., restrictions regarding South Africa.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Oppose</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Election of directors recommended by management, except if there is a proxy fight.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Election of auditors recommended by management, unless seeking to replace if there exists a dispute over policies.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date and place of annual meeting.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitation on charitable contributions or fees paid to lawyers.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratification of directors' actions on routine matters since previous annual meeting.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential voting</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">Confidential voting is most often proposed by shareholders as a means of eliminating undue management pressure on shareholders regarding their vote on proxy issues.</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</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"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Adviser will generally approve these proposals as shareholders can later divulge their votes to management on a selective basis if a legitimate reason arises.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Limiting directors' liability</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eliminate preemptive right</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preemptive rights give current shareholders the opportunity to maintain their current percentage ownership through any subsequent equity offerings. These provisions are no longer common in the U.S., and can restrict management's ability to raise new capital.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Adviser approves the elimination of preemptive rights, but will oppose the elimination of limited preemptive rights, e.g., on proposed issues representing more than an acceptable level of total dilution.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Employee Stock Purchase Plan</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Establish 401(k) Plan</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Rotate annual meeting location/date</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Establish a staggered Board</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approve</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Eliminate director mandatory retirement policy</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Case-by-Case</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Option and stock grants to management and directors</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Case-by-Case</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Allowing indemnification of directors and/or officers after reviewing the applicable laws and extent of protection requested.</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX B</B></P>

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

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

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

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

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

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

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


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Procedures</B></FONT></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt and implement written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the Client&rsquo;s best interest;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Disclose to Clients how they may obtain information regarding how their proxies were voted; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Describe proxy voting policies and procedures and furnish a copy of the policies and procedures to the Client when requested to do so.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon receipt of a corporate proxy by the Firm, the special or annual report and the proxy are submitted to the EC Proxy Voting Services (&ldquo;the Proxy Manager&rdquo;).&nbsp; The Proxy Manager will then vote the proxy in accordance with this policy.&nbsp; &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Proxy Manager shall be responsible for reviewing the special or annual report, proxy proposals, and proxy proposal summaries.&nbsp; The reviewer shall take into consideration what vote is in the best interests of Clients and the provisions of the Firm&rsquo;s Voting Guidelines in Section 2 below.&nbsp; The Proxy Manager will then vote the proxies.&nbsp; &nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Proxy Manager shall be responsible for maintaining copies of each annual report, proposal, proposal summary, actual vote, and any other information required to be maintained for a proxy vote under Rule 204-2 of the Advisers Act (see discussion in Section 3 below).&nbsp; With respect to proxy votes on topics deemed, in the opinion of the Proxy Manager, to be controversial or particularly sensitive, the Proxy Manager will provide a written explanation for the proxy vote which will be maintained with the record of the actual vote in the Firm&rsquo;s files.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm will not neglect its proxy voting responsibilities, but may abstain from voting if it deems that abstaining is in its Clients&rsquo; best interests, as described below under the Limitations on Proxy Voting section. The Proxy Manager will document instances in which the Firm does not vote a Client&rsquo;s proxy.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Proxies received after a Client terminates its advisory relationship with the Firm will not be voted. The Proxy Manager will promptly return such proxies to the sender, along with a statement indicating that the Firm&rsquo;s advisory relationship with the Client has terminated, and that future proxies should not be sent to the Firm.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">To the extent that a conflict of interest is identified in conjunction with a specific proxy vote, the voting process will be modified as described below under Conflicts of Interest.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Conflicts of Interest</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm shall disclose the existence and nature of the conflict to the Client(s) owning the Client securities, and seek directions on how to vote the proxies;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm shall abstain from voting, particularly if there are conflicting Client interests (for example, where Client accounts hold different Client securities in a competitive merger situation); or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Firm shall follow the recommendations of an independent proxy voting service in voting the proxies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Limitations on Proxy Voting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Client Maintains Proxy Voting Authority</U>.
Where the Client has instructed the Firm in writing, the Firm will not vote the securities and will direct the relevant custodian
to send the proxy material directly to the Client. If any proxy material is received by the Firm, it will promptly be forwarded
to the Client or a specified third party.</P>

