N-Q 1 v073630_n-q.txt FORM N-Q QUARTERLY SCHEDULE OF PORFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-06445 ---------------- The Herzfeld Caribbean Basin Fund, Inc. -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) P.O. BOX 161465, MIAMI, FLORIDA 33116 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) THOMAS J. HERZFELD P.O. BOX 161465, MIAMI, FL 33116 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 305-271-1900 -------------------------------------------------------------------------------- Date of fiscal year end: 06/30/07 -------------------------------------------------------------------------------- Date of reporting period: 03/31/07 -------------------------------------------------------------------------------- ITEM 1. SCHEDULE OF INVESTMENTS SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2007 (unaudited) ================================================================================ Shares or Principal Amount Description Market Value -------------------------------------------------------------------------------- Common stocks - 96.61% of net assets Banking and finance - 4.91% 8,500 Bancolombia, S.A $ 235,365 19,720 Banco Latinoamericano de Exportaciones, S.A 328,141 30,000 Doral Financial Corp. 49,200 16,400 Grupo Financiero Banorte, S.A. de C.V. Series O 77,900 9,900 Grupo Financiero Inbursa, S.A. de C.V. Series O 19,421 Communications - 14.50% 35,600 America Movil, S.A. de C.V. Series A 85,423 50,891 America Movil, S.A. de C.V. Series L 121,790 2,000 America Movil, S.A.B de C.V. 95,580 10,250 Atlantic Tele-Network, Inc. 267,833 11,900 Carso Global Telecom, S.A. de C.V. Series A1 54,255 141,000 Fuego Entertainment, Inc. 19,740 10,000 Garmin Ltd. 541,500 725 Grupo Iusacell, S.A. de C.V. 11,655 16,800 Grupo Radio Centro, S.A. de C.V. ADR 214,704 12,900 Grupo Televisa, S.A. ADR 384,420 13,400 Grupo Televisa, S.A. Series CPO 79,995 1,000 Telefonos de Mexico S.A. de C.V. ADR 33,400 23,800 Telefonos de Mexico, S.A. de C.V. Series A 39,773 78,600 Telefonos de Mexico, S.A. de C.V. Series L 131,708 13,900 TV Azteca, S.A. de C.V. Series CPO 13,003 Conglomerates and holdings companies - 2.62% 250,000 Admiralty Holding Co. 3,750 5,400 Alfa, S.A. de C.V. Series A 39,510 42,595 BB Holdings Ltd. 177,018 13,000 Carlisle Group Ltd. 26,567 3,200 Corporacion Interamericana de Entretenimiento, S.A. de C.V. Series B 9,012 1,580 Desc, S.A. de C.V. Series B 2,683 11,000 Grupo Carso, S.A. de C.V. Series A1 40,661 600 Grupo Imsa, S.A.B. de C.V. Series UBC 2,937 2,525 OneSource Services, Inc. 30,936 3,300 U.S. Commercial Corp., S.A. de C.V. 405 2,900 Vitro, S.A. Series A 6,400 6,000 Vitro, S.A. ADR 38,580 Construction and related - 3.92% 46,718 Cemex, S.A. de C.V. Series CPO 153,768 4,000 Cemex, S.A. de C.V. ADR 131,000 2,032 Ceramica Carabobo Class A ADR 2,541 17,200 Consorcio ARA, S.A. de C.V. 29,681 3,583 Empresas ICA, Sociedad Controladora, S.A. de C.V. 13,879 800 Grupo Cementos de Chihuahua, S.A. de C.V 4,152 20,950 Mastec, Inc. 230,660 Consumer products and related manufacturing - 6.03% 800,000 Atlas Electricas, S.A 61,678 5,900 Grupo Casa Saba, S.A. ADR 196,104 12,000 Watsco Incorporated 612,840 Food, beverages and tobacco - 