<SEC-DOCUMENT>0001752724-22-127005.txt : 20220527
<SEC-HEADER>0001752724-22-127005.hdr.sgml : 20220527
<ACCEPTANCE-DATETIME>20220527121020
ACCESSION NUMBER:		0001752724-22-127005
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220527
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:		22974836

	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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      <regFileNumber>811-06445</regFileNumber>
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      <regLei>549300ML0K6PRXPULR11</regLei>
      <regStreet1>119 WASHINGTON AVENUE</regStreet1>
      <regStreet2>Suite 504</regStreet2>
      <regCity>MIAMI BEACH</regCity>
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      <repPdEnd>2022-06-30</repPdEnd>
      <repPdDate>2022-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>129810.27</totLiabs>
      <netAssets>37456140.43</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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      <invstOrSec>
        <name>Grupo Aeroportuario del Sureste S.A.B. de C.V.</name>
        <lei>5299001W7JIDXCUOUC82</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fomento Economico Mexicano S A B de C V</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>America Movil S.A.B. de C.V.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mastec, Inc.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <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>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ceramica Carabobo, S.A.C.A.</name>
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        <title>Ceramica Carabobo SACA ADR </title>
        <cusip>15671P704</cusip>
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          <isin value="US15671P7042"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>New Fortress Energy Inc.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Fuego Ent Inc</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Caribbean Utilties</name>
        <lei>549300JWGMJO03H0G857</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Lennar Corporation</name>
        <lei>529900G61XVRLX5TJX09</lei>
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        <cusip>526057104</cusip>
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        <balance>12500.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Bancolombia S.A.</name>
        <lei>54930052NWJRPNMP1W58</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Operadora de Sites Mexicanos SA de CV</name>
        <lei>4469000001BRCBO8VP14</lei>
        <title>Operadora De Sites Mex - A-1 </title>
        <cusip>P7369E102</cusip>
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          <isin value="MX01SI0C0002"/>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Government Obligations Fund Institutional Class</title>
        <cusip>60934N104</cusip>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Evertec Inc</name>
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        <title>EVERTEC, Inc. </title>
        <cusip>30040P103</cusip>
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        <valUSD>694009.08000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>First Bancorp Puerto Rico</name>
        <lei>N/A</lei>
        <title>First BanCorporation </title>
        <cusip>318672706</cusip>
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        <balance>200211.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <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>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corporation </title>
        <cusip>143658300</cusip>
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        <invCountry>US</invCountry>

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        <name>PGT Innovations Inc</name>
        <lei>549300LRW9WM59C1S579</lei>
        <title>PGT Innovations, Inc. </title>
        <cusip>69336V101</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Becle Sab De Cv</name>
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        <title>Becle S.A.B. de C.V. </title>
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        <name>Grupo Mexico SAB de CV</name>
        <lei>529900JWLZAYET2ZGW20</lei>
        <title>Grupo Mexico S.A.B. de C.V. </title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Company </title>
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          <isin value="US9291601097"/>
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        <curCd>USD</curCd>
        <valUSD>918500.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Waterloo Investment Holdings Limited</name>
        <lei>213800TZIK14GMV2YL02</lei>
        <title>Waterloo Investment Holdings Limited </title>
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        <name>Seaboard Corp Del</name>
        <lei>87Q3KOXT29OW9W9YPT70</lei>
        <title>Seaboard Corporation </title>
        <cusip>811543107</cusip>
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        <assetCat>EC</assetCat>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-05-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Susan McLauchlan</ncom:nameOfApplicant>
      <ncom:signature>Susan McLauchlan</ncom:signature>
      <ncom:signerName>Susan McLauchlan</ncom:signerName>
      <ncom:title>AVP, Fund Accounting</ncom:title>
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</edgarSubmission>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
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<FILENAME>herzfeld_nport.htm
<DESCRIPTION>HERZFELD
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<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,
2022 (unaudited)</B></P>




<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH STYLE="border-bottom: Black 4px solid">&nbsp;</TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Shares or Principal Amount</FONT></TH>
  <TH STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Description</FONT></TH>
  <TH STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair <FONT STYLE="letter-spacing: -0.35pt">Value</FONT></FONT></TH></TR>

