# EDGAR Filing Document

**Accession Number:** 0002103520
**File Stem:** 0001214659-26-001467
**Filing Date:** 2026-2
**Character Count:** 24850
**Document Hash:** f006a953031776b365ea5f5dacbaa773
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001467.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001214659-26-001467

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Closed-End Fund Advisors, Inc.
- **CENTRAL INDEX KEY:** 0002103520

**ORGANIZATION NAME:**
- **EIN:** 770212293
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26201
- **FILM NUMBER:** 26618483

**BUSINESS ADDRESS:**
- **STREET 1:** 7204 GLEN FOREST DRIVE, SUITE 105
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23226
- **BUSINESS PHONE:** (804) 288-2482

**MAIL ADDRESS:**
- **STREET 1:** 7204 GLEN FOREST DRIVE, SUITE 105
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23226

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Closed-End Fund Advisors Inc.<br>**Address:** 7204 GLEN FOREST DRIVE SUITE 105<br>RICHMOND, VA 23226

**Form 13F File Number:** 028-26201

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:** David Carter<br>**Title:** General Counsel<br>**Phone:** 804-288-2482

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

David W. Carter  Richmond, VA  02-10-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **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).)

[x] **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:** 1

**Form 13F Information Table Entry Total:** 204

**Form 13F Information Table Value Total:** $169310031

      (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.]

|   No. | Name                                 | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | Hennion  Walsh Asset Management Inc. | 028-21238              |  |  |

