0001398344-12-000517.txt : 20120214
0001398344-12-000517.hdr.sgml : 20120214
20120214084425
ACCESSION NUMBER: 0001398344-12-000517
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20111231
FILED AS OF DATE: 20120214
DATE AS OF CHANGE: 20120214
EFFECTIVENESS DATE: 20120214
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Thomas J. Herzfeld Advisors, Inc.
CENTRAL INDEX KEY: 0001509510
IRS NUMBER: 592414380
STATE OF INCORPORATION: FL
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-14375
FILM NUMBER: 12602717
BUSINESS ADDRESS:
STREET 1: PO BOX 161465
CITY: MIAMI
STATE: FL
ZIP: 33116
BUSINESS PHONE: 305-271-1900
MAIL ADDRESS:
STREET 1: PO BOX 161465
CITY: MIAMI
STATE: FL
ZIP: 33116
13F-HR
1
fp0004151_13fhr.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2011
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Thomas J. Herzfeld Advisors, Inc.
Address: PO Box 161465
Miami, FL 33116
Form 13F File Number: 028-14375
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Thomas J. Herzfeld
Title: President
Phone: (305) 271-1900
Signature, Place, and Date of Signing:
/s/ Thomas J. Herzfeld Miami, FL February 14, 2012
---------------------- --------- -----------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported
by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
-----------
Form 13F Information Table Entry Total: 274
-----------
Form 13F Information Table Value Total: $ 117,113
-----------
(thousands)
List of Other Included Managers:
Provide a numbered list of the names(s) and Form 13F file numbers(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
NONE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
----------------------------- --------------- --------- -------- ------------------- ---------- -------- ---------------------
VOTING AUTHORITY
TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
----------------------------- --------------- --------- -------- -------- --- ---- ---------- -------- --------- ------ ----
LMP Capital and Income Fund common stock 50208A102 12 988 988
Morgan Stanley China A Share
Fund common stock 617468103 156 8,038 8,038
Internet Holdings Trust common stock 46059W102 70 1,000 1,000
AllianceBernstein Income Fund common stock 01881E101 250 31,000 31,000
Avenue Income Credit
Strategies Fund common stock 05358E106 5 301 301
Adams Express common stock 006212104 2,148 222,848 222,848
Apollo Senior Floating Rate
Fund common stock 037636107 58 3,601 3,601
Alpine Total Dynamic
Dividend Fund common stock 021060108 2,910 664,390 664,390
Asia Pacific Fund common stock 044901106 9 1,000 1,000
Morgan Stanley Asia Pacific
Fund common stock 61744U106 360 27,512 27,512
BlackRock Senior High Income
Fund common stock 09255T109 15 4,000 4,000
ASA Gold and Precious Metals
Limited common stock G3156P103 183 7,000 7,000
Liberty All-Star Growth Fund common stock 529900102 29 7,665 7,665
American Strategic Income
Portfolio common stock 030098107 42 3,900 3,900
Advent Claymore Convertible
Securities and Income Fund common stock 00764C109 15 1,000 1,000
Alpine Global Premier
Properties Fund common stock 02083A103 380 71,661 71,661
Brantley Capital common stock 105494108 20 59,109 59,109
BlackRock Build America Bond
Trust common stock 09248X100 237 11,101 11,101
Bancroft Fund Ltd. common stock 059695106 436 28,834 28,834
BlackRock Resources and
Commodities/Strategies
Trust common stock 09257A108 27 2,001 2,001
BlackRock Enhanced Equity
Dividend Trust common stock 09251A104 156 22,000 22,000
BlackRock Strategic Equity
Dividend Trust common stock 09249Y107 409 41,725 41,725
BlackRock Equity Dividend
Trust common stock 09250N107 43 4,729 4,729
Blackstone/GSO Long-Short
