<SEC-DOCUMENT>0001398344-25-022292.txt : 20251210
<SEC-HEADER>0001398344-25-022292.hdr.sgml : 20251210
<ACCEPTANCE-DATETIME>20251210165817
ACCESSION NUMBER:		0001398344-25-022292
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251210
DATE AS OF CHANGE:		20251210

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:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15952
		FILM NUMBER:		251562588

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HCM US Master Fund Ltd
		CENTRAL INDEX KEY:			0002098642
		ORGANIZATION NAME:           	
		EIN:				842877728
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15952-03
		FILM NUMBER:		251562591

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		MAPLES CORPORATE SERVICES LIMITED
		STREET 2:		PO BOX 309, UGLAND HOUSE
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KYI-1104
		BUSINESS PHONE:		305-777-1660

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		MAPLES CORPORATE SERVICES LIMITED
		STREET 2:		PO BOX 309, UGLAND HOUSE
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KYI-1104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HCM Cayman Feeder Ltd.
		CENTRAL INDEX KEY:			0002098644
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15952-01
		FILM NUMBER:		251562589

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		MAPLES CORPORATE SERVICES LIMITED
		STREET 2:		PO BOX 309, UGLAND HOUSE
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KYI-1104
		BUSINESS PHONE:		305-777-1660

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		MAPLES CORPORATE SERVICES LIMITED
		STREET 2:		PO BOX 309, UGLAND HOUSE
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KYI-1104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HCM US Feeder LP
		CENTRAL INDEX KEY:			0001817983
		ORGANIZATION NAME:           	
		EIN:				842903018
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15952-02
		FILM NUMBER:		251562590

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>fp0096509-1_40app.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">U.S. SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center">In the Matter of the Application of:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center"><B>HERZFELD CREDIT INCOME FUND, INC.<BR>
THE HCM MASTER FUND LIMITED<BR>
HCM US FEEDER LP<BR>
HCM CAYMAN FEEDER LTD<BR>
THE HCM PREFERRED EQUITY MASTER FUND LIMITED<BR>
HCM MASTER FUND HOLDCO LTD<BR>
HCM CO-INVEST I LLC<BR>
HCM CO-INVEST II LLC<BR>
TJHA JV I LLC<BR>
THOMAS J. HERZFELD ADVISORS, INC. (ON BEHALF OF AFFILIATED SEPARATELY MANAGED ACCOUNTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">119 Washington Ave<BR>
Unit 504<BR>
Miami Beach, FL 33139<BR>
(305) 777-1660</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;APPLICATION FOR AN ORDER PURSUANT TO
SECTIONS 17(d) AND 57(i) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE 17d-1 UNDER THE INVESTMENT COMPANY ACT OF 1940 PERMITTING CERTAIN
JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) OF AND RULE 17d-1 UNDER THE INVESTMENT COMPANY ACT OF 1940</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">All Communications, Notices and Orders to:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>General Counsel<BR>
Thomas J. Herzfeld Advisors, Inc.<BR>
119 Washington Avenue, Suite 504<BR>
Miami Beach, FL 33139</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(305) 777-1660</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>tmorgan@herzfeld.com</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center"><B>Troutman Pepper Locke LLP<BR>
3000 Two Logan Square<BR>
Eighteenth and Arch Streets<BR>
Philadelphia, PA 19103 (215) 981-4181<BR>
Theodore.Edwards@troutman.com</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: center">December 10, 2025</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.22in; text-indent: 0in">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SUMMARY
OF APPLICATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following entities
hereby request an order (the &quot;<B><I>Order</I></B>&quot;) of the U.S. Securities and Exchange Commission (the &quot;<B><I>SEC</I></B>&quot;
or &quot;<B><I>Commission</I></B>&quot;) under Section 57(i) of the Investment Company Act of 1940, as amended (the &quot;<B><I>1940 Act</I></B>&quot;),<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT>
and Rule 17d-1, permitting certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1
thereunder:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD>Herzfeld Credit Income Fund, Inc. (&quot;<B><I>HERZ</I></B>&quot; or the &quot;<B><I>Existing Regulated Fund</I></B>&quot;), is a
non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland on March 10, 1992, and
registered under the Investment Company Act of 1940, as amended. The investment adviser to HERZ is Thomas J. Herzfeld Advisors, Inc. (as
defined below)</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>Thomas J. Herzfeld Advisors, Inc. (&quot;<B><I>TJHA</I></B>&quot; or the &quot;<B><I>Existing Advisor</I></B>&quot;), and its successors,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2</SUP></FONT>
is a Florida corporation that serves as the investment adviser to HERZ and certain Existing Affiliated Funds (as defined below) and certain
Separately Managed Accounts (as defined below). TJHA is an investment adviser registered under the Investment Advisers Act of 1940, as
amended (the &quot;<B><I>Advisers Act</I></B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">C.</TD><TD>Certain existing Affiliated Funds (as identified on <U>Schedule A</U> hereto), each of which is a separate and distinct legal entity
and each of which would be an investment company but for Section 3(c)(7) of the 1940 Act (the &quot;<B><I>Existing Affiliated Funds</I></B>&quot;
and collectively with the Existing Regulated Fund, the Existing Adviser, and the Affiliated SMAs, the &quot;<B><I>Applicants</I></B>&quot;).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>3</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">D.</TD><TD>TJHA manages certain separately managed accounts (&quot;<B><I>SMAs</I></B>&quot;), each of which is a separate and distinct account
managed on behalf of the individual account holders, including certain SMAs which are owned by one or more affiliates of the Adviser,
as identified on <U>Schedule B</U> hereto (such SMAs, &quot;<B><I>Affiliated SMAs</I></B>&quot; and, collectively with the SMAs, the &quot;<B><I>Existing
SMAs</I></B>&quot;).</TD></TR></TABLE>