### 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 |
| ABRDN ASIA PACIFIC INCOME | COM NEW | 003009867 |  | 277531 | 18092 | SH |  | SOLE |  | 0 | 0 | 18092 |
| ABRDN EMERGING MARKETS EX | COM | 00301W105 |  | 541094 | 77299 | SH |  | SOLE |  | 0 | 0 | 77299 |
| ABRDN GLOBAL INFRA INCOME | COM SHS BEN INT | 00326W106 |  | 1022153 | 45713 | SH |  | SOLE |  | 0 | 0 | 45713 |
| ABRDN HEALTHCARE INVESTORS | SH BEN INT | 87911J103 |  | 750081 | 39603 | SH |  | SOLE |  | 0 | 0 | 39603 |
| ABRDN INCOME CREDIT | COM | 003057106 |  | 237786 | 43953 | SH |  | SOLE |  | 0 | 0 | 43953 |
| ABRDN LIFE SCIENCES | SH BEN INT | 87911K100 |  | 498467 | 29706 | SH |  | SOLE |  | 0 | 0 | 29706 |
| ABRDN NATL MUN INCOME FD | SH BEN INT | 24610T108 |  | 1447105 | 140906 | SH |  | SOLE |  | 0 | 0 | 140906 |
| ABRDN TOTAL DYNAMIC | COM SH BEN INT | 00326L100 |  | 834532 | 85593 | SH |  | SOLE |  | 0 | 0 | 85593 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 |  | 403615 | 17308 | SH |  | SOLE |  | 0 | 0 | 17308 |
| AIRBNB INC | COM CL A | 009066101 |  | 407160 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| ALLIANCEBERNSTEIN NATL MUN | COM | 01864U106 |  | 354961 | 32806 | SH |  | SOLE |  | 0 | 0 | 32806 |
| ALLSPRING GLOBAL DIVIDEND | COM | 94987C103 |  | 2089530 | 358410 | SH |  | SOLE |  | 0 | 0 | 358410 |
| ALLSPRING MULTI SECTOR | COM | 94987D101 |  | 341143 | 36682 | SH |  | SOLE |  | 0 | 0 | 36682 |
| AMGEN INC | COM | 031162100 |  | 261848 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| ANGEL OAK FINL STRATEGIES | COM BEN INT | 03464A100 |  | 1601897 | 121264 | SH |  | SOLE |  | 0 | 0 | 121264 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 2947268 | 145688 | SH |  | DFND | 1 | 145688 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 510488 | 25234 | SH |  | SOLE |  | 0 | 0 | 25234 |
| ARES DYNAMIC CR ALLOCATION | COM | 04014F102 |  | 329986 | 24811 | SH |  | SOLE |  | 0 | 0 | 24811 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 1512933 | 69337 | SH |  | SOLE |  | 0 | 0 | 69337 |
| ASA GOLD AND PRECIOUS MTLS | SHS | G3156P103 |  | 251628 | 4217 | SH |  | SOLE |  | 0 | 0 | 4217 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 5598260 | 402463 | SH |  | DFND | 1 | 402463 | 0 | 0 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 283020 | 20347 | SH |  | SOLE |  | 0 | 0 | 20347 |
| BARINGS BDC INC | COM | 06759L103 |  | 1463962 | 159473 | SH |  | DFND | 1 | 159473 | 0 | 0 |
| BARINGS BDC INC | COM | 06759L103 |  | 311881 | 33974 | SH |  | SOLE |  | 0 | 0 | 33974 |
| BCP INVESTMENT CORPORATION | COM NEW | 73688F201 |  | 137820 | 11650 | SH |  | SOLE |  | 0 | 0 | 11650 |
| BLACKROCK CAP ALLOCATION | COM | 09260U109 |  | 518582 | 36623 | SH |  | SOLE |  | 0 | 0 | 36623 |
| BLACKROCK CR ALLOCATION | COM | 092508100 |  | 342120 | 31590 | SH |  | SOLE |  | 0 | 0 | 31590 |
| BLACKROCK ENHANCED GLOBAL | COM | 092501105 |  | 595126 | 50822 | SH |  | SOLE |  | 0 | 0 | 50822 |
| BLACKROCK ENHANCED INTL DIV | COM BENE INTER | 092524107 |  | 490715 | 83455 | SH |  | SOLE |  | 0 | 0 | 83455 |
| BLACKROCK MUN INCOME | COM | 092479104 |  | 228558 | 20892 | SH |  | SOLE |  | 0 | 0 | 20892 |
| BLACKROCK MUN INCOME TR | SH BEN INT | 09248F109 |  | 245083 | 24435 | SH |  | SOLE |  | 0 | 0 | 24435 |
| BLACKROCK MUN TARGET TERM | COM SHS BEN IN | 09257P105 |  | 568378 | 24907 | SH |  | SOLE |  | 0 | 0 | 24907 |
