<SEC-DOCUMENT>0001752724-24-128172.txt : 20240530
<SEC-HEADER>0001752724-24-128172.hdr.sgml : 20240530
<ACCEPTANCE-DATETIME>20240530124702
ACCESSION NUMBER:		0001752724-24-128172
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240530
DATE AS OF CHANGE:		20240530
PERIOD START:           	20240630

FILER:

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

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		241003192

	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>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regFileNumber>811-06445</regFileNumber>
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      <regLei>549300ML0K6PRXPULR11</regLei>
      <regStreet1>119 WASHINGTON AVENUE</regStreet1>
      <regStreet2>Suite 540</regStreet2>
      <regCity>MIAMI BEACH</regCity>
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      <regZipOrPostalCode>33139</regZipOrPostalCode>
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      <seriesLei>549300ML0K6PRXPULR11</seriesLei>
      <repPdEnd>2024-06-30</repPdEnd>
      <repPdDate>2024-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>2230299.83</totLiabs>
      <netAssets>53004877.36</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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        <name>Martin Marietta Materials Inc</name>
        <lei>5299005MZ4WZECVATV08</lei>
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        <name>Cuban Electric Co</name>
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        <name>N/A</name>
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        <name>Grupo Aeroportuario del Sureste S.A.B. de C.V.</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil SAB de C.V. ADR Series L</title>
        <cusip>02390A101</cusip>
        <identifiers>
          <isin value="US02390A1016"/>
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        <balance>10698.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199624.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fomento Economico Mexicano S A B de C V</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>Fomento Economico Mexicano, S.A.B. de C.V. ADR</title>
        <cusip>344419106</cusip>
        <identifiers>
          <isin value="US3444191064"/>
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        <balance>10899.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1419812.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mastec, Inc.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MasTec, Inc. </title>
        <cusip>576323109</cusip>
        <identifiers>
          <isin value="US5763231090"/>
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        <balance>34872.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3251814.00000000</valUSD>
        <pctVal>6.134933541896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grupo Radio Centro S A B DE C V</name>
        <lei>N/A</lei>
        <title>Grupo Radio Centro. S.A.B. de C.V. </title>
        <cusip>P4983X160</cusip>
        <identifiers>
          <isin value="MXP680051218"/>
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        <balance>207033.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.62420000"/>
        <valUSD>49814.85000000</valUSD>
        <pctVal>0.093981634296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grupo Rotoplas Sab De Cv</name>
        <lei>549300PV16C2TA1DPA40</lei>
        <title>Grupo Rotoplas SAB de CV </title>
        <cusip>P49842100</cusip>
        <identifiers>
          <isin value="MX01AG050009"/>
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        <balance>392076.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.62420000"/>
        <valUSD>710605.62000000</valUSD>
        <pctVal>1.340641947294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Corporacion Inmobiliaria Vesta S A B De C V</name>
        <lei>4469000001BIRIFZJ959</lei>
        <title>Vesta Real Estate Corporation ADR</title>
        <cusip>92540K109</cusip>
        <identifiers>
          <isin value="US92540K1097"/>
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        <balance>38412.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1507286.88000000</valUSD>
        <pctVal>2.843675818288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ceramica Carabobo, S.A.C.A.</name>
        <lei>N/A</lei>
        <title>Ceramica Carabobo SACA ADR </title>
        <cusip>15671P704</cusip>
        <identifiers>
          <isin value="US15671P7042"/>
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        <balance>20.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>New Fortress Energy Inc.</name>
        <lei>254900EICTYTCHA5X705</lei>
        <title>New Fortress Energy, Inc. </title>
        <cusip>644393100</cusip>
        <identifiers>
          <isin value="US6443931000"/>
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        <balance>83602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2557385.18000000</valUSD>
        <pctVal>4.824811050180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuego Ent Inc</name>
        <lei>N/A</lei>
        <title>Fuego Enterprises Inc </title>
        <cusip>35953E201</cusip>
        <identifiers>
          <isin value="US35953E2019"/>
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        <balance>479175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20652.44000000</valUSD>
        <pctVal>0.038963282302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Caribbean Utilties</name>
        <lei>549300JWGMJO03H0G857</lei>
        <title>Caribbean Utilities Limited Class A</title>
        <cusip>G1899E146</cusip>
        <identifiers>
          <isin value="KYG1899E1465"/>
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        <balance>23200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>272600.00000000</valUSD>
        <pctVal>0.514292294553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corporation Class A</title>
        <cusip>526057104</cusip>
        <identifiers>
          <isin value="US5260571048"/>
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        <balance>9450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1625211.00000000</valUSD>
        <pctVal>3.066153684238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Government Obligations Fund Institutional Class</title>
        <cusip>60934N104</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
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        <balance>174261.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>174261.83000000</valUSD>