<P STYLE="text-align: left; font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>&nbsp;</SUP></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin: 0 0 0pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP></SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP></SUP></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Unless otherwise indicated, all section and rule references
herein are to the 1940 Act and rules promulgated thereunder.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">The term &ldquo;successor&rdquo; means an entity that results
from a reorganization into another jurisdiction or change in the type of business organization.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">All existing entities that currently intend to rely upon the
requested Order have been named as Applicants. Any other existing or future entity or separately managed account that subsequently relies
on the Order will comply with the terms and conditions of the Application.</TD>
</TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The relief requested in
this application for the Order (the &quot;<B><I>Application</I></B>&quot;) would allow a Regulated Fund,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>4</SUP></FONT>
one or more Affiliated Entities,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>5</SUP></FONT> and one
or more Affiliated SMAs to engage in Co-Investment Transactions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>6</SUP></FONT>
subject to the terms and conditions described herein. The Regulated Fund, Affiliated Entities, and Affiliated SMAs that participate in
a Co-Investment Transaction are collectively referred to herein as &quot;<B><I>Participants</I></B>.&quot;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>7</SUP></FONT>
The Applicants do not seek relief for transactions effected consistent with Commission staff no-action positions.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>8&nbsp;</SUP></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Regulated Fund</I></B>&rdquo; means the Existing
Regulated Fund and any Future Regulated Funds. &ldquo;<B><I>Future Regulated Fund</I></B>&rdquo; means an entity (a) that is a closed-end
management investment company registered under the 1940 Act, or a closed-end management investment company that has elected to be regulated
as a business development company under the 1940 Act, (b) whose (1) primary investment adviser or (2) sub-adviser is an Adviser (as defined
below) and (c) that intends to engage in Co-Investment Transactions. If an Adviser serves as sub-adviser to a Regulated Fund whose primary
adviser is not also an Adviser, such primary adviser shall be deemed to be an Adviser with respect to conditions 3 and 4 only.<BR>
<BR>
The term Regulated Fund also includes (a) any Wholly-Owned Investment Sub (as defined below) of a Regulated Fund, (b) any Joint Venture
(as defined below) of a Regulated Fund, and (c) any BDC Downstream Fund (as defined below) of a Regulated Fund that is a business development
company. &ldquo;<B><I>Wholly-Owned Investment Sub</I></B>&rdquo; means an entity: (a) that is a &ldquo;wholly-owned subsidiary&rdquo;
(as defined in Section 2(a)(43) of the 1940 Act) of a Regulated Fund; (b) whose sole business purpose is to hold one or more investments
and which may issue debt on behalf or in lieu of such Regulated Fund; and (c) is not a registered investment company or a business development
company. &ldquo;<B><I>Joint Venture</I></B>&rdquo; means an unconsolidated joint venture subsidiary of a Regulated Fund, in which all
portfolio decisions, and generally all other decisions in respect of such joint venture, must be approved by an investment committee
consisting of representatives of the Regulated Fund and the unaffiliated joint venture partner (with approval from a representative of
each required). &ldquo;<B><I>BDC Downstream Fund</I></B>&rdquo; means an entity (a) directly or indirectly controlled by a Regulated
Fund that is a business development company, (b) that is not controlled by any person other than the Regulated Fund (except a person
that indirectly controls the entity solely because it controls the Regulated Fund), (c) that would be an investment company but for Section
3(c)(1) or 3(c)(7) of the 1940 Act, (d) whose investment adviser is an Adviser and (e) that is not a Wholly-Owned Investment Sub.<BR>
<BR>
In the case of a Wholly-Owned Investment Sub that does not have a chief compliance officer or a Board, the chief compliance officer and
Board of the Regulated Fund that controls the Wholly-Owned Investment Sub will be deemed to serve those roles for the Wholly-Owned Investment
Sub. In the case of a Joint Venture or a BDC Downstream Fund (as applicable) that does not have a chief compliance officer or a Board,
the chief compliance officer of the Regulated Fund will be deemed to be the Joint Venture&rsquo;s or BDC Downstream Fund&rsquo;s chief
compliance officer, and the Joint Venture&rsquo;s or BDC Downstream Fund&rsquo;s investment committee will be deemed to be the Joint
Venture&rsquo;s or BDC Downstream Fund&rsquo;s Board.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Affiliated Entity</I></B>&rdquo; means an entity
not controlled by the Regulated Fund that intends to engage in Co-Investment Transactions and that is (a) with respect to a Regulated
Fund, another Regulated Fund; (b) the Adviser or its affiliates (other than an open-end investment company registered under the 1940
Act), and any direct or indirect, wholly- or majority-owned subsidiary of the Adviser or its affiliates (other than of an open-end investment
company registered under the 1940 Act), that is participating in a Co-Investment Transaction in a principal capacity; or (c) any entity
that would be an investment company but for Section 3(c) of the 1940 Act or Rule 3a-7 thereunder and whose investment adviser is the
Adviser. <P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.5in"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.5in">To the extent that an entity described in clause
(b) is not advised by the Adviser, such entity shall be deemed to be the Adviser for purposes of the conditions.</P>

</TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Co-Investment Transaction</I></B>&rdquo; means
the acquisition or Disposition of securities of an issuer in a transaction effected in reliance on the Order or previously granted relief.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Adviser</I></B>&rdquo; means the Existing Adviser,
and any other investment adviser controlling, controlled by, or under common control with the Existing Adviser. The term &ldquo;Adviser&rdquo;
also includes any internally-managed Regulated Fund.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See, e.g.</I>, Massachusetts Mutual Life Insurance Co. (pub.
