# EDGAR Filing Document

**Accession Number:** 0001722084
**File Stem:** 0002063364-25-000164
**Filing Date:** 2025-8
**Character Count:** 14540
**Document Hash:** 9ad38ad1541809459a44bea1571d886f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002063364-25-000164.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0002063364-25-000164

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Shilanski & Associates, Inc.
- **CENTRAL INDEX KEY:** 0001722084

**ORGANIZATION NAME:**
- **EIN:** 920080869
- **STATE OF INCORPORATION:** AK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19558
- **FILM NUMBER:** 251175224

**BUSINESS ADDRESS:**
- **STREET 1:** 431 W. 7TH AVENUE
- **STREET 2:** SUITE 100
- **CITY:** ANCHORAGE
- **STATE:** AK
- **ZIP:** 99501
- **BUSINESS PHONE:** 907-278-1351

**MAIL ADDRESS:**
- **STREET 1:** 431 W. 7TH AVENUE
- **STREET 2:** SUITE 100
- **CITY:** ANCHORAGE
- **STATE:** AK
- **ZIP:** 99501

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Shilanski  Associates Inc.<br>**Address:** 431 W. 7TH AVENUE<br>SUITE 100<br>ANCHORAGE, AK 99501

**Form 13F File Number:** 028-19558

**CRD Number (if applicable):** 000116431

**SEC File Number (if applicable):** 801-88195

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:** Jim Cullen<br>**Title:** Chief Compliance Officer<br>**Phone:** 401-466-6010

**Signature, Place, and Date of Signing:**

Jim Cullen  East Providence, RI  08-01-2025<br>[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 are reported 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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 108

