FORM N-Q
QUARTERLY SCHEDULE OF PORFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-06445
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The Herzfeld Caribbean Basin Fund, Inc.
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(Exact name of registrant as specified in charter)
P.O. BOX 161465, MIAMI, FLORIDA 33116
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(Address of principal executive offices) (Zip code)
THOMAS J. HERZFELD
P.O. BOX 161465, MIAMI, FL 33116
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(Name and address of agent for service)
Registrant's telephone number, including area code: 305-271-1900
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Date of fiscal year end: 06/30/07
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Date of reporting period: 03/31/07
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ITEM 1. SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2007 (unaudited)
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Shares or
Principal Amount Description Market Value
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Common stocks - 96.61% of net assets
Banking and finance - 4.91%
8,500 Bancolombia, S.A $ 235,365
19,720 Banco Latinoamericano de Exportaciones, S.A 328,141
30,000 Doral Financial Corp. 49,200
16,400 Grupo Financiero Banorte, S.A. de C.V. Series O 77,900
9,900 Grupo Financiero Inbursa, S.A. de C.V. Series O 19,421
Communications - 14.50%
35,600 America Movil, S.A. de C.V. Series A 85,423
50,891 America Movil, S.A. de C.V. Series L 121,790
2,000 America Movil, S.A.B de C.V. 95,580
10,250 Atlantic Tele-Network, Inc. 267,833
11,900 Carso Global Telecom, S.A. de C.V. Series A1 54,255
141,000 Fuego Entertainment, Inc. 19,740
10,000 Garmin Ltd. 541,500
725 Grupo Iusacell, S.A. de C.V. 11,655
16,800 Grupo Radio Centro, S.A. de C.V. ADR 214,704
12,900 Grupo Televisa, S.A. ADR 384,420
13,400 Grupo Televisa, S.A. Series CPO 79,995
1,000 Telefonos de Mexico S.A. de C.V. ADR 33,400
23,800 Telefonos de Mexico, S.A. de C.V. Series A 39,773
78,600 Telefonos de Mexico, S.A. de C.V. Series L 131,708
13,900 TV Azteca, S.A. de C.V. Series CPO 13,003
Conglomerates and holdings companies - 2.62%
250,000 Admiralty Holding Co. 3,750
5,400 Alfa, S.A. de C.V. Series A 39,510
42,595 BB Holdings Ltd. 177,018
13,000 Carlisle Group Ltd. 26,567
3,200 Corporacion Interamericana de Entretenimiento,
S.A. de C.V. Series B 9,012
1,580 Desc, S.A. de C.V. Series B 2,683
11,000 Grupo Carso, S.A. de C.V. Series A1 40,661
600 Grupo Imsa, S.A.B. de C.V. Series UBC 2,937
2,525 OneSource Services, Inc. 30,936
3,300 U.S. Commercial Corp., S.A. de C.V. 405
2,900 Vitro, S.A. Series A 6,400
6,000 Vitro, S.A. ADR 38,580
Construction and related - 3.92%
46,718 Cemex, S.A. de C.V. Series CPO 153,768
4,000 Cemex, S.A. de C.V. ADR 131,000
2,032 Ceramica Carabobo Class A ADR 2,541
17,200 Consorcio ARA, S.A. de C.V. 29,681
3,583 Empresas ICA, Sociedad Controladora, S.A. de C.V. 13,879
800 Grupo Cementos de Chihuahua, S.A. de C.V 4,152
20,950 Mastec, Inc. 230,660
Consumer products and related manufacturing - 6.03%
800,000 Atlas Electricas, S.A 61,678
5,900 Grupo Casa Saba, S.A. ADR 196,104
12,000 Watsco Incorporated 612,840
Food, beverages and tobacco - 2.18%
1,200 Alsea, S.A. de C.V. 2,229
4,500 Coca-Cola Femsa, S.A. de C.V. ADR 162,540
200 Coca-Cola Femsa, S.A. de C.V., Series L 727
6,300 Fomento Economico Mexicano, S.A. de C.V. Series UBD 69,680
800 Gruma S.A. de C.V. Series B 2,529
7,600 Grupo Bimbo, S.A. de C.V. Series A 38,323
7,700 Grupo Modelo, S.A. de C.V. Series C 39,547
Housing - 0.12%