        <pctVal>0.328765650784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evertec Inc</name>
        <lei>N/A</lei>
        <title>EVERTEC, Inc. </title>
        <cusip>30040P103</cusip>
        <identifiers>
          <isin value="PR30040P1032"/>
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        <balance>16956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>676544.40000000</valUSD>
        <pctVal>1.276381408082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil SAB de C.V. </title>
        <cusip>P0280A192</cusip>
        <identifiers>
          <isin value="MX01AM050019"/>
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        <balance>209144.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.62420000"/>
        <valUSD>196007.24000000</valUSD>
        <pctVal>0.369790950875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Bancorp Puerto Rico</name>
        <lei>N/A</lei>
        <title>First BanCorporation </title>
        <cusip>318672706</cusip>
        <identifiers>
          <isin value="PR3186727065"/>
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        <balance>150604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2641594.16000000</valUSD>
        <pctVal>4.983681297965</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CEMEX S.A.B. de C.V.</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>Cemex S.A.B. de C.V. ADR</title>
        <cusip>151290889</cusip>
        <identifiers>
          <isin value="US1512908898"/>
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        <balance>270581.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2437934.81000000</valUSD>
        <pctVal>4.599453732232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corporation </title>
        <cusip>143658300</cusip>
        <identifiers>
          <isin value="PA1436583006"/>
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        <balance>76208.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1245238.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CEC Entertainment Inc</name>
        <lei>549300MWTY75LB8TRO50</lei>
        <title>PLAYA HOTELS &amp; RESORTS N.V. </title>
        <cusip>125137109</cusip>
        <identifiers>
          <isin value="US1251371092"/>
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        <balance>202058.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1959962.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Becle Sab DE CV</name>
        <lei>529900JY55CZKMJLCE09</lei>
        <title>Becle S.A.B. de C.V. </title>
        <cusip>P0929Y106</cusip>
        <identifiers>
          <isin value="MX01CU010003"/>
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        <balance>652525.00000000</balance>
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        <pctVal>2.902863616775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grupo Mexico SAB de CV</name>
        <lei>529900JWLZAYET2ZGW20</lei>
        <title>Grupo Mexico S.A.B. de C.V. </title>
        <cusip>P49538112</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
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        <balance>117872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.62420000"/>
        <valUSD>695779.61000000</valUSD>
        <pctVal>1.312670917573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Company </title>
        <cusip>929160109</cusip>
        <identifiers>
          <isin value="US9291601097"/>
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        <balance>5219.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1424369.48000000</valUSD>
        <pctVal>2.687242289659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Waterloo Investment Holdings Limited</name>
        <lei>213800TZIK14GMV2YL02</lei>
        <title>Waterloo Investment Holdings Limited </title>
        <cusip>G94634105</cusip>
        <identifiers>
          <isin value="VGG946341051"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24500.00000000</valUSD>
        <pctVal>0.046222161469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OFG Bancorp</name>
        <lei>549300Q4QEXJ37LEXQ06</lei>
        <title>OFG Bancorp </title>
        <cusip>67103X102</cusip>
        <identifiers>
          <isin value="PR67103X1020"/>
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        <balance>47454.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1746781.74000000</valUSD>
        <pctVal>3.295511332166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seaboard Corp Del</name>
        <lei>87Q3KOXT29OW9W9YPT70</lei>
        <title>Seaboard Corporation </title>
        <cusip>811543107</cusip>
        <identifiers>
          <isin value="US8115431079"/>
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        <balance>137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>441677.04000000</valUSD>
        <pctVal>0.833276222865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OneSpaWorld Holdings Ltd.</name>
        <lei>5493007W8PZ8W6UC2X76</lei>
        <title>OneSpaWorld Holdings Ltd. </title>
        <cusip>P73684113</cusip>
        <identifiers>
          <isin value="BSP736841136"/>
        </identifiers>
        <balance>74759.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>989061.57000000</valUSD>
        <pctVal>1.865982187417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Susan McLauchlan</ncom:nameOfApplicant>
      <ncom:signature>Susan McLauchlan</ncom:signature>
      <ncom:signerName>Susan McLauchlan</ncom:signerName>
      <ncom:title>VP Fund Accounting</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>herzfeldnport.htm
<DESCRIPTION>SOI
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; width: 35%"><FONT STYLE="color: Black">Herzfeld
    Caribbean Basin Fund, Inc.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; width: 49%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right; width: 16%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Schedule
    of Investments as of <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">March
    31, 2024 (Unaudited)</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Shares
    or Principal Amount</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">Description</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: Black">Fair
    Value</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: left"><FONT STYLE="color: Black">Common
    Stocks &ndash;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: left"><FONT STYLE="color: Black">103.20%
    of net assets</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Aerospace
