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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001012709-02-000331.txt : 20020414
<SEC-HEADER>0001012709-02-000331.hdr.sgml : 20020414
ACCESSION NUMBER:		0001012709-02-000331
CONFORMED SUBMISSION TYPE:	N-30D
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20011231
FILED AS OF DATE:		20020228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HERZFELD CARIBBEAN BASIN FUND INC
		CENTRAL INDEX KEY:			0000880406
		IRS NUMBER:				650396889
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-30D
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		02561275

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 161465
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33116
		BUSINESS PHONE:		3052711900

	MAIL ADDRESS:	
		STREET 2:		PO BOX 161465
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>n30d-202.txt
<DESCRIPTION>HERZFELD CARIBBEAN BASIN FUND
<TEXT>

                                  THE HERZFELD
                                CARIBBEAN BASIN
                                   FUND, INC.

                               SEMI-ANNUAL REPORT
                               DECEMBER 31, 2001

<PAGE>

================================================================================

THE HERZFELD CARIBBEAN BASIN FUND, INC.
The Herzfeld Building
PO Box 161465
Miami, FL  33116
(305) 271-1900

INVESTMENT ADVISOR
HERZFELD / CUBA
a division of Thomas J. Herzfeld Advisors, Inc.
PO Box 161465
Miami, FL  33116
(305) 271-1900

TRANSFER AGENT & REGISTRAR
Investors Bank & Trust Company
200 Clarendon Street, 16th Floor
Boston, MA  02116
(617) 443-6870

CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street, 5th Floor
Boston, MA  02116

COUNSEL
Pepper Hamilton LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA  19103

INDEPENDENT AUDITORS
Kaufman, Rossin & Co.
2699 South Bayshore Drive
Miami, FL  33133

- --------------------------------------------------------------------------------
The Herzfeld  Caribbean Basin Fund's  investment  objective is long-term capital
appreciation.  To achieve its  objective,  the Fund  invests in issuers that are
likely, in the Advisor's view, to benefit from economic,  political,  structural
and  technological  developments in the countries in the Caribbean Basin,  which
consist of Cuba,  Jamaica,  Trinidad  and Tobago,  the  Bahamas,  the  Dominican
Republic,  Barbados, Aruba, Haiti, the Netherlands Antilles, the Commonwealth of
Puerto Rico, Mexico, Honduras,  Guatemala,  Belize, Costa Rica, Panama, Colombia
and  Venezuela.  The fund  invests  at least 65% of its total  assets in a broad
range of securities of issuers including U.S.-based  companies,  which engage in
substantial  trade with and derive  substantial  revenue from  operations in the
Caribbean Basin Countries.
- --------------------------------------------------------------------------------

                          Listed Nasdaq SmallCap Market
                                  Symbol: CUBA

<PAGE>

LETTER TO STOCKHOLDERS
================================================================================

February 6, 2002                                                [PICTURE]
                                                            Thomas J. Herzfeld
                                                          Chairman and President

Dear Fellow Stockholders:

We are pleased to present our  semi-annual  report for the period ended December
31, 2001.  On that date our net assets were  $6,826,606  and net asset value per
share was $4.07 after payment of a distribution  of $0.1551 per share;  compared
with $8,183,937 (net asset value at $4.88 per share) twelve months earlier. This
represents  a loss  of  13.4%  in net  asset  value  after  adjustment  for  the
distribution.   Our  share  price  declined  7.5%  (after   adjustment  for  the
distribution) from $3.81 to $3.37 over the same period.

It would be difficult to pick a portfolio that was more vulnerable to the events
of September  11th than ours.  For  instance,  we have no defense  issues and no
gold,  and our Fund is invested in a region  principally  dependent  on tourism.
Consequently   many  of  our  holdings,   especially  the  cruise  lines,   were
particularly  hard hit last fall. Case in point,  Royal  Caribbean  Cruises Ltd.
(RCL),  which closed at $21.31 on September  10th,  collapsed to below $8.00 per
share by September 21st. And Carnival Corp.  (CCL) fell from $28.52 to as low at
$17.00  over the same  period.  The good news is that both have made very  solid
recoveries.  Since last year's lows,  CCL has recovered  54.6% to $26.15,  as of
February 5, 2002,  and RCL is 122% higher than its worst level in 2001,  closing
at $17.22 on February 5, 2002.

