UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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: 06/30/08
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Date of reporting period: 03/31/08
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ITEM 1. SCHEDULE OF INVESTMENTS
SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2008 (unaudited)
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Shares or
Principal Amount Description Market Value
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Common stocks - 100.41% of net assets
Banking and finance - 9.66%
34,500 Bancolombia, S.A $ 1,223,370
44,420 Banco Latinoamericano de Exportaciones, S.A 684,068
6,500 Doral Financial Corp. 131,170
16,400 Grupo Financiero Banorte, S.A. de C.V. Series O 70,879
9,900 Grupo Financiero Inbursa, S.A. de C.V. Series O 29,700
40,000 Popular, Inc. 466,400
192,200 W Holding Co., Inc. 228,718
Communications - 18.60%
35,600 America Movil, S.A. de C.V. Series A 113,309
50,891 America Movil, S.A. de C.V. Series L 161,739
18,000 America Movil 1,146,420
30,819 Atlantic Tele-Network, Inc. 1,042,607
11,900 Carso Global Telecom, S.A. de C.V. Series A1 62,542
176,000 Fuego Entertainment 17,600
17,000 Garmin Ltd. 918,170
871 Grupo Iusacell, S.A. de C.V. Series V 10,003
21,120 Grupo Radio Centro, S.A. ADR 229,363
32,400 Grupo Televisa, S.A. ADR 785,376
13,400 Grupo Televisa, S.A. Series CPO 64,697
80,304 Spanish Broadcasting System Inc. 142,138
15,000 Telefonos de Mexico ADR 564,000
23,800 Telefonos de Mexico, S.A. de C.V. Series A 44,625
78,600 Telefonos de Mexico, S.A. de C.V. Series L 148,113
13,900 TV Azteca, S.A. de C.V. Series CPO 8,001
Conglomerates and holdings companies - 1.80%
250,000 Admiralty Holding Co. 275
5,400 Alfa, S.A. de C.V. Series A 36,045
42,595 BB Holdings Ltd. 222,226
13,000 Carlisle Group Ltd. 22,349
30,300 Cockleshell Ltd. Ord. 35,229
3,200 Corporacion Interamericana de Entretenimiento,
S.A. de C.V. Series B 6,900
20 Dermet de Mexico Com Serie B 2
11,000 Grupo Carso, S.A. de C.V. Series A1 46,407
1,580 Grupo Kuo SAB de CV 1,592
3,250 Shellshock Ltd. Ord. 4,296
2,900 Vitro, S.A. Series A 5,217
27,918 Vitro, S.A. ADR 146,570
Construction and related - 4.35%
47,864 Cemex, S.A. de C.V. Series CPO 125,644
21,098 Cemex S.A. de C.V. ADR 551,080
2,032 Ceramica Carabobo Class A ADR 4,732
17,200 Consorcio ARA, S.A. de C.V. 17,480
1,580 Dine S.A.B de C.V. 1,555
3,583 Empresas ICA, Sociedad Controladora, S.A. de C.V. 21,250
800 Grupo Cementos de Chihuahua, S.A. de C.V 4,350
67,132 Mastec, Inc. 551,154
Consumer products and related manufacturing - 6.28%
800,000 Atlas Electricas, S.A 116,444
13,273 Grupo Casa Saba, S.A. ADR 442,655
31,000 Watsco Incorporated 1,284,020
Food, beverages and tobacco - 5.10%
1,200 Alsea, S.A. de C.V. 1,446
19,500 Coca-Cola Femsa, S.A. de C.V. ADR 1,098,435
200 Coca-Cola Femsa, S.A. de C.V., Series L 1,136
18,900 Fomento Economico Mexicano, S.A. de C.V. Series UBD 78,636
6,500 Fresh Del Monte Produce Inc. 236,600
800 Gruma S.A. de C.V. Series B 1,891
7,600 Grupo Bimbo, S.A. de C.V. Series A 45,600
7,700 Grupo Modelo, S.A.Series B 33,640
Housing - 2.00%
1,700 Corporacion Geo S.A. de C.V., Series B 5,419
100 Desarrolladora Homex, S.A. de C.V. 970
30,500 Lennar Corp. 573,705
400 Sare Holding, S.A. de C.V. Series B 551
1,500 Urbi Dessarrollos Urbanos, S.A. de C.V. 4,922
Investment companies - 8.89%
8,000 iShares MSCI Mexico 472,800
21,140 The Mexico Fund 732,290
18,110 Latin America Equity Fund 819,296
17,729 Western Asset Emerging Markets Debt Fund 308,307
2,300 Western Asset Emerging Markets Fund 27,784
19,000 Western Asset Worldwide Income Fund 247,000
Leisure - 10.49%
37,500 Carnival Corp. 1,518,000
33,500 Royal Caribbean Cruises Ltd. 1,102,150
13,900 Steiner Leisure Ltd. 458,700
Medical - 3.39%
8,386 Micromet, Inc. 14,676
24,660 Orthofix International N.V. 980,728
Mining - 0.03%
1,200 Grupo Mexico, S.A. de C.V., Series B 7,948
Pulp and paper - 0.09%
6,100 Kimberly-Clark de Mexico, S.A. de C.V. Series A 26,999
Railroad - 3.15%
17,000 Norfolk Southern Corp 923,440
Retail - 0.81%
3,700 Controladora Comercial Mexicana, S.A. de C.V
Series UBC 10,406
1,270 Grupo Elektra, S.A. de C.V. Series CPO 34,945
45,111 Wal-Mart de Mexico, S.A. de C.V. Series V 191,793
Service - 0.01%
700 Grupo Aeroportuario del Sureste, S.A. de C.V. Series B 4,003
100 Promotora Ambiental S.A. de C.V. 291
Trucking and marine freight - 13.48%
59,800 Grupo TMM, S.A. ADR 119,600
1,201 Seaboard Corporation 1,879,565
21,000 Teekay Corporation 891,870
8,361 Teekay LNG Partners LP 240,128
66,397 Trailer Bridge, Inc. 588,941
23,000 Ultrapetrol Bahamas Ltd. 235,520
Utilities - 7.91%
12,000 Caribbean Utilities Ltd. Class A 147,000
68,241 Consolidated Water, Inc. 1,503,349
700 Cuba Electric Company 9,800
41,500 Teco energy Inc. 661,925
Other - 4.37%
32,000 Copa Holdings 1,219,520
55,921 Margo Caribe, Inc. 55,921
100 Mexichem S.A. de C.V. 514
843 Siderurgica Venezolana Sivensa ADR 6,281
75 Siderurgica Venezolana Sivensa Series B 559
Total common stocks (cost $27,582,495) $ 29,465,480
Bonds and fixed income - 0.00% of net assets
165,000 Republic of Cuba - 4.5%, 1977 -
in default (cost $63,038) --
Other assets less liabilities - (0.41%) of net assets ($ 119,377)
Net assets - 100% (applicable to 3,713,071 shares; equivalent
to $7.90 per share) (a) $ 29,346,103
(a) The cost for federal income tax purposes was $29,645,533. At March 31, 2008,
net unrealized gain for all securities based on tax cost was $1,819,947.
This consisted of aggregate gross unrealized appreciation for all securities in
which there was an excess value over tax cost of $4,143,407 and aggregate gross
unrealized depreciation for all securities in which there was an excess of tax
cost over value of $2,323,460.
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, are 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, 2008
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, 2008
By /s/ Cecilia L. Gondor
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Cecilia L. Gondor
Treasurer
Date: May 2, 2008