| BLACKROCK MUNIHLDGS NJ QLTY | COM | 09254X101 |  | 255898 | 21504 | SH |  | SOLE |  | 0 | 0 | 21504 |
| BLACKROCK MUNIHLDGS NY QLTY | COM | 09255C106 |  | 134995 | 13196 | SH |  | SOLE |  | 0 | 0 | 13196 |
| BLACKROCK MUNIHLDNGS CALI | COM | 09254L107 |  | 132595 | 12509 | SH |  | SOLE |  | 0 | 0 | 12509 |
| BLACKROCK MUNIHOLDINGS FD | COM | 09253N104 |  | 127156 | 10831 | SH |  | SOLE |  | 0 | 0 | 10831 |
| BLACKROCK MUNIVEST FD II | COM | 09253T101 |  | 210200 | 19445 | SH |  | SOLE |  | 0 | 0 | 19445 |
| BLACKROCK MUNIVEST FD INC | COM | 09253R105 |  | 103999 | 15007 | SH |  | SOLE |  | 0 | 0 | 15007 |
| BLACKROCK MUNIYIELD FD INC | COM | 09253W104 |  | 112432 | 10718 | SH |  | SOLE |  | 0 | 0 | 10718 |
| BLACKROCK RES  COMMODITIES | SHS | 09257A108 |  | 283306 | 25802 | SH |  | SOLE |  | 0 | 0 | 25802 |
| BLACKROCK SCIENCE | SHS BEN INT | 09260K101 |  | 227685 | 10070 | SH |  | SOLE |  | 0 | 0 | 10070 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 538806 | 98502 | SH |  | DFND | 1 | 98502 | 0 | 0 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 164182 | 30015 | SH |  | SOLE |  | 0 | 0 | 30015 |
| BLACKROCK TECH AND PRIVATE | SHS BEN INT | 09260Q108 |  | 102962 | 15624 | SH |  | SOLE |  | 0 | 0 | 15624 |
| BLACKSTONE LONG SHORT CR | COM SHS BN INT | 09257D102 |  | 877986 | 75299 | SH |  | SOLE |  | 0 | 0 | 75299 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 1929252 | 73272 | SH |  | DFND | 1 | 73272 | 0 | 0 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 432260 | 16417 | SH |  | SOLE |  | 0 | 0 | 16417 |
| BLACKSTONE STRATEGIC CRED | COM SHS BEN IN | 09257R101 |  | 614586 | 52172 | SH |  | SOLE |  | 0 | 0 | 52172 |
| BLUE OWL CAPITAL | COM | 69121K104 |  | 4608820 | 370782 | SH |  | DFND | 1 | 370782 | 0 | 0 |
| BLUE OWL TECHNOLOGY FIN | COMMON STOCK | 095924106 |  | 678029 | 46632 | SH |  | SOLE |  | 0 | 0 | 46632 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 |  | 1839675 | 122645 | SH |  | SOLE |  | 0 | 0 | 122645 |
| BNY MELLON HIGH YIELD | SH BEN INT | 09660L105 |  | 109140 | 44008 | SH |  | SOLE |  | 0 | 0 | 44008 |
| BNY MELLON MUN BD | COM SHS | 09662W109 |  | 182709 | 16625 | SH |  | SOLE |  | 0 | 0 | 16625 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 619092 | 100339 | SH |  | SOLE |  | 0 | 0 | 100339 |
| BNY MELLON STRATEGIC MUNS | COM | 05588W108 |  | 671940 | 105651 | SH |  | SOLE |  | 0 | 0 | 105651 |
| BRANDYWINEGBL GBL INCM OPP | COM | 10537L104 |  | 172305 | 20586 | SH |  | SOLE |  | 0 | 0 | 20586 |
| BROOKFIELD REAL ASSETS | SHS BEN INT | 112830104 |  | 1463247 | 112905 | SH |  | SOLE |  | 0 | 0 | 112905 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 182590 | 24641 | SH |  | SOLE |  | 0 | 0 | 24641 |
| CALAMOS LNG SHR EQT DYNAMIC | COM | 12812C106 |  | 2069786 | 141572 | SH |  | SOLE |  | 0 | 0 | 141572 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 1282773 | 57913 | SH |  | DFND | 1 | 57913 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 1236369 | 55818 | SH |  | SOLE |  | 0 | 0 | 55818 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 2202661 | 176354 | SH |  | DFND | 1 | 176354 | 0 | 0 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 987722 | 79081 | SH |  | SOLE |  | 0 | 0 | 79081 |
| CENTRAL SECS CORP | COM | 155123102 |  | 554087 | 10927 | SH |  | SOLE |  | 0 | 0 | 10927 |
| CHICAGO ATLANTIC BDC INC | COM | 828174102 |  | 131377 | 12718 | SH |  | SOLE |  | 0 | 0 | 12718 |
