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: 06/30/06
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Date of reporting period: 09/30/05
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ITEM 1. SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2005 (unaudited)
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Shares or
Principal Amount Description Market Value
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Common stocks - 100.08% of net assets
Banking and finance - 4.58%
8,000 Bancolombia, S.A $ 175,600
21,920 Banco Latinoamericano de Exportaciones, S.A 372,202
1,000 Doral Financial Corp. 13,070
4,000 Grupo Financiero Banorte, S.A. de C.V. Series O 35,660
9,500 Grupo Financiero Inbursa, S.A. de C.V. Series O 16,432
Communications - 11.51%
35,000 America Movil, S.A. de C.V. Series A 45,448
135,900 America Movil, S.A. de C.V. Series L 178,736
12,200 America Telecom, S.A. de C.V. Series A1* 50,579
4,100 Atlantic Tele-Network, Inc. 136,120
11,900 Carso Global Telecom, S.A. de C.V. Series A1* 23,508
7,000 Garmin Ltd. 474,810
725 Grupo Iusacell, S.A. de C.V. * 1,813
16,800 Grupo Radio Centro, S.A. ADR 124,152
4,500 Grupo Televisa, S.A. GDR 322,695
13,000 Grupo Televisa, S.A. Series CPO 46,419
1,000 Telefonos de Mexico ADR 21,270
23,400 Telefonos de Mexico, S.A. de C.V. Series A 23,873
78,600 Telefonos de Mexico, S.A. de C.V. Series L 83,544
13,900 TV Azteca, S.A. de C.V. Series CPO 8,327
Conglomerates and holdings companies - 2.98%
5,300 Alfa, S.A. de C.V. Series A 32,541
39,400 BB Holdings Ltd. 264,413
15,760 Carlisle Group Ltd. 43,529
3,200 Corporacion Interamericana de Entretenimiento,
S.A. de C.V. Series B* 7,007
7,900 Desc, S.A. de C.V. Series B* 2,074
10,700 Grupo Carso, S.A. de C.V. Series A1 23,668
500 Grupo Imsa, S.A. de C.V. Series UBC 1,294
3,300 U.S. Commercial Corp., S.A. de C.V.* 1,224
2,900 Vitro, S.A. Series A 3,362
6,000 Vitro, S.A. ADR 20,580
Construction, housing and related - 11.06%
22,416 Cemex, S.A. de C.V. Series CPO 116,630
500 Cemex S.A. de C.V. ADR 26,150
2,032 Ceramica Carabobo Class A ADR* 3,123
4,200 Consorcio ARA, S.A. de C.V 15,932
1,300 Corporacion Geo S.A. de C.V. Series B 4,039
100 Desarrolladora Homex, S.A. de C.V 510
19,700 Empresas ICA, Sociedad Controladora, S.A. de C.V.* 7,510
600 Grupo Cementos de Chihuahua, S.A. de C.V 1,697
16,600 Florida Rock Industries, Inc. 1,063,894
100 Hylsamex S.A. CPO 334
21,950 Mastec, Inc.* 239,255
200 Sare Holding, S.A. de C.V. Series B 189
300 Urbi Dessarrollos Urbanos, S.A. de C.V 2,226
Consumer products and related manufacturing - 7.60%
800,000 Atlas Electricas, S.A 31,160
4,900 Grupo Casa Saba, S.A. ADR 84,084
17,000 Watsco Incorporated 902,870
Food, beverages and tobacco - 1.66%
200 Alsea, S.A. de C.V 519
4,800 Coca-Cola Femsa, S.A. de C.V. ADR 128,208
200 Coca-Cola Femsa, S.A. de C.V., Series L 536
6,200 Fomento Economico Mexicano, S.A. de C.V. Series UBD 43,225
600 Gruma S.A. de C.V. Series B 1,544
7,500 Grupo Bimbo, S.A. de C.V. Series A 24,353
7,600 Grupo Modelo, S.A. de C.V. Series C 24,530
Investment companies - 10.60%
13,529 The Latin American Discovery Fund, Inc. 368,530
24,745 The Latin America Equity Fund, Inc. 767,095
4,784 The Mexico Fund 136,057
5,064 Salomon Brothers Emerging Markets Debt Fund 93,937
4,075 Salomon Brothers Global High Income Fund 54,401
Leisure - 7.70%
5,500 Carnival Corp. 274,890
17,500 Royal Caribbean Cruises Ltd. 756,000
Medical - 3.04%
15,159 CancerVax Corp. 52,147
8,160 Orthofix International N.V.* 355,776
Pulp and paper - 0.17%
6,000 Kimberly-Clark de Mexico, S.A. de C.V. Series A 22,593
Railroad and landholdings - 17.07%
50,500 Florida East Coast Industries Inc. 2,287,145
Retail - 0.96%
3,700 Controladora Comercial Mexicana, S.A. de C.V
Series UBC 5,827
1,380 Grupo Elektra, S.A. de C.V. Series CPO 10,348
22,006 Wal-Mart de Mexico, S.A. de C.V. Series V 111,927
Trucking and marine freight - 9.67%
14,800 Grupo TMM, S.A. ADR* 60,680
640 Seaboard Corporation 878,720
41,799 Trailer Bridge, Inc.* 355,292
Utilities - 8.32%
12,000 Caribbean Utilities Ltd. Class A 140,400
48,600 Consolidated Water, Inc. 974,430
Other - 3.16%
600 Grupo Aeroportuario del Sureste, S.A. de C.V. Series B 2,365
900 Grupo Mexico, S.A. de C.V. Series B 1,770
52,921 Margo Caribe, Inc.* 402,200
843 Siderurgica Venezolana Sivensa ADR 1,362
75 Siderurgica Venezolana Sivensa Series B 121
45,000 Xcelera, Inc.* 15,750
Total common stocks (cost $7,339,409) $ 13,406,231
Bonds - 0% of net assets
165,000 Republic of Cuba - 4.5%, 1977 -
in default (cost $63,038)* --
Other assets less liabilities - (0.08%) of net assets $ (10,727)
Net assets - 100% (applicable to 1,677,636 shares; equivalent
to $7.98 per share) (a) $ 13,395,504
*Non-income producing
(a) The cost for federal income tax purposes was $7,402,448. At September 30,
2005, net unrealized gain for all securities based on tax cost was $6,003,783.
This consisted of aggregate gross unrealized appreciation for all securities in
which there was an excess value over tax cost of $6,414,002 and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value of $410,219.
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 certification 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: November 9, 2005
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: November 9, 2005
By /s/Cecilia L. Gondor
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Cecilia L. Gondor
Treasurer
Date: November 9, 2005