**Form 13F Information Table Value Total:** $350005704

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(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**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 5704764 | 37472 | SH |  | SOLE | 0 | 0 | 0 | 37472 |
| ABBVIE INC | COM | 00287Y109 |  | 3792042 | 20429 | SH |  | SOLE | 0 | 0 | 0 | 20429 |
| AEGON LTD | AMER REG 1 CERT | 0076CA104 |  | 192736 | 25849 | SH |  | SOLE | 0 | 0 | 0 | 25849 |
| AFLAC INC | COM | 001055102 |  | 2062229 | 19555 | SH |  | SOLE | 0 | 0 | 0 | 19555 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 263277 | 5321 | SH |  | SOLE | 0 | 0 | 0 | 5321 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 377940 | 2145 | SH |  | SOLE | 0 | 0 | 0 | 2145 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 6563102 | 110032 | SH |  | SOLE | 0 | 0 | 0 | 110032 |
| AMAZON COM INC | COM | 023135106 |  | 610562 | 2783 | SH |  | SOLE | 0 | 0 | 0 | 2783 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 238278 | 747 | SH |  | SOLE | 0 | 0 | 0 | 747 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 3572829 | 25683 | SH |  | SOLE | 0 | 0 | 0 | 25683 |
| AMGEN INC | COM | 031162100 |  | 209978 | 752 | SH |  | SOLE | 0 | 0 | 0 | 752 |
| APPLE INC | COM | 037833100 |  | 3322677 | 16195 | SH |  | SOLE | 0 | 0 | 0 | 16195 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 5678013 | 6858 | SH |  | SOLE | 0 | 0 | 0 | 6858 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 336972 | 21924 | SH |  | SOLE | 0 | 0 | 0 | 21924 |
| BANCO MACRO SA | SPON ADR B | 05961W105 |  | 334761 | 4768 | SH |  | SOLE | 0 | 0 | 0 | 4768 |
| BANK AMERICA CORP | COM | 060505104 |  | 5841920 | 123456 | SH |  | SOLE | 0 | 0 | 0 | 123456 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 2682187 | 29439 | SH |  | SOLE | 0 | 0 | 0 | 29439 |
| BARCLAYS PLC | ADR | 06738E204 |  | 306957 | 16512 | SH |  | SOLE | 0 | 0 | 0 | 16512 |
| BELLRING BRANDS INC | COMMON STOCK | 07831C103 |  | 1345019 | 23218 | SH |  | SOLE | 0 | 0 | 0 | 23218 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2240371 | 4612 | SH |  | SOLE | 0 | 0 | 0 | 4612 |
| BROADCOM INC | COM | 11135F101 |  | 671483 | 2436 | SH |  | SOLE | 0 | 0 | 0 | 2436 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 212621 | 961 | SH |  | SOLE | 0 | 0 | 0 | 961 |
| CHEVRON CORP NEW | COM | 166764100 |  | 532423 | 3718 | SH |  | SOLE | 0 | 0 | 0 | 3718 |
| CISCO SYS INC | COM | 17275R102 |  | 6379742 | 91954 | SH |  | SOLE | 0 | 0 | 0 | 91954 |
| COCA COLA CO | COM | 191216100 |  | 4842630 | 67959 | SH |  | SOLE | 0 | 0 | 0 | 67959 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 2435471 | 7546 | SH |  | SOLE | 0 | 0 | 0 | 7546 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 2906105 | 5946 | SH |  | SOLE | 0 | 0 | 0 | 5946 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 1202002 | 11662 | SH |  | SOLE | 0 | 0 | 0 | 11662 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 2978759 | 27102 | SH |  | SOLE | 0 | 0 | 0 | 27102 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 229352 | 1944 | SH |  | SOLE | 0 | 0 | 0 | 1944 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 |  | 526759 | 9256 | SH |  | SOLE | 0 | 0 | 0 | 9256 |
| ESAB CORPORATION | COM | 29605J106 |  | 2423538 | 20104 | SH |  | SOLE | 0 | 0 | 0 | 20104 |
| EVERCORE INC | CLASS A | 29977A105 |  | 2312084 | 8563 | SH |  | SOLE | 0 | 0 | 0 | 8563 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 6430229 | 59650 | SH |  | SOLE | 0 | 0 | 0 | 59650 |
| FAIR ISAAC CORP | COM | 303250104 |  | 2401939 | 1314 | SH |  | SOLE | 0 | 0 | 0 | 1314 |
| FIRST TR EXCHANGE-TRADED FD | FIRST TR ENH NEW | 33739Q408 |  | 6308773 | 105000 | SH |  | SOLE | 0 | 0 | 0 | 105000 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 |  | 402263 | 7983 | SH |  | SOLE | 0 | 0 | 0 | 7983 |
| HARMONY GOLD MINING CO LTD | SPONSORED ADR | 413216300 |  | 310679 | 22239 | SH |  | SOLE | 0 | 0 | 0 | 22239 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 8321040 | 28228 | SH |  | SOLE | 0 | 0 | 0 | 28228 |
| INVESCO EXCH TRADED FD TR II | S HDL VOL | 46138E362 |  | 10623430 | 223369 | SH |  | SOLE | 0 | 0 | 0 | 223369 |
| INVESCO EXCHANGE TRADED FD T | DORSEY WRIGHT MO | 46137V837 |  | 241178 | 2221 | SH |  | SOLE | 0 | 0 | 0 | 2221 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 562256 | 1019 | SH |  | SOLE | 0 | 0 | 0 | 1019 |
| ISHARES TR | CORE S ETF | 464287200 |  | 820768 | 1322 | SH |  | SOLE | 0 | 0 | 0 | 1322 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 205216 | 951 | SH |  | SOLE | 0 | 0 | 0 | 951 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 9813414 | 89180 | SH |  | SOLE | 0 | 0 | 0 | 89180 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 345694 | 2263 | SH |  | SOLE | 0 | 0 | 0 | 2263 |
| JONES LANG LASALLE INC | COM | 48020Q107 |  | 1885610 | 7372 | SH |  | SOLE | 0 | 0 | 0 | 7372 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 458638 | 1582 | SH |  | SOLE | 0 | 0 | 0 | 1582 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 4588346 | 156066 | SH |  | SOLE | 0 | 0 | 0 | 156066 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 242523 | 11671 | SH |  | SOLE | 0 | 0 | 0 | 11671 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 2115672 | 13411 | SH |  | SOLE | 0 | 0 | 0 | 13411 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 2730307 | 5895 | SH |  | SOLE | 0 | 0 | 0 | 5895 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 1649004 | 19177 | SH |  | SOLE | 0 | 0 | 0 | 19177 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 |  | 200157 | 2042 | SH |  | SOLE | 0 | 0 | 0 | 2042 |
