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: 06/30/05
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Date of reporting period: 03/31/05
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ITEM 1. SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2005 (unaudited)
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Shares or Principal Amount Description Market Value
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Common stocks - 99.61% of net assets
Banking and finance - 4.42%
7,000 Bancolombia, S.A. $ 93,520
17,920 Banco Latinoamericano de Exportaciones, S.A. 366,285
3,800 Grupo Financiero Banorte, S.A. de C.V. Series O 24,723
9,000 Grupo Financiero Inbursa, S.A. de C.V. Series O 17,639
Communications - 11.81%
11,400 America Movil, S.A. de C.V. Series A 29,383
44,600 America Movil, S.A. de C.V. Series L 114,953
2,000 America Movil ADR Series L 103,200
11,700 America Telecom, S.A. de C.V. Series A1* 32,815
4,100 Atlantic Tele-Network, Inc. 131,282
11,600 Carso Global Telecom, S.A. de C.V. Series A1 18,790
8,000 Garmin Ltd. 370,560
725 Grupo Iusacell, S.A. de C.V. * 1,285
16,800 Grupo Radio Centro, S.A. ADR 127,110
4,500 Grupo Televisa, S.A. GDR 264,600
12,500 Grupo Televisa, S.A. Series CPO 36,782
500 Telefonos de Mexico ADR 17,265
11,400 Telefonos de Mexico, S.A. de C.V. Series A 18,476
39,300 Telefonos de Mexico, S.A. de C.V. Series L 67,880
13,900 TV Azteca, S.A. de C.V. Series CPO 7,514
Conglomerates - 2.94%
5,100 Alfa, S.A. de C.V. Series A 27,116
39,400 Carlisle Holdings, Inc.* 261,238
3,200 Corporacion Interamericana de Entretenimiento,
S.A. de C.V. Series B* 6,529
7,500 Desc, S.A. de C.V. Series B* 2,034
3,400 Grupo Carso, S.A. de C.V. Series A1 17,344
300 Grupo Imsa, S.A. de C.V. Series UBC 699
3,300 U.S. Commercial Corp., S.A. de C.V.* 1,217
2,900 Vitro, S.A. Series A 2,408
6,000 Vitro, S.A. ADR 15,000
Construction, housing and related - 10.33%
10,642 Cemex, S.A. de C.V. Series CPO 77,239
1,936 Ceramica Carabobo Class A ADR* 3,124
4,100 Consorcio ARA, S.A. de C.V.* 13,587
700 Corporacion Geo S.A. de C.V. Series B 1,513
100 Desarrolladora Homex, S.A. de C.V. 406
17,400 Empresas ICA, Sociedad Controladora, S.A. de C.V.* 6,696
300 Grupo Cementos de Chihuahua, S.A. de C.V. 597
14,900 Florida Rock Industries, Inc. 876,418
1,665 Hylsamex S.A. CPO 5,548
22,950 Mastec, Inc.* 188,420
Consumer products and related manufacturing - 7.13%
800,000 Atlas Electricas, S.A. 32,867
4,900 Grupo Casa Saba, S.A. ADR 82,075
16,500 Watsco Incorporated 694,650
Food, beverages and tobacco - 1.68%
4,800 Coca-Cola Femsa, S.A. de C.V. ADR 116,016
100 Coca-Cola Femsa, S.A. de C.V., Series L 241
6,000 Fomento Economico Mexicano, S.A. de C.V. Series UBD 32,164
300 Gruma S.A. de C.V. Series B 679
7,400 Grupo Bimbo, S.A. de C.V. Series A 19,815
7,500 Grupo Modelo, S.A. de C.V. Series C 22,082
Investment companies - 8.00%
13,904 The Latin American Discovery Fund, Inc. 253,748
24,745 The Latin America Equity Fund, Inc. 529,543
5,799 The Mexico Fund 125,374
Leisure - 9.00%
5,500 Carnival Corp. 284,955
16,500 Royal Caribbean Cruises Ltd. 737,385
Medical - 3.23%
7,159 CancerVax Corp. 47,178
8,160 Orthofix International N.V.* 319,464
Pulp and paper - 0.16%
5,900 Kimberly-Clark de Mexico, S.A. de C.V. Series A 17,683
Railroad and landholdings - 18.88%
50,500 Florida East Coast Industries, Inc. 2,145,240
Retail - 0.78%
3,700 Controladora Comercial Mexicana, S.A. de C.V.
Series UBC 3,778
1,380 Grupo Elektra, S.A. de C.V. Series CPO 11,052
21,169 Wal-Mart de Mexico, S.A. de C.V. Series V 74,264
Trucking and marine freight - 9.41%
14,800 Grupo TMM, S.A. ADR* 45,288
600 Seaboard Corporation 643,800
39,600 Trailer Bridge, Inc.* 380,160
Utilities - 8.83%
12,000 Caribbean Utilities Ltd. Class A 137,400
26,000 Consolidated Water, Inc. 865,800
Other - 3.01%
300 Grupo Aeroportuario del Sureste, S.A. de C.V. Series B 838
200 Grupo Mexico, S.A. de C.V. Series B 1,052
41,337 Margo Caribe, Inc.* 322,470
843 Siderurgica Venezolana Sivensa ADR 1,865
75 Siderurgica Venezolana Sivensa Series B 166
45,000 Xcelera, Inc.* 15,750
Total common stocks (cost $7,164,241) $11,316,037
Bonds - 0% of net assets
165,000 Republic of Cuba - 4.5%, 1977 -
in default (cost $63,038)* --
Other assets less liabilities - 0.39% of net assets $ 44,669
Net assets - 100% (applicable to 1,677,636 shares; equivalent
to $6.77 per share) (a) $11,360,706
*Non-income producing
(a) The cost for federal income tax purposes was $7,227,279. At March 31, 2005,
net unrealized gain for all securities based on tax cost was $4,088,758. This
consisted of aggregate gross unrealized appreciation for all securities in which
there was an excess value over tax cost of $4,692,180 and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value of $603,422.
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
Thomas J. Herzfeld
Chairman and President
Date: April 27, 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
Thomas J. Herzfeld
Chairman and President
Date: April 27, 2005
By /s/Cecilia L. Gondor
Cecilia L. Gondor
Treasurer
Date: April 27, 2005