<SEC-DOCUMENT>0001752724-22-272502.txt : 20221129
<SEC-HEADER>0001752724-22-272502.hdr.sgml : 20221129
<ACCEPTANCE-DATETIME>20221129073200
ACCESSION NUMBER:		0001752724-22-272502
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221129
DATE AS OF CHANGE:		20221129
PERIOD START:           	20230630

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:		221428344

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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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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      <regZipOrPostalCode>33139</regZipOrPostalCode>
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      <seriesName>Herzfeld Caribbean Basin Fund, Inc.</seriesName>
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      <repPdEnd>2023-06-30</repPdEnd>
      <repPdDate>2022-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>160989.06</totLiabs>
      <netAssets>30303744.51</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
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      <invstOrSec>
        <name>Sitios Latinoamerica S.A.B. De C.V</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Martin Marietta Materials Inc</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>Martin Marietta Materials, Inc. </title>
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        <name>Spanish Broadcasting System Inc..</name>
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        <name>Sider Venezolana</name>
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        <name>Consd Water Co</name>
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        <title>Consolodated Water Company, Ltd. </title>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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        <name>Grupo Elektra S.A.B. de C.V.</name>
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        <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>Margo Caribe Inc. </name>
        <lei>N/A</lei>
        <title>Margo Caribe Inc. </title>
        <cusip>566605101</cusip>
        <identifiers>
          <isin value="PR5666051015"/>
        </identifiers>
        <balance>55921.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>391447.00000000</valUSD>
        <pctVal>1.291744655089</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 Aeroportuario del Sureste S.A.B. de C.V.</name>
        <lei>5299001W7JIDXCUOUC82</lei>
        <title>Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR</title>
        <cusip>40051E202</cusip>
        <identifiers>
          <isin value="US40051E2028"/>
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        <balance>5175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1015179.75000000</valUSD>
        <pctVal>3.350014219084</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"/>
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        <balance>13110.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>822652.50000000</valUSD>
        <pctVal>2.714689267950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>American Movil S.A.B. de C.V. Series L</title>
        <cusip>02364W105</cusip>
        <identifiers>
          <isin value="US02364W1053"/>
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        <balance>10698.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>176196.06000000</valUSD>
        <pctVal>0.581433294297</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"/>
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        <balance>29868.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1896618.00000000</valUSD>
        <pctVal>6.258691889954</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>207034.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.13850000"/>
        <valUSD>35878.97000000</valUSD>
        <pctVal>0.118397810502</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"/>
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        <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 Inc.</name>
        <lei>N/A</lei>
        <title>New Fortress Energy, Inc. </title>
        <cusip>644393100</cusip>
        <identifiers>
          <isin value="US6443931000"/>
        </identifiers>
        <balance>63602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2780043.42000000</valUSD>
        <pctVal>9.173927067272</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>20652.44000000</valUSD>
        <pctVal>0.068151445750</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>365168.00000000</valUSD>
        <pctVal>1.205025998947</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>931875.00000000</valUSD>
        <pctVal>3.075115023136</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>20280.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>494223.60000000</valUSD>
        <pctVal>1.630899441608</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>Operadora de Sites Mexicanos SA de CV</name>
        <lei>4469000001BRCBO8VP14</lei>
        <title>Operadora De Sites Mex - A-1 </title>
        <cusip>P7369E102</cusip>
        <identifiers>
          <isin value="MX01SI0C0002"/>
        </identifiers>
        <balance>33226.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="20.13850000"/>
        <valUSD>27816.89000000</valUSD>
        <pctVal>0.091793573532</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>Money Market Obligations Trust</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Government Obligations Fund Institutional Class</title>
        <cusip>60934N104</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
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        <balance>46509.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46509.93000000</valUSD>
        <pctVal>0.153479151675</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>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>531570.60000000</valUSD>
        <pctVal>1.754141636933</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>160604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2197062.72000000</valUSD>
        <pctVal>7.250136098774</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"/>
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        <balance>180645.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>619612.35000000</valUSD>
        <pctVal>2.044672564459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carnival Corporation</name>
        <lei>F1OF2ZSX47CR0BCWA982</lei>
        <title>Carnival Corporation </title>
        <cusip>143658300</cusip>
        <identifiers>
          <isin value="PA1436583006"/>
        </identifiers>
        <balance>17559.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>123439.77000000</valUSD>
        <pctVal>0.407341640434</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>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>1616372.32000000</valUSD>
        <pctVal>5.333902942148</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>CEC Entertainment Inc</name>
        <lei>549300MWTY75LB8TRO50</lei>
        <title>PLAYA HOTELS &amp; RESORTS N.V. </title>
        <cusip>125137109</cusip>
        <identifiers>
          <isin value="US1251371092"/>
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        <balance>98605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>573881.10000000</valUSD>
        <pctVal>1.893762996221</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="20.13850000"/>
        <valUSD>887723.36000000</valUSD>
        <pctVal>2.929418045044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mexico SAB de CV</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="20.13850000"/>
        <valUSD>13078.11000000</valUSD>
        <pctVal>0.043156745845</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"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>788550.00000000</valUSD>
        <pctVal>2.602153670282</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"/>
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        <balance>70000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15680.00000000</valUSD>
        <pctVal>0.051742780483</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>466164.42000000</valUSD>
        <pctVal>1.538306329919</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>2022-11-28</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>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
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<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>herzfeldnport.htm
<DESCRIPTION>SOI
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.15pt 0 0 7.5pt; color: #231F20"><B>Schedule of Investments as of September
30, 2022 (unaudited)</B></P>

