<SEC-DOCUMENT>0000910472-25-005283.txt : 20251201
<SEC-HEADER>0000910472-25-005283.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251201094253
ACCESSION NUMBER:		0000910472-25-005283
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251201
DATE AS OF CHANGE:		20251201
PERIOD START:           	20260630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Herzfeld Credit Income 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:		251537553

	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:	HERZFELD CARIBBEAN BASIN FUND INC
		DATE OF NAME CHANGE:	19930622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
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        <name>Margo Caribe Inc</name>
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        <name>Grupo Radio Centro S A B DE C V</name>
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        <name>Ceramica Carabobo, S.A.C.A.</name>
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        <name>Caribbean Utilities Co Ltd.</name>
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        <name>Waterloo Investment Holdings Limited</name>
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        <name>Carlyle Credit Income Fund</name>
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      <ncom:signature>Susan McLauchlan</ncom:signature>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>nport_herzfeld.htm
<DESCRIPTION>HERZ
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     <TITLE></TITLE>
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<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: 39%">Herzfeld Credit Income Fund, Inc.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; width: 51%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid">Schedule of Investments as of September 30, 2025 (Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</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">Shares or Principal Amount</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid">Description</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">Fair Value</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Common Stocks &ndash;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: left"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400">7.04% of net assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Banking and Finance &ndash; 4.53%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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: right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Evermore Bank*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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">
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid">Communications &ndash; 0.08%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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: right">327,559</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Fuego Enterprises, Inc.*<FONT STYLE="font: normal 400 11pt Calibri, Helvetica, Sans-Serif"><SUP>1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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;327</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; text-align: right">207,033</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Grupo Radio Centro S.A.B. de C.V.*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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;36,169</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">Construction and Related &ndash; 0.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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; text-align: right">20</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">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></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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;</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">Investment Companies &ndash; 0.05%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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; text-align: right">70,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">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></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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;24,500</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">Utilities &ndash; 1.33%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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; text-align: right">44,320</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Caribbean Utilies Ltd. Class A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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;599,650</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: right">700</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Cuban Electric Company*<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>1</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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;</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">Other &ndash; 1.05%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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: right">55,421</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Margo Caribe, Inc.*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; 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;471,079</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; text-align: right">79</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">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></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; 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;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Total common stocks</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">(cost $3,037,511)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,171,725</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Closed-End Funds &ndash; 0.43% of net assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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; text-align: right">33,684</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Carlyle Credit Income Fund</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; 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;196,041</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Total closed-end funds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">(cost $186,579)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; 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;196,041</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Bonds &ndash; 0.00% of net assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">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></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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; text-align: right">165,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; 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;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Total bonds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">(cost $63,038)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; 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;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Money Market Funds &ndash; 92.54%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">of net assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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: right">41,711,327</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Federated Hermes Government Obligations Fund,&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">Institutional Class, 4.01%<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400"><SUP>2</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,711,327</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Total money market funds</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">(cost $41,711,327)&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,711,327</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Total investments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">(cost $44,998,455) &ndash; 100.01<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 700">%</FONT> <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: 400">of net assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,079,093</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Liabilities in excess of other assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">(0.01)% of net assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,823)</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">Net assets -</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: left">100%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #A9D08E 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: #A9D08E">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,073,270</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD COLSPAN="5" STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="font: normal 400 11pt Calibri, Helvetica, Sans-Serif"><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</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;methodology approved by the Board of Directors. Fair valued securities comprised <FONT STYLE="font: normal 400 11pt Calibri, Helvetica, Sans-Serif">4.66% of net assets.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #E2EFDA">
    <TD COLSPAN="5" STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid"><FONT STYLE="font: normal 400 11pt Calibri, Helvetica, Sans-Serif"><SUP>2</SUP>&nbsp;&nbsp;&nbsp;&nbsp;Rate disclosed is the seven day effective yield as of September 30, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-top: #A9D08E 0.5pt solid; border-bottom: #A9D08E 0.5pt solid; border-left: #A9D08E 0.5pt solid">*&nbsp;&nbsp;&nbsp;Non-income producing</TD></TR>
  </TABLE>

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