<SEC-DOCUMENT>0001752724-21-118183.txt : 20210528
<SEC-HEADER>0001752724-21-118183.hdr.sgml : 20210528
<ACCEPTANCE-DATETIME>20210528111002
ACCESSION NUMBER:		0001752724-21-118183
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210528
PERIOD START:           	20210630

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:		21977433

	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>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000880406</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <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>2021-06-30</repPdEnd>
      <repPdDate>2021-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>40973422.22</totAssets>
      <totLiabs>169904.26</totLiabs>
      <netAssets>40803517.96</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="-0.96" rtn2="12.50" rtn3="1.01"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="308627.68000000" netUnrealizedAppr="-556665.15000000"/>
        <othMon2 netRealizedGain="1100217.68000000" netUnrealizedAppr="3676348.45000000"/>
        <othMon3 netRealizedGain="-0.02000000" netUnrealizedAppr="1347789.81000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="2084141.00000000" reinvestment="0.00000000" sales="0.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <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"/>
        </identifiers>
        <balance>56289.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>851652.57000000</valUSD>
        <pctVal>2.087203781877</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>Wal-Mart De Mexico</name>
        <lei>N/A</lei>
        <title>Wal-Mart de Mexico S.A.B. de C.V. </title>
        <cusip>P98180188</cusip>
        <identifiers>
          <isin value="MX01WA000038"/>
        </identifiers>
        <balance>210222.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.43790000"/>
        <valUSD>663954.23000000</valUSD>
        <pctVal>1.627198494627</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>Fomento Econ Mexic</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>Fomento Economico Mexicano de C.V. Series UBD</title>
        <cusip>P4182H115</cusip>
        <identifiers>
          <isin value="MXP320321310"/>
        </identifiers>
        <balance>18900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.43790000"/>
        <valUSD>142411.89000000</valUSD>
        <pctVal>0.349018656037</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>MARTIN MARIETTA MATERIALS INC</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>Martin Marietta Materials, Inc. </title>
        <cusip>573284106</cusip>
        <identifiers>
          <isin value="US5732841060"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1007460.00000000</valUSD>
        <pctVal>2.469051813100</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>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"/>
        </identifiers>
        <balance>209144.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.43790000"/>
        <valUSD>142547.71000000</valUSD>
        <pctVal>0.349351519493</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>Spanish Broadcasting System, Inc.</name>
        <lei>5493005DKYB1X4C9LH64</lei>
        <title>Spanish Broadcasting System, Inc. Class A</title>
        <cusip>846425833</cusip>
        <identifiers>
          <isin value="US8464258339"/>
        </identifiers>
        <balance>32272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49376.16000000</valUSD>
        <pctVal>0.121009566009</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>Cuban Electric Co</name>
        <lei>N/A</lei>
        <title>Cuban Electric Company </title>
        <cusip>229615109</cusip>
        <identifiers>
          <isin value="US2296151093"/>
        </identifiers>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Group</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd. </title>
        <cusip>V7780T103</cusip>
        <identifiers>
          <isin value="LR0008862868"/>
        </identifiers>
        <balance>24570.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2103437.70000000</valUSD>
        <pctVal>5.155040068020</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>W Holding Company, Inc.</name>
        <lei>N/A</lei>
        <title>W Holding Company, Inc. </title>
        <cusip>929251874</cusip>
        <identifiers>
          <isin value="PR9292518744"/>
        </identifiers>
        <balance>3844.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nextera Energy Inc</name>
        <lei>N/A</lei>
        <title>NextEra Energy, Inc. </title>
        <cusip>65339F101</cusip>
        <identifiers>
          <isin value="US65339F1012"/>
        </identifiers>
        <balance>26976.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2039655.36000000</valUSD>
        <pctVal>4.998724281566</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>N/A</name>
        <lei>N/A</lei>
        <title>Republic of Cuba 4.5%, due 1977</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>165000.00000000</balance>
        <units>PA</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>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORWEGIAN CRUISE LINE HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>Norwegian Cruise Line Holdings Ltd. </title>
        <cusip>G66721104</cusip>
        <identifiers>
          <isin value="BMG667211046"/>
        </identifiers>
        <balance>64717.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1785542.03000000</valUSD>
        <pctVal>4.375951190655</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>Popular, Inc.</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>Popular, Inc. </title>
        <cusip>733174700</cusip>
        <identifiers>
          <isin value="PR7331747001"/>
        </identifiers>
        <balance>37394.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2629546.08000000</valUSD>
        <pctVal>6.444410216241</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>AerSale Corporation</name>
        <lei>N/A</lei>
        <title>Aersale Corporation </title>
        <cusip>00810F106</cusip>
        <identifiers>
          <isin value="US00810F1066"/>
        </identifiers>
        <balance>74174.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>911598.46000000</valUSD>
        <pctVal>2.234117315310</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>Marriott Vacations Worldwide Corp</name>
        <lei>549300WA6BT5H4F7IO94</lei>
        <title>Marriott Vacations Worldwide Corporation </title>
        <cusip>57164Y107</cusip>
        <identifiers>
          <isin value="US57164Y1073"/>
        </identifiers>
        <balance>6745.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1174844.10000000</valUSD>
        <pctVal>2.879271589159</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>Sider Venezolana</name>
