<SEC-DOCUMENT>0001752724-21-261095.txt : 20211129
<SEC-HEADER>0001752724-21-261095.hdr.sgml : 20211129
<ACCEPTANCE-DATETIME>20211129075443
ACCESSION NUMBER:		0001752724-21-261095
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211129
PERIOD START:           	20220630

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:		211452948

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regName>Herzfeld Caribbean Basin Fund, Inc.</regName>
      <regFileNumber>811-06445</regFileNumber>
      <regCik>0000880406</regCik>
      <regLei>549300ML0K6PRXPULR11</regLei>
      <regStreet1>119 WASHINGTON AVENUE</regStreet1>
      <regStreet2>Suite 504</regStreet2>
      <regCity>MIAMI BEACH</regCity>
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      <regZipOrPostalCode>33139</regZipOrPostalCode>
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      <seriesName>Herzfeld Caribbean Basin Fund, Inc</seriesName>
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      <repPdEnd>2022-06-30</repPdEnd>
      <repPdDate>2021-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>144892.90</totLiabs>
      <netAssets>39820239.52</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
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        <name>Martin Marietta Materials Inc</name>
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        <name>America Movil S.A.B. de C.V.</name>
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        <name>Cuban Electric Co</name>
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        <name>Grupo Elektra S.A.B. de C.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Margo Caribe Inc. </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>520065.30000000</valUSD>
        <pctVal>1.306032576069</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>1234200.00000000</valUSD>
        <pctVal>3.099428870537</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 Economico Mexicano S A B de C V</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>1266979.20000000</valUSD>
        <pctVal>3.181746808337</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>189033.66000000</valUSD>
        <pctVal>0.474717536304</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>66874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5769888.72000000</valUSD>
        <pctVal>14.48983931174</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="20.64630000"/>
        <valUSD>37102.33000000</valUSD>
        <pctVal>0.093174552557</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>914168.25000000</valUSD>
        <pctVal>2.295737697762</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>119793.75000000</valUSD>
        <pctVal>0.300836337109</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>344984.00000000</valUSD>
        <pctVal>0.866353402587</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>1171000.00000000</valUSD>
        <pctVal>2.940715611245</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>805953.60000000</valUSD>
        <pctVal>2.023979789461</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>106243.74000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>106243.74000000</valUSD>
        <pctVal>0.266808390106</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>39698.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1045248.34000000</valUSD>
        <pctVal>2.624917259663</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>775228.32000000</valUSD>
        <pctVal>1.946819831685</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>235211.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3093024.65000000</valUSD>
        <pctVal>7.767468722649</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>1582024.65000000</valUSD>
        <pctVal>3.972915956985</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>17559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>439150.59000000</valUSD>
        <pctVal>1.102832618019</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="20.64630000"/>
        <valUSD>28597.18000000</valUSD>
        <pctVal>0.071815690575</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>1472934.70000000</valUSD>
        <pctVal>3.698959920269</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="20.64630000"/>
        <valUSD>1085956.70000000</valUSD>
        <pctVal>2.727147583968</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="20.64630000"/>
        <valUSD>15393.25000000</valUSD>
        <pctVal>0.038656849344</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>845800.00000000</valUSD>
        <pctVal>2.124045485902</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>0.000000175790</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>0.000000627821</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>561698.63000000</valUSD>
        <pctVal>1.410585764352</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>2021-11-29</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>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>herzfeldnport.htm
<DESCRIPTION>NPORT EX
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 0; color: #231F20"><B>Schedule of Investments as of September
30, 2021 (unaudited)</B></P>

