<SEC-DOCUMENT>0001398344-23-001537.txt : 20230131
<SEC-HEADER>0001398344-23-001537.hdr.sgml : 20230131
<ACCEPTANCE-DATETIME>20230131134412
ACCESSION NUMBER:		0001398344-23-001537
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230131
DATE AS OF CHANGE:		20230131

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86371
		FILM NUMBER:		23571617

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Herzfeld Erik Mervin
		CENTRAL INDEX KEY:			0001413260

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		THE HERZFELD CARIBBEAN BASIN FUND INC.
		STREET 2:		119 WASHINGTON AVE. SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Herzfeld Erik Marvin
		DATE OF NAME CHANGE:	20121217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HERZFELD ERIK MERVIN
		DATE OF NAME CHANGE:	20070925

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HERZFELD ERIK MARVIN
		DATE OF NAME CHANGE:	20070924
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>fp0082020-2_sc13da.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of 1934<BR>
(Amendment No. 12)*</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Herzfeld Caribbean Basin Fund, Inc.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Common stock</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">42804T106</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(CUSIP Number)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">119 Washington Avenue, Suite 504 Miami Beach, FL 33139</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of Person<BR>
Authorized to Receive Notices and Communications)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">01/19/2023</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Date of Event which Requires Filing of this Statement)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &sect;&sect;240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. [&nbsp;&nbsp;]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Note</B>: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for other parties to whom copies are to be sent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>*</SUP></TD><TD STYLE="text-align: justify">The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The information required on the remainder of this cover page shall not
be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&quot;Act&quot;) or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; width: 33%"><FONT STYLE="font-size: 11pt">CUSIP No. 42804T106</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center; width: 32%"><FONT STYLE="font-size: 11pt">13D</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: right; width: 33%"><FONT STYLE="font-size: 11pt">Page 2 of 3 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; text-align: right; width: 2%"><FONT STYLE="font-size: 11pt">1.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 90%"><FONT STYLE="font-size: 11pt">NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<BR>
    <BR>
    Erik M. Herzfeld, et al. </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 5%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<BR>
    (see instructions)<BR>
    (a)&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;]<BR>
    (b)&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">3.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 11pt">SEC USE ONLY<BR>
    &nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">4.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 11pt">SOURCE OF FUNDS (see instructions)<BR>
    &nbsp;<BR>
    PF, OO</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">5.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 11pt">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">6.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 11pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
    &nbsp;<BR>
    United States</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD ROWSPAN="4" STYLE="text-align: center; width: 13%"><FONT STYLE="font-size: 11pt">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
    WITH</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right; width: 1%"><FONT STYLE="font-size: 11pt">7.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 82%"><FONT STYLE="font-size: 11pt">SOLE VOTING POWER<BR>
    &nbsp;<BR>
    206,680</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-size: 11pt">8.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER<BR>
    &nbsp;<BR>
    464,962</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-size: 11pt">9.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER<BR>
    <BR>
    206,680</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; text-align: right"><FONT STYLE="font-size: 11pt">10.</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-size: 11pt">SHARED DISPOSITIVE POWER<BR>
    &nbsp;<BR>
    464,962</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 2%"><FONT STYLE="font-size: 11pt">11.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 90%"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON <BR>
    <BR>
    671,642</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 5%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">12.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES<BR>
    (see instructions)&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">13.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) <BR>
    <BR>
    10.09%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 11pt">14.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON (see instructions) <BR>
    <BR>
    IN, IA </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt; width: 33%"><FONT STYLE="font-size: 11pt">CUSIP No. 42804T106</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-size: 11pt">13D</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 33%"><FONT STYLE="font-size: 11pt">Page 3 of 3 Pages</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Schedule 13D</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>This Amendment No. 12 to Schedule 13D (this &ldquo;Amendment&rdquo;)
amends and supplements the Schedule 13D filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on December 19, 2014,
as previously amended (the &ldquo;Schedule 13D&rdquo;) by Erik M. Herzfeld.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>This amendment is filed on behalf of Erik M. Herzfeld, et al. (the