</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.75pt 0 0.85pt 7.5pt; color: #231F20">Common Stocks &#8211; 99.32% of net assets</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.75pt 0 0.85pt 7.5pt; color: #231F20">Aerospace and Defense &#8211; 4.05%</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/9.75pt Times New Roman, Times, Serif; text-align: right; width: 11%; padding-left: 4.7pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;96,418</FONT></TD>
    <TD STYLE="width: 58%; padding-left: 3.3pt; font: 11pt/9.75pt 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/9.75pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$1,515,691</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: 5.75pt 0 0.85pt 7.5pt">Airlines &#8211; 4.52%</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/9.75pt Times New Roman, Times, Serif; text-align: right; width: 11%; padding-left: 4.7pt">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 9pt; color: #231F20">20,250</FONT></TD>
    <TD STYLE="width: 58%; padding-left: 3.3pt; font: 11pt/9.75pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">Copa Holdings, S.A.*</FONT></TD>
    <TD STYLE="width: 31%; padding-right: 2.45pt; font: 11pt/9.75pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$1,693,710</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 7.5pt; color: #231F20">Banking and finance &#8211; 20.07%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 4.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">20,280</FONT></TD>
    <TD STYLE="width: 70%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Bancolombia, S.A.</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">865,145</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">52,089</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">Banco Latinoamericano de Comercio Exterior, S.A.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">811,547</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">16,956</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">Evertec, Inc.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">694,009</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">200,211</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">First BanCorp. (Puerto Rico)</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,626,768</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; line-height: 9.1pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">30,814</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.1pt"><FONT STYLE="font-size: 9pt; color: #231F20">Popular, Inc.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.1pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,518,736</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 7.45pt; color: #231F20">Communications &#8211; 1.70%</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; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;10,698</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt; line-height: 9.4pt"><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; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">226,263</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">209,144</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><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; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">221,542</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;479,175</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">Fuego Enterprises, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">14,375</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207,034</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Radio Centro S.A.B. de C.V.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">23,107</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,272</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">Spanish Broadcasting System, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">107,788</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,226</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">Telesites S.A.B. Series B-1</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">42,345</FONT></TD></TR>
  </TABLE>





<P STYLE="font: 9.5pt/100% Times New Roman, Times, Serif; margin: 0.45pt 14.35pt 0 7.5pt; text-indent: 6.7pt">&nbsp;</P><BR>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt 7.45pt; color: #231F20">Construction and related &#8211; 23.54%</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; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;220,645</FONT></TD>
    <TD STYLE="width: 64%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Cemex, S.A.B. de C.V. ADR*</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,167,212</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">20</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">Ceramica Carabobo Class A ADR*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&ndash;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">Martin Marietta Material</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,539,560</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,686</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">MasTec, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">3,805,051</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,117</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><FONT STYLE="font-size: 9pt; color: #231F20">PGT Innovations, Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,386,564</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">Vulcan Materials </FONT></TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">918,500</FONT></TD></TR>
  </TABLE>








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<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,
2022 (continued)</B></P>




<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH STYLE="border-bottom: Black 4px solid">&nbsp;</TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Shares or Principal Amount</FONT></TH>
  <TH STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Description</FONT></TH>
  <TH STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair <FONT STYLE="letter-spacing: -0.35pt">Value</FONT></FONT></TH></TR>

</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"></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; 6.61%</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; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;503,164</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Becle, S.A.B. de C.V.</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,232,936</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">18,900</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><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; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">156,913</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">13,110</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.75pt"><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; line-height: 9.75pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,086,164</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.35pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 4.5pt; line-height: 9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.45pt; line-height: 9.35pt; text-align: right">&nbsp;</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; 2.71%</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; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;12,500</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Lennar Corporation</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,014,625</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20"><BR>
Investment companies &#8211; 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="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;70,000</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Waterloo Investment Holdings Ltd.*<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="letter-spacing: -0.45pt">&ndash;</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
    </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20"><BR>
Leisure &#8211; 13.52%</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; line-height: 9.4pt; text-align: center"><P STYLE="text-align: right; margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">17,559</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Carnival Corporation*</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">355,043</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;6,745</FONT></TD>
  <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Marriott Vacations Worldwide Corporation</FONT></TD>
  <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,063,686</FONT></TD></TR>
    </TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font-size: 9pt">91,717</FONT></TD>
  <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Norwegian Cruise Line Holdings Ltd.*</FONT></TD>
  <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,006,768</FONT></TD></TR>
      </TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font-size: 9pt">19,570</FONT></TD>
  <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Royal Caribbean Cruises Ltd.*</FONT></TD>
  <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,639,575</FONT></TD></TR>
</TABLE>

<BR>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20">Mining &#8211; 0.06%</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; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">3,872</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo M&eacute;xico, S.A.B. de <FONT STYLE="letter-spacing: -0.3pt">C.V.</FONT>
Series B</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="letter-spacing: -0.45pt">23,116</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20"><BR>
Retail &#8211; 2.52%</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; line-height: 9.4pt; text-align: right">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 9pt; color: #231F20">1,270</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Elektra, S.A.B. de <FONT STYLE="letter-spacing: -0.3pt">C.V.</FONT>
Series CPO</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">82,271</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">210,222</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Wal-Mart de M&eacute;xico, S.A.B. de <FONT STYLE="letter-spacing: -0.3pt">C.V.</FONT>
Series V</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">861,459</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>

  </TABLE>

  <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20"><BR>
Transportation Infrastructure &#8211;
  3.48%</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 9pt; color: #231F20">1,270</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Aeroportuario ADR*</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">1,301,900</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
  </TABLE>

  <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20"><BR>
Trucking and marine freight &#8211;
  1.54%</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; line-height: 9.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;137</TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Seaboard Corporation</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">576,152</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
  </TABLE><BR>
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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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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 4pt solid; width: 100%">&nbsp;</TD></TR>
</TABLE>