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

<P STYLE="margin: 0; border-bottom: 4pt solid black"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">Shares or Principal Amount</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; width: 64%"><FONT STYLE="font-size: 9pt; color: #231F20">Description</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">Fair Value</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 7.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 7.5pt; color: #231F20"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 0; color: #231F20">Common Stocks &#8211; 99.43% of net assets</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.75pt 0 0.85pt 0; color: #231F20">Aerospace and Defense &#8211; 3.26%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 11%; padding-left: 4.7pt; font: 11pt Times New Roman, Times, Serif; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">76,418</FONT></TD>
    <TD STYLE="width: 64%; 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: 25%; padding-right: 2.45pt; font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$1,299,106</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: 0.3pt 0 0">Airlines &#8211; 4.14%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 11%; padding-left: 4.7pt; padding-right: 4.45pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">20,250</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 3.3pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">Copa Holdings, S.A.</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,647,945</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt 7.5pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt 0; color: #231F20">Banking and finance &#8211; 20.75%</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 STYLE="width: 11%; padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">23,280</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Bancolombia, S.A.</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">805,954</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">52,089</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">913,641</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">775,228</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">235,211</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">3,093,025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">34,414</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">2,672,935</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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 0; color: #231F20">Communications &#8211; 1.72%</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 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">189,034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">185,072</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">119,794</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">37,102</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">124,247</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">28,597</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 0pt; color: #231F20">Conglomerates and holding companies - 0.00%</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 14.35pt 0 7.5pt; text-indent: 6.7pt"></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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;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: 9pt Times New Roman, Times, Serif; margin: 0.45pt 14.35pt 0 7.5pt; text-indent: 6.7pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; color: #231F20">Construction and related &#8211; 28.15%</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 14.35pt 0 7.5pt; text-indent: 6.7pt"></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 STYLE="width: 11%; padding-right: 4.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">220,645</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Cemex, S.A.B. de C.V. ADR</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,582,025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">4,500</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">1,537,560</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.7pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">66,874</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">5,769,889</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">1,472,935</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">845,800</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: 0.45pt 14.35pt 0 7.5pt; text-indent: 6.7pt"></P>


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    <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>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0 1pt; color: #231F20"><B>Schedule of Investments as of June 30,
2021 (continued)</B></P>

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

<P STYLE="border-bottom: black 4pt solid; margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">Shares or Principal Amount</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; width: 64%; padding-left: 3.3pt"><FONT STYLE="font-size: 9pt; color: #231F20">Description</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">Fair Value</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 7.5pt; color: #231F20">&nbsp;</P>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Food, beverages and tobacco &#8211; 6.32%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <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: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Becle, S.A.B. de C.V.</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,085,957</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">163,924</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">1,266,979</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; color: #231F20">Housing &#8211; 2.94%</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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;12,500</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Lennar Corporation</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,171,000</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; 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">
    <TD STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;70,000</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Waterloo
Investment Holdings Ltd.*<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="margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 14.35pt 0 0; color: #231F20">Leisure &#8211; 11.47%</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 STYLE="width: 11%; padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">17,559</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Carnival Corporation</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">439,151</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">1,061,191</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">49,717</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">1,327,941</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.45pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">19,570</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">1,740,752</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: 8.75pt 0 0 0; color: #231F20">Mining - 0.04%</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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;3,872</FONT></TD>
    <TD STYLE="width: 64%; 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: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">15,393</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; color: #231F20">Real Estate - 2.62%</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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;39,698</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Retail Value, Inc.</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,045,248</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0 8.75pt; color: #231F20">  </P>

<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: 0.35pt 0 0; color: #231F20">Retail - 2.03%</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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;1,270</FONT></TD>
    <TD STYLE="width: 64%; 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: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">96,746</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;210,222</FONT></TD>
    <TD STYLE="width: 64%; 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="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">712,236</FONT></TD></TR>
</TABLE>





<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0.1pt 0 0; text-align: center; color: #231F20">  </P>

<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; color: #231F20">Transportation Infrastructure - 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">
    <TD STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;6,600</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Aeroportuario
ADR*</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,234,200</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"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0; color: #231F20">Trucking and marine freight &#8211; 1.41%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;137</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Seaboard Corporation</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">561,699</FONT></TD></TR>
</TABLE>



