Last month our Portfolio Manager, Ryan Paylor, spoke on the Money Life podcast (Chuck Jaffe, “Seafarer’s Foster: We’re still in ‘the bottom of the first’ on tariff impacts”, Money Life, Nov. 20, 2025) as part of the Active Investment Company Alliance Round Table in New York City. Ryan discussed our Herzfeld Credit Income Fund, Inc. (NASDAQ: HERZ) which recently transitioned from a strategy focused on investment in the Caribbean Basin under its former ticker symbol CUBA into a strategy centered on investment in collateralized loan obligations (CLOs). He walked through the rationale behind the unique strategy shift and offered insight into how shareholders have responded to the fund’s evolution.