<SEC-DOCUMENT>0001387131-23-012630.txt : 20231128
<SEC-HEADER>0001387131-23-012630.hdr.sgml : 20231128
<ACCEPTANCE-DATETIME>20231024171311
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001387131-23-012630
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231024

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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="text-align: right; font: 9pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: -60px 0 0">Troutman Pepper Hamilton Sanders LLP</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">3000 Two Logan Square, Eighteenth and Arch Streets</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Philadelphia, PA 19103-2799</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">troutman.com</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Theodore D. Edwards</b></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">215 981 4181</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">theodore.edwards@troutman.com</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
24, 2023</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Investment Management</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Securities and Exchange Commission</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, NE</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Alberto H. Zapata, Senior Counsel</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>&nbsp;</B></TD>
  <TD><B>Re</B>:</TD>
  <TD COLSPAN="2">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0 0; text-indent: 0in">The Herzfeld Caribbean Basin Fund,
Inc. (the &ldquo;Fund&rdquo;)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 0pt solid">Registration
Statement on Form N-2</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 11%"><B>&nbsp;</B></TD>
  <TD STYLE="width: 5%"><B>&nbsp;</B></TD>
  <TD STYLE="border-bottom: Black 0pt solid; width: 34%">1940 Act File No. 811-06445</TD>
  <TD STYLE="width: 50%"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">1933
Act File No. 333-274174</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Mr. Zapata:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter responds to the written comments of the staff of the Commission (the &ldquo;Staff&rdquo;) to the Fund&rsquo;s Registration Statement
on Form N-2 (the &ldquo;Registration Statement&rdquo;) provided on September 22, 2023. The Registration Statement was filed on August
23, 2023 under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), and under the Investment Company Act of 1940, as
amended (the &ldquo;1940 Act&rdquo;). The Registration Statement relates to the registration, under the 1933 Act, of the proposed offering
by the Company of additional shares of common stock, par value $0.001 per share, on an immediate, delayed or continuous basis in reliance
on Rule 415 under the 1933 Act.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
appreciate the opportunity to address the Staff&rsquo;s comments regarding certain disclosure in the Registration Statement. We have
organized this letter by setting forth the Staff&rsquo;s comments in italics followed by the Fund&rsquo;s response to the Staff&rsquo;s
comments.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>General Comments</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>We note that the Registration Statement is missing information and exhibits and contains bracketed disclosures (e.g., the offering
table, fee table, offering terms, etc.). We may have comments on such portions when you complete them in any pre-effective amendment,
on disclosures made in response to this letter, on information supplied supplementally, or on exhibits filed in any pre-effective amendment.</I></FONT></P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U>:
</B>The Fund expects to file a pre-effective amendment to the Registration Statement (the &ldquo;Amendment&rdquo;) that is substantially
complete except that
it will omit certain information related to the subscription price and other information dependent thereon in reliance on Rule 430A under
the Securities Act. The Fund will include the omitted information in a form of prospectus filed with the Commission pursuant to Rule
424(b) within fifteen daysafter the effective date of the registration statement in reliance on
Rule 430A(a)(3) under the Securities Act. The Fund understands that the Staff may have additional comments on disclosures made
in this response and in the Amendment.</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 2</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Please either confirm that the Rights Offer will not involve any arrangements among the Fund, any underwriters, and/or any broker
dealers or that FINRA has reviewed any proposed underwriting terms and other arrangements for the transaction described in the Registration
Statement and has no objections.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Fund confirms that the Rights Offer will not involve any arrangements among the Fund, any underwriters, and/or any broker dealers.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>We note that footnote 2 to the fee table references investments in pooled investment vehicles that rely on the exclusions from the
definition of investment company in section 3(c)(1) or 3(c)(7) of the 1940 Act. Please explain supplementally whether the Fund invests
in such pooled vehicles and, if so, the extent of the Fund&rsquo;s investments. We may have additional comments after reviewing your
response.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
Although permitted to do so, the Fund does not currently invest in any pooled investment vehicles that rely on the exclusions from the
definition of investment company in Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, and has no present intention to do so. The language
in footnote 2 is intended to track the definition of &ldquo;acquired fund&rdquo; in Form N-2, and not to imply that the Fund investments
in such vehicles as a principal investment strategy. The Fund does not have a principal investment strategy to invest in such pooled
investment vehicles and, accordingly, any such investment would be less than 5% of the Fund&rsquo;s assets.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Cover Page</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Please explain the Secondary Over-Subscription Privilege on the cover page.</I></FONT></P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt 1.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