<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Shares or Principal Amount</FONT></TH>
  <TH STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Description</FONT></TH>
  <TH STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair <FONT STYLE="letter-spacing: -0.35pt">Value</FONT></FONT></TH></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20">Utilities &#8211; 13.66%</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; line-height: 9.4pt; text-align: center"><P STYLE="text-align: right; margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">23,200</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Caribbean Utilities Ltd. Class A</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">$&#9;345,680</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
   </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font-size: 9pt">44,092</FONT></TD>
  <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Consolidated Water Company Ltd.</FONT></TD>
  <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">487,657</FONT></TD></TR>
    </TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700</FONT></TD>
  <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Cuban Electric Company*<SUP>1</SUP></FONT></TD>
  <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&ndash;</FONT></TD></TR>
      </TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font-size: 9pt">26,976</FONT></TD>
  <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">NextEra Energy, Inc.</FONT></TD>
  <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,285,137</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font-size: 9pt">46,911</FONT></TD>
  <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">New Fortress Energy, Inc., Class A</FONT></TD>
  <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,998,878</FONT></TD></TR>
</TABLE>
<BR>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20">Other &#8211; 1.34%</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; line-height: 9.4pt; text-align: center"><P STYLE="text-align: right; margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">&nbsp;55,921</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Margo Caribe, Inc.*</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">503,289</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></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 STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.4pt; text-align: center"><P STYLE="text-align: right; margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Siderurgica Venezolana Sivensa, S.A. Series B*<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">&ndash;</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 10pt; width: 50%"><FONT STYLE="font-size: 9pt; letter-spacing: -0.2pt"><B>Total </B></FONT><B><FONT STYLE="font-size: 9pt">common
  stocks (cost $23,612,483)</FONT></B></TD>
  <TD STYLE="text-align: right; width: 25%">&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 14%"><FONT STYLE="font-size: 9pt"><B>37,199,162</B></FONT></TD></TR>
</TABLE>
<BR>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; 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="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; line-height: 9.4pt; text-align: center"><P STYLE="text-align: right; margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">&nbsp;$16,500</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><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: 15%; padding-right: 2.45pt; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">&ndash;</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 10pt; width: 50%"><FONT STYLE="font-size: 9pt; letter-spacing: -0.2pt"><B>Total bonds (cost $63,038)</B></FONT></TD>
  <TD STYLE="text-align: right; width: 25%">&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 14%"><FONT STYLE="font-size: 9pt">&ndash;</FONT></TD></TR>
</TABLE>
<BR>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.45pt; color: #231F20">Money Market Securities &#8211; 0.16%</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; line-height: 9.4pt; text-align: center"><P STYLE="text-align: right; margin: 0; font: 9pt Times New Roman, Times, Serif; color: #231F20">&nbsp;60,991</P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt; line-height: 9.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">Federated Hermes
    Government Obligations Fund, Institutional Class, 0.14%<SUP>2 </SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; line-height: 9.4pt; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 9pt">60,991</FONT></P><FONT STYLE="font-size: 9pt; color: #231F20"></FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 10pt; width: 50%"><FONT STYLE="font-size: 9pt; letter-spacing: -0.2pt"><B>Total Money Market Securities</B></FONT></TD>
  <TD STYLE="text-align: right; width: 25%">&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 14%"><FONT STYLE="font-size: 9pt"><B>60,991</B></FONT></TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 10pt; width: 50%"><FONT STYLE="font-size: 9pt; letter-spacing: -0.2pt"><B>Total investments (cost $23,736,512)
&ndash; 99.48% of net assets</B></FONT></TD>
  <TD STYLE="text-align: right; width: 25%">&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 14%"><FONT STYLE="font-size: 9pt"><B>$  37,260,153</B></FONT></TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 10pt; width: 50%"><FONT STYLE="font-size: 9pt; letter-spacing: -0.2pt"><B><FONT STYLE="letter-spacing: -0.05pt">Other assets in excess
of liabilities</FONT> &ndash; 0.52% of net assets</B></FONT></TD>
  <TD STYLE="text-align: right; width: 25%">&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 14%"><FONT STYLE="font-size: 9pt"><B>195,987</B></FONT></TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 10pt; width: 50%"><FONT STYLE="font-size: 9pt; letter-spacing: -0.2pt"><B><FONT STYLE="letter-spacing: -0.05pt">Net assets - 100%</FONT></B></FONT></TD>
  <TD STYLE="text-align: right; width: 25%">&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 14%"><FONT STYLE="font-size: 9pt"><B> $  37,456,140</B></FONT></TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%"><P STYLE="font: 11pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-size: 8pt"><SUP>1</SUP> Securities
                          have been fair valued in good faith using fair value methodology approved by the</FONT></P>

<P STYLE="margin: 0; font: 8pt TimesNewRomanPSMT,serif"><FONT STYLE="font-size: 8pt">Board of Directors. Fair valued securities comprised
0.00% of net assets</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 11pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-size: 8pt"><SUP>2</SUP> Rate disclosed is the seven
      day effective yield as of March 31, 2022.</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 100%"><P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0">* Non-income producing</P></TD></TR>
</TABLE>

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