<SEC-DOCUMENT>0001752724-23-119770.txt : 20230526
<SEC-HEADER>0001752724-23-119770.hdr.sgml : 20230526
<ACCEPTANCE-DATETIME>20230526102045
ACCESSION NUMBER:		0001752724-23-119770
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230526
DATE AS OF CHANGE:		20230526
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:		23963881

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST CUBA FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regFileNumber>811-06445</regFileNumber>
      <regCik>0000880406</regCik>
      <regLei>549300ML0K6PRXPULR11</regLei>
      <regStreet1>119 WASHINGTON AVENUE</regStreet1>
      <regStreet2>Suite 504</regStreet2>
      <regCity>MIAMI BEACH</regCity>
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      <regZipOrPostalCode>33139</regZipOrPostalCode>
      <regPhone>305-777-1660</regPhone>
      <seriesName>Herzfeld Caribbean Basin Fund, Inc.</seriesName>
      <seriesLei>549300ML0K6PRXPULR11</seriesLei>
      <repPdEnd>2023-06-30</repPdEnd>
      <repPdDate>2023-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>89952.69</totLiabs>
      <netAssets>32079074.56</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
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        <name>Sitios Latinoamerica S.A.B. De C.V</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Martin Marietta Materials Inc</name>
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        <name>Cuban Electric Co</name>
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        <name>Grupo Elektra S.A.B. de C.V.</name>
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        <name>Margo Caribe Inc. </name>
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        <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>4675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1432747.25000000</valUSD>
        <pctVal>4.466298575166</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>America Movil SAB de C.V. ADR Series L</title>
        <cusip>02390A101</cusip>
        <identifiers>
          <isin value="US02390A1016"/>
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        <balance>10698.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225192.90000000</valUSD>
        <pctVal>0.701993131313</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>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>1247940.90000000</valUSD>
        <pctVal>3.890202311372</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>Mastec, Inc.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MasTec, Inc. </title>
        <cusip>576323109</cusip>
        <identifiers>
          <isin value="US5763231090"/>
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        <balance>26568.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2509081.92000000</valUSD>
        <pctVal>7.821553316031</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="18.02240000"/>
        <valUSD>34462.78000000</valUSD>
        <pctVal>0.107430717602</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>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>
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      <invstOrSec>
        <name>New Fortress Energy Inc.</name>
        <lei>N/A</lei>
        <title>New Fortress Energy, Inc. </title>
        <cusip>644393100</cusip>
        <identifiers>
          <isin value="US6443931000"/>
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        <balance>73602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2166106.86000000</valUSD>
        <pctVal>6.752398221303</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>
        <name>Fuego Ent Inc</name>
        <lei>N/A</lei>
        <title>Fuego Enterprises Inc </title>
        <cusip>35953E201</cusip>
        <identifiers>
          <isin value="US35953E2019"/>
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        <balance>479175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20652.44000000</valUSD>
        <pctVal>0.064379787394</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>Caribbean Utilties</name>
        <lei>549300JWGMJO03H0G857</lei>
        <title>Caribbean Utilities Limited Class A</title>
        <cusip>G1899E146</cusip>
        <identifiers>
          <isin value="KYG1899E1465"/>
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        <balance>23200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>320624.00000000</valUSD>
        <pctVal>0.999480204456</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"/>
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        <balance>10500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1103655.00000000</valUSD>
        <pctVal>3.440420321152</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>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="18.02240000"/>
        <valUSD>33129.40000000</valUSD>
        <pctVal>0.103274176248</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>83596.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>83596.09000000</valUSD>
        <pctVal>0.260593833041</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"/>
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        <balance>16956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>572265.00000000</valUSD>
        <pctVal>1.783919916173</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>America Movil S.A.B. de C.V.</name>
        <lei>5493000FNR3UCEAONM59</lei>
        <title>America Movil SAB de C.V. </title>
        <cusip>P0280A192</cusip>
        <identifiers>
          <isin value="MX01AM050019"/>
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        <balance>209144.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.02240000"/>
        <valUSD>220488.73000000</valUSD>
        <pctVal>0.687328836708</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>
        <name>First Bancorp Puerto Rico</name>
        <lei>N/A</lei>
        <title>First BanCorporation </title>
        <cusip>318672706</cusip>
        <identifiers>
          <isin value="PR3186727065"/>
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        <balance>160604.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1834097.68000000</valUSD>
        <pctVal>5.717427030413</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>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>155645.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>860716.85000000</valUSD>
        <pctVal>2.683109976848</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>
        <name>PGT Innovations Inc</name>
        <lei>549300LRW9WM59C1S579</lei>
        <title>PGT Innovations, Inc. </title>
        <cusip>69336V101</cusip>
        <identifiers>
          <isin value="US69336V1017"/>
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        <balance>64117.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1609977.87000000</valUSD>
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        <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>
        <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>78605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754608.00000000</valUSD>
        <pctVal>2.352337186624</pctVal>
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        <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>
        <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"/>
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        <balance>473164.00000000</balance>
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        <currencyConditional curCd="MXN" exchangeRt="18.02240000"/>
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        <pctVal>3.837580250943</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>
        <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"/>
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        <balance>3872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="18.02240000"/>
        <valUSD>18313.28000000</valUSD>
        <pctVal>0.057087931155</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>
        <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>857800.00000000</valUSD>
        <pctVal>2.674017289356</pctVal>
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        <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>
        <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>0.048879215548</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>
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      <invstOrSec>
        <name>OFG Bancorp</name>
        <lei>549300Q4QEXJ37LEXQ06</lei>
        <title>OFG Bancorp </title>
        <cusip>67103X102</cusip>
        <identifiers>
          <isin value="PR67103X1020"/>
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        <balance>7541.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188072.54000000</valUSD>
        <pctVal>0.586277947788</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"/>
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        <balance>137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>516491.37000000</valUSD>
        <pctVal>1.610056951717</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>2023-05-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Susan McLauchlan</ncom:nameOfApplicant>
      <ncom:signature>Susan McLauchlan</ncom:signature>
      <ncom:signerName>Susan McLauchlan</ncom:signerName>
      <ncom:title>AVP Fund Accounting</ncom:title>
    </signature>
  </formData>
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</edgarSubmission>
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<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>herzfeld_nport.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 March 31,
2023 (unaudited)</B></P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-top: 4px solid black; border-bottom: 2px solid black">Shares or Principal Amount</TD>
    <TD STYLE="padding-left: 10pt; border-top: 4px solid black; border-bottom: 2px solid black">Description</TD>
    <TD STYLE="text-align: center; border-top: 4px solid black; border-bottom: black 2px solid">Fair Value </TD></TR>
<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Common Stocks &#8211; 99.59% of net assets</TD></TR>
<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Aerospace and Defense &#8211; 5.33%</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 11%; padding-left: 4.7pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">99,206</FONT></TD>
    <TD STYLE="width: 71%; padding-left: 3.3pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt; color: #231F20">Aersale Corp.*</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 2.45pt; font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">$1,708,327</FONT></TD></TR>
<TR><TD COLSPAN="3">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Airlines &#8211; 3.81%</TD></TR>