        <lei>N/A</lei>
        <title>Siderurgica Venezolana </title>
        <cusip>825865702</cusip>
        <identifiers>
          <isin value="US8258657027"/>
        </identifiers>
        <balance>79.00000000</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>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Copa Holdings Sa</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings, S.A. Class A</title>
        <cusip>P31076105</cusip>
        <identifiers>
          <isin value="PAP310761054"/>
        </identifiers>
        <balance>20250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1635997.50000000</valUSD>
        <pctVal>4.009452081077</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>Consd Water Co</name>
        <lei>5299001BMEW8X9VIJA73</lei>
        <title>Consolodated Water Company, Ltd. </title>
        <cusip>G23773107</cusip>
        <identifiers>
          <isin value="KYG237731073"/>
        </identifiers>
        <balance>58877.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>791895.65000000</valUSD>
        <pctVal>1.940753370276</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>Bristow Group Inc</name>
        <lei>5OR64DV4VUQ8NW3R8C06</lei>
        <title>Bristow Group, Inc. </title>
        <cusip>11040G103</cusip>
        <identifiers>
          <isin value="US11040G1031"/>
        </identifiers>
        <balance>4491.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116227.08000000</valUSD>
        <pctVal>0.284845733433</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 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>
        <identifiers>
          <isin value="MX01EL000003"/>
        </identifiers>
        <balance>1270.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.43790000"/>
        <valUSD>85370.29000000</valUSD>
        <pctVal>0.209222866723</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>N/A</name>
        <lei>N/A</lei>
        <title>Margo Caribe Inc. </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PR5666051015"/>
        </identifiers>
        <balance>55921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>408223.30000000</valUSD>
        <pctVal>1.000461039658</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>GPO Aeroportuario</name>
        <lei>5299001W7JIDXCUOUC82</lei>
        <title>Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR</title>
        <cusip>40051E202</cusip>
        <identifiers>
          <isin value="US40051E2028"/>
        </identifiers>
        <balance>6600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1173414.00000000</valUSD>
        <pctVal>2.875766744304</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>Fomento Econ Mexic</name>
        <lei>549300A8MDWDJNMLV153</lei>
        <title>Fomento Economico Mexicano, S.A.B. de C.V. ADR</title>
        <cusip>344419106</cusip>
        <identifiers>
          <isin value="US3444191064"/>
        </identifiers>
        <balance>14610.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1100571.30000000</valUSD>
        <pctVal>2.697246107747</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>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil S.A.B. de C.V.</title>
        <cusip>02364W105</cusip>
        <identifiers>
          <isin value="US02364W1053"/>
        </identifiers>
        <balance>10698.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145278.84000000</valUSD>
        <pctVal>0.356044888439</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>Mastec, Inc.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MasTec, Inc. </title>
        <cusip>576323109</cusip>
        <identifiers>
          <isin value="US5763231090"/>
        </identifiers>
        <balance>71874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6734593.80000000</valUSD>
        <pctVal>16.50493422307</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="20.43790000"/>
        <valUSD>37480.65000000</valUSD>
        <pctVal>0.091856417960</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>GRUPO TELEVISA S A B</name>
        <lei>549300O4AF0C816ILN62</lei>
        <title>Grupo Televisa, S.A.B. ADR</title>
        <cusip>40049J206</cusip>
        <identifiers>
          <isin value="US40049J2069"/>
        </identifiers>
        <balance>18854.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>167046.44000000</valUSD>
        <pctVal>0.409392249373</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>Ceramica Carabobo, S.A.C.A.</name>
        <lei>N/A</lei>
        <title>Ceramica Carabobo SACA ADR </title>
        <cusip>15671P704</cusip>
        <identifiers>
          <isin value="US15671P7042"/>
        </identifiers>
        <balance>20.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Fortress Energy Llc</name>
        <lei>N/A</lei>
        <title>NEW FORTRESS ENERGY INC </title>
        <cusip>644393100</cusip>
        <identifiers>
          <isin value="US6443931000"/>
        </identifiers>
        <balance>32943.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1512413.13000000</valUSD>
        <pctVal>3.706575328829</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"/>
        </identifiers>
        <balance>479175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>407298.75000000</valUSD>
        <pctVal>0.998195181109</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>Caribbean Utilties</name>
        <lei>549300JWGMJO03H0G857</lei>
        <title>Caribbean Utilities Limited Class A</title>
        <cusip>G1899E146</cusip>
        <identifiers>
          <isin value="KYG1899E1465"/>
        </identifiers>
        <balance>23200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>342200.00000000</valUSD>
        <pctVal>0.838653177736</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>12500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1265375.00000000</valUSD>
        <pctVal>3.101141919283</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>Bancolombia S.A.</name>
        <lei>54930052NWJRPNMP1W58</lei>
        <title>BanColombia S.A. ADR</title>
        <cusip>05968L102</cusip>
        <identifiers>
          <isin value="US05968L1026"/>
        </identifiers>
        <balance>23280.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>744727.20000000</valUSD>
        <pctVal>1.825154391663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Government Obligations Fund Institutional Class</title>
        <cusip>60934N104</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
        </identifiers>
        <balance>132344.06000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>132344.06000000</valUSD>
        <pctVal>0.324344729613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Retail Value Inc.</name>
        <lei>549300VO5RB7323N1Z31</lei>
        <title>Retail Value, Inc. </title>