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>D.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Voting Guidelines</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 53px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate Governance&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><B>Election of Directors and Similar
Matters&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">In an uncontested election, the
Firm will generally vote in favor of management&rsquo;s proposed directors.&nbsp; In a contested election, the Firm will evaluate
proposed directors on a case-by-case basis.&nbsp; With respect to proposals regarding the structure of a company&rsquo;s Board
of Directors, the Firm will review any contested proposal on its merits.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Limit directors&rsquo; liability and broaden directors&rsquo; indemnification rights</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Generally vote against proposals to adopt or continue the use of a classified Board structure; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Add special interest directors to the board of directors (e.g., efforts to expand the board of directors to control the outcome of a particular matter.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><B>Audit Committee Approvals &nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Firm generally supports proposals
that help ensure that a company&rsquo;s auditors are independent and capable of delivering a fair and accurate opinion of a company&rsquo;s
finances.&nbsp; The Firm will generally vote to ratify management&rsquo;s recommendation and selection of auditors.&nbsp;</P>


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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Firm shall consider all proposals
that will have a material effect on shareholder rights on a case by case basis.&nbsp; Notwithstanding the foregoing, the Firm expects
to generally <B><U>support</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt confidential voting and independent tabulation of voting results; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Require shareholder approval of poison pills;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">And expects to generally <B><U>vote
against</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt super-majority voting requirements; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Restrict the rights of shareholders to call special meetings, amend the bylaws or act by written consent.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><B>Anti-Takeover Measures, Corporate
Restructurings and Similar Matters</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Firm shall review any proposal
to adopt an anti-takeover measure, to undergo a corporate restructuring (e.g., change of entity form or state of incorporation,
mergers or acquisitions) or to take similar action by reviewing the potential short and long-term effects of the proposal on the
company.&nbsp; These effects may include, without limitation, the economic and financial impact the proposal may have on the company,
and the market impact that the proposal may have on the company&rsquo;s stock.&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prohibit the payment of greenmail (i.e., the purchase by the company of its own shares to prevent a hostile takeover);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt fair price requirements (i.e., requirements that all shareholders be paid the same price in a tender offer or takeover context), unless the Proxy Manager deems them sufficiently limited in scope; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Require shareholder approval of &ldquo;poison pills.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">And expects to generally <B><U>vote
against</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt classified boards of directors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reincorporate a company where the primary purpose appears to the Proxy Manager to be the creation of takeover defenses; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Require a company to consider the non-financial effects of mergers or acquisitions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><B>Capital Structure Proposals&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Firm will seek to evaluate
capital structure proposals on their own merits on a case-by-case basis.&nbsp;Notwithstanding the foregoing, the Firm expects
to generally support proposals to eliminate preemptive rights.&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 48px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><B>General&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Firm generally supports proposals
that encourage the disclosure of a company&rsquo;s compensation policies.&nbsp; In addition, the Firm generally supports proposals
that fairly compensate executives, particularly those proposals that link executive compensation to performance.&nbsp; The Firm
shall consider any contested proposal related to a company&rsquo;s compensation policies on a case-by-case basis.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Require shareholders&rsquo; approval of golden parachutes; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt golden parachutes that do not exceed 1 to 3 times the base compensation of the applicable executives</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">And expects to generally <B><U>vote
against</U></B> proposals to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 107px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt measures that appear to the Proxy Manager to arbitrarily limit executive or employee benefits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify"><B>Stock Option Plans and Share
Issuances&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Firm evaluates proposed stock
option plans and share issuances on a case-by-case basis.&nbsp; In reviewing proposals regarding stock option plans and issuances,
the Firm shall consider, without limitation, the potential dilutive effect on shareholders and the potential short and long-term
economic effects on the company. The Firm believes that stock option plans do not necessarily align the interest of executives
and outside directors with those of shareholders and that well thought out cash compensation plans can achieve these objectives
without diluting shareholders ownership. Therefore, the Firm generally will vote against stock option plans. However, these proposals
will be reviewed on a case-by-case basis to determine that shareholders&rsquo; interests are being represented. The Firm is in
favor of management, directors and employees owning stock, but prefer that the shares are purchased in the open market. &nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Notwithstanding the foregoing,
the Firm expects to generally <B><U>vote against</U></B> proposals to establish or continue stock option plans and share issuances
that are not in the best interest of the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; 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: 48px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Corporate Responsibility and Social Issues&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">The Firm generally believes that
ordinary business matters (including, without limitation, positions on corporate responsibility and social issues) are primarily
the responsibility of a company&rsquo;s management that should be addressed solely by the company&rsquo;s management.&nbsp; These
types of proposals, often initiated by shareholders, may request that the company disclose or amend certain business practices.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Notwithstanding the foregoing,
the Firm will generally <B><U>vote in favor of</U></B> proposals involving corporate responsibility and social issues to the extent
called for by the United Nations Principles on Responsible Investment. The Firm also will generally vote in favor of corporate
responsibility and social issue proposals that the Firm believes will have substantial positive economic or other effects on a
company or the company&rsquo;s stock.</P>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Class Actions</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 0px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>F.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Books and Records</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 80px">&nbsp;</TD>
    <TD STYLE="width: 27px"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Proxy Manager will ensure that the following information is retained and available to be promptly produced in connection with each proxy vote:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Issuer&rsquo;s name;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The security&rsquo;s ticker symbol or CUSIP, as applicable;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The shareholder meeting date;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The number of shares that the Firm voted;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A brief identification of the matter voted on;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whether the matter was proposed by the Issuer or a security-holder;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whether the Firm cast a vote;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">How the Firm cast its vote (for the proposal, against the proposal, or abstain); </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Whether the Firm cast its vote with or against management; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any documentation created by the Firm that was material in making the proxy voting decision or that memorializes the basis for that decision, to the extent applicable; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="width: 107px">&nbsp;</TD>
    <TD STYLE="width: 53px"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any communication with Clients on how the Firm voted proxies on behalf of the Client.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 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: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>G.</B></FONT></TD>
    <TD STYLE="width: 99%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disclosures to Clients and Investors</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm includes a description of its
policies and procedures regarding proxy voting and class actions in Part 2 of Form ADV, along with a statement that Clients and
Investors can contact the Firm to obtain a copy of these policies and procedures and information about how the Firm voted with
respect to the Client&rsquo;s securities.</P>