Credit Income Fund common stock 09257D102 17 1,001 1,001
BlackRock International
Growth and Income Fund common stock 092524107 208 29,000 29,000
BlackRock Core Bond Trust common stock 09249E101 27 2,016 2,016
Boulder Growth and Income
Fund common stock 101507101 324 56,509 56,509
BlackRock Income Trust common stock 09247F100 544 74,267 74,267
BlackRock Income Opportunity common stock 092475102 10 1,000 1,000
BlackRock Credit Allocation
Income Trust III common stock 09249V103 455 43,200 43,200
BlackRock S&P Quality
Rankings Global Equity
Managed Trust common stock 09250D109 30 2,515 2,515
American Strategic Income
Portfolio II common stock 030099105 890 110,420 110,420
Boulder Total Return Fund common stock 101541100 585 38,715 38,715
John Hancock Bank & Thrift
Opportunity common stock 409735206 78 5,700 5,700
BlackRock Credit Allocation
Income Trust IV common stock 092508100 1,157 95,244 95,244
Morgan Stanley China A Share
Fund common stock 617468103 74 3,799 3,799
Central Europe and Russia
Fund common stock 153436100 203 7,101 7,101
Central Fund of Canada common stock 153501101 20 1,000 1,000
Central Securities common stock 155123102 1,020 49,871 49,871
The China Fund common stock 169373107 205 10,000 10,000
Calamos Global Dynamic
Income Fund common stock 12811L107 87 11,944 11,944
MFS Intermediate High Income
Fund common stock 59318T109 1 300 300
MFS Intermarket Income Trust
I common stock 59318R103 547 66,261 66,261
Cornerstone Total Return Fund common stock 21924U201 2 300 300
Cutwater Select Income Fund common stock 232229104 623 33,136 33,136
American Strategic Income
Portfolio III common stock 03009T101 901 138,200 138,200
Calamos Strategic Total
Return Fund common stock 128125101 2,413 288,935 288,935
The Herzfeld Caribbean Basin
Fund common stock 42804T106 1,590 247,719 207,030 40,689
Virtus Total Return Fund common stock 92829A103 4,229 1,208,153 1,208,153
Diamond Hill Financial
Trends Fund common stock 25264C101 84 10,122 10,122
DWS High Income
Opportunities Fund common stock 23339M204 154 11,095 11,095
Dividend and Income Fund common stock 25538A105 57 16,500 16,500
Ellsworth Fund common stock 289074106 41 6,254 6,254
European Equity Fund common stock 298768102 92 15,500 15,500
Engex common stock 292851102 23 12,798 12,798
Western Asset Emerging
Markets Income Fund common stock 95766E103 287 21,405 21,405
Enzo Biochem common stock 294100102 7 3,000 3,000
Eaton Vance Enhanced Equity
Income Fund common stock 278274105 177 17,422 17,422
Eaton Vance Enhanced Equity
Income Fund II common stock 278277108 31 3,000 3,000
Equus Total Return Fund common stock 294766100 351 156,631 156,631
Western Asset Emerging
Markets Debt Fund common stock 95766A101 1,952 103,265 103,265
Eaton Vance Tax-Managed
Buy-Write Income Fund common stock 27828X100 128 10,000 10,000
Aberdeen Emerging Markets
Telecommunications Fund common stock 00301T102 60 3,400 3,400
Eaton Vance Tax-Advantaged
Global Dividend Income Fund common stock 27828S101 131 10,717 10,717
Eaton Vance Risk-Managed
Diversified Equity Income
Fund common stock 27829G106 4,374 418,597 418,597
Eaton Vance Tax Advantaged
Global Dividend
Opportunity Fund common stock 27828U106 117 6,911 6,911
Eaton Vance Tax-Managed
Buy-Write Opportunities
Fund common stock 27828Y108 239 20,415 20,415
Eaton Vance Tax-Managed
Global Buy-Write
Opportunities Fund common stock 27829C105 632 61,516 61,516
Eaton Vance Tax-Managed
Diversified Equity Income
Fund common stock 27828N102 2,023 228,020 228,020
Eaton Vance Tax-Advanataged
Bond & Option Strategies
Fund common stock 27829M103 483 29,177 29,177
Eaton Vance Tax-Managed
Global Diversified Equity