        <cusip>76133Q102</cusip>
        <identifiers>
          <isin value="US76133Q1022"/>
        </identifiers>
        <balance>24698.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>462099.58000000</valUSD>
        <pctVal>1.132499360601</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>Evertec Inc</name>
        <lei>N/A</lei>
        <title>EVERTEC, Inc. </title>
        <cusip>30040P103</cusip>
        <identifiers>
          <isin value="PR30040P1032"/>
        </identifiers>
        <balance>16956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>631102.32000000</valUSD>
        <pctVal>1.546686049518</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>First Bancorp Puerto Rico</name>
        <lei>N/A</lei>
        <title>First BanCorporation </title>
        <cusip>318672706</cusip>
        <identifiers>
          <isin value="PR3186727065"/>
        </identifiers>
        <balance>244477.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2752811.02000000</valUSD>
        <pctVal>6.746504119322</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>Geltech Solutions</name>
        <lei>N/A</lei>
        <title>Geltech Solutions Inc </title>
        <cusip>368537106</cusip>
        <identifiers>
          <isin value="US3685371060"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>918.75000000</valUSD>
        <pctVal>0.002251644088</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>CEMEX S.A.B. de C.V.</name>
        <lei>549300RIG2CXWN6IV731</lei>
        <title>Cemex S.A.B. de C.V. ADR</title>
        <cusip>151290889</cusip>
        <identifiers>
          <isin value="US1512908898"/>
        </identifiers>
        <balance>220645.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1537895.65000000</valUSD>
        <pctVal>3.769027100819</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>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corporation </title>
        <cusip>143658300</cusip>
        <identifiers>
          <isin value="PA1436583006"/>
        </identifiers>
        <balance>25559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>678335.86000000</valUSD>
        <pctVal>1.662444548690</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>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"/>
        </identifiers>
        <balance>33226.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.43790000"/>
        <valUSD>34416.18000000</valUSD>
        <pctVal>0.084346109650</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>PGT Innovations Inc</name>
        <lei>549300LRW9WM59C1S579</lei>
        <title>PGT Innovations, Inc. </title>
        <cusip>69336V101</cusip>
        <identifiers>
          <isin value="US69336V1017"/>
        </identifiers>
        <balance>77117.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1947204.25000000</valUSD>
        <pctVal>4.772147960155</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>Becle Sab De Cv</name>
        <lei>529900JY55CZKMJLCE09</lei>
        <title>Becle S.A.B. de C.V. </title>
        <cusip>P0929Y106</cusip>
        <identifiers>
          <isin value="MX01CU010003"/>
        </identifiers>
        <balance>503164.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.43790000"/>
        <valUSD>1147745.40000000</valUSD>
        <pctVal>2.812858933205</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>GPO Mexico Sa</name>
        <lei>529900JWLZAYET2ZGW20</lei>
        <title>Grupo Mexico S.A.B. de C.V. </title>
        <cusip>P49538112</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
        </identifiers>
        <balance>3872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.43790000"/>
        <valUSD>20411.55000000</valUSD>
        <pctVal>0.050023995529</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>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Company </title>
        <cusip>929160109</cusip>
        <identifiers>
          <isin value="US9291601097"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>843750.00000000</valUSD>
        <pctVal>2.067836407701</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>Waterloo Investment Holdings Limited</name>
        <lei>213800TZIK14GMV2YL02</lei>
        <title>Waterloo Investment Holdings Limited </title>
        <cusip>G94634105</cusip>
        <identifiers>
          <isin value="VGG946341051"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.07000000</valUSD>
        <pctVal>0.000000171553</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>Admiralty Hldg Co</name>
        <lei>N/A</lei>
        <title>Admiralty Holding Company </title>
        <cusip>00723N105</cusip>
        <identifiers>
          <isin value="US00723N1054"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.25000000</valUSD>
        <pctVal>0.000000612692</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>Seaboard Corp Del</name>
        <lei>87Q3KOXT29OW9W9YPT70</lei>
        <title>Seaboard Corporation </title>
        <cusip>811543107</cusip>
        <identifiers>
          <isin value="US8115431079"/>
        </identifiers>
        <balance>137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505528.63000000</valUSD>
        <pctVal>1.238933933332</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>2021-04-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>herzfeldnport.htm
<DESCRIPTION>NPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 7.5pt; color: #231F20"><B>Herzfeld Caribbean Basin Fund,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 7.5pt; color: #231F20"><B>Schedule of Investments as of
March 31, 2021 (unaudited)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif; border-top: 3px solid black; border-bottom: 1px solid black">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left">Shares or Principal Amount</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: left">Description</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: right">Fair Value</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 7.5pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 0">Common Stocks &#8211; 99.82% of net assets</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.75pt 0 0.85pt; color: #231F20">Aerospace and Defense - 2.24%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="text-align: right; width: 11%; padding-left: 4.7pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">74,174</FONT></TD>
    <TD STYLE="width: 58%; padding-left: 3.3pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">Aersale Corp.*</FONT></TD>
    <TD STYLE="width: 31%; padding-right: 2.45pt; font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$911,598</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; color: #231F20">Airlines - 4.29%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="text-align: right; width: 11%; padding-left: 4.7pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;4,491</FONT></TD>