On an even more promising  note,  last year the United States  relaxed,  for the
first time, its embargo with respect to Cuba,  permitting food shipments to that
country.  Seaboard  Corporation  (SEB),  which  has  containerized  cargo  ships
operating  in the  Caribbean  and is also in the  food  business  has a  trading
pattern  similar  to that of the  cruise  lines.  Its  shares  fell from $241 on
September  10th to $190 on October  2nd and since then have moved above $300 per
share.

                                       3
<PAGE>

LETTER TO STOCKHOLDERS (CONTINUED)
================================================================================

PREMIUM/DISCOUNT OF THE HERZFELD CARIBBEAN BASIN FUND FROM INCEPTION

[GRAPHIC OMITTED]

PREMIUM/DISCOUNT

As the graph above  depicts,  the Fund has traded at both premiums and discounts
every year except its year of inception in which it traded only at a premium. As
I have stated before,  we believe that closed-end  funds trading at discounts to
net asset value represent good value. Following this philosophy, I have added to
my personal holdings of The Herzfeld Caribbean Basin Fund during the year.

LARGEST ALLOCATIONS

The following tables present our largest investments and geographic  allocations
as of December 31, 2001.

<TABLE>
<CAPTION>
- --------------------------------------    -----------------------------------------------------
Geographic             % of Net Assets    Largest Portfolio Positions           % of Net Assets
Allocation

<S>                        <C>            <C>                                        <C>
USA                        46.68%         Florida East Coast Industries Inc.         19.91%
Mexico                     18.48%         The Mexico Fund, Inc.                       7.22%
Panama                     11.03%         PanAmerican Beverage Inc. Cl. A             6.92%
Cayman Islands              7.56%         Florida Rock Industries Inc.                5.63%
Netherlands Antilles        4.35%         Consolidated Water Co. Ltd.                 5.42%
Puerto Rico                 3.53%         Orthofix International N.V.                 4.35%
Latin American Regional     3.38%         Carnival Corp.                              4.15%
Belize                      1.36%         Banco Latinoamericano de Exportaciones      4.11%
Dominican Republic          1.04%         WorldCom Inc.                               3.73%
Costa Rica                  1.04%         Seaboard Corporation                        3.59%
Virgin Islands              0.57%         -----------------------------------------------------
Venezuela                   0.20%
Colombia                    0.18%
Cuba                        0.00%
- --------------------------------------
</TABLE>

                                       4
<PAGE>

LETTER TO STOCKHOLDERS (CONTINUED)
================================================================================

Daily net asset  values  and press  releases  on the Fund are  available  on the
Internet at www.herzfeld.com.

I would like to take this time to thank the  members  of the Board of  Directors
for their hard work and guidance and also to thank you, my fellow  stockholders,
for your continued support and suggestions.

                                        Sincerely,

                                        /s/ Thomas J. Herzfeld

                                        Thomas J. Herzfeld
                                        Chairman of the Board and President

                                       5
<PAGE>

SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2001 (UNAUDITED)
================================================================================

   Shares or
Principal Amount           Description                                  Value
- ----------------           -----------                                  -----

COMMON STOCKS - 99.40% OF NET ASSETS

Banking and finance - 4.29%
   8,000   Bancolombia S.A.                                           $   12,480
  10,000   Banco Latinoamericano de Exportaciones                        280,500

Communications - 11.23%
  52,000   AT&T Latin America Corp.                                       61,360
   2,400   Atlantic Tele-Network*                                         33,960
   6,750   Corecomm, Inc.*                                                 1,080
  16,000   Grupo Radio Centro S.A. ADR                                    97,280
   5,500   Grupo Televisa S.A. GDR                                       237,490
  19,000   Tricom S.A. ADR                                                71,250
  18,100   WorldCom Inc.-WCOM                                            254,848
     724   WorldCom Inc.-MCI                                               9,195