    and Defense &ndash; 1.75<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">129,206</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Aersale Corp.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927,699</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Airlines
    &ndash; 3.19<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">16,250</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Copa Holdings, S.A.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,692,600</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Banking
    and finance &ndash; <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">18.21%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">70,089</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Banco Latinoamericano
    de Comercio Exterior, S.A.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,076,036</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">16,956</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Evertec, Inc.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676,544</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">150,604</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">First BanCorp. (Puerto
    Rico)</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,641,594</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">47,454</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">OFG Bancorp</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,746,782</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">28,523</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Popular, Inc.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,512,591</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Communications
    &ndash; 0.88<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">10,698</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Am&eacute;rica M&oacute;vil,
    S.A.B. de C.V. Class B ADR</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199,625</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">209,144</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Am&eacute;rica M&oacute;vil,
    S.A.B. de C.V.&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,007</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">479,175</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Fuego Enterprises, Inc.*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,652</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">207,033</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Grupo Radio Centro S.A.B.
    de C.V.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,815</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: left"><FONT STYLE="color: Black">Construction
    and related &ndash; <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">17.87%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">270,581</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Cemex, S.A.B. de C.V.
    ADR*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,437,935</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">20</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Ceramica Carabobo Class
    A ADR*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">3,840</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Martin Marietta Materials,
    Inc.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,357,530</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">34,872</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">MasTec, Inc.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,251,814</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">5,219</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Vulcan Materials Company</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,424,369</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Food,
    beverages and tobacco &ndash; 6.05<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">652,525</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Becle, S.A.B. de C.V.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,538,659</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">18,900</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Fomento Econ&oacute;mico
    Mexicano, S.A.B. de C.V. Series UBD</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245,160</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">10,899</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Fomento Econ&oacute;mico
    Mexicano, S.A.B. de C.V. ADR</FONT></TD>
    <TD STYLE="color: red; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,419,812</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Housing
    &ndash; 3.07<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">9,450</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Lennar Corporation</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,625,211</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Investment
    companies - <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">0.05%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">70,000</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Waterloo Investment Holdings
    Ltd.*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Leisure
    &ndash; 25.54<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">76,208</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Carnival Corporation*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,245,239</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">11,174</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Marriott Vacations Worldwide
    Corporation</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,203,775</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">207,207</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Norwegian Cruse Line Holdings
    Ltd.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,336,843</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">202,058</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Playa Hotels and Resorts
    N.V.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,959,963</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">74,759</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">OneSpaWorld Holdings Ltd.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989,062</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">27,348</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Royal Caribbean Cruises
    Ltd.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,801,645</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Machinery
    - 1.34<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">392,076</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Grupo Rotoplas S.A.B.