<TR><TD STYLE="text-align: right">13,250 </TD>
<TD STYLE="padding-left: 3.3pt">Copa Holdings, S.A.* </TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">1,223,638</TD></TR>

<TR><TD COLSPAN="3">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Banking and finance &#8211; 15.68%</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">42,089</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">731,507</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">16,956</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Evertec, Inc.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">572,265</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">1,834,098</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">7,541</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">OFG Bancorp</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">188,073</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">29,702</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Popular, Inc.</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,705,192</FONT></TD></TR>

<TR><TD COLSPAN="3">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Communications &#8211; 1.77%</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-right: 3.35pt"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;10,698</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. Class B ADR</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">225,193</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-right: 3.35pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt; color: #231F20">209,144</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Am&eacute;rica M&oacute;vil, S.A.B. de C.V. </FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">220,489</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">479,175</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Fuego Enterprises, Inc.*<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: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">207,034</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Grupo Radio Centro S.A.B. de C.V.*</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">34,463</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</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">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">31,172</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">34,289</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">33,226</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Telesites S.A.B. Series B-1</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">33,129</FONT></TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Construction and related &#8211; 22.62%</TD></TR>

  <TR>
    <TD STYLE="text-align: right">155,645 </TD><TD STYLE="padding-left: 4.5pt">Cemex, S.A.B. de C.V. ADR* </TD><TD STYLE="padding-right: 2.45pt; text-align: right">860,717 </TD></TR>

