<SEC-DOCUMENT>0001752724-20-177519.txt : 20200828
<SEC-HEADER>0001752724-20-177519.hdr.sgml : 20200828
<ACCEPTANCE-DATETIME>20200827182848
ACCESSION NUMBER:		0001752724-20-177519
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200828
PERIOD START:           	20200630

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06445
		FILM NUMBER:		201144455

	BUSINESS ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
		BUSINESS PHONE:		305-777-1660

	MAIL ADDRESS:	
		STREET 1:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regName>Herzfeld Caribbean Basin Fund, Inc.</regName>
      <regFileNumber>811-06445</regFileNumber>
      <regCik>0000880406</regCik>
      <regLei>549300ML0K6PRXPULR11</regLei>
      <regStreet1>119 WASHINGTON AVENUE</regStreet1>
      <regStreet2>Suite 504</regStreet2>
      <regCity>MIAMI BEACH</regCity>
      <regStateConditional regCountry="US" regState="US-FL"/>
      <regZipOrPostalCode>33139</regZipOrPostalCode>
      <regPhone>305-777-1660</regPhone>
      <seriesName>Herzfeld Caribbean Basin Fund, Inc.</seriesName>
      <seriesLei>549300ML0K6PRXPULR11</seriesLei>
      <repPdEnd>2020-06-30</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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    <fundInfo>
      <totAssets>29269361.47</totAssets>
      <totLiabs>114286.83</totLiabs>
      <netAssets>29155074.64</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>24860.76</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
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        <monthlyTotReturns>
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        <name>Geltech Solutions</name>
        <lei>N/A</lei>
        <title>Geltech Solutions Inc </title>
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      <invstOrSec>
        <name>Sider Venezolana</name>
        <lei>N/A</lei>
        <title>Siderurgica Venezolana </title>
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        <name>GRUPO TELEVISA S A B</name>
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        <name>America Movil S.A.B. de C.V.</name>
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        <name>Seaboard Corp Del</name>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <name>Waterloo Investment Holdings Limited</name>
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        <name>W Holding Company, Inc.</name>
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        <name>CEMEX S.A.B. de C.V.</name>
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        <cusip>151290889</cusip>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mastec, Inc.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MasTec, Inc. </title>
        <cusip>576323109</cusip>
        <identifiers>
          <isin value="US5763231090"/>
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        <balance>102297.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4590066.39000000</valUSD>
        <pctVal>15.74362764176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Becle Sab De Cv</name>
        <lei>529900JY55CZKMJLCE09</lei>
        <title>Becle S.A.B. de C.V. </title>
        <cusip>P0929Y106</cusip>
        <identifiers>
          <isin value="MX01CU010003"/>
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        <balance>670000.00000000</balance>
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        <valUSD>1287710.45000000</valUSD>
        <pctVal>4.416762659332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANCO LATINOAMERICANO DE COMERCIO EXTERIOR SA</name>
        <lei>549300CN3134K4LC0651</lei>
        <title>Banco Latinoamericano de Comercio Exterior, S.A ADR</title>
        <cusip>P16994132</cusip>
        <identifiers>
          <isin value="PAP169941328"/>
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        <balance>56289.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>647323.50000000</valUSD>
        <pctVal>2.220277286177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Caribbean Utilties</name>
        <lei>549300JWGMJO03H0G857</lei>
        <title>Caribbean Utilities Limited Class A</title>
        <cusip>G1899E146</cusip>
        <identifiers>
          <isin value="KYG1899E1465"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191760.00000000</valUSD>
        <pctVal>0.657724263675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nextera Energy Inc</name>
        <lei>N/A</lei>
        <title>NextEra Energy, Inc. </title>
        <cusip>65339F101</cusip>
        <identifiers>
          <isin value="US65339F1012"/>
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        <balance>7218.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1733547.06000000</valUSD>
        <pctVal>5.945953085030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fuego Ent Inc</name>
        <lei>N/A</lei>
        <title>Fuego Enterprises Inc </title>
        <cusip>35953E201</cusip>
        <identifiers>
          <isin value="US35953E2019"/>
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        <balance>479175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47917.50000000</valUSD>
        <pctVal>0.164353892389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fomento Econ Mexic</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>Fomento Economico Mexicano de C.V. Series UBD</title>
        <cusip>P4182H115</cusip>
        <identifiers>
          <isin value="MXP320321310"/>
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        <balance>18900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.98700000"/>
        <valUSD>117303.82000000</valUSD>
        <pctVal>0.402344433853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cuban Electric Co</name>
        <lei>N/A</lei>
        <title>Cuban Electric Company </title>
        <cusip>229615109</cusip>
        <identifiers>
          <isin value="US2296151093"/>
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        <balance>700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Spanish Broadcasting System, Inc.</name>
        <lei>5493005DKYB1X4C9LH64</lei>
        <title>Spanish Broadcasting System, Inc. Class A</title>
        <cusip>846425833</cusip>
        <identifiers>
          <isin value="US8464258339"/>
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        <balance>32272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17749.60000000</valUSD>
        <pctVal>0.060879967618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Popular, Inc.</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>Popular, Inc. </title>
        <cusip>733174700</cusip>
        <identifiers>
          <isin value="PR7331747001"/>
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        <balance>55230.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2052899.10000000</valUSD>
        <pctVal>7.041309704566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Bristow Group Inc</name>
        <lei>5493005Q24EN3UC1PV68</lei>
        <title>Bristow Group, Inc. </title>
        <cusip>11040G103</cusip>
        <identifiers>