    <TD STYLE="width: 58%; padding-left: 3.3pt"><FONT STYLE="font-size: 9pt; color: #231F20">Bristow Group, Inc.*</FONT></TD>
    <TD STYLE="width: 31%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">116,227</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right; padding-left: 4.7pt"><FONT STYLE="font-size: 9pt; color: #231F20">20,250</FONT></TD>
    <TD STYLE="padding-left: 3.3pt"><FONT STYLE="font-size: 9pt; color: #231F20">Copa Holdings, S.A.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,635,998</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt; color: #231F20">Banking and finance - 18.65%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">23,280</FONT></TD>
    <TD STYLE="width: 70%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Bancolombia, S.A.</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">744,727</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">56,289</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Banco Latinoamericano de Comercio Exterior, S.A.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">851,653</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">16,956</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Evertec, Inc.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">631,102</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">244,477</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">First BanCorp. (Puerto Rico)</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,752,811</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">37,394</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Popular, Inc.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,629,546</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.7pt; padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">3,844</FONT></TD>
    <TD STYLE="padding-top: 0.7pt; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">W Holding Company, Inc.*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-top: 0.7pt; padding-right: 2.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt; color: #231F20">Communications - 2.41%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;10,698</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Am&eacute;rica M&oacute;vil, S.A.B. de C.V. Series L ADR</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">145,279</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right; padding-right: 3.35pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">209,144</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Am&eacute;rica M&oacute;vil, S.A.B. de C.V. </FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">142,548</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">479,175</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Fuego Enterprises, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">407,299</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">207,034</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Radio Centro S.A.B. de C.V.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">37,481</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">18,854</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Televisa, S.A.B. ADR</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">167,046</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">32,272</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Spanish Broadcasting System, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">49,376</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">33,226</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Telesites S.A.B. Series B-1*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">34,416</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0; color: #231F20">Conglomerates and holding companies -
0.00%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">250,000</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"> Admiralty Holding Company*<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0; color: #231F20">Construction and related - 29.58%</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 4.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">220,645</FONT></TD>
    <TD STYLE="width: 60%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Cemex, S.A.B. de C.V. ADR</FONT></TD>
    <TD STYLE="width: 29%; padding-right: 2.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,537,896</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.8pt; padding-right: 4.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">20</FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Ceramica Carabobo Class A ADR*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-top: 0.8pt; padding-right: 2.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">3,000</FONT></TD>
    <TD STYLE="padding-left: 4.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">Martin Marietta Materials</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,007,460</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 4.7pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">71,874</FONT></TD>
    <TD STYLE="padding-left: 4.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">MasTec, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">6,734,594</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 4.7pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">77,117</FONT></TD>
    <TD STYLE="padding-left: 4.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">PGT Innovations, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,947,204</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">5,000</FONT></TD>
    <TD STYLE="padding-left: 4.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">Vulcan Materials</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">843,750</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: italic 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">See accompanying notes to the schedule of investments</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 7.5pt; color: #231F20"><B>Herzfeld Caribbean Basin Fund,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 7.5pt; color: #231F20"><B>Schedule of Investments as of
March 31, 2021 (unaudited) (continued)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif; border-top: 3px solid black; border-bottom: 1px solid black">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left">Shares or Principal Amount</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: left">Description</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: right">Fair Value</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 7.5pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt 7.45pt; color: #231F20">Food, beverages and tobacco &#8211;
