-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J1al3iTPp1ZVNMMgJBKh/zJysNVffDyleoI89xOcBixyZAlbgUFzi/Fsg84Jj/BS Wprp6Y1C7ZOMKNbsC3R6kQ== 0001144204-08-025812.txt : 20080502 0001144204-08-025812.hdr.sgml : 20080502 20080502161044 ACCESSION NUMBER: 0001144204-08-025812 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080502 DATE AS OF CHANGE: 20080502 EFFECTIVENESS DATE: 20080502 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: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06445 FILM NUMBER: 08799149 BUSINESS ADDRESS: STREET 1: P O BOX 161465 CITY: MIAMI STATE: FL ZIP: 33116 BUSINESS PHONE: 3052711900 MAIL ADDRESS: STREET 2: PO BOX 161465 CITY: MIAMI STATE: FL ZIP: 33116 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CUBA FUND INC DATE OF NAME CHANGE: 19920929 N-Q 1 v110044_nq.txt 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 ---------------- 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: 06/30/08 - -------------------------------------------------------------------------------- Date of reporting period: 03/31/08 - -------------------------------------------------------------------------------- ITEM 1. SCHEDULE OF INVESTMENTS SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2008 (unaudited) ================================================================================ Shares or Principal Amount Description Market Value - -------------------------------------------------------------------------------- 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 - ------------------------- 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 - ------------------------- Thomas J. Herzfeld Chairman and President Date: May 2, 2008 By /s/ Cecilia L. Gondor - ------------------------- Cecilia L. Gondor Treasurer Date: May 2, 2008 EX-99.CERT 2 v110044_ex-99cert.txt Exhibits: Certifications pursuant to Rule 30a-2(a) CERTIFICATIONS I, Thomas J. Herzfeld, certify that: 1. I have reviewed this report on Form N-Q of The Herzfeld Caribbean Basin Fund, Inc., 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 2, 2008 /s/Thomas J. Herzfeld --------------------------------------- Chairman and President The Herzfeld Caribbean Basin Fund, Inc. CERTIFICATIONS I, Cecilia L. Gondor, certify that: 1. I have reviewed this report on Form N-Q of The Herzfeld Caribbean Basin Fund, Inc., 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 2, 2008 /s/ Cecilia L. Gondor --------------------------------------- Treasurer The Herzfeld Caribbean Basin Fund, Inc. -----END PRIVACY-ENHANCED MESSAGE-----