| MCDONALDS CORP | COM | 580135101 |  | 370126 | 1267 | SH |  | SOLE | 0 | 0 | 0 | 1267 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 282272 | 108 | SH |  | SOLE | 0 | 0 | 0 | 108 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2984957 | 4044 | SH |  | SOLE | 0 | 0 | 0 | 4044 |
| MICROSOFT CORP | COM | 594918104 |  | 7944071 | 15971 | SH |  | SOLE | 0 | 0 | 0 | 15971 |
| MITSUBISHI UFJ FINL GROUP IN | SPONSORED ADS | 606822104 |  | 361399 | 26341 | SH |  | SOLE | 0 | 0 | 0 | 26341 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 1955043 | 40654 | SH |  | SOLE | 0 | 0 | 0 | 40654 |
| MOODYS CORP | COM | 615369105 |  | 1739497 | 3468 | SH |  | SOLE | 0 | 0 | 0 | 3468 |
| NETFLIX INC | COM | 64110L106 |  | 294609 | 220 | SH |  | SOLE | 0 | 0 | 0 | 220 |
| NEWS CORP NEW | CL B | 65249B208 |  | 1721311 | 50169 | SH |  | SOLE | 0 | 0 | 0 | 50169 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 3039491 | 18928 | SH |  | SOLE | 0 | 0 | 0 | 18928 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6294789 | 39840 | SH |  | SOLE | 0 | 0 | 0 | 39840 |
| ONEOK INC NEW | COM | 682680103 |  | 1304008 | 15975 | SH |  | SOLE | 0 | 0 | 0 | 15975 |
| ORACLE CORP | COM | 68389X105 |  | 300835 | 1376 | SH |  | SOLE | 0 | 0 | 0 | 1376 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1792032 | 8757 | SH |  | SOLE | 0 | 0 | 0 | 8757 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 |  | 295073 | 4253 | SH |  | SOLE | 0 | 0 | 0 | 4253 |
| PEARSON PLC | SPONSORED ADR | 705015105 |  | 175504 | 11755 | SH |  | SOLE | 0 | 0 | 0 | 11755 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 6584329 | 36152 | SH |  | SOLE | 0 | 0 | 0 | 36152 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 4385304 | 27525 | SH |  | SOLE | 0 | 0 | 0 | 27525 |
| QIFU TECHNOLOGY INC | AMERICAN DEP | 88557W101 |  | 349352 | 8057 | SH |  | SOLE | 0 | 0 | 0 | 8057 |
| RELX PLC | SPONSORED ADR | 759530108 |  | 271157 | 4990 | SH |  | SOLE | 0 | 0 | 0 | 4990 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 3588989 | 61529 | SH |  | SOLE | 0 | 0 | 0 | 61529 |
| ROYAL BK CDA | COM | 780087102 |  | 4502825 | 34229 | SH |  | SOLE | 0 | 0 | 0 | 34229 |
| SAP SE | SPON ADR | 803054204 |  | 319305 | 1050 | SH |  | SOLE | 0 | 0 | 0 | 1050 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 8238351 | 195918 | SH |  | SOLE | 0 | 0 | 0 | 195918 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 13286062 | 331986 | SH |  | SOLE | 0 | 0 | 0 | 331986 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 28445449 | 1193682 | SH |  | SOLE | 0 | 0 | 0 | 1193682 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 328837 | 2056 | SH |  | SOLE | 0 | 0 | 0 | 2056 |
| SOUTHERN CO | COM | 842587107 |  | 5620659 | 61207 | SH |  | SOLE | 0 | 0 | 0 | 61207 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 40609138 | 65727 | SH |  | SOLE | 0 | 0 | 0 | 65727 |
| SPDR SERIES TRUST | BLOOMBERG HIGH Y | 78468R622 |  | 9809944 | 100853 | SH |  | SOLE | 0 | 0 | 0 | 100853 |
| SPDR SERIES TRUST | ICE PFD SEC ETF | 78464A292 |  | 4640704 | 146118 | SH |  | SOLE | 0 | 0 | 0 | 146118 |
| SPDR SERIES TRUST | PORTFOLIO INTRMD | 78464A375 |  | 9758938 | 290618 | SH |  | SOLE | 0 | 0 | 0 | 290618 |
| SPDR SERIES TRUST | PRTFLO S GW | 78464A409 |  | 10541521 | 110591 | SH |  | SOLE | 0 | 0 | 0 | 110591 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 8721198 | 209695 | SH |  | SOLE | 0 | 0 | 0 | 209695 |
| SUMITOMO MITSUI FINL GROUP I | SPONSORED ADR | 86562M209 |  | 219684 | 14539 | SH |  | SOLE | 0 | 0 | 0 | 14539 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 245450 | 1080 | SH |  | SOLE | 0 | 0 | 0 | 1080 |
| TARGET CORP | COM | 87612E106 |  | 2400388 | 24332 | SH |  | SOLE | 0 | 0 | 0 | 24332 |
| TELEFONAKTIEBOLAGET LM ERICS | ADR B SEK 10 | 294821608 |  | 244207 | 28798 | SH |  | SOLE | 0 | 0 | 0 | 28798 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 169527 | 10115 | SH |  | SOLE | 0 | 0 | 0 | 10115 |
| UBS GROUP AG | SHS | H42097107 |  | 297278 | 8790 | SH |  | SOLE | 0 | 0 | 0 | 8790 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 1718575 | 21582 | SH |  | SOLE | 0 | 0 | 0 | 21582 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 208708 | 669 | SH |  | SOLE | 0 | 0 | 0 | 669 |
| UP FINTECH HLDG LTD | SPONSORED ADS | 91531W106 |  | 285119 | 29546 | SH |  | SOLE | 0 | 0 | 0 | 29546 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 3305646 | 203050 | SH |  | SOLE | 0 | 0 | 0 | 203050 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 201501 | 661 | SH |  | SOLE | 0 | 0 | 0 | 661 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 |  | 4916917 | 41277 | SH |  | SOLE | 0 | 0 | 0 | 41277 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 3198462 | 18121 | SH |  | SOLE | 0 | 0 | 0 | 18121 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 349297 | 8072 | SH |  | SOLE | 0 | 0 | 0 | 8072 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 629714 | 6658 | SH |  | SOLE | 0 | 0 | 0 | 6658 |
| VISTRA CORP | COM | 92840M102 |  | 2954911 | 15246 | SH |  | SOLE | 0 | 0 | 0 | 15246 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 229466 | 33256 | SH |  | SOLE | 0 | 0 | 0 | 33256 |
| WALMART INC | COM | 931142103 |  | 222195 | 2272 | SH |  | SOLE | 0 | 0 | 0 | 2272 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 3034447 | 36237 | SH |  | SOLE | 0 | 0 | 0 | 36237 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 |  | 330414 | 10506 | SH |  | SOLE | 0 | 0 | 0 | 10506 |

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