avail. June 7, 2000), Massachusetts Mutual Life Insurance Co. (pub. avail. July 28, 2000) and SMC Capital, Inc. (pub. avail. Sept. 5,
1995).</TD>
</TR></TABLE>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>GENERAL
DESCRIPTION OF THE APPLICANTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing
Regulated Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Herzfeld Credit Income
Fund, Inc. (&quot;<B><I>HERZ</I></B>&quot;) is an externally managed non-diversified, closed-end management investment company incorporated
under the laws of the State of Maryland on March 10, 1992, and registered under the Investment Company Act of 1940, as amended. HERZ's
shares of common stock trade on the NASDAQ Capital Market under the ticker symbol &quot;HERZ&quot;. HERZ has elected to be treated as
a regulated investment company (&quot;<B><I>RIC</I></B>&quot;) under subchapter M of the Internal Revenue Code of 1986, as amended (the
&quot;<B><I>Code</I></B>&quot;), and intends to continue to qualify as a RIC in the future. HERZ's primary investment objective is maximizing
risk adjusted total returns with a secondary investment objective of generating high current income. Under normal circumstances, HERZ
will invest at least 80% of the aggregate of its net assets and borrowings for investment purposes in credit-related instruments. HERZ
has a five-member board (the &quot;<B><I>HERZ Board</I></B>&quot;), of which three members are not &quot;interested persons&quot; of HERZ
within the meaning of Section 2(a)(19) of the Act (&quot;<B><I>Independent Directors</I></B>&quot;).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>9</SUP></FONT>
The principal business address of HERZ is 119 Washington Avenue, Suite 504, Miami Beach, FL 33139.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Existing Affiliated Funds and the Affiliated SMAs</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Existing Affiliated
Funds are investment funds, each of whose investment adviser is the Adviser and each of which would be an investment company but for Section
3(c)(7) of the 1940 Act.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>10</SUP></FONT> A list of the
Existing Affiliated Funds is included on <U>Schedule A</U> hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Affiliated SMAs will,
from time to time, hold various financial assets in a separately managed account capacity. The Adviser manages the Affiliated SMAs and
currently intends to include certain Existing SMAs as participants in Co-Investment Transactions, including certain Affiliated SMAs. A
description of the Affiliated SMAs is included on <U>Schedule B</U> hereto. Certain SMAs that are not Affiliated SMAs may also participate
in Co-Investment Transactions; however, such participation by unaffiliated SMAs does not require the relief contemplated herein. The Existing
Adviser has been included as an Applicant herein on behalf of the Affiliated SMAs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Existing Adviser</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Thomas J. Herzfeld Advisors,
Inc. (&quot;<B><I>TJHA</I></B>&quot;) was organized as a corporation under the laws of the state of Florida, is privately held, and has
registered with the Commission pursuant to Section 203 of the Advisers Act. TJHA serves as investment advisor to HERZ, the Existing Affiliated
Funds, and the Existing SMAs and determines whether or not each entity or account should invest in securities consistent with each entity's
and account's investment guidelines.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: justify">The Board of each Future Regulated Fund will consist of a majority
of members who are not &ldquo;interested persons&rdquo; of such Future Regulated Fund within the meaning of Section 2(a)(19) of the Act.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>10</SUP></FONT></TD><TD STYLE="text-align: justify">In the future, the Affiliated Fund may register as a closed-end
management investment company under the Act and, if so registered, will be considered a Regulated Fund for purposes of this application.</TD>
</TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ORDER
REQUESTED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Applicants request
an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1 thereunder to permit, subject to the terms and
conditions set forth below in this Application (the &quot;<B><I>Conditions</I></B>&quot;), the Regulated Fund to be able to participate
with one or more Affiliated Entities, and/or Affiliated SMAs in Co-Investment Transactions otherwise prohibited by Sections 17(d) and
57(a)(4) of the 1940 Act and Rule 17d-1 thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable
Law</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 17(d), in relevant
part, prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as
principal, from effecting any transaction in which the registered investment company is &quot;a joint or a joint and several participant
with such person&quot; in contravention of such rules as the SEC may prescribe &quot;for the purpose of limiting or preventing participation
by such [fund] on a basis different from or less advantageous than that of such other participant.&quot;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Rule 17d-1 prohibits an
affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from participating
in, or effecting any transaction in connection with, any &quot;joint enterprise or other joint arrangement or profit-sharing plan&quot;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>11</SUP></FONT>
in which the fund is a participant without first obtaining an order from the SEC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 57(a)(4), in relevant
part, prohibits any person related to a business development company in the manner described in Section 57(b), acting as principal, from
knowingly effecting any transaction in which the business development company is a joint or a joint and several participant with such
persons in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the
business development company on a basis less advantageous than that of such person. Section 57(i) provides that, until the SEC prescribes
rules under Section 57(a), the SEC's rules under Section 17(d) applicable to registered closed-end investment companies will be deemed
to apply to persons subject to the prohibitions of Section 57(a). Because the SEC has not adopted any rules under Section 57(a), Rule
17d-1 applies to persons subject to the prohibitions of Section 57(a).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Rule 17d-1(b) provides,
in relevant part, that in passing upon applications under the rule, the Commission will consider whether the participation of a registered
investment company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions,