    de C.V.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710,606</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Mining
    - 1.31<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">117,872</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Grupo M&eacute;xico, S.A.B.
    de C.V. Series B</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695,780</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Oil
    &amp; Gas Services &amp; Equipment - 3.88<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">129,000</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">SBM Offshore N.V.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,058,155</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Real
    Estate Owners &amp; Developers - 2.84%</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">38,412</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Corporacion Inmobilaria
    Vesta SAB de CV ADR</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,507,287</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Retail
    - 3.47<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">14,270</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Grupo Elektra, S.A.B.
    de C.V. Series CPO</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989,231</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">210,222</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Wal-Mart de M&eacute;xico,
    S.A.B. de C.V. Series V</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847,251</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"></TD></TR></TABLE>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; font-weight: bold; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Herzfeld
    Caribbean Basin Fund, Inc.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Schedule
    of Investments as of <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">March
    31, 2024 (Unaudited)(Continued)</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; font-weight: bold; width: 35%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">Transportation
                                            infrastructure - <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">2.27%</FONT></FONT></P></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; width: 49%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right; width: 16%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">3,775</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Grupo Aeroportuario ADR</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,203,017</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Trucking
    and marine freight &ndash; 0.83<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">137</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Seaboard Corporation</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441,677</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Utilities
    - <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">9.86%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">23,200</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Caribbean Utilies Ltd.
    Class A</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272,600</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">6,092</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Consolidated Water Company
    Ltd.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178,557</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">700</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Cuban Electric Company*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">34,697</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">NextEra Energy, Inc.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,217,485</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">83,602</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">New Fortress Energy, Inc.,
    Class A</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,557,385</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Other
    &ndash; 0.79<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">55,921</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Margo Caribe, Inc.*</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419,408</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">79</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Siderurgica Venezolana
    Sivensa, S.A. Series B*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Total
    common stocks</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">(cost $36,713,805)</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,699,901</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Bonds
    &ndash; <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">0.00% of
    net assets</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Republic of Cuba - 4.5%,
    1977 - in default*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP>&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="padding-right: 135px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">$165,000</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Total
    bonds</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">(cost $63,038)</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Money
    Market Funds &ndash; 0.33<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%&nbsp;</FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 153px; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">174,262</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Federated Hermes Government
    Obligations Fund,&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">Institutional Class, 5.19%<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>2</SUP></FONT></FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,262</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; background-color: #E2EFDA"><FONT STYLE="color: Black">Total
    money market funds</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; background-color: #E2EFDA"><FONT STYLE="color: Black">(cost
    $174,262)&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,262</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; background-color: #E2EFDA"><FONT STYLE="color: Black">Total
    investments</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; background-color: #E2EFDA"><FONT STYLE="color: Black">(cost
    $36,951,105) &ndash; 103.53<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%
    </FONT></FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400; color: Black">of
    net assets</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E"><FONT STYLE="color: Black">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,874,163</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; background-color: #E2EFDA"><FONT STYLE="color: Black">Liabilities
    in excess of other assets -</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; background-color: #E2EFDA"><FONT STYLE="color: Black">(3.53)%
    of net assets</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,869,286)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid; background-color: #E2EFDA"><FONT STYLE="color: Black">Net
    assets -</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: left; background-color: #E2EFDA"><FONT STYLE="color: Black">100%</FONT></TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E"><FONT STYLE="color: Black">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,004,877</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400; color: Black"><SUP>1
    </SUP>&nbsp;&nbsp;&nbsp;&nbsp;Securities have been fair valued in good faith, by the Adviser as &quot;valuation designee&quot;, using
    fair value</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD COLSPAN="3" STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;methodology
    approved by the Board of Directors. Fair valued securities comprised <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400">0.09%
    of net assets.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400; color: Black"><SUP>2</SUP>&nbsp;&nbsp;&nbsp;&nbsp;Rate
    disclosed is the seven day effective yield as of March 31, 2024.</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">*&nbsp;&nbsp;&nbsp;Non-income
    producing</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-right: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  </TABLE>

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