There is only one over-subscription privilege; however the Fund has the option to issue additional shares to cover all or part of over
subscriptions. Accordingly, the Fund will revise the disclosure on the cover page as follows:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Herzfeld Caribbean Basin Fund, Inc. (the &ldquo;Fund&rdquo;) is issuing non-transferable rights the (&ldquo;Rights&rdquo;) to its stockholders
of record on [&nbsp;&nbsp;&nbsp;&nbsp;], 2023 (the &ldquo;Record Date&rdquo;), entitling the holders of Rights to subscribe for an aggregate of approximately
7,150,673 shares of the
Fund&rsquo;s common stock (the &ldquo;Offer&rdquo;). Each stockholder of record on the Record Date will receive one Right for each full
share of the Fund&rsquo;s common stock owned on the Record Date. The Rights will entitle the holders to purchase one share of the Fund&rsquo;s
common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;) for every one Right held (the &ldquo;Primary Subscription&rdquo;).</FONT></P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 3</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders
of record on the Record Date who fully exercise their Rights in the Primary Subscription will be entitled to subscribe for additional
shares of Common Stock (&ldquo;Over-Subscription Shares&rdquo;), subject to the limitations set forth in this prospectus.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, but is not required to, issue up to an additional 200% of the number of shares issued in the Primary Subscription, or up to
14,301,346 additional shares of Common Stock, for an aggregate total of 21,452,019 shares of Common Stock, to fill, in whole or in part,
Over-Subscriptions.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The cover page defines Over-Subscription Shares. On page 13, the Fund states that it may issue discretionary additional Common Shares
in an amount of up to 200% of the Primary Subscription Shares and that these shares are defined as Secondary Over-Subscription Shares.
Please clarify the disclosure on the Cover Page and throughout the Registration Statement as to the relationship between Primary Subscription
Shares, the Over-Subscription Privilege (defined on page 13), Over-Subscription Shares and Secondary Over-Subscription Shares. Please
clarify if the Pricing Date, Subscription Price, delivery dates of any notices and payments will be the same for the Primary Subscription
Shares, Over-Subscription Shares and Secondary Over-Subscription Shares. If not the same, please provide information about each subscription.</I></FONT></P>

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Fund respectfully refers to its response to Comment II.A. In particular, what is referred to as the Secondary Over Subscription Privilege
is the ability of the Fund to issue additional shares to fill over subscription requests at the discretion of the Fund, and does not
entail a separate subscription process or indication of interest by a Stockholder on the Subscription Certificate. Stockholders will
indicate their willingness to participate in the Primary Subscription and subscribe for additional shares (&ldquo;over subscribe&rdquo;)
will do so in a single Subscription Certificate, and all shares will be subject to the same pricing and delivery terms and conditions,
as described in the Prospectus. Disclosure consistent with the Fund&rsquo;s response to Comment II.A is included in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The second paragraph of the cover page states that the Fund&rsquo;s Common Stock is listed on the NASDAQ Capital Market. Please clarify
that only the Common Stock is so listed but not the Rights. Please also add the statement: &ldquo;A Stockholder cannot trade the Rights
on the secondary market if he or she chooses not to exercise them.&rdquo;</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revisions have been made in the Amendment.</FONT></P>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 4</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Please add the following in bold to the cover page:</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Offering:</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>will,
                                            to the extent Shares are sold at a price below NAV, substantially dilute the NAV of Shares
                                            owned by Stockholders who do not fully exercise their rights and purchase additional shares;</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>may
                                            substantially dilute the voting power of Stockholders who do not fully exercise their Rights
                                            since they will own a smaller proportionate interest in the Fund upon completion of the Offer;</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>may
                                            increase the discount at which the shares trade to NAV if the Subscription Price is set at
                                            a time when shares are trading at a discount to NAV;</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>may
                                            cause the discount below NAV at which the Fund&rsquo;s shares are currently trading to increase,
                                            especially if Rights holders exercising the Rights attempt to sell sizable numbers of shares
                                            immediately after such issuance; and</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Stockholders
                                            who choose to exercise their rights will not know the Subscription Price at the time they
                                            exercise their Rights because the Offer will expire (close) prior to the availability of
                                            the Fund&rsquo;s NAV. Once a stockholder subscribes for shares of Common Stock and the Fund
                                            receives payment, the stockholder will not be able to rescind the subscription. </I></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revision has been made in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Prospectus Summary</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The disclosure in the Prospectus Summary under the Offer subsection indicates that the Fund&rsquo;s Board determined that the Offer
is in the best interests of the Fund and its existing stockholders and discloses the primary reasons for the Board&rsquo;s conclusion.
