<SEC-DOCUMENT>0001752724-25-098111.txt : 20250506
<SEC-HEADER>0001752724-25-098111.hdr.sgml : 20250506
<ACCEPTANCE-DATETIME>20250506153931
ACCESSION NUMBER:		0001752724-25-098111
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250506
DATE AS OF CHANGE:		20250506
PERIOD START:           	20250630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERZFELD CARIBBEAN BASIN FUND INC
		CENTRAL INDEX KEY:			0000880406
		ORGANIZATION NAME:           	
		EIN:				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:		25916944

	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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      <repPdDate>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>119314.01</totLiabs>
      <netAssets>44688218.02</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
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        <name>Cuban Electric Co</name>
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        <name>ProShares Trust</name>
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        <name>ProShares Trust</name>
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        <name>Sider Venezolana</name>
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        <title>Siderurgica Venezolana </title>
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        <name>N/A</name>
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        <name>SBM Offshore NV</name>
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        <name>Grupo Rotoplas Sab De Cv</name>
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        <title>Grupo Rotoplas SAB de CV </title>
        <cusip>P49842100</cusip>
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        <name>Caribbean Utilities Co Ltd.</name>
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        <title>Caribbean Utilities Limited Class A</title>
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        <name>Consd Water Co</name>
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        <title>Consolodated Water Company, Ltd. </title>
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        <name>Norwegian Cruise Line Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Norwegian Cruise Line Holdings Ltd. </title>
        <cusip>G66721104</cusip>
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          <isin value="BMG667211046"/>
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        <balance>94207.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <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>
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        <curCd>USD</curCd>
        <valUSD>24500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Banco Latinoamericano De Comercio Exterior SA</name>
        <lei>549300CN3134K4LC0651</lei>
        <title>Banco Latinoamericano de Comercio Exterior, S.A ADR</title>
        <cusip>P16994132</cusip>
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          <isin value="PAP169941328"/>
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        <balance>70089.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2565257.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Copa Holdings SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings, S.A. Class A</title>
        <cusip>P31076105</cusip>
        <identifiers>
          <isin value="PAP310761054"/>
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        <balance>8250.00000000</balance>
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        <valUSD>762795.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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        <name>OneSpaWorld Holdings Ltd.</name>
        <lei>5493007W8PZ8W6UC2X76</lei>
        <title>OneSpaWorld Holdings Ltd. </title>
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        <name>Royal Caribbean Group</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Group </title>
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      <ncom:dateSigned>2025-05-06</ncom:dateSigned>
      <ncom:nameOfApplicant>Susan McLauchlan</ncom:nameOfApplicant>
      <ncom:signature>Susan McLauchlan</ncom:signature>
      <ncom:signerName>Susan McLauchlan</ncom:signerName>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>herzfeld-soi.htm
<DESCRIPTION>SOI
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; width: 37%; border-top: #A9D08E 1pt solid; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 50%; border-top: #A9D08E 1pt solid; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: #A9D08E 1pt solid; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Herzfeld Caribbean Basin Fund, Inc.</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Schedule of Investments as of March 31, 2025 (Unaudited)</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Shares or Principal Amount</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Description</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Fair Value</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Common Stocks &ndash; </B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">66.47% of net assets</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Airlines &ndash; 1.71%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8,250</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Copa Holdings, S.A.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762,795 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Banking and Finance &ndash; 21.84%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">70,089</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Banco Latinoamericano de Comercio Exterior, S.A.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,565,257 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">170,000</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Evermore Bank*<SUP>1</SUP></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,040,000 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">88,690</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">First BanCorp. (Puerto Rico)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,700,187 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">43,454</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">OFG Bancorp</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,739,029 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18,598</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Popular, Inc.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,717,897 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Communications &ndash; 0.08%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">427,559</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Fuego
Enterprises, Inc.*</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&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;4,276 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">207,033</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Grupo Radio Centro S.A.B. de C.V.*<SUP>1</SUP></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&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;32,369 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Construction and Related &ndash; 12.39%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">20</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Ceramica Carabobo Class A ADR*<SUP>1</SUP></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&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;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,840</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Martin Marietta Materials, Inc.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879,759 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">29,872</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">MasTec, Inc.*</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,486,362 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5,019</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Vulcan Materials Company</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,170,933 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Investment Companies &ndash; 0.05%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">70,000</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Waterloo Investment Holdings Ltd.*<SUP>1</SUP></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&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 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Leisure &ndash; 12.06%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">52,657</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Carnival Corporation*</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,028,391 </TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #A9D08E 1pt solid; white-space: nowrap; width: 37%; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">94,207</TD>