<TR>    <TD STYLE="text-align: right">20 </TD><TD STYLE="padding-left: 4.5pt">Ceramica Carabobo Class A ADR*1 </TD><TD STYLE="padding-right: 2.45pt; text-align: right">-- </TD></TR>
<TR>    <TD STYLE="text-align: right">4,000 </TD><TD STYLE="padding-left: 4.5pt">Martin Marietta Materials, Inc. </TD><TD STYLE="padding-right: 2.45pt; text-align: right">1,420,240 </TD></TR>
<TR>    <TD STYLE="text-align: right">26,568 </TD><TD STYLE="padding-left: 4.5pt">MasTec, Inc.* </TD><TD STYLE="padding-right: 2.45pt; text-align: right">2,509,082 </TD></TR>
<TR>    <TD STYLE="text-align: right">64,117 </TD><TD STYLE="padding-left: 4.5pt">PGT Innovations, Inc.*</TD><TD STYLE="padding-right: 2.45pt; text-align: right"> 1,609,978 </TD></TR>
<TR>    <TD STYLE="text-align: right">5,000 </TD><TD STYLE="padding-left: 4.5pt">Vulcan Materials Company</TD><TD STYLE="padding-right: 2.45pt; text-align: right"> 857,800</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-top: 4px solid black; border-bottom: 2px solid black">Shares or Principal Amount</TD>
    <TD STYLE="padding-left: 10pt; border-top: 4px solid black; border-bottom: 2px solid black">Description</TD>
    <TD STYLE="text-align: center; border-top: 4px solid black; border-bottom: black 2px solid">Fair Value </TD></TR>
<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Food, beverages and tobacco &#8211; 8.29%</TD></TR>

  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 3.35pt; padding-left: 1.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">473,164</FONT></TD>
    <TD STYLE="width: 71%; padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Becle, S.A.B. de C.V.</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">1,231,060</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">18,900</FONT></TD>
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 9pt; color: #231F20">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. Series UBD</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">&nbsp;&nbsp;&nbsp;179,903</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.35pt; padding-left: 5.85pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #231F20">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;1,247,941</FONT></TD></TR>
<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Housing &#8211; 3.44%</TD></TR>
<TR>
<TD STYLE="text-align: right">10,500 </TD>
<TD STYLE="padding-left: 4.5pt">Lennar Corporation</TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">1,103,655</TD></TR>

<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Investment companies - 0.05%</TD></TR>

<TR>
<TD STYLE="text-align: right">70,000 </TD>
<TD STYLE="padding-left: 4.5pt">Waterloo
Investment Holdings Ltd.*<SUP>1</SUP> </TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">15,680</TD></TR>

<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Leisure &#8211; 15.75%</TD></TR>

<TR>
<TD STYLE="text-align: right"> 6,745 </TD>
<TD STYLE="padding-left: 4.5pt">Marriott Vacations Worldwide Corporation </TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">909,631 </TD></TR>
<TR>
<TD STYLE="text-align: right">116,578 </TD>
<TD STYLE="padding-left: 4.5pt">Norwegian Cruise Line Holdings Ltd.* </TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">1,567,974 </TD></TR>
<TR>
<TD STYLE="text-align: right">78,605 </TD>
<TD STYLE="padding-left: 4.5pt">Playa Hotels and Resorts N.V.* </TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">754,608 </TD></TR>
<TR>
<TD STYLE="text-align: right">27,863 </TD>
<TD STYLE="padding-left: 4.5pt">Royal Caribbean Cruises Ltd.* </TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">1,819,454</TD></TR>




<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top"><TD COLSPAN="3">Mining - 0.06%</TD></TR>

<TR>
<TD STYLE="text-align: right">3,872 </TD>
<TD STYLE="padding-left: 4.5pt">Grupo M&eacute;xico,
S.A.B. de C.V. Series B </TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">18,313</TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Retail - 2.84%</TD></TR>

<TR>
<TD STYLE="text-align: right">1,270 </TD>
<TD STYLE="padding-left: 4.5pt">Grupo Elektra,
S.A.B. de C.V. Series CPO</TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">72,370</TD></TR>

<TR>
<TD STYLE="text-align: right">210,222 </TD>
<TD STYLE="padding-left: 4.5pt">Wal-Mart de M&eacute;xico,
S.A.B. de C.V. Series V</TD>
<TD STYLE="text-align: right; padding-right: 2.45pt">839,843</TD></TR>



<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Transportation infrastructure - 4.47%</TD></TR>

<TR>
<TD STYLE="text-align: right">4,675 </TD>
<TD STYLE="padding-left: 4.5pt">Grupo Aeroportuario
ADR</TD>
<TD STYLE="text-align: right; padding-right: 2.45pt"> 1,432,747</TD></TR>



<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Trucking and marine freight &#8211; 1.61%</TD></TR>

<TR>
<TD STYLE="text-align: right">137 </TD>
<TD STYLE="padding-left: 4.5pt">Seaboard Corporation</TD>
<TD STYLE="text-align: right; padding-right: 2.45pt"> 516,491</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-top: 4px solid black; border-bottom: 2px solid black">Shares or Principal Amount</TD>
    <TD STYLE="padding-left: 10pt; border-top: 4px solid black; border-bottom: 2px solid black">Description</TD>
    <TD STYLE="text-align: center; border-top: 4px solid black; border-bottom: black 2px solid">Fair Value </TD></TR>
<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Utilities &#8211; 12.83%</TD></TR>