Income Fund common stock 27829F108 3,561 431,642 431,642
First Trust Senior Floating
Rate Income Fund II common stock 33733U108 299 22,700 22,700
First Trust/Aberdeen
Emerging Opportunity Fund common stock 33731K102 31 1,730 1,730
Morgan Stanley Frontier
Emerging Markets Fund common stock 61757P101 110 10,504 10,504
SunAmerica Focused Alpha
Growth Fund common stock 867037103 141 7,737 7,737
SunAmerica Focused Alpha
Large-Cap Fund common stock 867038101 230 14,171 14,171
First Trust Strategic High
Income Fund II common stock 337353106 782 51,170 51,170
First Opportunity Fund common stock 33587T108 3,804 611,651 611,651
First Trust High Income
Long/Short Fund common stock 33738E109 168 11,001 11,001
Franklin Universal Trust common stock 355145103 33 5,000 5,000
Federated Enhanced Treasury
Income Fund common stock 314162108 4,154 289,504 289,504
Royce Focus Trust common stock 78080N108 171 27,124 27,124
Foxby Corp. common stock 351645106 126 101,538 101,538
Gabelli Equity Trust common stock 362397101 12 2,504 2,504
Gabelli Equity Trust
preferred D preferred stock 362397705 222 8,672 8,672
General American Investors common stock 368802104 1,620 65,053 65,053
General American Investors
preferred B preferred stock 368802401 194 7,600 7,600
Global Income & Currency Fund common stock 378968101 465 36,304 36,304
Greater China Fund common stock 39167B102 356 35,335 35,335
Gabelli Convertible & Income
Securities preferred B preferred stock 36240B307 60 2,300 2,300
GDL Fund common stock 36245G103 319 27,046 27,046
GDL Fund preferred B preferred stock 361570302 1,748 34,010 34,010
Western Asset Global
Corporate Defined
Opportunity Fund common stock 95790C107 54 3,015 3,015
Gabelli Dividend and Income
Trust common stock 36242H104 427 27,666 27,666
Gabelli Dividend & Income
Trust preferred A preferred stock 36242H203 26 1,000 1,000
Guggenheim Equal Weight
Enhanced Equity Income Fund common stock 40167M106 28 1,563 1,563
New Germany Fund common stock 644465106 508 41,469 41,469
Western Asset Variable Rate
Strategic Fund common stock 957667108 15 1,000 1,000
Guggenheim Enhanced Equity
Strategy Fund common stock 40167K100 48 3,016 3,016
Gabelli Global Multimedia
Trust common stock 36239Q109 310 49,723 49,723
Gabelli Multimedia Trust
preferred B preferred stock 36239Q307 205 7,934 7,934
Global Income Fund common stock 37934Y108 61 16,250 16,250
Clough Global Opportunities
Fund common stock 18914E106 1,111 105,115 105,115
Clough Global Equity Fund common stock 18914C100 837 69,550 69,550
Clough Global Allocation Fund common stock 18913Y103 234 18,319 18,319
GAMCO Natural Resources,
Gold & Income Trust common stock 36465E101 81 6,001 6,001
Gabelli Healthcare &
Wellness (Rx) Trust common stock 36246K103 358 50,222 50,222
Helios Advantage Income Fund common stock 42327W206 80 10,210 10,210
Highland Credit Strategies
Fund common stock 43005Q107 2 300 300
John Hancock Hedged Equity &
Income Fund common stock 47804L102 308 21,001 21,001
BlackRock High Income Shares common stock 09250E107 66 30,304 30,304
Helios Multi-Sector High
Income Fund common stock 42327Y202 3 500 500
H&Q Healthcare Investors common stock 404052102 306 21,680 21,680
H&Q Life Sciences Investors
Fund common stock 404053100 75 6,514 6,514
Helios Strategic Income Fund common stock 42328A203 178 32,510 32,510
Helios Strategic Mortgage
Income Fund common stock 42327M109 12 2,000 2,000
Invesco Insured California
Municipal Securities common stock 46130W105 57 3,971 3,971
ING Infrastructure,
Industrials and Materials
Fund common stock 45685U100 207 13,470 13,470
Aberdeen Indonesia Fund common stock 00305P106 522 44,321 44,321
CBRE Clarion Global Real