5.86%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">503,164</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Becle, S.A.B. de C.V.</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right">$ <FONT STYLE="font-size: 9pt; color: #231F20">1,147,745</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">18,900</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. Series UBD</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">142,412</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">14,610</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. ADR</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,100,571</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20">Housing &#8211; 3.10%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">15,500</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Lennar Corporation</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,265,375</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20">Investment companies - 0.00%</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">70,000</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Waterloo Investment Holdings Ltd.*<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">24,698</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Retail Value, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">462,100</FONT></TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 14.35pt 0 7.5pt; text-indent: 11.2pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20">Leisure &#8211; 14.07%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 10%; padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">25,559</FONT></TD>
    <TD STYLE="width: 63%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Carnival Corporation</FONT></TD>
    <TD STYLE="width: 27%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">678,336</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">6,745</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Marriott Vacations Worldwide Corporation</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,174,844</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">64,717</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Norwegian Cruise Line Holdings Ltd.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,785,542</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">24,570</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Royal Caribbean Cruises Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,103,438</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 8.75pt 0 0 7.5pt; color: #231F20">Mining - 0.05%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">3,872</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo M&eacute;xico,
S.A.B. de C.V. Series B</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">20,412</FONT></TD></TR>
</TABLE>


<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.5pt; color: #231F20">REIT &#8211; 1.13%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">24,698</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Retail Value, Inc.</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">85,370</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.5pt; color: #231F20">Retail &#8211; 1.84%</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,270</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Elektra, S.A.B. de C.V. Series CPO</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">85,370</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">210,222</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Wal-Mart de M&eacute;xico, S.A.B. de C.V. Series V</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">663,954</FONT></TD></TR>
</TABLE>






<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.5pt; color: #231F20">Transportation Infrastructure - 2.88%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">6,600</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Aeroportuario
ADR*</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,173,414</FONT></TD></TR>
</TABLE>


<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.5pt; color: #231F20">Trucking and marine freight &#8211; 1.24%</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">137</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"> Seaboard Corporation</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">505,529</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: italic 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">See accompanying notes to the schedule of investments</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 7.5pt; color: #231F20"><B>Herzfeld Caribbean Basin Fund,
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 7.5pt; color: #231F20"><B>Schedule of Investments as of
March 31, 2021  (unaudited) (continued)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif; border-top: 3px solid black; border-bottom: 1px solid black">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left">Shares or Principal Amount</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: left">Description</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; text-align: right">Fair Value</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 7.5pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.2pt 13.3pt 0 8.2pt; text-indent: -0.75pt"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt; color: #231F20">Utilities &#8211; 11.48%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">23,200</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Caribbean Utilities Ltd. Class A</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$&#9;342,200</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">58,877</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Consolidated Water Company Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">791,896</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-top: 0.7pt; padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">700</FONT></TD>
    <TD STYLE="padding-top: 0.7pt; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Cuban Electric Company*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-top: 0.7pt; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 4.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">26,976</FONT></TD>
    <TD STYLE="padding-left: 4.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">NextEra Energy, Inc.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,039,655</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 4.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">32,943</FONT></TD>