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

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

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

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Shares or Principal Amount&nbsp;&nbsp;</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Description</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair <FONT STYLE="letter-spacing: -0.35pt">Value</FONT></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Common Stocks &#8211; 99.95% of net assets</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.75pt 0 0.85pt 0pt; color: #231F20">Aerospace and Defense &#8211; 6.07%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; width: 11%; padding-left: 4.7pt; font: 11pt/9.75pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">99,206&nbsp;</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">$1,839,279</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; 4.48%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.45pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">20,250</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 70%"><FONT STYLE="font-size: 9pt; color: #231F20">Copa Holdings, S.A.* </FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 19%"><FONT STYLE="font-size: 9pt; color: #231F20">1,356,953</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0; text-indent: 0.25in"></P>

<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 0pt; color: #231F20">Banking and finance &#8211; 19.04%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">20,280</FONT></TD>
    <TD STYLE="width: 70%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Bancolombia, S.A.</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">494,224</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">680,282</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">531,571</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">160,604</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">First BanCorp. (Puerto Rico)</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">2,197,063</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">25,899</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; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,866,282</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 0pt; color: #231F20">Communications &#8211; 1.57%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
        <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">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">176,196</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
        <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><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">172,292</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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.*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">20,652</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">35,879</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;21,155</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Sitios LatinoAmerica S.A.B. de C.V.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">9,633</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">32,595</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.35pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">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">27,817</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 0pt; color: #231F20">Construction and related &#8211; 20.49%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
        <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">180,645</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: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">619,612</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
        <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">20</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Ceramica Carabobo Class A ADR*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">--</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">4,000</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Martin Marietta Materials, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,288,360</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">29,868</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><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">1,896,618</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;77,117</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><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">1,616,372</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">5,000</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Vulcan Materials Company</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">788,550</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="margin: 0"></P>

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

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Shares or Principal Amount&nbsp;&nbsp;</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Description</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair <FONT STYLE="letter-spacing: -0.35pt">Value</FONT></FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 9pt/4pt Times New Roman, Times, Serif; margin: 0 0 0 5.5pt"></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 0pt; color: #231F20">Food, beverages and tobacco &#8211; 6.04%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">503,164</FONT></TD>
    <TD STYLE="width: 74%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Becle, S.A.B. de C.V.</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;887,723</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">&nbsp;&nbsp;&nbsp;118,551</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">13,110</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="text-align: right; padding-right: 2.45pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822,653</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; line-height: 9.35pt; text-align: right">&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 0pt; color: #231F20">Housing &#8211; 3.07%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">12,500</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Lennar Corporation</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;931,875</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.45pt 0 0 18.7pt; color: #231F20"></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 7.45pt; color: #231F20"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">70,000</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Waterloo
Investment Holdings Ltd.*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;15,680</FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; color: #231F20">Leisure - 12.87%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">17,559</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Carnival
    Corporation*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;123,440</FONT></TD></TR></TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">6,745</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Marriott Vacations Worldwide Corporation</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;821,946</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">116,578</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Norwegian
    Cruise Line Holdings Ltd*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;1,324,326</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">98,605</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Playa
    Hotels and Resorts N.V.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;573,881</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">27,863</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Royal
    Caribbean Cruises Ltd*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;1,056,008</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; color: #231F20">Mining- 0.04%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">3,872</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><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="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;13,078</FONT></TD></TR></TABLE>