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

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

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

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

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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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: 10%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 25.</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial Statements:</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"><B>Part A</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 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.</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>Part B</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">None</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: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; width: 93%"><A HREF="https://www.sec.gov/Archives/edgar/data/880406/000158064221000800/herzfeldncsrs.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certified Shareholder Report for the Fiscal Year Ended June 30, 2020</FONT></A></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 STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibits</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 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.</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 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.</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: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/articlesofincorporation.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/articlesofamendment.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/bylaws.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif">By Laws.(1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/certificatespecimen.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/articlesofincorporation.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/bylaws.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif">(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-family: Times New Roman, Times, Serif">Dividend Reinvestment Plan.(2)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/880406/000114420407038084/investmentadvisoryagreement.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment Advisory Agreement dated September 10, 1993.(1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="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: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/880406/000139834421008082/fp0064674_ex9925j.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Custodian Agreement dated November 14, 2019 (3)&nbsp;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/880406/000139834421008082/fp0064674_ex9925k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Master Services Agreement dated September 30, 2019 (3)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/880406/000139834421008082/fp0064674_ex9925l.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Opinion of Troutman Pepper Hamilton Sanders LLP (3)&nbsp;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="fp0066483_ex99252n.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-family: Times New Roman, Times, Serif">(o)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(q)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(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-family: Times New Roman, Times, Serif">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-family: Times New Roman, Times, Serif">(s)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/880406/000139834421008082/fp0064674_ex9925s.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Powers of Attorney (3)&nbsp;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(t)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/880406/000139834421008082/fp0064674_ex9925t.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Forms of Prospectus Supplement (3)</FONT></A></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"></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: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Incorporated by reference to the Registrant&rsquo;s Registration Statement on Form N-2 filed with the SEC on April 15, 2021 (Securities Act File No. 333-255265 and Investment Company Act File No. 811-06445).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 26.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MARKETING ARRANGEMENTS</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">The information contained under the heading &ldquo;Plan of Distribution&rdquo;
in this Registration Statement is incorporated herein by reference.</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: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 27.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC registration fees</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9600.80</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">FINRA filing fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">NASDAQ Capital Market Listing of Additional Shares fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Printing (other than stock certificates)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounting fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sales agent&rsquo;s expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Miscellaneous</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fees depend on number of issuances and amount of securities sold and cannot be estimated at this time.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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: 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">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 28.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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: 0">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 97 -->
    <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>