policies and purposes of the 1940 Act and the extent to which such participation is on a basis different from or less advantageous than
that of other participants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify; text-indent: 0.5in"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11</TD><TD STYLE="text-align: justify">Rule 17d-1(c) defines a &ldquo;[j]oint enterprise or other joint
arrangement or profit-sharing plan&rdquo; to include, in relevant part, &ldquo;any written or oral plan, contract, authorization or arrangement
or any practice or understanding concerning an enterprise or undertaking whereby a registered investment company &hellip; and any affiliated
person of or principal underwriter for such registered company, or any affiliated person of such a person or principal underwriter, have
a joint or a joint and several participation, or share in the profits of such enterprise or undertaking &hellip;.&rdquo;</TD>
</TR></TABLE>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Need
for Relief</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Regulated Fund may
be deemed to be an affiliated person of each of the Existing Affiliated Entities within the meaning of Section 2(a)(3) if it is deemed
to be under common control because the Existing Adviser is or will be either the investment adviser or sub-adviser to each Existing Affiliated
Entity. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-end fund or a business development company, respectively,
including a sub-adviser. Thus, the Existing Adviser and any Affiliated Entities that it advises could be deemed to be persons related
to the Regulated Fund in a manner described by Sections 17(d) and 57(b). Accordingly, with respect to the Existing Adviser and any other
Advisers that are deemed to be affiliated persons of each other, Affiliated Entities advised by any of them could be deemed to be persons
related to Regulated Fund (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). In addition,
any entities or accounts controlled by or under common control with the Existing Adviser, and/or any other Advisers that are deemed to
be affiliated persons of each other that may, from time to time, hold various financial assets in a principal capacity such as the Affiliated
SMAs, could be deemed to be persons related to Regulated Fund (or a company controlled by a Regulated Fund) in a manner described by Sections
17(d) and 57(b).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Applicants agree that any
Order granting the requested relief will be subject to the following Conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Same
Terms</U>. With respect to any Co-Investment Transaction, the Regulated Fund and each Affiliated Entity and/or Affiliated SMA participating
in such transaction will acquire, or dispose of, as the case may be, the same class of securities, at the same time, for the same price
and with the same conversion, financial reporting and registration rights, and with substantially the same other terms (provided that
the settlement date for an Affiliated Entity and/or Affiliated SMA may occur up to ten business days after the settlement date for the
Regulated Fund, and vice versa).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing
Investments in the Issuer</U>. Prior to the Regulated Fund acquiring in a Co-Investment Transaction a security of an issuer in which an
Affiliated Entity or Affiliated SMA has an existing interest in such issuer, the &quot;required majority,&quot; as defined in Section
57(o) of the 1940 Act,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>12</SUP></FONT> of the Regulated
Fund's board (&quot;<B><I>Required Majority</I></B>&quot;) will take the steps set forth in Section 57(f) of the 1940 Act,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>13</SUP></FONT>
unless: (i) the Regulated Fund already holds the same security as each such Affiliated Entity; and (ii) the Regulated Fund and each other
Affiliated Entity or Affiliated SMA holding the security is participating in the acquisition in approximate proportion to its then-current
holdings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Related
Expenses</U>. Any expenses associated with acquiring, holding or disposing of any securities acquired in a Co-Investment Transaction,
to the extent not borne by the Adviser, will be shared among the Participants in proportion to the relative amounts of the securities
being acquired, held or disposed of, as the case may be.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>14</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: justify">Section 57(o) defines the term &ldquo;required majority,&rdquo;
in relevant part, with respect to the approval of a proposed transaction, as both a majority of a BDC&rsquo;s directors who have no financial
interest in the transaction and a majority of such directors who are not interested persons of the BDC. In the case of a Regulated Fund
that is not a BDC, the Board members that constitute the Required Majority will be determined as if such Regulated Fund were a BDC subject
to Section 57(o) of the 1940 Act.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>13</SUP></FONT></TD><TD STYLE="text-align: justify">Section 57(f) provides for the approval by a Required Majority
of certain transactions on the basis that, in relevant part: (i) the terms of the transaction, including the consideration to be paid
or received, are reasonable and fair to the shareholders of the BDC and do not involve overreaching of the BDC or its shareholders on
the part of any person concerned; (ii) the proposed transaction is consistent with the interests of the BDC&rsquo;s shareholders and
the BDC&rsquo;s policy as recited in filings made by the BDC with the Commission and the BDC&rsquo;s reports to shareholders; and (iii)
the BDC&rsquo;s directors record in their minutes and preserve in their records a description of the transaction, their findings, the
information or materials upon which their findings were based, and the basis for their findings.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>14</SUP></FONT></TD><TD STYLE="text-align: justify">Expenses of an individual Participant that are incurred solely
by the Participant due to its unique circumstances (such as legal and compliance expenses) will be borne by such Participant.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Remuneration</U>. Any transaction fee<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>15</SUP></FONT>
(including break-up, structuring, monitoring or commitment fees but excluding broker's fees contemplated by section 17(e) or 57(k) of
the 1940 Act, as applicable), received by the Adviser and/or a Participant in connection with a Co-Investment Transaction will be distributed
to the Participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such Co-Investment Transaction.