However, it is not clear whether the Board considered alternatives, such as a transferable rights offering or a more limited/less dilutive
non-transferable rights offering. It is similarly unclear how the Board considered the dilutive impact to investors of the Offer. To
the extent that the Board considered these items, please revise to address.</I></FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 5</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Fund advises the Staff that the Board considered a transferable rights offering, but determined such an offering would likely have
the same or a greater dilutive impact because it would require the Fund to incur additional offering expenses, including legal, underwriting,
brokerage, and listing expense among others. The Board also considered the subscription ratio of one right per common stock and the discretion
to issue additional shares by 200% of the shares available in the Primary Subscription and determined in the exercise of its business
judgment that the subscription ratio and the ability to issue additional oversubscription shares was reasonable in light of the information
provided by the Fund&rsquo;s investment adviser and results of past rights offerings conducted by the Fund. Important to its consideration
is that the decision to issue additional over-subscription shares would necessarily be determined in close temporal proximity to the
close of the subscription period and at the time the Board would consider the actual dilutive impact of the rights offering as well as
the potential dilutive impact of issuing additional over-subscription shares. In determining that the Offering was would result in a
net benefit to existing Stockholders, the Board found that the benefits of increasing the Fund&rsquo;s assets outweighed the potential
dilutive effect of the Offering. The Fund notes that, because the Rights are offered equally to all of the Fund&rsquo;s stockholders,
the Offering is consistent with SEC policy against issuing securities &ldquo;containing inequitable or discriminatory provisions,&rdquo;
or failing to &ldquo;protect the preferences and privileges of the holders of their outstanding securities&rdquo; as provided in Section
1(b)(3) of the 1940 Act. The Amendment will reflect the Board&rsquo;s considerations.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Important Terms of the Offer table includes description of the Primary Subscription only. Please add related information to cover
the Over-Subscription Shares and Secondary Over-Subscription Shares.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Amendment will include information related to the Over-Subscription Shares. As discussed in response to Comment II.A, what are referred
to as the Secondary Over-Subscription Shares are merely shares that may be issued by the Fund, in its discretion, to meet
over-subscription requests, and do not entail a separate subscription or indication of interest.</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 6</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Key Elements of the Offer. The Fund includes disclosure about the dilutive effects of not participating in the Offer. Please also
add this information to the cover page of the prospectus.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revisions have been made in the Amendment in response to the Staff&rsquo;s comment II.D.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Information Regarding the Fund. The Fund lists the Caribbean Basin Countries in which it can invest. Please add disclosure stating
which Caribbean Basin Countries the Fund currently invests in.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revision has been made in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Fee Table</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Please
confirm that the total annual expense ratio is calculated assuming the Offer will be fully subscribed. Please include disclosure that
if the Fund issues fewer shares in the Rights offering, the operating expense ratio would increase.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Fund confirms that the fee table in the Amendment, including the Total Annual Expense Ratio, will be calculated assuming that the
Offer will be fully subscribed (i.e., that the Primary Subscription and Over Subscription are fully subscribed). The Amendment will include
disclosure that if the Fund issues fewer shares in the Rights offering, the operating expense ratio would be higher.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Financial Highlights</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Please update the financial statement and financial highlights to reflect the most recent audited period for the fiscal year ended
June 30, 2023.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revision has been made in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>In the Financial Highlights on page 10 and on page 58, and Item 25 of the Registration Statement, the Fund states that the Annual
Report is incorporated by reference. Please include hyperlinks to the Annual Report at each instance where it is cited. </I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revision has been made in the Amendment.</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 7</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 <I>Please update the auditor&rsquo;s consent to reflect the June 30, 2023, financial statements and financial highlights of the Fund.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U>:
</B>The requested revision has been made in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>The Offering </I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(p. 13) The Fund states on page 13 that in its sole discretion the Fund may issue additional Common Shares in an amount of up to 200%
of the Primary Subscription Shares (the &ldquo;Secondary Over-Subscription Shares&rdquo;). Please clarify the disclosure regarding the
mechanics of increasing the number of shares subject to subscription. How will Shareholder be informed about their over-subscription
privileges? Will it occur after the Primary Subscription has been completed? Please clarify that if a Shareholder indicates on the Subscription
Certificate that they will be exercising subscription rights fully in the Primary Subscription, then such Shareholders will also have
an opportunity to indicate on the Subscription Certificate if they are willing to acquire additional shares pursuant to the Over-Subscription
Privilege. Please revise as applicable. </I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Fund respectfully refers the Staff to its response to comment II.A. Stockholders will indicate their willingness to participate in
the Primary Subscription and Over Subscription on a single Subscription Certificate, and all shares will be subject to the same pricing
and delivery terms and conditions. The Fund will revise the disclosure to so indicate in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Please delete the repeated phrase &ldquo;are non-transferable&rdquo; in the fourth paragraph of page 13.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revision has been made in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>On page 15, the Fund indicates that there exists an Over-Subscription Privilege and, in addition, the Fund can issue discretionary
Secondary Over-Subscription Shares. Please amend the disclosure to clarify the distinctions between the Over-Subscription Privilege and
the Secondary Over-Subscription Shares.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Fund respectfully refers to its response to Comment II.A. In particular, the Fund notes that what is referred to as the Secondary
Over-Subscription Privilege in the Registration Statement does not implicate a separate subscription process or indication of interest.