1,700 Corporacion Geo S.A. de C.V., Series B 9,881
100 Desarrolladora Homex, S.A. de C.V. 970
400 Sare Holding, S.A. de C.V. Series B 663
1,500 Urbi Dessarrollos Urbanos, S.A. de C.V. 6,219
Investment companies - 4.55%
1,000 iShares MSCI Mexico Index Fund 54,320
1,400 Latin America Equity Fund 61,726
1,000 The Mexico Fund 39,760
19,000 Western Asset Worldwide Income Fund 259,350
13,575 Western Asset Emerging Markets Debt Fund 241,907
Leisure - 7.34%
10,500 Carnival Corp. 492,030
13,500 Royal Caribbean Cruises Ltd. 569,160
Medical - 3.57%
8,386 Micromet, Inc. 22,642
9,660 Orthofix International N.V. 493,143
Mining - 0.04%
1,200 Grupo Mexico, S.A. de C.V., Series B 5,558
Pulp and paper - 0.19%
6,100 Kimberly-Clark de Mexico, S.A. de C.V. Series A 27,285
Railroad and landholdings - 18.01%
41,500 Florida East Coast Industries Inc. 2,601,635
Retail - 1.54%
3,700 Controladora Comercial Mexicana, S.A. de C.V
Series UBC 10,417
1,380 Grupo Elektra, S.A. de C.V. Series CPO 21,495
44,612 Wal-Mart de Mexico, S.A. de C.V. Series V 190,960
Service - 0.02%
700 Grupo Aeroportuario del Sureste, S.A. de C.V. Series B 3,312
100 Promotora Ambiental S.A. de C.V. 214
Trucking and marine freight - 13.84%
14,800 Grupo TMM, S.A. ADR 41,588
700 Seaboard Corporation 1,582,000
42,699 Trailer Bridge, Inc. 375,324
Utilities - 8.58%
12,000 Caribbean Utilities Ltd. Class A 142,200
42,241 Consolidated Water, Inc. 1,001,534
700 Cuba Electric Company 10,500
5,000 Teco Energy Inc. 86,050
Other - 4.65%
8,000 Copa Holdings, S.A. 411,920
55,921 Margo Caribe, Inc. 251,645
100 Mexichem S.A. de C.V. 262
843 Siderurgica Venezolana Sivensa ADR 2,699
75 Siderurgica Venezolana Sivensa Series B 240
45,000 Xcelera, Inc. 4,500
Total common stocks (cost $8,168,691) $ 13,958,252
Bonds - 0% of net assets
165,000 Republic of Cuba - 4.5%, 1977 -
in default (cost $63,038) --
Other assets less liabilities - 3.39% of net assets $ 489,548
Net assets - 100% (applicable to 1,687,556 shares; equivalent
to $8.56 per share) (a) $ 14,447,800
(a) The cost for federal income tax purposes was $8,231,729. At March 31,2007,
net unrealized gain for all securities based on tax cost was $5,726,523.
This consisted of aggregate gross unrealized appreciation for all securities in
which there was an excess value over tax cost of $6,346,053 and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value of $619,530. The cost of securities owned for financial
statement purposes is lower than the cost basis for income tax purposes by
approximately $10,340 due to wash sale adjustments.
ITEM 2. CONTROLS AND PROCEDURES
(a) The registrant's principal executive and principal financial officer
have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of this
Form N-Q that includes the disclosure required by this paragraph
based on their evaluation of the controls and procedures required by
Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17
CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS
The certifications required by Rule 30a-2 of the Investment Company Act of 1940,
as amended, is attached as an exhibit to this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
The Herzfeld Caribbean Basin Fund, Inc.
By /s/ Thomas J. Herzfeld
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Thomas J. Herzfeld
Chairman and President
Date: May 4, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/ Thomas J. Herzfeld
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Thomas J. Herzfeld
Chairman and President
Date: May 4, 2007
By /s/ Cecilia L. Gondor
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Cecilia L. Gondor
Treasurer
Date: May 4, 2007