If any transaction fee is to be held by the Adviser pending consummation of the transaction, the fee will be deposited into an account
maintained by the Adviser at a bank or banks having the qualifications prescribed in section 26(a)(1) of the 1940 Act, and the account
will earn a competitive rate of interest that will also be divided pro rata among the Participants based on the amount they invest in
such Co-Investment Transaction. None of any Affiliated Entity, any Affiliated SMA, the Regulated Fund, nor any of their affiliated persons
will accept any compensation, remuneration or financial benefit in connection with the Regulated Fund's participation in a Co-Investment
Transaction, except: (i) to the extent permitted by Section 17(e) or 57(k) of the 1940 Act; (ii) as a result of either being a Participant
in the Co-Investment Transaction or holding an interest in the securities issued by one of the Participants; or (iii) in the case of an
Adviser, investment advisory compensation paid in accordance with investment advisory agreement(s) with the Regulated Fund, Affiliated
Entity(ies), or Affiliated SMA(s).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Co-Investment
Policies</U>. The Adviser will adopt and implement policies and procedures reasonably designed to ensure that: (i) opportunities to participate
in Co-Investment Transactions are allocated in a manner that is fair and equitable to the Regulated Fund; and (ii) the Adviser negotiating
the Co-Investment Transaction considers the interest in the Transaction of the participating Regulated Fund (the &quot;<B><I>Co-Investment
Policies</I></B>&quot;). The Adviser will provide its Co-Investment Policies to the Regulated Fund and will notify the Regulated Fund
of any material changes thereto.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>16</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispositions</U>:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to any Disposition<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>17</SUP></FONT> by an Affiliated Entity
or Affiliated SMA of a security acquired in a Co-Investment Transaction, the Adviser to the Regulated Fund that participated in the Co-Investment
Transaction will be notified and the Regulated Fund will be given the opportunity to participate pro rata based on the proportion of its
holdings relative to the other Affiliated Entities and/or Affiliated SMA participating in such Disposition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to any Disposition by the Regulated Fund of a security acquired in a Co-Investment Transaction, the Required Majority will take the steps
set forth in Section 57(f) of the 1940 Act, unless: (i) each Affiliated Entity and/or Affiliated SMA holding the security participates
in the Disposition in approximate proportion to its then-current holding of the security; or (ii) the Disposition is a sale of a Tradable
Security.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>18</SUP></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>15</SUP></FONT></TD><TD STYLE="text-align: justify">Applicants are not requesting and the Commission is not providing
any relief for transaction fees received in connection with any Co-Investment Transaction.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>16</SUP></FONT></TD><TD STYLE="text-align: justify">The Affiliated Entities may adopt shared Co-Investment Policies.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>17</SUP></FONT></TD><TD STYLE="text-align: justify"><B><I>Disposition</I></B>&rdquo; means the sale, exchange, transfer
or other disposition of an interest in a security of an issuer.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>18</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><I>Tradable Security</I></B>&rdquo; means a security
which trades: (i) on a national securities exchange (or designated offshore securities market as defined in Rule 902(b) under the Securities
Act of 1933, as amended) and (ii) with sufficient volume and liquidity (findings which are to be made in good faith and documented by
the Advisers to any Regulated Funds) to allow each Regulated Fund to dispose of its entire remaining position within 30 days at approximately
the price at which the Regulated Fund has valued the investment.</TD>
</TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Oversight</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Regulated Fund's directors will oversee the Regulated Fund's participation in the co-investment program in the exercise of their reasonable
business judgment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the Regulated Fund's participation in Co-Investment Transactions, the Regulated Fund's Board, including a Required Majority, will:
(i) review the Co-Investment Policies, to ensure that they are reasonably designed to prevent the Regulated Fund from being disadvantaged
by participation in the co-investment program; and (ii) approve policies and procedures of the Regulated Fund that are reasonably designed
to ensure compliance with the terms of the Order.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
least quarterly, the Regulated Fund's Adviser and chief compliance officer (as defined in Rule 38a-1(a)(4)) will provide the Regulated
Fund Board with reports or other information requested by the Board related to the Regulated Fund's participation in Co-Investment Transactions
and a summary of matters, if any, deemed significant that may have arisen during the period related to the implementation of the Co-Investment
Policies and the Regulated Fund's policies and procedures approved pursuant to (b) above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
year, the Regulated Fund's Adviser and chief compliance officer will provide the Regulated Fund's Board with reports or other information
requested by the Board related to the Regulated Fund's participation in the co-investment program and any material changes in the Affiliated
Entities' or Affiliated SMA's participation in the co-investment program, including changes to the Affiliated Entities' Co-Investment
Policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser and the chief compliance officer will also notify the Regulated Fund's Board of a compliance matter related to the Regulated Fund's
participation in the co-investment program and related Co-Investment Policies or the Regulated Fund's policies and procedures approved
pursuant to (b) above that a Regulated Fund's chief compliance officer considers to be material.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recordkeeping</U>.
All information presented to the Board pursuant to the order will be kept for the life of the Regulated Fund and at least two years thereafter,
and will be subject to examination by the Commission and its Staff. The Regulated Fund will maintain the records required by Section 57(f)(3)
as if it were a business development company and each of the Co-Investment Transactions were approved by the Required Majority under Section
57(f).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>19</SUP></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>19</SUP></FONT></TD><TD STYLE="text-align: justify">If the Regulated Fund enters into a transaction that would be
a Co-Investment Transaction pursuant to this Order in reliance on another exemptive order instead of this Order, the information presented
to the Board and records maintained by the Regulated Fund will expressly indicate the order relied upon by the Regulated Fund to enter
into such transaction.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expiration
of Relief Granted by Order</U>. In the event that the Commission adopts a rule under the 1940 Act allowing co-investments of the type
described in this Application, any relief granted by the Order will expire on the effective date of that rule.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>STATEMENT
IN SUPPORT OF RELIEF REQUESTED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Applicants submit that
allowing the Co-Investment Transactions described by this Application is justified on the basis of (i) the potential benefits to the Regulated
Fund and its shareholders and (ii) the protections found in the terms and conditions set forth in this Application.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential
Benefits to the Regulated Fund and its Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Section 57(a)(4) and Rule
17d-1 (as applicable) limit the ability of the Regulated Fund to participate in attractive co-investment opportunities under certain circumstances.