    <TD STYLE="white-space: nowrap; width: 50%; border-top: #A9D08E 1pt solid; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Norwegian Cruse Line Holdings Ltd.*</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: #A9D08E 1pt solid; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,786,165 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">35,000</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">OneSpaWorld Holdings Ltd.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587,650 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9,666</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Royal Caribbean Cruises Ltd.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,985,783 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Machinery &ndash; 0.04%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30,568</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grupo Rotoplas S.A.B. de C.V.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&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;17,818 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Oil &amp; Gas Services &amp; Equipment &ndash; 6.15%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">129,000</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">SBM Offshore N.V.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,748,036 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Retail &ndash; 1.48%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">39,270</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Grupo Elektra, S.A.B. de C.V. Series CPO*</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660,003 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Utilities &ndash; 9.70%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">67,520</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Caribbean Utilies Ltd. Class A</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874,384 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6,092</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Consolidated Water Company Ltd.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149,193 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">700</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cuban Electric Company*<SUP>1</SUP></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&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;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">46,697</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">NextEra Energy, Inc.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,310,350 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Other &ndash; 0.97%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">55,921</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Margo Caribe, Inc.*</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433,388 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">79</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Siderurgica Venezolana
    Sivensa, S.A. Series B*<SUP>1</SUP></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&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;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total common stocks</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">(cost $17,865,357)</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,704,525 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
 </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Exchange-Traded Funds &ndash; 10.78%</B></TD>
    <TD STYLE="width: 50%; white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">of net assets</TD>
    <TD STYLE="width: 13%; white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">42,063</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">AdvisorShares Ranger Equity Bear ETF</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749,563 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">24,606</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ProShares Short QQQ</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999,742 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">86,805</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ProShares UltraShort Consumer Discretionary</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,023,431 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">48,007</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ProShares UltraShort&reg; S&amp;P500</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,030,230 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">70,133</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Tuttle Capital Daily 2X Inverse Regional Banks ETF</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,014,123 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; width: 37%; border-top: #A9D08E 1pt solid; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total exchange-traded funds</B></TD>
    <TD STYLE="white-space: nowrap; width: 50%; border-top: #A9D08E 1pt solid; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">(cost $4,853,323)</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-top: #A9D08E 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,817,089 </B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Bonds &ndash; 0.00% of net assets</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Republic of Cuba - 4.5%, 1977 - in default*<SUP>1</SUP>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">165,000</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&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;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total bonds</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">(cost $63,038)</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&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;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Money Market Funds &ndash; 22.06%</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">of net assets</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="border-bottom: #A9D08E 1pt solid; white-space: nowrap; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9,859,588</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Federated Hermes Government Obligations Fund, </TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">Institutional Class, 4.21%<SUP>2</SUP></TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,859,588 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total money market funds</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">(cost $9,859,588)&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,859,588 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total investments</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">(cost $32,641,306) &ndash; 99.31<B>%</B> of net assets</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,381,202 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Liabilities in excess of other assets -</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">0.69% of net assets</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307,016 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Net assets -</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">100%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,688,218 </B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><SUP>1 </SUP>&nbsp;&nbsp;&nbsp;&nbsp;Securities have been fair valued in good faith, by the Advisor as &quot;valuation designee&quot;, using fair value</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;methodology approved by the Board of Directors. Fair valued securities comprised 4.69% of net assets.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><SUP>2</SUP>&nbsp;&nbsp;&nbsp;&nbsp;Rate disclosed is the seven day effective yield as of March 31, 2025.</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; border-left: #A9D08E 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">*&nbsp;&nbsp;&nbsp;Non-income producing</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A9D08E 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
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