Estate Income Fund common stock 44982G104 62 9,000 9,000
Invesco California Insured
Municipal Income common stock 46130L109 167 11,000 11,000
Morgan Stanley India
Investment Fund common stock 61745C105 198 14,100 14,100
Western Asset Inflation
Management Fund common stock 95766U107 92 5,261 5,261
Cohen & Steers Global Income
Builder Fund common stock 19248M103 78 8,400 8,400
Invesco California Quality
Municipal Securities common stock 46130M107 82 6,000 6,000
Invesco New York Quality
Municipal Securities common stock 46133F109 63 4,000 4,000
New Ireland Fund common stock 645673104 127 18,278 18,278
Aberdeen Israel Fund common stock 00301L109 35 2,750 2,750
Nuveen Core Equity Alpha Fund common stock 67090X107 103 8,283 8,283
Nuveen Diversified Dividend
& Income Fund common stock 6706EP105 318 31,000 31,000
Japan Equity Fund common stock 471057109 829 165,868 165,868
Jardine Fleming China Region
Fund common stock 46614T107 150 13,567 13,567
Nuveen Tax-Advantaged
Floating Rate Fund common stock 6706EV102 204 99,336 99,336
Nuveen Multi-Currency
Short-Term Government
Income Fund common stock 67090N109 1,696 140,078 140,078
Nuveen Mortgage Opportunity
Term Trust common stock 670735109 41 2,001 2,001
Japan Smaller Capitalization
Fund common stock 47109U104 202 28,143 28,143
Nuveen Multi-Strategy Income
and Growth Fund common stock 67073B106 191 23,857 23,857
Nuveen Equity Premium &
Growth Fund common stock 6706EW100 72 6,001 6,001
Nuveen Multi-Strategy Income
and Growth Fund 2 common stock 67073D102 242 30,067 30,067
Nuveen Tax-Advantaged Total
Return Strategy Fund common stock 67090H102 48 5,000 5,000
Nuveen Tax-Advantaged
Dividend Growth Fund common stock 67073G105 52 4,268 4,268
Korea Fund common stock 500634209 1,176 32,900 32,900
Aberdeen Latin America
Equity Fund common stock 00306K106 3 88 88
DWS Global High Income Fund common stock 23338W104 50 6,600 6,600
Malaysia Fund common stock 560905101 33 3,640 3,640
BlackRock MuniYield
California Quality Fund common stock 09254N103 163 11,400 11,400
Madison/Claymore Covered
Call & Equity Strategy Fund common stock 556582104 37 5,000 5,000
MFS Charter Income Fund common stock 552727109 157 17,200 17,200
MFS Government Markets
Income Trust common stock 552939100 42 6,000 6,000
Macquarie Global
Infrastructure Total
Return Fund common stock 55608D101 410 24,133 24,133
American Income Fund common stock 02672T109 49 6,400 6,400
Morgan Stanley Emerging
Markets Debt Fund common stock 61744H105 562 53,999 53,999
Morgan Stanley Emerging
Markets common stock 61744G107 307 23,724 23,724
Madison Strategic Sector
Premium Fund common stock 558268108 75 7,043 7,043
Montgomery Street Income
Securities common stock 614115103 713 46,222 46,222
Mexico Equity & Income Fund common stock 592834105 166 16,696 16,696
Mexico Fund common stock 592835102 71 3,256 3,256
Nuveen California Premium
Income Municipal preferred
C preferred stock 6706L0300 10 1,000 1,000
Nuveen Georgia Dividend
Advantage Municipal 2
preferred C preferred stock 67072B305 25 2,500 2,500
Nuveen Arizona Dividend
Advantage Municipal Fund 2 common stock 67071P107 9 662 662
Nuveen Michigan Premium
Income Municipal Fund common stock 67101Q109 314 22,221 22,221
Nuveen Maryland Premium
Income Municipal Fund
preferred C preferred stock 67061Q404 20 2,000 2,000
Nuveen Georgia Premium
Income Municipal Fund
preferred C preferred stock 67060F300 10 1,000 1,000
Nuveen Virginia Premium
Income Municipal preferred
C preferred stock 67064R409 25 2,500 2,500
Nuveen Pennsylvania Premium
Income Municipal 2 common stock 67061F101 28 2,000 2,000
Neuberger Berman Real Estate
Securities Income Fund common stock 64190A103 492 131,184 131,184