<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: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 29.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NUMBER OF HOLDERS OF SECURITIES</B></FONT></TD></TR>
  </TABLE>
<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="width: 69%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title of Class</B></FONT></TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number of</B><BR>
<B>Record Holders</B><BR>
<B>as of</B><BR>
<B>June 24, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Stock, $0.001 par value</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>67</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 30.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INDEMNIFICATION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</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">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.</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: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 31.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1.5in">&nbsp;</P>

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

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 32.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LOCATION OF ACCOUNTS AND RECORDS</B></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">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.</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: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 33</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MANAGEMENT SERVICES</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">Not applicable.</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: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 34.</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNDERTAKINGS</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">The Registrant hereby undertakes:</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: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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>
<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: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7) </FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 25th day of June, 2021.</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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">THE HERZFELD CARIBBEAN BASIN FUND, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Erik M. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Erik M. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">President </FONT></TD>
    <TD>&nbsp;</TD></TR>
  </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">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.</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: bottom">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Ann S. Lieff*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ann S. Lieff</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Kay W. Tatum*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Kay W. Tatum</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ John A. Gelety*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">John A. Gelety</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Cecilia L. Gondor*</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Cecilia L. Gondor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Thomas J. Herzfeld*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman and Director </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thomas J. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Erik M. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">President (Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Erik M. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Zachary P. Richmond</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Treasurer (Principal Financial Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 25, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Zachary P. Richmond</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">* By:</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Erik M. Herzfeld</FONT></TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Erik M. Herzfeld</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attorney-In-Fact pursuant to a power of attorney signed by each individual on March 15, 2021.</FONT></TD></TR>
  </TABLE>
<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"><B>&nbsp;</B></P>

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

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    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 85%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><A HREF="fp0066483_ex99252n.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">(n)</FONT></A></TD>
    <TD><A HREF="fp0066483_ex99252n.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent of Tait, Weller &amp; Baker LLP</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.2.N
<SEQUENCE>2
<FILENAME>fp0066483_ex99252n.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<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: 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"><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>

<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="font-size: 11pt; layout-grid-mode: line; text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line; text-align: justify; width: 50%"><FONT STYLE="font-size: 11pt"><B>/s/ TAIT, WELLER &amp; BAKER LLP</B></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"><B>Philadelphia, Pennsylvania</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>June 28, 2021</B></P>

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end
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<SEQUENCE>7
<FILENAME>filename7.htm
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  <TD STYLE="width: 50%"><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 | 18<SUP>th </SUP>&amp; Arch Streets</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Philadelphia, PA 19103</P>
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  <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">troutman.com</P>
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  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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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">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(215) 981 - 4659</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">June 29, 2021</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">VIA EDGAR</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">Filing Desk</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">100 F Street, NE</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, DC 20549&nbsp;</P></TD>
    <TD STYLE="width: 50%; font-size: 11pt">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
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    <TD STYLE="width: 11%; font-size: 11pt; font-weight: bold">Re:</TD>
    <TD STYLE="width: 89%">
    <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">The Herzfeld Caribbean Basin Fund, Inc.</P>
    <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">1940 Act File No. 811-06445</P>
    <P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0">1933 Act File No. 333-255265</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD>&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: justify">Ladies and Gentlemen:</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">On behalf of the Herzfeld Caribbean Basin Fund,
Inc. (the &ldquo;Company&rdquo;), and in accordance with the requirements of the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;),
and the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), electronically transmitted herewith is Pre-Effective
Amendment No. 1 to the Company&rsquo;s Registration Statement on Form N-2 (the &ldquo;Amendment&rdquo;) with respect to the proposed offering
by the Company of additional common shares of beneficial interest, par value $.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 $88,000,000 of Shares.</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 Amendment is being filed in order to respond
to comments provided by the staff of the Division of Investment Management (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission
regarding the above-referenced Registration Statement, make such other changes as the Company has deemed appropriate and file any remaining
exhibits.</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">Pursuant to Rule 415(a)(6) under the 1933 Act,
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 Company on May 4, 2018</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">Concurrently with the filing of the Amendment,
the Company expects to submit in writing to the Staff of the Commission a request for the acceleration of effectiveness of the Registration
Statement.</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">&nbsp;</P>

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  <TD STYLE="width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</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">June 29, 2021</P>
</TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
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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: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please direct any questions concerning this
letter to my attention at 215.981.4659 or, in my absence, to John M. Ford, Esq. of this office at 215.981.4009.</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/ John P. Falco</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">John P. Falco</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">cc:</P>

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

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

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