Conglomerates - 11.23%
  42,024   Carlisle Holdings, Inc.                                        92,453
     200   Grupo Imsa S.A.                                                 1,884

Construction and related - 9.98%
  12,000   Bufete Industrial S.A. ADR840
  13,000   Empresas ICA Sociedad Controladora ADR                         33,670
  10,500   Florida Rock Industries, Inc.                                 384,090
  17,950   Mastec, Inc.                                                  124,753
   7,300   Puerto Rican Cement Co.                                       137,970

Consumer products and related manufacturing - 15.24%
 800,000   Atlas Electricas S.A.                                          71,120
   1,918   Buenos Aires Embotelladora S.A. (Note 2)*                          10
  11,400   Coca Cola Femsa S.A.                                          228,798
   6,400   Grupo Casa Autrey S.A. ADR                                     41,600
  31,800   PanAmerican Beverage Inc. Cl. A                               472,548
   1,500   Savia S.A. ADR                                                  1,725
  13,000   Vitro Sociedad Anonima ADR                                     27,950
  13,850   Watsco Incorporated                                           196,670

Investment companies - 9.69%
  11,511   The Latin America Equity Fund, Inc.                           139,859
   3,000   The Latin American Discovery Fund, Inc.                        29,100
  30,000   The Mexico Fund, Inc.                                         492,600

                            See accompanying notes.

- ---------------------------
*Non-income producing

                                       6
<PAGE>

SCHEDULE OF INVESTMENTS AS OF DECEMBER 31, 2001 (UNAUDITED)
================================================================================

   Shares or
Principal Amount           Description                                  Value
- ----------------           -----------                                  -----

Leisure - 7.48%
  10,100   Carnival Corp.                                             $  283,608
   1,500   Grand Adventure Tour & Travel                                       8
  14,000   Royal Caribbean Cruises Ltd.                                  226,800

Medical - 4.35%
   8,000   Orthofix International N.V.*                                  296,820

Railroad and landholdings - 19.91%
  58,700   Florida East Coast Industries Inc.                          1,358,905

Retail - 0.08%
   2,500   Little Switzerland Inc.*                                        5,150

Trucking and marine freight - 5.93%
     800   Seaboard Corporation                                          244,800
  46,600   Trailer Bridge, Inc.                                           61,978
  10,000   Transportacion Maritima Mexicana ADR                           98,000

Utilities - 7.56%
  12,000   Caribbean Utilities Ltd. Cl. A                                146,400
  32,600   Consolidated Water Co. Ltd.                                   369,684

Other - 1.69%
     193   Seabulk Intl. warrants                                             73
   2,414   Mantex S.A.I.C.A.                                              13,145
  29,200   Margo Caribe, Inc.*                                           102,200
     833   Siderurgica Venezolana Sivensa ADR                                211
  20,000   Xcelera, Inc.                                                  41,000
                                                                      ----------

Total common stocks (cost $7,800,273)                                  6,785,864

Bonds - 0% of net assets

$165,000   Republic of Cuba - 4.5%, 1977 - in default
           (cost $63,038) (Note 2)*                                           --

Other assets less liabilities -  0.60% of net assets                      40,742
                                                                      ----------

Net assets - 100%                                                     $6,826,606
                                                                      ----------

                            See accompanying notes.

- ---------------------------
*Non-income producing

                                       7
<PAGE>

STATEMENT OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2001 (UNAUDITED)
================================================================================

ASSETS

   Investment in securities, at value (cost $7,800,273) (Note 2)    $ 6,785,864
   Cash                                                                 219,375
   Dividends and interest receivable                                    117,256
   Other assets                                                          36,943
                                                                    -----------

      TOTAL ASSETS                                                    7,159,438

LIABILITIES

   Dividends payable                                 $   260,201
   Accrued investment advisor fee (Note 3)                26,985
   Other payables                                         45,646
                                                     -----------
      TOTAL LIABILITIES                                                 332,832
                                                                    -----------
NET ASSETS (Equivalent to $4.06 per share
   based on 1,677,636 shares outstanding)                           $ 6,826,606
                                                                    ===========