          <isin value="US11040G1031"/>
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        <balance>4486.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62489.98000000</valUSD>
        <pctVal>0.214336546112</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Copa Holdings Sa</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings, S.A. Class A</title>
        <cusip>P31076105</cusip>
        <identifiers>
          <isin value="PAP310761054"/>
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        <balance>20250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1023840.00000000</valUSD>
        <pctVal>3.511704266382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARTIN MARIETTA MATERIALS INC</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>Martin Marietta Materials, Inc. </title>
        <cusip>573284106</cusip>
        <identifiers>
          <isin value="US5732841060"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>619710.00000000</valUSD>
        <pctVal>2.125564786412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Telesites SAB de CV</name>
        <lei>N/A</lei>
        <title>Telesites, S.A.B de C.V. </title>
        <cusip>P90355135</cusip>
        <identifiers>
          <isin value="MX01SI080038"/>
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        <balance>33226.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.98700000"/>
        <valUSD>21030.94000000</valUSD>
        <pctVal>0.072134749300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GPO Mexico Sa</name>
        <lei>529900JWLZAYET2ZGW20</lei>
        <title>Grupo Mexico S.A.B. de C.V. </title>
        <cusip>P49538112</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
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        <balance>3872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.98700000"/>
        <valUSD>8994.86000000</valUSD>
        <pctVal>0.030851781760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Margo Caribe Inc. </name>
        <lei>N/A</lei>
        <title>Margo Caribe Inc. </title>
        <cusip>566605101</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>55921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>503289.00000000</valUSD>
        <pctVal>1.726248367443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Money Market</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Government Obligations Fund Institutional Class</title>
        <cusip>60934N104</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
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        <balance>236329.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236329.75000000</valUSD>
        <pctVal>0.810595592424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico S.A.B. de C.V. </title>
        <cusip>P98180188</cusip>
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          <isin value="MX01WA000038"/>
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        <balance>210222.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grupo Elektra S.A.B. de C.V.</name>
        <lei>4469000001BCXPDCGY70</lei>
        <title>Grupo Elektra, S.A.B. de C.V. Series CPO</title>
        <cusip>P3642B213</cusip>
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          <isin value="MX01EL000003"/>
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        <balance>1270.00000000</balance>
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        <valUSD>69613.26000000</valUSD>
        <pctVal>0.238768930827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fresh Del Monte Pr</name>
        <lei>529900I72V9F0FEZR228</lei>
        <title>Fresh Del Monte Produce, Inc. </title>
        <cusip>G36738105</cusip>
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          <isin value="KYG367381053"/>
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        <balance>48850.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1202687.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PGT Innovations Inc</name>
        <lei>549300LRW9WM59C1S579</lei>
        <title>PGT Innovations, Inc. </title>
        <cusip>69336V101</cusip>
        <identifiers>
          <isin value="US69336V1017"/>
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        <balance>77117.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1209194.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil S.A.B. de C.V. </title>
        <cusip>P0280A101</cusip>
        <identifiers>
          <isin value="MXP001691213"/>
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        <balance>209144.00000000</balance>
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        <valUSD>134382.78000000</valUSD>
        <pctVal>0.460924150115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corporation </title>
        <cusip>143658300</cusip>
        <identifiers>
          <isin value="PA1436583006"/>
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        <balance>25559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419678.78000000</valUSD>
        <pctVal>1.439470778868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Consd Water Co</name>
        <lei>5299001BMEW8X9VIJA73</lei>
        <title>Consolodated Water Company, Ltd. </title>
        <cusip>G23773107</cusip>
        <identifiers>
          <isin value="KYG237731073"/>
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        <balance>70025.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1010460.75000000</valUSD>
        <pctVal>3.465814313552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Radio Centro S A B DE C V</name>
        <lei>N/A</lei>
        <title>Grupo Radio Centro. S.A.B. de C.V. </title>
        <cusip>P4983X160</cusip>
        <identifiers>
          <isin value="MXP680051218"/>
        </identifiers>
        <balance>207034.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="22.98700000"/>
        <valUSD>44132.19000000</valUSD>
        <pctVal>0.151370526554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Bancorp Puerto Rico</name>
        <lei>N/A</lei>
        <title>First BanCorporation </title>
        <cusip>318672706</cusip>
        <identifiers>
          <isin value="PR3186727065"/>
        </identifiers>
        <balance>289477.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1618176.43000000</valUSD>
        <pctVal>5.550239366494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lennar Corporation</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corporation Class A</title>
        <cusip>526057104</cusip>
        <identifiers>
          <isin value="US5260571048"/>
        </identifiers>
        <balance>18500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1139970.00000000</valUSD>
        <pctVal>3.910022574375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Susan Conti</ncom:nameOfApplicant>
      <ncom:signature>Susan Conti</ncom:signature>
      <ncom:signerName>Susan Conti</ncom:signerName>
      <ncom:title>Senior Fund Accounting Manager</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