If the relief is granted, the Regulated Fund should: (i) be able to participate in a larger number and greater variety of investments,
thereby diversifying its portfolios and providing related risk-limiting benefits; (ii) be able to participate in larger financing opportunities,
including those involving issuers with better credit quality, which otherwise might not be available to investors of the Regulated Fund's
size; (iii) have greater bargaining power (notably with regard to creditor protection terms and other similar investor rights), more control
over the investment and less need to bring in other external investors or structure investments to satisfy the different needs of external
investors; (iv) benefit from economies of scale by sharing fixed expenses associated with an investment with the other Participants; and
(v) be able to obtain better deal flow from investment bankers and other sources of investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
Protections</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Co-Investment Transaction
would be subject to the terms and conditions of this Application. The Conditions are designed to address the concerns underlying Sections
17(d) and 57(a)(4) and Rule 17d-l by ensuring that participation by the Regulated Fund in any Co-Investment Transaction would not be on
a basis different from or less advantageous than that of other Participants. Under Condition 5, each Adviser (and each Affiliated Entity
that is not advised by an Adviser) will adopt and implement Co-Investment Policies that are reasonably designed to ensure that (i) opportunities
to participate in Co-Investment Transactions are allocated in a manner that is fair and equitable to the Regulated Fund; and (ii) the
Adviser negotiating the Co-Investment Transaction considers the interest in the Transaction of the participating Regulated Fund. The Co-Investment
Policies will require an Adviser to make an independent determination of the appropriateness of a Co-Investment Transaction and the proposed
allocation size based on each Participant's specific investment profile and other relevant characteristics.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PRECEDENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Commission has previously
issued orders permitting certain investment companies subject to regulation under the 1940 Act and their affiliated persons to be able
to participate in Co-Investment Transactions (the &quot;<B><I>Existing Orders</I></B>&quot;).<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>20</SUP></FONT>
Similar to the Existing Orders, the Conditions described herein are designed to mitigate the possibility for overreaching and to promote
fair and equitable treatment of the Regulated Fund. Accordingly, the Applicants submit that the scope of investor protections contemplated
by the Conditions are consistent with those found in the Existing Orders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>20</SUP></TD><TD STYLE="text-align: justify"><I>See, e.g.</I>, FS Credit Opportunities Corp., et al. (File
No. 812-15706), Release No. IC-35520 (April 3, 2025) (notice), Release No. IC-35561 (April 29, 2025) (order); Sixth Street Specialty
Lending, Inc. et al. (File No. 812-15729), Release No. IC-35531 (April 10, 2025) (notice), Release No. IC-35570 (May 6, 2025) (order);
Blue Owl Capital Corporation, et al. (File No. 812-15715), Release No. IC-35530 (April 9, 2025) (notice), Release No. IC-35573 (May 6,
2025) (order); BlackRock Growth Equity Fund LP, et al. (File No. 812-15712), Release No. IC-35525 (April 8, 2025) (notice), Release No.
IC-35572 (May 6, 2025) (order).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PROCEDURAL
MATTERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Please address all communications concerning this Application,
the Notice and the Order to:</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>General Counsel<BR>
Thomas J. Herzfeld Advisors, Inc.<BR>
119 Washington Avenue, Suite 504<BR>
Miami Beach, FL 33139<BR>
(305) 777-1660<BR>
tmorgan@herzfeld.com</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Please address any questions, and a copy of any communications,
concerning this Application, the Notice, and the Order to:</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Troutman Pepper Locke LLP<BR>
3000 Two Logan Square<BR>
Eighteenth and Arch Streets<BR>
Philadelphia, PA 19103<BR>
(215) 981-4181<BR>
Theodore.Edwards@troutman.com</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorizations</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The filing of this Application
for the Order sought hereby and the taking of all acts reasonably necessary to obtain the relief requested herein was authorized by a)
the Board of the Regulated Fund pursuant to resolutions duly adopted by the Board, b) the Board of each of the Existing Affiliated Funds
pursuant to resolutions duly adopted by such Boards, and c) the Board of TJHA authorizing TJHA to file this Application for the Order
on behalf of the Affiliated SMAs pursuant to resolution duly adopted by such Board. Copies of the resolutions are provided below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to Rule 0-2(c),
Applicants hereby state that the Existing Regulated Fund, the Existing Affiliated Funds, and TJHA (on behalf of the Affiliated SMAs),
have each authorized to cause to be prepared and to execute and file with the Commission this Application and any amendment thereto for
an order pursuant to Section 57(i) and Rule 17d-1 permitting certain joint transactions otherwise prohibited by Sections 17(d) and 57(a)(4)
and Rule 17d-1. The person executing the Application on behalf of the Applicants being duly sworn deposes and says that he has duly executed
the Application for and on behalf of the applicable entity listed; that he is authorized to execute the Application pursuant to the terms
of an operating agreement, management agreement or otherwise; and that all actions by members, directors or other bodies necessary to
authorize each such deponent to execute and file the Application have been taken.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Applicants have caused
this Application to be duly signed on their behalf on the 10 day of December, 2025.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Herzfeld Credit Income Fund, Inc.</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>President</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Thomas J. Herzfeld Advisors, Inc.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>President</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Thomas J. Herzfeld Advisors, Inc., on behalf of the Affiliated Separately
Managed Accounts</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>President</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9;</P>


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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The HCM Master Fund Limited<BR>
HCM US Feeder LP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Cayman Feeder Ltd<BR>
The HCM Preferred Equity Master Fund Limited<BR>
HCM Master Fund Holdco Ltd</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Co-Invest I LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Co-Invest II LLC</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>Authorized Signatory</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The undersigned states that he has duly executed the attached application
dated as of December 10, 2025 for and on behalf of the entities listed below; that he holds office with such entity as indicated below
and that all action by directors, officers, stockholders, general partners, trustees or members of each entity and any other body necessary
to authorize the undersigned to execute and file such instrument has been taken. The undersigned further states that he is familiar with
such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and