Net assets consist of the following:
   Common stock, $.001 par value; 100,000,000
    shares authorized; 1,677,636 shares issued
    and outstanding                                                 $     1,678
   Additional paid-in capital                                         8,362,502
   Undistributed net investment loss                                   (851,536)
   Undistributed net realized gain on investments                       328,370
   Net unrealized loss on investments                                (1,014,408)
                                                                    -----------

      TOTAL                                                         $ 6,826,606
                                                                    ===========

                            See accompanying notes.

                                       8
<PAGE>

STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 2001 (UNAUDITED)
================================================================================

INVESTMENT INCOME
   Dividends                                                        $    53,620

EXPENSES
   Investment advisor fee (Note 3)                   $    55,000
   Custodian fees                                         27,000
   Professional fees                                      18,247
   Transfer agent                                          8,871
   Insurance                                               8,396
   Directors fees                                          3,900
   Printing                                                2,800
   Postage                                                 3,041
   Listing fees                                            4,000
   Proxy services                                          1,338
   Miscellaneous                                           4,815
                                                     -----------
      Total expenses                                                    137,408
                                                                    -----------
      INVESTMENT LOSS - NET                                             (83,788)

REALIZED AND UNREALIZED GAIN/LOSS
   ON INVESTMENTS
   Net realized gain on investments                      (14,023)
   Change in unrealized gain on investments           (1,458,016)
                                                     -----------

      NET LOSS ON INVESTMENTS                                        (1,472,039)
                                                                    -----------
NET DECREASE IN NET ASSETS RESULTING
 FROM OPERATIONS                                                    ($1,555,827)
                                                                    ===========

                            See accompanying notes.

                                       9
<PAGE>

STATEMENTS OF CHANGES IN NET ASSETS
================================================================================

                                                     SIX MONTHS
                                                       ENDED           YEAR
                                                      12/31/01         ENDED
                                                     (UNAUDITED)      6/30/01
                                                     -----------    -----------

INCREASE (DECREASE) IN NET ASSETS FROM
 OPERATIONS:
   Investment loss - net                             ($   83,788)   ($  112,818)
   Net realized gain (loss) on investments               (14,023)       382,758
   Change in unrealized gain (loss) on investments    (1,458,016)       (51,785)
                                                     -----------    -----------
      Net decrease in net assets from operations      (1,555,827)      (218,155)

DISTRIBUTIONS TO STOCKHOLDERS FROM:
   Net investment income and short-term
      realized gains                                    (170,448)            --
   Realized gains - long-term                            (89,753)            --
                                                     -----------    -----------
      Total distributions                               (260,201)            --

TOTAL INCREASE (DECREASE) IN NET ASSETS              ($1,816,028)   ($  218,155)

NET ASSETS:

   Beginning of period                               $ 8,642,634    $ 8,424,479
                                                     -----------    -----------
   End of period                                     $ 6,826,606    $ 8,642,634
                                                     ===========    ===========

                            See accompanying notes.

                                       10
<PAGE>

FINANCIAL HIGHLIGHTS
================================================================================

<TABLE>
<CAPTION>
                                          Six Months
                                             Ended                       Year Ended June 30
                                           12/31/01      --------------------------------------------------
                                          (unaudited)      2001          2000          1999          1998
                                          -----------      ----          ----          ----          ----
<S>                                        <C>           <C>           <C>           <C>           <C>
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period       $   5.15      $   5.02      $   6.12      $   6.43      $   6.34
Operations:
   Net investment loss                        (0.05)        (0.07)        (0.10)        (0.11)        (0.01)
   Net realized and unrealized gain
     (loss) on investments                    (0.88)         0.20         (1.00)         0.51          0.54
                                           --------      --------      --------      --------      --------
      Total from (to) operations              (0.93)         0.13         (1.10)         0.40          0.53
                                           --------      --------      --------      --------      --------
Distributions:
   From net investment income and
    net realized gains                        (0.15)           --            --         (0.71)        (0.44)
                                           --------      --------      --------      --------      --------
      Total distributions                     (0.15)           --            --         (0.71)        (0.44)
                                           --------      --------      --------      --------      --------

