<SEC-DOCUMENT>0001398344-23-001541.txt : 20230131
<SEC-HEADER>0001398344-23-001541.hdr.sgml : 20230131
<ACCEPTANCE-DATETIME>20230131134917
ACCESSION NUMBER:		0001398344-23-001541
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:		23571633

	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 THOMAS J
		CENTRAL INDEX KEY:			0001310710

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		THE HERZFELD CARIBBEAN BASIN FUND INC
		STREET 2:		119 WASHINGTON AVENUE, SUITE 504
		CITY:			MIAMI BEACH
		STATE:			FL
		ZIP:			33139
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>fp0082020-1_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. 17)*</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; border-bottom: black 0.75pt solid">The Herzfeld Caribbean
Basin Fund, Inc.</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; border-bottom: black 0.75pt solid">Common stock</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; border-bottom: black 0.75pt solid">42804T106</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; border-bottom: black 0.75pt solid">119 Washington Avenue,
Suite 504 Miami Beach, FL 33139</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="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: black 0.75pt solid; margin-bottom: 0">01/19/2023</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;&nbsp;]</FONT></P>

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

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<TD STYLE="width: 0.25in; text-align: left">*</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="margin-top: 0; margin-bottom: 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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    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">CUSIP No. 42804T106</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">13D</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><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="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">1.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<BR>
<BR>
Thomas J. Herzfeld, et al. </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">2.</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP<BR>
(see instructions)<BR>
(a) [&nbsp;&nbsp;&nbsp;]<BR>
(b) [&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">3.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">SEC USE ONLY<BR>
&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">4.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">SOURCE OF FUNDS (see instructions)<BR>
&nbsp;<BR>
PF, OO</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">5.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: 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;]</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">6.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: 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"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD ROWSPAN="4" STYLE="border-bottom: black 1pt solid; 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%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right; width: 1%"><FONT STYLE="font-size: 11pt">7.</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; width: 2%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 82%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SOLE VOTING POWER<BR>
    <BR>
    </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">556,564</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">8.</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">SHARED VOTING POWER<BR>
&nbsp;<BR>
464,962</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">9.</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">SOLE DISPOSITIVE POWER<BR>
&nbsp;<BR>
556,564</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">10.</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><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="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; width: 2%"><FONT STYLE="font-size: 11pt">11.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 2%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 90%"><FONT STYLE="font-size: 11pt">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON <BR>
<BR>
1,021,526</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 5%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></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;]</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<BR>
    <BR>
    </P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">15.35%</P></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">14.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">TYPE OF REPORTING PERSON (see instructions) <BR>
<BR>
IN, IA </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></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"></P>
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; border-top: black 1.5pt solid">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%"><FONT STYLE="font-size: 11pt">CUSIP No. 42804T106</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-size: 11pt">13D</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 32%"><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. 17 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 August 18, 2011,
as previously amended (the &ldquo;Schedule 13D&rdquo;) by Thomas J. 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 Thomas J. 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;).</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. 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; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(a)</TD><TD>The aggregate number of shares of common stock to which this Schedule 13D relates is 1,021,526 shares representing 15.35% 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; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<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 556,564 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; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<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, T. Herzfeld received 20,077 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: 0.5in">(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: 0.5in; 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"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</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-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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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thomas J. Herzfeld Advisors, Inc. </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Thomas J. Herzfeld</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Thomas J. Herzfeld</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Chairman</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">01/31/2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Date</TD></TR>
  </TABLE>
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