Nuveen Michigan Quality
Income Municipal Fund common stock 670979103 88 6,000 6,000
Nuveen Pennsylvania Dividend
Advantage Municipal Fund 2
preferred C preferred stock 67071W300 10 1,000 1,000
Nuveen New York Dividend
Advantage Municipal Fund 2 common stock 67070A101 29 2,000 2,000
Nuveen Pennsylvania Dividend
Advantage Municipal Fund common stock 67070E103 27 1,900 1,900
Nuveen California Dividend
Advantage Municipal Fund 3 common stock 67070Y109 27 2,000 2,000
Nuveen Michigan Dividend
Advantage Municipal Fund common stock 67070W103 68 5,000 5,000
Nuveen Georgia Dividend
Advantage Municipal
preferred C preferred stock 67070T308 20 2,000 2,000
Invesco Municipal Income
Opportunities Trust II common stock 46133A100 39 5,205 5,205
John Hancock Premium
Dividend Fund common stock 41013T105 16 1,217 1,217
Petroleum & Resources Corp. common stock 716549100 2,248 91,830 91,830
Putnam Premier Income Trust common stock 746853100 5 1,000 1,000
BlackRock Credit Allocation
Income Trust I common stock 09255J101 216 23,200 23,200
BlackRock Credit Allocation
Income Trust II common stock 09255H105 804 81,800 81,800
RMR Asia Pacific Real Estate
Fund common stock 76970B101 1,021 72,792 72,792
RENN Global Entrepreneurs
Fund common stock 759720105 226 124,129 124,129
Royce Focus Trust preferred A preferred stock 78080N306 26 1,000 1,000
RMR Real Estate Fund common stock 74964K609 1,972 69,906 69,906
LMP Real Estate Income Fund common stock 50208C108 56 6,000 6,000
Royce Micro-Cap Trust, Inc. common stock 780915104 683 77,875 77,875
Royce MicroCap Trust
preferred A preferred stock 780915302 66 2,600 2,600
Morgan Stanley Eastern
Europe Fund common stock 616988101 40 3,000 3,000
Cohen & Steers Quality
Income Realty Fund common stock 19247L106 102 12,000 12,000
Royce Value Trust common stock 780910105 1,844 150,248 150,248
Royce Value Trust preferred B preferred stock 780910402 122 4,739 4,739
Starbucks Corp. common stock 855244109 28 600 600
Western Asset Worldwide
Income Fund common stock 957668106 795 57,692 57,692
LMP Capital and Income Fund common stock 50208A102 82 6,666 6,666
Singapore Fund common stock 82929L109 105 9,656 9,656
American Select Portfolio common stock 029570108 160 15,998 15,998
Source Capital common stock 836144105 320 6,808 6,808
Special Opportunities Fund common stock 84741T104 29 2,000 2,000
Swiss Helvetia Fund common stock 870875101 73 7,324 7,324
Templeton Dragon Fund common stock 88018T101 41 1,600 1,600
Thai Capital Fund common stock 882905201 120 14,000 14,000
Tim Hortons Inc. common stock 88706M103 1 13 13
Turkish Investment Fund common stock 900145103 126 11,400 11,400
LMP Corporate Loan Fund common stock 50208B100 101 9,053 9,053
Tortoise Capital Resources
Corp. common stock 89147N304 4 510 510
Tuxis Corp. common stock 901144105 9 7,900 7,900
Taiwan Fund common stock 874036106 117 8,100 8,100
Tri-Continental Corp. common stock 895436103 3,645 256,119 256,119
Tri-Continental Corp.
preferred preferred stock 895436202 23 500 500
Liberty All-Star Equity Fund common stock 530158104 1,463 346,578 346,578
Cohen & Steers Select
Utility Fund common stock 19248A109 949 60,047 60,047
Delaware Investments
Colorado Municipal Income
Fund. common stock 246101109 54 4,000 4,000
Delaware Investments
Minnesota Municipal Income
II common stock 24610V103 160 11,814 11,814
Western Asset/Claymore US
Tsy. Inflation-Linked
Securities & Income Fund common stock 95766Q106 38 3,000 3,000
Western Asset/Claymore US
Tsy. Inflation Linked
Opportunities & Income Fund common stock 95766R104 223 17,682 17,682
VelocityShares Daily Inverse
VIX Short common stock 22542D795 326 50,000 50,000
