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<SEC-DOCUMENT>0001144204-04-017131.txt : 20041029
<SEC-HEADER>0001144204-04-017131.hdr.sgml : 20041029
<ACCEPTANCE-DATETIME>20041029080815
ACCESSION NUMBER:		0001144204-04-017131
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20041029
DATE AS OF CHANGE:		20041029
EFFECTIVENESS DATE:		20041029

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		041104254

	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-Q
<SEQUENCE>1
<FILENAME>v07760_nq.txt
<TEXT>

                                    FORM N-Q
        QUARTERLY SCHEDULE OF PORFOLIO HOLDINGS OF REGISTERED MANAGEMENT
                               INVESTMENT COMPANY

                  Investment Company Act file number 811-06445

                                ----------------

                     The Herzfeld Caribbean Basin Fund, Inc.
          ------------------------------------------------------------
               (Exact name of registrant as specified in charter)

                      P.O. BOX 161465, MIAMI, FLORIDA 33116
          ------------------------------------------------------------
               (Address of principal executive offices) (Zip code)

                               THOMAS J. HERZFELD
                        P.O. BOX 161465, MIAMI, FL 33116
          ------------------------------------------------------------
                     (Name and address of agent for service)

        Registrant's telephone number, including area code: 305-271-1900

                               ------------------

                        Date of fiscal year end: 06/30/05

                             ----------------------

                       Date of reporting period: 09/30/04

                             ----------------------
<PAGE>

ITEM 1. SCHEDULE OF INVESTMENTS

SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2004 (unaudited)
============================================================================

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

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
<PAGE>

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
<PAGE>

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.
<PAGE>

                                   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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.302CERT
<SEQUENCE>2
<FILENAME>v07760_ex99-302cert.txt
<TEXT>

                          Rule 30a-2(a) CERTIFICATIONS

      I, Thomas J. Herzfeld, certify that:

1.    I have reviewed this report on Form N-Q of The Herzfeld Caribbean Basin
      Fund, Inc.,

2.    Based on my knowledge, this report does not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;

3.    Based on my knowledge, the schedules of investments included in this
      report fairly present in all material respects the investments of the
      registrant as of the end of the fiscal quarter for which the report is
      filed;

4.    The registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the
      registrant and have:

            (a)   Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information relating
                  to the registrant, including its consolidated subsidiaries, is
                  made known to us by others within those entities, particularly
                  during the period in which this report is being prepared;

            (b)   omitted;

            (c)   Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of a date within 90 days prior to the
                  filing date of this report, based on such evaluation; and

            (d)   Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal quarter that has
                  materially affected, or is reasonably likely to materially
                  affect, the registrant's internal control over financial
                  reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):

            (a)   All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize, and report
                  financial information; and

            (b)   Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.

Date: October 29, 2004

/s/Thomas J. Herzfeld

Chairman and President
The Herzfeld Caribbean Basin Fund, Inc.
<PAGE>

      I, Cecilia L. Gondor, certify that:

1.    I have reviewed this report on Form N-Q of The Herzfeld Caribbean Basin
      Fund, Inc.,

2.    Based on my knowledge, this report does not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;

3.    Based on my knowledge, the schedules of investments included in this
      report fairly present in all material respects the investments of the
      registrant as of the end of the fiscal quarter for which the report is
      filed;

4.    The registrant's other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the
      registrant and have:

            (a)   Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information relating
                  to the registrant, including its consolidated subsidiaries, is
                  made known to us by others within those entities, particularly
                  during the period in which this report is being prepared;

            (b)   omitted;

            (c)   Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of a date within 90 days prior to the
                  filing date of this report, based on such evaluation; and

            (d)   Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal quarter that has
                  materially affected, or is reasonably likely to materially
                  affect, the registrant's internal control over financial
                  reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed to the
      registrant's auditors and the audit committee of the registrant's board of
      directors (or persons performing the equivalent functions):

            (a)   All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize, and report
                  financial information; and

            (b)   Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.

Date: October 29, 2004

/s/ Cecilia L. Gondor

Treasurer
The Herzfeld Caribbean Basin Fund, Inc.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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