Rather, Stockholders will indicate their willingness to participate in the Primary Subscription and Over Subscription on a single Subscription
Certificate. In order to satisfy over subscription requests, the Fund may, but is not required to, issue up to 200% of the number of
shares issued in the Primary Subscription. All shares will be subject to the same pricing and
delivery terms and conditions. The Fund will revise the disclosure in the Amendment to reflect the same.</FONT></P>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 8</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Please clarify the disclosure regarding Excess Shares: What is the &ldquo;Stockholders Record Date Position&rdquo; for purposes of
calculating allocations of Excess Shares on page 16? Please revise the disclosure as applicable.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revision has been made in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Over-Subscription Privilege. On page 16, the Fund presents the formula to be used in allocating Excess Shares. Please specify the
Record Date Position for purposes of this formula. </I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revision has been made in the Amendment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Risk Factors and Special Considerations</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dilution
of Net Asset Value and Effect of Non-Participation in the Offer. (pp. 19-20). The Fund provides examples of the proportional dilution
effects of &ldquo;full primary and over-subscription privilege exercise.&rdquo; Please also provide examples of the effects of the Primary
Subscription Shares, the Over-Subscription Shares, and the Secondary Over-Subscription Shares, which the Fund has discretion to declare.
Please confirm that the examples reflect that all rights and oversubscription privileges are exercised and an additional 21,452,019 shares
of Common Shares are issued as a result. Please revise the disclosure to clarify.</I></FONT></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Amendment will reflect the proportional dilution effects of (1) a fully subscribed primary subscription, and (2) a fully subscribed
Over-Subscription in which the Fund issues 200% of the number of shares issued in the Primary Subscription.</FONT></P>

<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Managed Distribution Policy</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>On
page 47, the Fund states that the Fund&rsquo;s Board has authorized an extension of the Managed Distribution Policy for fiscal year 2023;
however, on page 7 of the prospectus the Fund states that on August 4, 2023, the Board indefinitely suspended the Managed Distribution
Policy. Please reconcile. Moreover, please add disclosure to page 7 explaining the potential impact on investors of this suspension,
including whether the Board can reinstate the program and under what circumstances. In addition, please consider deleting some of the
detailed discussion of the Managed Distribution Policy while the policy is suspended.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The requested revisions have been made in the Amendment.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 9</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Part C</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Registration Statement has not been signed in accordance with section 6 of the 1933 Act. The comptroller or principal accounting officer
must sign the Registration Statement. Please add that person&rsquo;s signature or indicate in the appropriate signature block that one
of the current signatories is that person.</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The Fund acknowledges the Staff&rsquo;s comment and notes that Treasurer serves as both the principal financial officer and the principal
accounting officer and will sign the registration statement as Treasure (principal financial officer and principal accounting officer).
The Fund will revise the signature block to so indicate.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -60px 0 0; text-align: left; text-indent: 0">Alberto H. Zapata</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">October 24, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">Page 10</P>

<P STYLE="border-bottom: rgb(0,145,218) 1pt solid; text-indent: 22pt; font: 9pt Times New Roman, Times, Serif; margin: 12pt 0 0"> &nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&#9;*&#9;*</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
direct any questions concerning this letter to my attention at 215-981-4181, or in my absence to John P. Falco of this office at 215.981.4659.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 55%">&nbsp;</TD>
  <TD STYLE="width: 45%">Very
truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/
Theodore D. Edwards</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Theodore D. Edwards</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3.5in; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 50%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 6%">cc:</TD>
  <TD STYLE="width: 94%">Tom
Morgan, CCO</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>John
P. Falco, Esq.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Joseph A. Goldman, Esq.&#9;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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