Net asset value, end of period             $   4.07      $   5.15      $   5.02      $   6.12      $   6.43
                                           --------      --------      --------      --------      --------

Per share market value, end of period      $   3.37      $   4.20      $   5.06      $   6.00      $   6.00
                                           --------      --------      --------      --------      --------

Total investment return (loss) based on
 market value per share                      (32.05%)      (17.04%)      (15.63%)       11.83%        23.54%
                                           --------      --------      --------      --------      --------

RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000's)       $  6,827      $  8,643      $  8,424      $ 10,272      $ 10,784
                                           --------      --------      --------      --------      --------

Ratio of expenses to average net assets      3.74%1          3.11%         3.11%         3.30%         3.21%
                                           --------      --------      --------      --------      --------
Ratio of investment loss -
 net to average net assets                 (2.28%)1         (1.33%)       (1.76%)       (1.95%)       (0.14%)
                                           --------      --------      --------      --------      --------

Portfolio turnover rate                           4%           27%           10%           59%           40%
                                           --------      --------      --------      --------      --------
</TABLE>

- ---------------------------------
1    This  ratio  has been  annualized;  however,  the  percentage  shown is not
     necessarily indicative of results for a full year.

                                       11
<PAGE>

NOTES TO FINANCIAL STATEMENTS
================================================================================

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Related Matters
- --------------------------------

The  Herzfeld  Caribbean  Basin  Fund,  Inc.  (the  Fund) is a  non-diversified,
closed-end  management  investment  company  incorporated  under the laws of the
State of Maryland on March 10, 1992, and registered under the Investment Company
Act of 1940. The Fund commenced investing activities in January,  1994. The Fund
is listed on the Nasdaq SmallCap Market and trades under the symbol "CUBA".

The Fund's investment objective is to obtain long-term capital appreciation. The
Fund pursues its  objective by investing  primarily in equity and  equity-linked
securities of public and private companies,  including U.S.-based companies, (i)
whose securities are traded principally on a stock exchange in a Caribbean Basin
Country  or (ii)  that  have at least  50% of the  value of  their  assets  in a
Caribbean Basin Country or (iii) that derive at least 50% of their total revenue
from operations in a Caribbean Basin Country. The Fund's investment objective is
fundamental  and may not be changed  without  the  approval of a majority of the
Fund's outstanding voting securities.

The Fund's custodian and transfer agent is Investors Bank & Trust Company, based
in Boston, Massachusetts.

Security Valuation
- ------------------

Investments in securities traded on a national  securities exchange (or reported
on the Nasdaq  National  Market) are stated at the last reported  sales price on
the day of valuation; other securities traded in the over-the-counter market and
listed  securities for which no sale was reported on that date are stated at the
last quoted bid price.  Short-term  notes are stated at amortized cost, which is
equivalent  to  value.  Restricted  securities  and other  securities  for which
quotations  are not readily  available are valued at fair value as determined by
the Board of Directors.

Income Recognition
- ------------------

Security  transactions  are  recorded  on the trade  date.  Gains and  losses on
securities sold are determined on the basis of identified cost.  Dividend income
is recognized on the  ex-dividend  date, and interest income is recognized on an
accrual basis. Discounts and premiums on securities purchased are amortized over
the life of the respective securities.

Deposits with Financial Institutions
- ------------------------------------

The Fund may, during the course of its  operations,  maintain  account  balances
with financial institutions in excess of federally insured limits.

Use of Estimates in the Preparation of Financial Statements
- -----------------------------------------------------------

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements  and the  reported  amounts of revenues  and expenses
during the reporting period. Actual results could differ from those estimates.

                                       12
<PAGE>

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================

Income Taxes
- ------------

The Fund  qualifies  as a  "regulated  investment  company"  and as such (and by
complying with the applicable  provisions of the Internal  Revenue Code of 1986,
as amended) is not subject to federal  income tax on taxable  income  (including
realized capital gains) that is distributed to stockholders.

