FORM N-Q
QUARTERLY SCHEDULE OF PORFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-06445
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The Herzfeld Caribbean Basin Fund, Inc.
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(Exact name of registrant as specified in charter)
P.O. BOX 161465, MIAMI, FLORIDA 33116
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(Address of principal executive offices) (Zip code)
THOMAS J. HERZFELD
P.O. BOX 161465, MIAMI, FL 33116
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(Name and address of agent for service)
Registrant's telephone number, including area code: 305-271-1900
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Date of fiscal year end: 06/30/06
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Date of reporting period: 03/31/06
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ITEM 1. SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2006 (unaudited)
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Shares or
Principal Amount Description Market Value
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Common stocks - 100.17% of net assets
Banking and finance - 5.53%
10,000 Bancolombia, S.A $ 349,000
22,920 Banco Latinoamericano de Exportaciones, S.A 389,869
2,000 Doral Financial Corp. 23,100
16,400 Grupo Financiero Banorte, S.A. de C.V. Series O 38,840
9,900 Grupo Financiero Inbursa, S.A. de C.V. Series O* 14,722
Communications - 11.99%
35,600 America Movil, S.A. de C.V. Series A 60,455
137,300 America Movil, S.A. de C.V. Series L 234,925
12,500 America Telecom, S.A. de C.V. Series A1* 72,838
4,100 Atlantic Tele-Network, Inc. 233,700
11,900 Carso Global Telecom, S.A. de C.V. Series A1* 26,871
7,000 Garmin Ltd. 556,010
725 Grupo Iusacell, S.A. de C.V. * 1,867
16,800 Grupo Radio Centro, S.A. ADR 96,600
14,300 Grupo Televisa, S.A. ADR 284,570
13,400 Grupo Televisa, S.A. Series CPO 53,199
1,000 Telefonos de Mexico ADR 22,480
23,800 Telefonos de Mexico, S.A. de C.V. Series A 26,653
78,600 Telefonos de Mexico, S.A. de C.V. Series L 88,528
13,900 TV Azteca, S.A. de C.V. Series CPO 8,740
Conglomerates and holdings companies - 2.31%
5,400 Alfa, S.A. de C.V. Series A 30,728
42,595 BB Holdings Ltd.* 195,937
13,000 Carlisle Group Ltd.* 26,429
3,200 Corporacion Interamericana de Entretenimiento,
S.A. de C.V. Series B* 6,316
1,580 Desc, S.A. de C.V. Series B* 1,826
11,000 Grupo Carso, S.A. de C.V. Series A1 25,435
600 Grupo Imsa, S.A. de C.V. Series UBC 2,054
2,525 OneSource Services, Inc. 31,151
3,300 U.S. Commercial Corp., S.A. de C.V.* 1,045
2,900 Vitro, S.A. Series A 2,662
6,000 Vitro, S.A. ADR 16,500
Construction and related - 11.88%
22,716 Cemex, S.A. de C.V. Series CPO 148,048
1,500 Cemex S.A. de C.V. ADR 97,920
2,032 Ceramica Carabobo Class A ADR* 4,228
4,300 Consorcio ARA, S.A. de C.V. 19,104
3,583 Empresas ICA, Sociedad Controladora, S.A. de C.V.* 11,051
800 Grupo Cementos de Chihuahua, S.A. de C.V 2,497
20,600 Florida Rock Industries, Inc. 1,158,132
21,950 Mastec, Inc.* 311,032
Consumer products and related manufacturing - 9.55%
800,000 Atlas Electricas, S.A 35,594
5,900 Grupo Casa Saba, S.A. ADR 129,682
17,500 Watsco Incorporated 1,243,375
Food, beverages and tobacco - 1.86%
300 Alsea, S.A. de C.V. 1,033
4,800 Coca-Cola Femsa, S.A. de C.V. ADR 159,360
200 Coca-Cola Femsa, S.A. de C.V., Series L 664
6,300 Fomento Economico Mexicano, S.A. de C.V. Series UBD 58,003
800 Gruma S.A. de C.V. Series B 2,350