Zweig Fund common stock 989834106 227 78,161 78,161
Zweig Total Return Fund common stock 989837109 1,117 368,653 368,653
JZ Capital Partners common stock G5216J134 317 60,000 60,000
AMERICA MOVIL ADR SERIES L common stock 02364W105 1,010 44,690 44,690
ATLANTIC TELE NETWORK INC common stock 049079205 496 12,698 12,698
BANCOLOMBIA S.A. SPONS ADR common stock 05968L102 1,178 19,780 19,780
BCB HOLDINGS LTD common stock 072536907 30 70,348 70,348
CARNIVAL CORP common stock 143658300 1,338 41,000 41,000
CEMEX SAB SPONS ADR PART CER common stock 151290889 299 55,438 55,438
CHIQUITA BRANDS INTL common stock 170032809 167 20,000 20,000
COCA COLA FEMSA SAB SP ADR common stock 191241108 2,142 22,500 22,500
FOMENTO ECONOMICO MEX SP ADR common stock 344419106 418 6,000 6,000
FOMENTO ECONOMICO MEXICA UBD common stock 224205906 132 18,900 18,900
CEMEX SAB CPO common stock 240645903 30 55,790 55,790
KIMBERLY CLARK MEXICO CL A common stock 249191008 33 6,100 6,100
DORAL FINANCIAL CORP common stock 25811P886 11 11,500 11,500
GRUPO AEROPORTUARIO DE SUR B common stock 263934903 4 700 700
GRUPO MEXICO SA SER B common stock 264367905 10 3,872 3,872
AMERICA MOVIL SAB DE C SER A common stock 264997909 76 71,200 71,200
AMERICA MOVIL SAB DE C SER L common stock 266747906 236 209,144 209,144
GRUPO ELEKTRA SA common stock 296708902 127 1,270 1,270
FUEGO ENTERPRISES INC common stock 35953E102 4 377,100 377,100
GELTECH SOLUTIONS INC common stock 368537106 14 25,000 25,000
GRUPO CASA SABA SA SPON ADR common stock 40048P104 111 15,273 15,273
GRUPO RADIO CENTRO SAB SP AD common stock 40049C102 214 23,666 23,666
GRUPO TELEVISA SA SPON ADR common stock 40049J206 682 32,400 32,400
GRUPO TMM SA SP ADR A common stock 40051D303 18 12,280 12,280
LENNAR CORP A common stock 526057104 737 37,500 37,500
MARGO CARIBE INC common stock 566605101 132 64,239 64,239
MASTEC INC common stock 576323109 1,288 74,132 74,132
NORFOLK SOUTHERN CORP common stock 655844108 1,348 18,500 18,500
POPULAR INC common stock 733174106 83 60,000 60,000
PRICEMART INC common stock 741511109 835 12,000 12,000
RAILAMERICA INC common stock 750753402 447 30,000 30,000
SEABOARD CORP common stock 811543107 2,690 1,321 1,321
SEACOR HOLDINGS INC common stock 811904101 178 2,000 2,000
SPANISH BROADCASTING SYS A common stock 846425882 24 8,030 8,030
TECO ENERGY INC common stock 872375100 871 45,500 45,500
TRAILER BRIDGE INC common stock 892782103 8 93,687 93,687
W HOLDING COMPANY INC common stock 929251874 0 3,844 3,844
WATSCO INC common stock 942622200 1,845 28,100 28,100
WESTERN UNION CO common stock 959802109 365 20,000 20,000
WALMART DE MEXICO SER V common stock B02YZ0905 248 90,222 90,222
SHELLSHOCK LTD common stock B27W7V903 2 3,250 3,250
IMPELLAM GROUP PLC common stock B2Q2M0909 54 13,000 13,000
SHELLPROOF LTD common stock B2R9C9905 3 4,420 4,420
CARIBBEAN UTILITIES CO LTD A common stock G1899E146 115 12,000 12,000
CONSOLIDATED WATER CO ORD SH common stock G23773107 573 66,841 66,841
FRESH DEL MONTE PRODUCE INC common stock G36738105 492 19,690 19,690
BANCO LATINOAMERICANO COME E common stock P16994132 674 42,000 42,000
COPA HOLDINGS SA CLASS A common stock P31076105 1,672 28,500 28,500
STEINER LEISURE LTD common stock P8744Y102 659 14,527 14,527
ULTRAPETROL (BAHAMAS) LTD common stock P94398107 83 28,000 28,000
ROYAL CARIBBEAN CRUISES LTD common stock V7780T103 1,090 44,000 44,000
TEEKAY LNG PARTNERS LP common stock Y8564M105 277 8,361 8,361
TEEKAY CORP common stock Y8564W103 535 20,000 20,000
GARMIN LIMITED common stock H2906T109 80 2,000 2,000
HOMEX DEVELOPMENT CORP. ADR common stock 25030W100 69 4,100 4,100
FREEPORT MCMORAN COPPER common stock 35671D857 74 2,000 2,000