<TR>
<TD STYLE="width: 11%; text-align: right">23,200 </TD>
<TD STYLE="width: 71%; padding-left: 4.5pt">Caribbean Utilities Ltd. Class A </TD>
<TD STYLE="width: 18%; text-align: right; padding-right: 2.45pt">320,624 </TD></TR>

<TR>
<TD STYLE="text-align: right; padding-left: 4.5pt">6,092 </TD><TD STYLE="padding-left: 4.5pt">Consolidated Water Company Ltd. </TD><TD STYLE="text-align: right; padding-right: 2.45pt">100,092 </TD></TR>

<TR>
<TD STYLE="text-align: right; padding-left: 4.5pt">700 </TD><TD STYLE="padding-left: 4.5pt">Cuban Electric Company*1 </TD><TD STYLE="text-align: right; padding-right: 2.45pt">-- </TD></TR>

<TR>
<TD STYLE="text-align: right; padding-left: 4.5pt">19,854 </TD><TD STYLE="padding-left: 4.5pt">NextEra Energy, Inc. </TD><TD STYLE="text-align: right; padding-right: 2.45pt">1,530,346 </TD></TR>

<TR>
<TD STYLE="text-align: right; padding-left: 4.5pt">73,602 </TD><TD STYLE="padding-left: 4.5pt">New Fortress Energy, Inc., Class A </TD><TD STYLE="text-align: right; padding-right: 2.45pt">2,166,107</TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Other &#8211; 1.04%</TD></TR>

<TR>
<TD STYLE="text-align: right; padding-left: 4.5pt">55,921 </TD><TD STYLE="padding-left: 4.5pt">Margo Caribe,
Inc.*</TD><TD STYLE="text-align: right; padding-right: 2.45pt">332,730</TD></TR>

<TR>
<TD STYLE="text-align: right; padding-left: 4.5pt">79 </TD><TD STYLE="padding-left: 4.5pt">Siderurgica Venezolana
Sivensa, S.A. Series B*<SUP>1</SUP></TD><TD STYLE="text-align: right; padding-right: 2.45pt">--</TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Total common stocks (cost $21,514,646)</B></TD><TD STYLE="text-align: right; padding-right: 2.45pt"><B><U>31,948,702</U></B></TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Bonds &#8211; 0.00% of net assets</TD></TR>

<TR>
<TD STYLE="text-align: right; padding-left: 4.5pt">$ 165,000 </TD><TD STYLE="padding-left: 4.5pt">Republic of Cuba - 4.5%, 1977
- in default*<SUP>1 </SUP></TD><TD STYLE="text-align: right; padding-right: 2.45pt"><U>--</U></TD></TR>



<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Total bonds (cost $63,038)&#9;</B></TD><TD STYLE="text-align: right; padding-right: 2.45pt"><B><U>--</U></B></TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">Money Market Funds &#8211; 0.26%</TD></TR>

<TR>
<TD STYLE="vertical-align: top; text-align: right; padding-left: 4.5pt">83,596 </TD><TD STYLE="padding-left: 4.5pt">Federated Hermes
Government Obligations Fund,<BR>Institutional Class,
4.65%<SUP>2 </SUP></TD><TD STYLE="vertical-align: bottom; text-align: right; padding-right: 2.45pt"><U>83,596</U></TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Total money market funds (cost $83,596)</B></TD><TD STYLE="text-align: right; padding-right: 2.45pt"><B><U>83,596</U></B></TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Total investments (cost $21,661,280) &#8211;
99.85% of net assets&#9;</B></TD><TD STYLE="text-align: right; padding-right: 2.45pt"><B><U>$ 32,032,298</U></B></TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Assets in excess of other liabilities &#8211;
0.15% of net assets&#9; </B></TD><TD STYLE="text-align: right; padding-right: 2.45pt"><B><U>46,777</U></B></TD></TR>


<TR><TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Net assets - 100%&#9;</B></TD><TD STYLE="text-align: right; padding-right: 2.45pt"><B><U>$ 32,079,075 </U></B></TD></TR>

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

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

<P STYLE="font: 11pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 8pt">Securities
have been fair valued in good faith using fair value methodology approved by the</FONT></P>

<P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0; text-indent: 0.25in">Board of Directors. Fair valued securities comprised 0.11%
of net assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 6.5pt">2 </FONT><FONT STYLE="font-size: 8pt">Rate
disclosed is the seven day effective yield as of March 31, 2023.</FONT></P>

<P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt TimesNewRomanPSMT,serif; margin: 0">* Non-income producing</P>

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

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

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

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

<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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