    <TD STYLE="padding-left: 4.45pt"><FONT STYLE="font-family: TimesNewRomanPSMT,serif; font-size: 9pt">New Fortress Energy, Inc., Class A</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,512,413</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt; color: #231F20">Other - 1.00%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">25,000</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"> Geltech Solutions, Inc.*</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">919</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">55,921</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Margo Caribe, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">408,223</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">79</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Siderurgica Venezolana Sivensa, S.A. Series B*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Total common stocks (cost $26,568,492)</B></FONT></TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20"><B>40,732,359</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 0 278.65pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 8.2pt; color: #231F20">Bonds &#8211; 0.00% of net assets</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$165,000</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Republic of Cuba - 4.5%, 1977 - in default*<SUP>1 </SUP></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Total bonds (cost $63,038)</B></FONT></TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 8.2pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 8.2pt; color: #231F20">Money Market Funds &#8211; 0.32%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">132,344</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Federated Government Obligations Fund, Institutional Class, 0.01%<SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20">132,344</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Total money market funds (cost $132,344)</B></FONT></TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20"><B>132,344</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD COLSPAN="2" STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Total investments (cost $26,763,874)
&#8211; 100.14% of net assets</B></FONT></TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20"><B>40,864,703</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Liabilities in excess of other assets &#8211; (0.14%) of net assets</B></FONT></TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20"><B>(61,185)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD COLSPAN="2" STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20"><B>Net assets - 100%</B></FONT></TD>
    <TD STYLE="padding-right: 2.5pt; text-align: right; border-bottom: 1px solid black"><FONT STYLE="font-size: 9pt; color: #231F20"><B>40,803,518</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;</FONT></TD></TR>
</TABLE>






<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 11pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 8pt">Securities
have been fair valued in good faith using fair value methodology approved by the Board of Directors. Fair valued securities comprised
0.00% of net assets.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> Rate disclosed is the seven day effective yield as of
March 31, 2021.</P>

<P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0">* Non-income producing</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0">The investments are concentrated in the following geographic regions (as
percentages of</P>

<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0">net assets)(unaudited):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt TimesNewRomanPSMT">
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="width: 70%; text-align: left">United States of America</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">61.42</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Mexico</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.68</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="text-align: left">Puerto Rico</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.19</TD><TD>%</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="background-color: White">Panama</TD><TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: left">&nbsp;</TD><TD STYLE="background-color: White; text-align: right">6.10</TD><TD STYLE="background-color: White; text-align: left">%</TD><TD STYLE="background-color: White">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="text-align: left">Other, individually under 5%**</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.61</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="background-color: White; text-align: left">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White">&nbsp;</TD><TD STYLE="background-color: White; text-align: right">100.00</TD><TD STYLE="background-color: White">%</TD><TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">**Amount includes liabilities in excess of other assets
of (0.14)%.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to the schedule of investments</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Herzfeld Caribbean Basin Fund, Inc. (the
&#8220;Fund&#8221;) records its investments in securities at fair value. Under generally accepted accounting principles (&#8220;GAAP&#8221;),
fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the &#8220;exit
price&#8221;) in an orderly transaction between market participants at the measurement date.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining fair value, the Fund uses various
valuation approaches. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of
observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Observable inputs are those that market participants
would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs
reflect the Fund&#8217;s assumptions about the inputs market participants would use in pricing the asset or liability developed
based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on
the inputs as follows:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif; vertical-align: top">Level 1:</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif">unadjusted
quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif; vertical-align: top">Level 2:</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif">observable
inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly.
These inputs may include quoted prices for the identical instrument on an active market, prices for similar instruments, interest
rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.</TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif; vertical-align: top">Level 3:</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 9pt Times New Roman, Times, Serif">unobservable
inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund&#8217;s
own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be
based on the best information available.</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The availability of valuation techniques and
observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security,
whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction.
