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: 09/30/04
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ITEM 1. SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2004 (unaudited)
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Shares or Principal Amount Description Market Value
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Common stocks - 99.73% of net assets
Banking and finance - 3.64%
7,000 Bancolombia, S.A. $ 56,700
16,120 Banco Latinoamericano de Exportaciones, S.A. 247,442
3,600 Grupo Financiero Banorte, S.A. de C.V. Series O 16,973
8,400 Grupo Financiero Inbursa, S.A. de C.V. Series O 14,357
Communications - 10.86%
11,000 America Movil, S.A. de C.V. Series A 21,489
43,800 America Movil, S.A. de C.V. Series L 85,487
1,000 America Movil ADR Series L 39,030
11,100 America Telecom, S.A. de C.V. Series A1* 23,996
3,000 Atlantic Tele-Network, Inc. 86,400
11,100 Carso Global Telecom, S.A. de C.V. Series A1 16,485
7,000 Garmin Ltd. 302,750
725 Grupo Iusacell, S.A. de C.V. Series V* 1,179
16,800 Grupo Radio Centro, S.A. ADR 106,848
3,000 Grupo Televisa, S.A. GDR 158,190
12,100 Grupo Televisa, S.A. Series CPO 31,846
1,000 Telefonos de Mexico ADR Series L 32,270
11,000 Telefonos de Mexico, S.A. de C.V. Series A 17,806
39,300 Telefonos de Mexico, S.A. de C.V. Series L 63,373
18,000 Tricom, S.A. ADR* 4,500
13,900 TV Azteca, S.A. de C.V. Series CPO 8,660
Conglomerates - 3.42%
4,900 Alfa, S.A. de C.V. Series A 18,537
39,400 Carlisle Holdings, Inc.* 250,584
3,100 Corporacion Interamericana de Entretenimiento, S.A. de C.V.
Series B* 6,402
7,000 Desc, S.A. de C.V. Series B* 1,987
3,300 Grupo Carso, S.A. de C.V. Series A1 15,167
3,300 U.S. Commercial Corp., S.A. de C.V.* 1,638
2,600 Vitro, S.A. Series A 2,529
6,000 Vitro Sociedad Anonima ADR 17,940
Construction and related - 9.54%
12,000 Bufete Industrial S.A. ADR* 600
10,442 Cemex, S.A. de C.V. Series CPO 58,764
1,936 Ceramica Carabobo Class A ADR* 2,707
4,000 Consorcio ARA, S.A. de C.V. Series A1* 11,424
15,600 Empresas ICA, Sociedad Controladora, S.A. de C.V.* 5,319
15,000 Florida Rock Industries, Inc. 680,961
1,665 Hylsamex S.A. CPO* 3,417
21,950 Mastec, Inc.* 115,238
Consumer products and related manufacturing - 5.91%
800,000 Atlas Electricas, S.A. 32,631
5,400 Grupo Casa Saba, S.A. ADR 61,565
15,000 Watsco Incorporated 450,450
Food, beverages and tobacco - 2.82%
10,300 Coca Cola Femsa, S.A. de C.V. ADR 200,644
5,800 Fomento Economico Mexicano, S.A. de C.V. Series UBD 25,637
7,300 Grupo Bimbo, S.A. de C.V. Series A 16,038
7,300 Grupo Modelo, S.A. de C.V. Series C 17,770
Investment companies - 8.66%
16,404 The Latin American Discovery Fund, Inc. 243,107
32,345 The Latin America Equity Fund, Inc. 554,716
Leisure - 10.69%
7,000 Carnival Corp. 331,030
15,000 Royal Caribbean Cruises Ltd. 654,000
Medical - 4.07%
3,159 CancerVax Corp. 25,588
10,160 Orthofix International N.V.* 348,996
Pulp and paper - 0.18%
5,700 Kimberly-Clark de Mexico, S.A. de C.V. Series A 16,730
Railroad and landholdings - 21.60%
54,000 Florida East Coast Industries, Inc. 1,990,150
Retail - 0.91%
3,700 Controladora Comercial Mexicana, S.A. de C.V.
Series UBC 4,175
1,380 Grupo Elektra, S.A. de C.V. Series CPO 9,277
20,669 Wal-Mart de Mexico, S.A. de C.V. Series V 70,201
Trucking and marine freight - 6.80%
8,000 Grupo TMM, S.A. ADR* 18,960
700 Seaboard Corporation 410,165
39,600 Trailer Bridge, Inc.* 196,812
Utilities - 8.48%
12,000 Caribbean Utilities Ltd. Class A 144,000
27,000 Consolidated Water, Inc. 636,687
Other - 2.16%
2,414 Mantex S.A.I.C.A* 7,596
41,230 Margo Caribe, Inc.* 164,920
843 Siderurgica Venezolana Sivensa ADR 2,088
75 Siderurgica Venezolana Sivensa Series B 186
35,000 Xcelera, Inc.* 23,800
Total common stocks (cost $6,810,093) $ 9,186,914
Bonds - 0% of net assets
165,000 Republic of Cuba - 4.5%, 1977 - in default
(cost $63,038)* --
Other assets less liabilities - 0.27% of net assets $ 24,722
Net assets - 100% (applicable to 1,677,636 shares; equivalent
to $5.49 per share) (a) $ 9,211,636
*Non-income producing
(a) The cost for federal income tax purposes was $6,873,130. At September 30,
2004, net unrealized gain for all securities based on tax cost was $2,313,784.
This consisted of aggregate gross unrealized appreciation for all securities in
which there was an excess value over tax cost of $3,478,278 and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value of $1,164,494.
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: October 29, 2004
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: October 29, 2004
By /s/Cecilia L. Gondor
Cecilia L. Gondor
Treasurer
Date: October 29, 2004