belief.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Herzfeld Credit Income Fund, Inc.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>President</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Thomas J. Herzfeld Advisors, Inc.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>President</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Thomas J. Herzfeld Advisors, Inc., as investment manager</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>President</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The HCM Master Fund Limited<BR>
HCM US Feeder LP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Cayman Feeder Ltd<BR>
The HCM Preferred Equity Master Fund Limited<BR>
HCM Master Fund Holdco Ltd</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Co-Invest I LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Co-Invest II LLC</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 5%">By:&#9;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><I>/s/ Erik M. Herzfeld</I></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Name:&#9;</TD>
  <TD>Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Title:</TD>
  <TD>Authorized Officer and Director</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Exhibit B.1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: center"><B>HERZFELD CREDIT INCOME FUND, INC.<BR>
RESOLUTION OF DIRECTORS<BR>
November 4, 2025</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>WHEREAS,, </B>The
members of the Board of Directors (the &quot;Board&quot;) of Herzfeld Credit Income Fund, Inc., a Maryland corporation (the &quot;Fund&quot;),
including a majority of those Directors who are not &quot;interested persons&quot; of the Fund as defined in Section 2(a)(19) the Investment
Company Act of 1940, as amended, acting pursuant to Section 2-408 of the Maryland General Corporation Law, deem it advisable and in the
best interest of the Fund to file with the U.S. Securities and Exchange Commission (the &quot;<B><I>SEC</I></B>&quot;) an application
for an order pursuant to Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &quot;<B><I>1940 Act</I></B>&quot;),
and Rule 17d-l promulgated thereunder (the &quot;<I>Application</I>&quot;), to authorize the entering into of certain joint transactions
that otherwise may be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 promulgated thereunder, a copy of which
is attached hereto as <U>Exhibit A</U><B>.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>NOW, THEREFORE, BE
IT:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>RESOLVED</B>, that
the Authorized Officers (as defined below) be, and each of them hereby is, authorized and directed on behalf of the Fund and in its name
and on behalf of the Fund, to prepare, execute, and cause to be filed with the Commission the Application, and to do such other acts or
things and execute such other documents, including any amendments to the Application, as they deem necessary or desirable to cause the
Application to conform to comments received from the Commission's staff and otherwise to comply with the 1940 Act and the rules and regulations
promulgated thereunder, in such form and accompanied by such exhibits and other documents, as the Authorized Officers preparing the same
shall approve, such approval to be conclusively evidenced by the filing of the Application;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>FURTHER RESOLVED</B>,
that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed, in the name and on behalf of Fund, to
perform all of the agreements and obligations of the Fund in connection with the foregoing resolutions, to take or cause to be taken any
and all further actions, to execute and deliver, or cause to be executed and delivered, all other documents, instruments, agreements,
undertakings, and certificates of any kind and nature whatsoever, and to engage such persons as the Authorized Officers may determine
to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolutions, and the execution
by the Authorized Officers of any such documents, instruments, agreements, undertakings and certificates, or the engagement of such persons
or the taking by them of any action in connection with the foregoing matters shall conclusively establish the Authorized Officers' authority
therefore and the authorization, acceptance, adoption, ratification, approval and confirmation by the Fund thereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>FURTHER RESOLVED</B>,
that any and all actions previously taken by the Fund or any of its directors or officers in connection with the actions contemplated
by the foregoing resolutions be, and each of them hereby is, ratified, confirmed, approved and adopted in all respects as and for the
acts and deeds of the Fund; <U>and</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>RESOLVED</B>, that
for the purposes of the foregoing resolutions, the President, Treasurer, Chief Compliance Officer, Vice President, Secretary and Assistant
Secretary of the Fund shall be the Authorized Officers of the Fund (collectively, the &quot;<B><I>Authorized Officers</I></B>&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">(Approved on November 4, 2025)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Exhibit B.2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: center"><B>THE HCM MASTER FUND LIMITED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: center"><B>THE HCM PREFERRED EQUITY FUND LIMITED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: center"><B>HCM CAYMAN FEEDER LTD<BR>
UNANIMOUS WRITTEN CONSENT OF DIRECTORS<BR>
October 30, 2025</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12.15pt 0 9pt; text-align: justify"><B>THE UNDERSIGNED</B>, being all of the
members of the Board of Directors (the &quot;Board&quot;) of The HCM Master Fund Limited, The HCM Preferred Equity Fund Limited, and HCM
Cayman Feeder Ltd (collectively, the &quot;Fund&quot;) including a majority of those Directors who are not &quot;interested persons&quot;
of the Fund as defined in Section 2(a)(19) the Investment Company Act 1940, as amended, hereby consent in writing to the adoption of the
below resolutions and agree that such resolutions shall have the same force and effect as if adopted at a duly called and legally held
meeting of the Directors:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12.15pt 0 9pt; text-align: center"><B>Approval Co-Investment Transactions
Exemptive Application</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>WHEREAS, </B>the
Board deems it is advisable and in the best interest of the Fund to file with the U.S. Securities and Exchange Commission (the &quot;<B><I>SEC</I></B>&quot;),
as co-applicants with Herzfeld Private Credit Fund, Inc. (&quot;HERZ&quot;), an application for an order pursuant to Sections 17(d) and
57(i) of the Investment Company Act of 1940, as amended (the &quot;<B><I>1940 Act</I></B>&quot;), and Rule 17d-l promulgated thereunder
(the &quot;<I>Application</I>&quot;), to authorize the entering into of certain joint transactions that otherwise may be prohibited by
Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1 promulgated thereunder, a copy of which is attached hereto as <U>Exhibit A</U><B>.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>NOW, THEREFORE, BE
IT:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>RESOLVED</B>, that
the Authorized Officers (as defined below) be, and each of them hereby is, authorized and directed on behalf of the Fund and in its name
and on behalf of the Fund, to prepare, execute, and cause to be filed with the Commission the Application, and to do such other acts or
things and execute such other documents, including any amendments to the Application, as they deem necessary or desirable to cause the
Application to conform to comments received from the Commission's staff and otherwise to comply with the 1940 Act and the rules and regulations
promulgated thereunder, in such form and accompanied by such exhibits and other documents, as the Authorized Officers preparing the same
shall approve, such approval to be conclusively evidenced by the filing of the Application;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>FURTHER RESOLVED</B>,
that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed, in the name and on behalf of Fund, to
perform all of the agreements and obligations of the Fund in connection with the foregoing resolutions, to take or cause to be taken any