The Fund has adopted a June 30 year-end for federal income tax purposes.

Distributions to Stockholders
- -----------------------------

Distributions to stockholders are recorded on the ex-dividend  date.  Income and
capital  gain  distributions  are  determined  in  accordance  with  income  tax
regulations which may differ from generally accepted accounting principles.

NOTE 2. NON-MARKETABLE SECURITIES OWNED

Investment in securities  includes the  following  securities  for which readily
ascertainable market values were not available:

$165,000 principal, 4.5%, 1977 Republic of Cuba bonds purchased for $63,038. The
bonds are listed on the New York Stock  Exchange and had been trading in default
since  1960.  A  "regulatory  halt" on trading was imposed by the New York Stock
Exchange in July, 1995. As of December 31, 2001 , the position was valued at -0-
by the Board of  Directors,  which  believes this  approximates  the bonds' fair
value.

NOTE 3. TRANSACTIONS WITH AFFILIATES

HERZFELD / CUBA (the Advisor), a division of Thomas J. Herzfeld Advisors,  Inc.,
is the Fund's investment advisor and charges a monthly fee at the annual rate of
1.45% of the Fund's average monthly net assets.

During the six months ended December 31, 2001, the Fund paid $3,404 of brokerage
commissions to Thomas J. Herzfeld & Co., Inc., an affiliate of the Advisor.

NOTE 4. INVESTMENT TRANSACTIONS

During the six months ended December 31, 2001, purchases and sales of investment
securities,  other than  government  securities,  were  $284,409  and  $844,850,
respectively.

At December 31, 2001, the Fund's investment portfolio had gross unrealized gains
of $1,146,404 and gross unrealized losses of $2,160,812, resulting in a net
unrealized loss of $1,014,408.

                                       13
<PAGE>

RESULTS OF NOVEMBER 14, 2001 STOCKHOLDER MEETING
================================================================================

The annual meeting of stockholders of the Fund was held on November 14, 2001. At
the meeting three nominees for Director was elected as follows:

                                Votes for     Votes withheld
     Cecilia Gondor-Morales     1,329,073         31,173
     Kenneth A.B. Trippe        1,325,074         35,172
     Ann S. Lieff               1,325,019         35,227

The terms of office as directors of Thomas J.  Herzfeld and Albert L.  Weintraub
continued after the meeting.

PRIVACY POLICY
================================================================================

INFORMATION WE COLLECT

We collect  nonpublic  information  about you from applications or other account
forms you complete,  from your  transactions  with us, our  affiliates or others
through transactions and conversations over the telephone.

INFORMATION WE DISCLOSE

We do not  disclose  information  about  you,  or our former  customers,  to our
affiliates or to service  providers or other third parties except on the limited
basis permitted by law. For example, we may disclose nonpublic information about
you to third parties to assist us in servicing  your account with us and to send
transaction confirmations, annual reports, prospectuses and tax forms to you. We
may also disclose  nonpublic  information  about you to  government  entities in
response to subpoenas.

OUR SECURITY PROCEDURES

To ensure  the  highest  level of  confidentiality  and  security,  we  maintain
physical,   electronic  and  procedural  safeguards  that  comply  with  federal
standards to guard your personal  information.  We also restrict  access to your
personal  and  account  information  to those  employees  who need to know  that
information to provide services to you.

                                       14
<PAGE>

OFFICERS AND DIRECTORS
================================================================================
THOMAS J. HERZFELD
     Chairman of the Board, President
     and Portfolio Manager

CECILIA L. GONDOR-MORALES
     Secretary, Treasurer and Director

ANN S. LIEFF
     Director

KENNETH A.B. TRIPPE
     Director

ALBERT L. WEINTRAUB
     Director

                                       15
<PAGE>

THE HERZFELD CARIBBEAN BASIN FUND, INC.
The Herzfeld Building
PO Box 161465
Miami, FL 33116

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