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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; color: #231F20">Retail- 2.65%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">1,270</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><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="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;64,574</FONT></TD></TR></TABLE>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">210,222</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><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="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;738,337</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; color: #231F20"></P>

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

<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: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; color: #231F20">Transportation Infrastructure- 3.35%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">5,175</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Aeroportuario
ADR*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;1,015,180</FONT></TD></TR></TABLE>





<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; color: #231F20"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.5pt; 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 0 0 0pt; color: #231F20">Trucking and marine freight- 1.54%</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">137</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Seaboard Corporation&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">466,164</FONT></TD></TR></TABLE>





<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; color: #231F20"></P>






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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

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

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

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Shares or Principal Amount&nbsp;&nbsp;</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Description</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair <FONT STYLE="letter-spacing: -0.35pt">Value</FONT></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; color: #231F20">   Utilities- 17.40%</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">23,200</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Caribbean Utilities
    Ltd. Class A</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;$365,168</FONT></TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">37,092</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Consolidated Water
    Company Ltd.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;570,475</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">700</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Cuban
    Electric Company*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;--</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">19,854</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><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">&nbsp;&nbsp;&nbsp;1,556,752</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">63,602</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">New Fortress Energy,
Inc., Class A</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;2,780,043</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; color: #231F20">Other- 1.29%</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">55,921</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Margo Caribe,
Inc.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;391,447</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">79</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Siderurgica Venezolana
Sivensa, S.A. Series B*<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;--</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total common stocks (cost $24,329,311)</B></FONT></TD>
  <TD STYLE="width: 52%">&nbsp;</TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>30,287,531&nbsp;</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0.85pt 8.2pt; 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 0 0 0pt; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bonds-
0.00% of net assets</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">$165,000</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Republic of Cuba - 4.5%, 1977
- in default*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;--</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="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total bonds (cost
  $63,038)</B></FONT></TD>
  <TD STYLE="width: 52%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;--</FONT>&nbsp;</TD></TR>
</TABLE>

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

<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 0 0 0pt; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Money
Market Funds- 0.15%</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right; width: 11%"><FONT STYLE="font-size: 9pt; color: #231F20">46,510</FONT></TD>
    <TD STYLE="padding-left: 4.5pt; width: 74%"><FONT STYLE="font-size: 9pt; color: #231F20">Federated Hermes
Government Obligations Fund, <BR>
Institutional Class,
2.81%<SUP>2</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.45pt; text-align: right; width: 15%"><FONT STYLE="font-size: 9pt; color: #231F20">46,510</FONT></TD></TR></TABLE>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt; color: #231F20"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total money market funds (cost $46,510)</B></FONT></TD>
  <TD STYLE="width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>46,510&nbsp;</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 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"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="width: 53%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total investments (cost
  $24,438,859) - 100.10% of net assets</B></FONT></TD>
  <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>30,334,041&nbsp;</B></FONT></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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="width: 53%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Liabilities
in excess of other assets &#8211; (0.10)% of net assets</B></FONT></TD>
  <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
  <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(30,296)&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt; color: #231F20"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></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="font: 9.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: left">
  <TD STYLE="width: 53%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net assets - 100%</B></FONT></TD>
  <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>30,303,745&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt/10.3pt Times New Roman, Times, Serif; margin: 0 0 0 8.2pt; color: #231F20"></P>

<P STYLE="font: 9pt/10.3pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; 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; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Board
of Directors. Fair valued securities comprised 0.12% of net assets.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rate disclosed is the seven day effective yield as of
September 30, 2022.</FONT></P>

<P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">* Non-income producing</FONT></P>

<P STYLE="font: 9pt/10.3pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

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

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

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

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

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

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

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

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


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