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized
due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation,
those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities
existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for securities categorized
in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety
falls, is determined based on the lowest level input that is significant to the fair value measurement.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fair value is a market-based measure considered
from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are
not readily available, the Fund&#8217;s own assumptions are set to reflect those that market participants would use in pricing
the asset or liability at the measurement date. The Fund uses prices and inputs that are current as of the measurement date, including
periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many
securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments in securities traded on a national
securities exchange (or reported on the NASDAQ National Market or Capital Market) are stated at the last reported sales price on
the day of valuation (or at the NASDAQ official closing price); other securities traded in the over-the-counter market and listed
securities for which no sale was reported on the date are stated at the last quoted bid price. Restricted securities and other
securities for which quotations are not readily available are valued at fair value as determined by the Board of Directors.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the classification
of the Fund&#8217;s investments by the above fair value hierarchy levels as of March 31, 2021:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: #231F20 1pt solid; width: 37%">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #231F20; border-bottom: #231F20 1pt solid; text-align: left; width: 19%">Level 1</TD>
    <TD STYLE="padding-left: 15px; color: #231F20; border-bottom: #231F20 1pt solid; text-align: left; width: 14%">Level 2</TD>
    <TD STYLE="padding-left: 15px; color: #231F20; border-bottom: #231F20 1pt solid; text-align: left; width: 14%">Level 3</TD>
    <TD STYLE="padding-left: 15px; color: #231F20; border-bottom: #231F20 1pt solid; text-align: left; width: 16%">Total</TD></TR>
<TR STYLE="vertical-align: middle; background-color: Silver">
    <TD STYLE="color: #231F20">Assets (at fair value)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle; background-color: White">
    <TD STYLE="padding-left: 15px; color: #231F20; text-align: left">Common stocks</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: Silver">
    <TD STYLE="color: #231F20; vertical-align: bottom">USA</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">$24,927,185</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">$24,927,185</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="color: #231F20; vertical-align: bottom">Mexico</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">6,398,544</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">6,398,544</TD></TR>
<TR STYLE="background-color: Silver">
    <TD STYLE="color: #231F20; vertical-align: bottom">Panama</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">2,487,650</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">2,487,650</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="color: #231F20; vertical-align: bottom">Puerto Rico</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">5,382,357</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">5,382,357</TD></TR>
<TR STYLE="background-color: Silver">
    <TD STYLE="color: #231F20; vertical-align: bottom">Cayman</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">791,896</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">791,896</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="color: #231F20; vertical-align: bottom">Colombia</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">744,727</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">744,727</TD></TR>
<TR STYLE="background-color: Silver">
    <TD STYLE="color: #231F20; vertical-align: bottom">Bonds</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="color: #231F20; vertical-align: bottom">&nbsp;&nbsp;&nbsp;Cuba</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; text-align: right">-</TD></TR>
<TR STYLE="background-color: Silver">
    <TD STYLE="color: #231F20; vertical-align: bottom; border-bottom: Black 0.5pt solid">Money Market Funds</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">132344</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #231F20; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">132,344</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20">Total Investments in securities</TD>
    <TD STYLE="color: #231F20; text-align: right">$40,864,703</TD>
    <TD STYLE="color: #231F20; text-align: right">-</TD>
    <TD STYLE="color: #231F20; text-align: right">-</TD>
    <TD STYLE="color: #231F20; text-align: right">$40,864,703</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair valued securities (Level 3) held in
the Fund consisted of Cuban Electric Company, Ceramica Carabobo, Siderurgica Venezolana Sivensa S.A., Admiralty Holding Company,
Waterloo Investment Holding, W Holding Company and Republic of Cuba 4.5% bond. There was no change in value since June 30, 2020,
therefore no Level 3 reconciliation table is required.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><I>For more information with regards to significant accounting policies,
see the most recent semi-annual or annual report filed with the Securities and Exchange Commission. </I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2021, the cost basis for federal income tax purposes,
gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) were as follows:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="white-space: nowrap; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">Aggregate cost of securities for federal income tax purposes</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;$&nbsp;&nbsp;&nbsp;26,975,673</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Gross unrealized appreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;$&nbsp;&nbsp;&nbsp;16,032,232 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Gross unrealized depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,143,202)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD STYLE="white-space: nowrap; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Net unrealized appreciation (depreciation) on investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,889,030 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 26.05pt 0 204.25pt; text-indent: -74.4pt">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