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

<P STYLE="border-bottom: black 4pt solid; margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">Shares or Principal Amount</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; width: 64%; padding-left: 3.3pt"><FONT STYLE="font-size: 9pt; color: #231F20">Description</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">Fair Value</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 13.3pt 0 7.5pt; color: #231F20">&nbsp;</P>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Utilities &ndash;
10.17%</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 STYLE="width: 11%; padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">23,200</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Caribbean Utilities Ltd. Class A</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$&#9;344,984</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">671,198</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">
    <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">2,118,155</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">32,943</FONT></P></TD>
    <TD STYLE="padding-left: 4.45pt"><FONT STYLE="font-size: 9pt">New Fortress Energy, Inc., Class A</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">914,168</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="margin: 0; color: #231F20"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Other &#8211; 1.31%</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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;55,921</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Margo Caribe,
Inc.*</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">520,065</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt">79</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt">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">--</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0 5.65pt; text-align: center; color: #231F20"></P>

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

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt 8.2pt; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="text-align: left; font: bold 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Total common stocks (cost $25,022,839)</P>
</TD>
  <TD STYLE="width: 10%"><P STYLE="border-bottom: Black 1pt solid; text-align: right; font: bold 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">39,590,876</P>
</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; 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">
    <TD STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;$165,000</FONT></TD>
    <TD STYLE="width: 79%; 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="border-bottom: Black 1pt solid; width: 10%; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="text-align: left; font: bold 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Total bonds (cost $63,038)</P>
</TD>
  <TD STYLE="width: 10%"><P STYLE="border-bottom: Black 1pt solid; text-align: right; font: bold 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><U>--</U></P>
</TD></TR>
</TABLE>

<P STYLE="margin: 0; color: #231F20"></P>

<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 0; color: #231F20">Warrants &#8211; 0.31%</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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt">20,000</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 3.3pt"><FONT STYLE="font-size: 9pt">Aersale Corp.*</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt">123,000</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"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Total Warrants (cost $123,062)</B></P>
</TD>
  <TD STYLE="width: 10%"><P STYLE="border-bottom: Black 1pt solid; text-align: right; font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>123,000</B></P>
</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; color: #231F20">Money Market Securities &#8211; 0.26%</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 STYLE="text-align: right; width: 11%; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt">$106,244</FONT></TD>
    <TD STYLE="width: 79%; padding-left: 3.3pt"><FONT STYLE="font-size: 9pt">Federated Hermes Government Obligations
Fund, Institutional Class, 0.03%<SUP>2 </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt">106,244</FONT></TD></TR>
  </TABLE>



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

<P STYLE="font: bold 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: 0.05pt 0 0 8.2pt; color: #231F20"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Total Money Market Securities (cost $106,244)</B></P>
</TD>
  <TD STYLE="width: 10%"><P STYLE="border-bottom: Black 1pt solid; text-align: right; font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>106,244</B></P>
</TD></TR>
</TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Total investments (cost $25,315,183) &#8211; 100.00% of net assets</B></P>
</TD>
  <TD STYLE="width: 10%"><P STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #231F20"><B>39,820,120</B></P>
</TD></TR>
</TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="text-align: left; font: bold 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Other assets in excess of liabilities &#8211;
0.00%<SUP>3</SUP> of net assets</P></TD>
  <TD STYLE="width: 10%"><P STYLE="border-bottom: Black 1pt solid; text-align: right; font: bold 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20">120</P></TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><P STYLE="text-align: left; font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Net assets - 100%</B></P>
</TD>
  <TD STYLE="width: 10%"><P STYLE="border-bottom: Black 2pt double; text-align: right; font: 9pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>39,820,240</B></P>
</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</FONT></P>

<P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0">Board of Directors. Fair valued securities comprised 0.00% of net assets.</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 September
30, 2021.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP> Round to less than 0.005%.</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>


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