2.18% 1,200 Alsea, S.A. de C.V. 2,229 4,500 Coca-Cola Femsa, S.A. de C.V. ADR 162,540 200 Coca-Cola Femsa, S.A. de C.V., Series L 727 6,300 Fomento Economico Mexicano, S.A. de C.V. Series UBD 69,680 800 Gruma S.A. de C.V. Series B 2,529 7,600 Grupo Bimbo, S.A. de C.V. Series A 38,323 7,700 Grupo Modelo, S.A. de C.V. Series C 39,547 Housing - 0.12% 1,700 Corporacion Geo S.A. de C.V., Series B 9,881 100 Desarrolladora Homex, S.A. de C.V. 970 400 Sare Holding, S.A. de C.V. Series B 663 1,500 Urbi Dessarrollos Urbanos, S.A. de C.V. 6,219 Investment companies - 4.55% 1,000 iShares MSCI Mexico Index Fund 54,320 1,400 Latin America Equity Fund 61,726 1,000 The Mexico Fund 39,760 19,000 Western Asset Worldwide Income Fund 259,350 13,575 Western Asset Emerging Markets Debt Fund 241,907 Leisure - 7.34% 10,500 Carnival Corp. 492,030 13,500 Royal Caribbean Cruises Ltd. 569,160 Medical - 3.57% 8,386 Micromet, Inc. 22,642 9,660 Orthofix International N.V. 493,143 Mining - 0.04% 1,200 Grupo Mexico, S.A. de C.V., Series B 5,558 Pulp and paper - 0.19% 6,100 Kimberly-Clark de Mexico, S.A. de C.V. Series A 27,285 Railroad and landholdings - 18.01% 41,500 Florida East Coast Industries Inc. 2,601,635 Retail - 1.54% 3,700 Controladora Comercial Mexicana, S.A. de C.V Series UBC 10,417 1,380 Grupo Elektra, S.A. de C.V. Series CPO 21,495 44,612 Wal-Mart de Mexico, S.A. de C.V. Series V 190,960 Service - 0.02% 700 Grupo Aeroportuario del Sureste, S.A. de C.V. Series B 3,312 100 Promotora Ambiental S.A. de C.V. 214 Trucking and marine freight - 13.84% 14,800 Grupo TMM, S.A. ADR 41,588 700 Seaboard Corporation 1,582,000 42,699 Trailer Bridge, Inc. 375,324 Utilities - 8.58% 12,000 Caribbean Utilities Ltd. Class A 142,200 42,241 Consolidated Water, Inc. 1,001,534 700 Cuba Electric Company 10,500 5,000 Teco Energy Inc. 86,050 Other - 4.65% 8,000 Copa Holdings, S.A. 411,920 55,921 Margo Caribe, Inc. 251,645 100 Mexichem S.A. de C.V. 262 843 Siderurgica Venezolana Sivensa ADR 2,699 75 Siderurgica Venezolana Sivensa Series B 240 45,000 Xcelera, Inc. 4,500 Total common stocks (cost $8,168,691) $ 13,958,252 Bonds - 0% of net assets 165,000 Republic of Cuba - 4.5%, 1977 - in default (cost $63,038) -- Other assets less liabilities - 3.39% of net assets $ 489,548 Net assets - 100% (applicable to 1,687,556 shares; equivalent to $8.56 per share) (a) $ 14,447,800 (a) The cost for federal income tax purposes was $8,231,729. At March 31,2007, net unrealized gain for all securities based on tax cost was $5,726,523. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess value over tax cost of $6,346,053 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $619,530. The cost of securities owned for financial statement purposes is lower than the cost basis for income tax purposes by approximately $10,340 due to wash sale adjustments. 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 ------------------------- Thomas J. Herzfeld Chairman and President Date: May 4, 2007 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 ------------------------- Thomas J. Herzfeld Chairman and President Date: May 4, 2007 By /s/ Cecilia L. Gondor ------------------------ Cecilia L. Gondor Treasurer Date: May 4, 2007