and all further actions, to execute and deliver, or cause to be executed, and delivered, all other documents, instruments, agreements,
undertakings, and certificates of any kind and nature whatsoever, and to engage such persons as the Authorized Officers may determine
to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolutions, and the execution
by the Authorized Officers of any such documents, instruments, agreements, undertakings and certificates, or the engagement of such persons
or the taking by them of any action in connection with the foregoing matters shall conclusively establish the Authorized Officers' authority
therefore and the authorization, acceptance, adoption, ratification, approval and confirmation by the Fund thereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>FURTHER RESOLVED</B>,
that any and all actions previously taken by the Fund or any of its directors or officers in connection with the actions contemplated
by the foregoing resolutions be, and each of them hereby is, ratified, confirmed, approved and adopted in all respects as and for the
acts and deeds of the Fund; <U>and</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify; text-indent: 0in"><B>RESOLVED</B>, that
for the purposes of the foregoing resolutions, the President, Treasurer, Chief Compliance Officer, Vice President, Secretary and Assistant
Secretary of the Fund shall be the Authorized Officers of the Fund (collectively, the &quot;<B><I>Authorized Officers</I></B>&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 11.8pt 0 0; text-align: justify">This Unanimous Written Consent may be executed
in one or more counterparts, all of which taken together shall be deemed one original.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 26.05pt 0in; text-align: center">[<I>signature page follows</I>]</P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the undersigned
have executed this Unanimous Written Consent of Directors as of the date first written above.<BR>
<BR>
Dated: October 30, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 55%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Erik M. Herzfeld&#9;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&#9;Erik M. Herzfeld</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 55%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Joseph Keane&#9;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&#9;Joseph Keane</TD>
  <TD>&nbsp;</TD></TR>
</TABLE><BR>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 55%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Robert Sleutz&#9;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&#9;Robert Sleutz</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">(Approved on October 30, 2025)</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Exhibit B.3</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RESOLUTIONS OF THE BOARD OF DIRECTORS OF</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THOMAS J. HERZFELD ADVISORS, INC.<BR>
(the &quot;Adviser&quot;)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Board
deems it is advisable and in the best interest of the Adviser to file with the U.S. Securities and Exchange Commission (the &quot;<B><I>SEC</I></B>&quot;)
an application for an order pursuant to Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &quot;<B><I>1940
Act</I></B>&quot;), and Rule 17d-l promulgated thereunder (the &quot;<B><I>Application</I></B>&quot;), to authorize, on behalf of itself,
certain Separately Managed Accounts (&quot;SMAs&quot;), and certain Affiliated Entities for whom the Adviser acts as managing member (collectively,
the &quot;<B>TJHA Applicants</B>&quot;) the entering into of certain joint transactions that otherwise may be prohibited by Sections 17(d)
and 57(a)(4) of the 1940 Act and Rule 17d-1 promulgated thereunder, a copy of which is attached hereto as <U>Exhibit A</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE, BE IT
RESOLVED</B>, that the Authorized Officers (as defined below) be, and each of them hereby is, authorized and directed on behalf of the
Adviser and in its name and on behalf of the Adviser and the TJHA Applicants, to prepare, execute, and cause to be filed with the Commission
the Application, and to do such other acts or things and execute such other documents, including any amendments to the Application, as
they deem necessary or desirable to cause the Application to conform to comments received from the Commission's staff and otherwise to
comply with the 1940 Act and the rules and regulations promulgated thereunder, in such form and accompanied by such exhibits and other
documents, as the Authorized Officers preparing the same shall approve, such approval to be conclusively evidenced by the filing of the
Application;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>FURTHER RESOLVED</B>,
that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed, in the name and on behalf of Adviser,
to perform all of the agreements and obligations of the Adviser in connection with the foregoing resolutions, to take or cause to be taken
any and all further actions, to execute and deliver, or cause to be executed and delivered, all other documents, instruments, agreements,
undertakings, and certificates of any kind and nature whatsoever, and to engage such persons as the Authorized Officers may determine
to be necessary, advisable or appropriate to effectuate or carry out the purposes and intent of the foregoing resolutions, and the execution
by the Authorized Officers of any such documents, instruments, agreements, undertakings and certificates, or the engagement of such persons
or the taking by them of any action in connection with the foregoing matters shall conclusively establish the Authorized Officers' authority
therefore and the authorization, acceptance, adoption, ratification, approval and confirmation by the Adviser thereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>FURTHER RESOLVED</B>,
that any and all actions previously taken by the Adviser or any of its directors or officers in connection with the actions contemplated
by the foregoing resolutions be, and each of them hereby is, ratified, confirmed, approved and adopted in all respects as and for the
acts and deeds of the Adviser; <U>and</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>FURTHER RESOLVED</B>,
that for the purposes of the foregoing resolutions, the Chairman, President, Chief Operating Officer, Chief Compliance Officer, Vice President,
and Secretary of the Adviser shall be the Authorized Officers of the Adviser (collectively, the &quot;<B><I>Authorized Officers</I></B>&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">(Approved on November 4, 2025)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Schedule A &ndash; Existing Affiliated Funds</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Existing Affiliated Funds Advised or Sub-Advised by Thomas J. Herzfeld
Advisors, Inc.:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The HCM Master Fund Limited<BR>
HCM US Feeder LP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Cayman Feeder Ltd<BR>
The HCM Preferred Equity Master Fund Limited<BR>
HCM Master Fund Holdco Ltd</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Co-Invest I LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">HCM Co-Invest II LLC</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Schedule B &ndash; Affiliated SMAs</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">All Separately Managed
Accounts Managed by the Existing Adviser (or any subsequent Adviser) on behalf and in the name of individuals or entities beneficially
owned by individuals that constitute &quot;principals&quot; of the Existing Adviser (or any subsequent Adviser) including any officer,
directors, employees, or other persons affiliated with the Existing Adviser, and including also any other SMA clients for whom it otherwise
be impermissible to engage in joint transactions for the Fund under Section 17(d) and Rule 17d-1 because other SMA clients would be first
or second tier affiliates of the Fund.</P>

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