&ldquo;Reporting Person&rdquo;) with respect to common stock owned individually by the Reporting Person and in his role as portfolio
manager of investment advisory accounts of the clients (&ldquo;Advisory Clients&rdquo;) of Thomas J. Herzfeld Advisors, Inc. a registered
investment adviser for which Mr. Herzfeld has a dispositive and/or voting power (&ldquo;Accounts&rdquo;).&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Items 4 and 5 of the Schedule 13D are hereby amended to the extent
hereinafter expressly set forth. All capitalized terms used and not expressly defined in this Amendment have the respective meanings
ascribed to them in the Schedule 13D.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 4. Purpose of Transaction.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 5.&nbsp;&nbsp;Interest in Securities of the Issuer.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The aggregate number of shares of common stock to which this Schedule
                                            13D relates is 671,642 shares representing 10.09% of the 6,654,961 shares outstanding as
                                            reported by the issuer as of January 31, 2023.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>With respect to the shares of common stock owned individually, the Reporting
                                            Person beneficially owns with sole power to vote and dispose of 206,680 shares of common
                                            stock. With respect to the Accounts, the Reporting Person beneficially owns with shared power
                                            to vote and/or dispose of 464,962 shares of common stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>On December 1, 2022 through the open market, the Advisory clients sold
                                            80 shares at $4.05. On December 13, 2022 through the open market, the Advisory clients sold
                                            2,380 shares at $4.0006. On December 14, 2022 through the open market, the Advisory clients
                                            sold 8,040 shares at $3.95. On December 16, 2022 through the open market, the Advisory clients
                                            sold 360 shares at $3.82. On December 19, 2022 through the open market, the Advisory clients
                                            sold 1,504 shares at $3.82. On December 20, 2022 through the open market, the Advisory clients
                                            sold 350 shares at $3.79. On December 20, 2022 through the open market, the Advisory clients
                                            bought 1,090 shares at $3.79. On December 21, 2022 through the open market, the Advisory
                                            clients sold 11,662 shares at $3.81. On December 21, 2022 through the open market, the Advisory
                                            clients bought 5,530 shares at $3.8099. On December 23, 2022 through the open market, the
                                            Advisory clients sold 383 shares at $3.73. On December 27, 2022 through the open market,
                                            the Advisory clients sold 6,162 shares at $3.6839. On December 28, 2022 through the open
                                            market, the Advisory clients sold 6,386 shares at $3.6377. On December 28, 2022 through the
                                            open market, the Advisory clients bought 90 shares at $3.655. On December 30, 2022 through
                                            the optional stock/cash distribution, the Advisor clients received 16,962 shares at $3.9557.
                                            On December 30, 2022 through the optional stock/cash distribution, E. Herzfeld received 5,945
                                            shares at $3.9557. On January 4, 2023 through the open market, the Advisory clients bought
                                            122 shares at $3.71. On January 10, 2023 through the open market, the Advisory clients sold
                                            21,840 shares at $3.8412. On January 13, 2023 through the open market, the Advisory clients
                                            sold 9,120 shares at $4.00. On January 19, 2023 through the open market, the Advisory clients
                                            sold 13,110 shares at $3.90. On January 19, 2023 through the open market, the Advisory clients
                                            bought 1,370 shares at $3.913. On January 27, 2023 through the open market, the Advisory
                                            clients sold 30 shares at $4.05. On January 27, 2023 through the open market, the Advisory
                                            clients bought 1,148 shares at $4.0557. On January 30, 2023 through the open market, the Advisory clients sold 250 shares at 4.0514. On January 30, 2023 through the open market,
the Advisory clients bought 1,464 shares at 4.05.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>The owner of each of the Accounts individually has the right to receive
                                            and the power to direct the receipt of dividends from, or proceeds from the sale of, the
                                            shares of common stock. To date no owner of an Account holds more than 5% of the Issuer&rsquo;s
                                            common shares.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>SIGNATURE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 35%"><FONT STYLE="font-size: 11pt">Thomas J. Herzfeld Advisors, Inc. </FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Erik M. Herzfeld
    </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Erik M. Herzfeld</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">President</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 11pt">01/31/2023</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">Date</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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