SCHEDULE 13D
DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
4/29/19
___________________________________________________________
1. NAME OF REPORTING PERSON
Phillip Goldstein
2. CHECK THE BOX IF MEMBER OF A GROUP a[ ]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
386,038
8. SHARED VOTING POWER
227,313
9. SOLE DISPOSITIVE POWER
386,038
_______________________________________________________
10. SHARED DISPOSITIVE POWER
227,313
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
613,351 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
9.99976%
14. TYPE OF REPORTING PERSON
IN
___________________________________________________________
Item 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock
of Herzfeld Caribbean Basin Fund, Inc. ("CUBA" or the "Issuer").
The principal executive offices of CUBA are located at
119 WASHINGTON AVENUE, SUITE 504
MIAMI BEACH FL 33139
Item 2. IDENTITY AND BACKGROUND
(a) This statement is filed on behalf of Phillip Goldstein.
(b) The business address of the reporting person is 60 Heritage Drive
Pleasantville, NY 10570
(c) Member of Bulldog Investors, LLC, 250 Pehle Ave. Suite 708,
Saddle Brook, NJ 07663
(d) n/a
(e) n/a
(f) Mr. Goldstein is a citizen of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATIONS
Personal funds.
ITEM 4. PURPOSE OF TRANSACTION
On April 29, 2019, the filing person has submitted the following
shareholder proposal and supporting statement:
RESOLVED: The stockholders recommend that the Fund be dissolved.
SUPPORTING STATEMENT
Tom Herzfeld launched The Herzfeld Caribbean Basin Fund 25 years ago as
a vehicle for U.S. investors to benefit from future investment opportunities
in Cuba. Accordingly, he chose "CUBA" as its stock symbol. Since then, Tom has
generally been upbeat about the prospects for lifting the trade embargo that
bars Americans from investing in Cuba. For example:
.. February 1999 --"I believe we are coming closer to the end of the 37
year Cuban embargo."
.. August 2005 - "When we created the Fund we believed then, and are even
more convinced now, that the most compelling investment opportunities
will be in Cuba."
.. February 2009 - "We are confident that when taken together, these
progressive steps [by the Obama administration], coupled with Fidel
Castro's faltering health, will pave the way for a new U.S.-Cuba
policy that will lead to normalization of trade with Cuba."
.. February 2012 - "Recent developments indicate to us that the prospect
of resumption of trade with Cuba is just beyond the horizon."
.. July 2015 - "We expect positive developments in U.S. - Cuban relations
in the future to lead towards a lifting of the embargo."
.. January 2016 - "[W]e believe lifting the embargo is inevitable and
should provide new economic opportunities for the region as the [Cuba]
continues to be welcomed back into the global economy."
.. July 2016 - "Republican candidate Donald J. Trump when asked about his
openness to expanding his self-branded line of hotels into Cuba, said
'I would, I would.'....Regardless of who wins the White House, positive
dealings with Cuba should continue and progress should be made."
Yet, the trade embargo is still there. Apparently, investors are fatigued
because the price of the Fund's shares are more than 20% below their net asset
value. I reached out to Tom in April to discuss the discount. He responded:
"Before any action is taken regarding the discount, we would like to see if US
policy towards Cuba is going to change." Coincidentally, on that same day the
policy did change - for the worse -- as the Trump administration announced new
restrictions on dealing with Cuba that, according to Cuban President Diaz-Canel
"pushed the precarious relation with our country back to the worst level." as
one expert on Cuba put it: "The Obama era is over. It's all over."
I have known Tom Herzfeld for many years and I respect his knowledge of
closed-end funds. But, in this case, I think he is in denial. Eliminating the
discount can provide the Fund's stockholders with a gain of about 25%. If Tom
was just a stockholder and not the Fund's manager, I bet he would favor
winding it up.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As per the N-CSRS filed on February 27, 2019, there were 6,133,659 shares
of common stock outstanding as of December 31, 2018. The percentages set forth
herein were derived using such number.
As of April 26, 2019, Phillip Goldstein is deemed to be the beneficial
owner of 613,351 shares of CUBA (representing 9.99976% of CUBA's outstanding
shares) solely by virtue of his power to direct the vote of,and dispose of,
these shares. These 613,351 shares of CUBA include 386,038 shares
(representing 6.29376% of CUBA's outstanding shares) that are beneficially
owned by Mr. Goldstein.
All other shares included in the aforementioned 613,351 shares of CUBA
beneficially owned by Phillip Goldstein (solely by virtue of his power
to sell or direct the vote of these shares) are also beneficially owned by
individuals and entities who are not members of any group. The total number
of these "non-group" shares is 227,313 (representing 3.705991% of CUBA's
outstanding shares).
(b)Phillip Goldstein has sole power to dispose of and vote 386,038 shares.
Certain other individuals and entities have shared power to dispose of and
vote 227,313 shares.
c) During the past 60 days the following shares of CUBA were purchased:
Date: Shares: Price:
03/26/19 4,400 5.7600
03/01/19 5,000 5.7500
03/21/19 5,000 5.8000
03/08/19 5,000 5.6600
02/28/19 5,000 5.7300
d) Beneficial owners of the shares are entitled to receive any dividends or
sales proceeds.
e) N/A
ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
N/A
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
N/A
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.
By: /S/ Phillip Goldstein
Name: Phillip Goldstein
Date: 4/30/19