Herzfeld Caribbean Basin Fund, Inc.    
Schedule of Investments as of March 31, 2024 (Unaudited)  
     
Shares or Principal Amount Description Fair Value
     
Common Stocks –  103.20% of net assets  
     
Aerospace and Defense – 1.75%    
129,206 Aersale Corp.*  $                    927,699
Airlines – 3.19%    
16,250 Copa Holdings, S.A.                    1,692,600
Banking and finance – 18.21%    
70,089 Banco Latinoamericano de Comercio Exterior, S.A.                    2,076,036
16,956 Evertec, Inc.                        676,544
150,604 First BanCorp. (Puerto Rico)                    2,641,594
47,454 OFG Bancorp                    1,746,782
28,523 Popular, Inc.                    2,512,591
Communications – 0.88%    
10,698 América Móvil, S.A.B. de C.V. Class B ADR                        199,625
209,144 América Móvil, S.A.B. de C.V.                         196,007
479,175 Fuego Enterprises, Inc.*1                          20,652
207,033 Grupo Radio Centro S.A.B. de C.V.*                          49,815
Construction and related – 17.87%    
270,581 Cemex, S.A.B. de C.V. ADR*                    2,437,935
20 Ceramica Carabobo Class A ADR*1                                    -   
3,840 Martin Marietta Materials, Inc.                    2,357,530
34,872 MasTec, Inc.*                    3,251,814
5,219 Vulcan Materials Company                    1,424,369
Food, beverages and tobacco – 6.05%    
652,525 Becle, S.A.B. de C.V.                    1,538,659
18,900 Fomento Económico Mexicano, S.A.B. de C.V. Series UBD                        245,160
10,899 Fomento Económico Mexicano, S.A.B. de C.V. ADR                    1,419,812
Housing – 3.07%    
9,450 Lennar Corporation                    1,625,211
Investment companies - 0.05%    
70,000 Waterloo Investment Holdings Ltd.*1                          24,500
Leisure – 25.54%    
76,208 Carnival Corporation*                    1,245,239
11,174 Marriott Vacations Worldwide Corporation                    1,203,775
207,207 Norwegian Cruse Line Holdings Ltd.*                    4,336,843
202,058 Playa Hotels and Resorts N.V.*                    1,959,963
74,759 OneSpaWorld Holdings Ltd.*                        989,062
27,348 Royal Caribbean Cruises Ltd.*                    3,801,645
Machinery - 1.34%    
392,076 Grupo Rotoplas S.A.B. de C.V.                        710,606
Mining - 1.31%    
117,872 Grupo México, S.A.B. de C.V. Series B                        695,780
Oil & Gas Services & Equipment - 3.88%    
129,000 SBM Offshore N.V.                    2,058,155
Real Estate Owners & Developers - 2.84%    
38,412 Corporacion Inmobilaria Vesta SAB de CV ADR                    1,507,287
Retail - 3.47%    
14,270 Grupo Elektra, S.A.B. de C.V. Series CPO                        989,231
210,222 Wal-Mart de México, S.A.B. de C.V. Series V                        847,251
 
 
Herzfeld Caribbean Basin Fund, Inc.    
Schedule of Investments as of March 31, 2024 (Unaudited)(Continued)  

 

Transportation infrastructure - 2.27%

    
3,775 Grupo Aeroportuario ADR                    1,203,017
Trucking and marine freight – 0.83%    
137 Seaboard Corporation                        441,677
Utilities - 9.86%    
23,200 Caribbean Utilies Ltd. Class A                        272,600
6,092 Consolidated Water Company Ltd.                        178,557
700 Cuban Electric Company*1                                    -   
34,697 NextEra Energy, Inc.                    2,217,485
83,602 New Fortress Energy, Inc., Class A                    2,557,385
Other – 0.79%    
55,921 Margo Caribe, Inc.*                        419,408
79 Siderurgica Venezolana Sivensa, S.A. Series B*1                                    -   
     
     
Total common stocks (cost $36,713,805)                  54,699,901
     
Bonds – 0.00% of net assets Republic of Cuba - 4.5%, 1977 - in default*1     
$165,000                                      -   
     
Total bonds (cost $63,038)                                    -   
     
Money Market Funds – 0.33%     
174,262 Federated Hermes Government Obligations Fund,   
  Institutional Class, 5.19%2                        174,262
     
Total money market funds (cost $174,262)                           174,262
     
Total investments (cost $36,951,105) – 103.53% of net assets  $              54,874,163
     
Liabilities in excess of other assets - (3.53)% of net assets                  (1,869,286)
     
Net assets - 100%  $              53,004,877
     
     
1     Securities have been fair valued in good faith, by the Adviser as "valuation designee", using fair value
      methodology approved by the Board of Directors. Fair valued securities comprised 0.09% of net assets.
2    Rate disclosed is the seven day effective yield as of March 31, 2024.  
     
*   Non-income producing    
Herzfeld Caribbean Basin (NASDAQ:CUBA)
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