7,600 Grupo Bimbo, S.A. de C.V. Series A 24,947
7,700 Grupo Modelo, S.A. de C.V. Series C 28,096
Housing - 0.08%
1,700 Corporacion Geo S.A. de C.V., Series B* 6,258
100 Desarrolladora Homex, S.A. de C.V. 587
400 Sare Holding, S.A. de C.V. Series B* 466
500 Urbi Dessarrollos Urbanos, S.A. de C.V.* 3,783
Investment companies - 1.82%
4,000 The Mexico Fund 121,920
11,000 Salomon Brothers Worldwide Income Fund 146,410
Leisure - 9.22%
10,500 Carnival Corp. 497,385
20,500 Royal Caribbean Cruises Ltd. 861,410
Medical - 3.50%
25,159 CancerVax Corp. 71,200
11,160 Orthofix International N.V.* 444,391
Mining - 0.02%
1,200 Grupo Mexico, S.A. de C.V., Series B 3,409
Pulp and paper - 0.14%
6,100 Kimberly-Clark de Mexico, S.A. de C.V. Series A 20,830
Railroad and landholdings - 18.10%
49,500 Florida East Coast Industries Inc. 2,668,050
Retail - 0.95%
3,700 Controladora Comercial Mexicana, S.A. de C.V
Series UBC 6,317
1,380 Grupo Elektra, S.A. de C.V. Series CPO 13,871
44,612 Wal-Mart de Mexico, S.A. de C.V. Series V 119,372
Service - 0.01%
700 Grupo Aeroportuario del Sureste, S.A. de C.V. Series B 2,332
100 Promotora Ambiental S.A. de C.V.* 133
Trucking and marine freight - 10.70%
14,800 Grupo TMM, S.A. ADR* 72,816
700 Seaboard Corporation 1,115,800
41,799 Trailer Bridge, Inc.* 388,731
Utilities - 9.27%
12,000 Caribbean Utilities Ltd. Class A 145,080
49,600 Consolidated Water, Inc. 1,214,704
700 Cuba Electric Company* 6,930
Other - 3.24%
3,000 Copa Holdings 68,550
54,921 Margo Caribe, Inc.* 390,488
100 Mexichem S.A. de C.V. 128
843 Siderurgica Venezolana Sivensa ADR 3,438
75 Siderurgica Venezolana Sivensa Series B 306
45,000 Xcelera, Inc.* 14,175
Total common stocks (cost $8,374,039) $ 14,767,436
Bonds - 0% of net assets
165,000 Republic of Cuba - 4.5%, 1977 -
in default (cost $63,038)* --
Other assets less liabilities - (0.17%) of net assets $ (24,687)
Net assets - 100% (applicable to 1,677,636 shares; equivalent
to $8.79 per share) (a) $ 14,742,739
*Non-income producing
(a) The cost for federal income tax purposes was $8,374,039. At March 31,
2006, net unrealized gain for all securities based on tax cost was $6,393,397.
This consisted of aggregate gross unrealized appreciation for all securities in
which there was an excess value over tax cost of $6,798,642 and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value of $405,245.
ITEM 2. CONTROLS AND PROCEDURES
(a) The registrant's principal executive and principal financial officer
have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of this
Form N-Q that includes the disclosure required by this paragraph
based on their evaluation of the controls and procedures required by
Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17
CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS
The certifications required by Rule 30a-2 of the Investment Company Act of 1940,
as amended, is attached as an exhibit to this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
The Herzfeld Caribbean Basin Fund, Inc.
By /s/ Thomas J. Herzfeld
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Thomas J. Herzfeld
Chairman and President
Date: May 2, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By /s/ Thomas J. Herzfeld
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Thomas J. Herzfeld
Chairman and President
Date: May 2, 2006
By /s/ Cecilia L. Gondor
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Cecilia L. Gondor
Treasurer
Date: May 2, 2006