| CION INVT CORP | COM | 17259U204 |  | 4009288 | 414611 | SH |  | DFND | 1 | 414611 | 0 | 0 |
| CION INVT CORP | COM | 17259U204 |  | 592742 | 61297 | SH |  | SOLE |  | 0 | 0 | 61297 |
| CLEARBRIDGE ENERGY MIDSTRM | COM | 18469P209 |  | 1040434 | 23302 | SH |  | SOLE |  | 0 | 0 | 23302 |
| CLOUGH GLOBAL DIVID | COM | 18913Y103 |  | 85974 | 14401 | SH |  | SOLE |  | 0 | 0 | 14401 |
| COHEN  STEERS REAL ESTATE | SHS BENFIN INT | 19249Q103 |  | 922704 | 62769 | SH |  | SOLE |  | 0 | 0 | 62769 |
| COHEN  STEERS TAX ADVAN | COM | 19249X108 |  | 225425 | 11674 | SH |  | SOLE |  | 0 | 0 | 11674 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 2440429 | 173696 | SH |  | DFND | 1 | 173696 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 725205 | 51616 | SH |  | SOLE |  | 0 | 0 | 51616 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 1801436 | 200829 | SH |  | SOLE |  | 0 | 0 | 200829 |
| DOUBLELINE YIELD | COM | 25862D105 |  | 208634 | 14349 | SH |  | SOLE |  | 0 | 0 | 14349 |
| DTF TAX-FREE INCOME 2028 | COM | 23334J107 |  | 164825 | 14433 | SH |  | SOLE |  | 0 | 0 | 14433 |
| DUFF  PHELPS UTLITY AND | COM | 26433C105 |  | 515429 | 40553 | SH |  | SOLE |  | 0 | 0 | 40553 |
| EATON VANCE NATL MUN OPPORT | COM SHS | 27829L105 |  | 200164 | 11837 | SH |  | SOLE |  | 0 | 0 | 11837 |
| EATON VANCE RISK-MANAGED | COM | 27829G106 |  | 224169 | 25416 | SH |  | SOLE |  | 0 | 0 | 25416 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 163179 | 14648 | SH |  | SOLE |  | 0 | 0 | 14648 |
| EATON VANCE TAX-MANAGED | COM | 27829C105 |  | 525688 | 57016 | SH |  | SOLE |  | 0 | 0 | 57016 |
| EATON VANCE TAX-MANAGED | COM | 27829F108 |  | 291856 | 30625 | SH |  | SOLE |  | 0 | 0 | 30625 |
| ELI LILLY  CO | COM | 532457108 |  | 429872 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| EXCHANGE LISTED FDS TR | SABA INT RATE | 30151E806 |  | 240561 | 10441 | SH |  | SOLE |  | 0 | 0 | 10441 |
| FEDERATED HERMES PREM MUNI | COM | 31423P108 |  | 287782 | 25903 | SH |  | SOLE |  | 0 | 0 | 25903 |
| FIDUS INVT CORP | COM | 316500107 |  | 749438 | 38831 | SH |  | DFND | 1 | 38831 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD | FT ENERGY INCOME | 33740F276 |  | 503645 | 25347 | SH |  | SOLE |  | 0 | 0 | 25347 |
| FIRST TR EXCHNG TRADED FD | CONFLUENCE BDC | 33744U303 |  | 263027 | 13562 | SH |  | SOLE |  | 0 | 0 | 13562 |
| FLAHERTY  CRUMRINE DYNAMIC | SHS | 33848W106 |  | 935820 | 45013 | SH |  | SOLE |  | 0 | 0 | 45013 |
| FLAHERTY  CRUMRINE PFD | COM | 33848E106 |  | 909298 | 96222 | SH |  | SOLE |  | 0 | 0 | 96222 |
| FLAHERTY  CRUMRINE TOTAL | COM | 338479108 |  | 788672 | 45067 | SH |  | SOLE |  | 0 | 0 | 45067 |
| FS CREDIT OPPORTUNITIES | COMMON STOCK | 30290Y101 |  | 1728859 | 274422 | SH |  | SOLE |  | 0 | 0 | 274422 |
| FS KKR CAP CORP | COM | 302635206 |  | 228481 | 15427 | SH |  | SOLE |  | 0 | 0 | 15427 |
| FS SPECIALTY LENDING FD | COM SH BEN INT | 644323107 |  | 554882 | 39242 | SH |  | SOLE |  | 0 | 0 | 39242 |
| GABELLI DIVID  INCOME TR | COM | 36242H104 |  | 261954 | 9433 | SH |  | SOLE |  | 0 | 0 | 9433 |
| GABELLI HLTHCARE  WELLNESS | SHS | 36246K103 |  | 113095 | 11744 | SH |  | SOLE |  | 0 | 0 | 11744 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 311663 | 41834 | SH |  | SOLE |  | 0 | 0 | 41834 |
| GDL FD | COM SH BEN IT | 361570104 |  | 95237 | 11244 | SH |  | SOLE |  | 0 | 0 | 11244 |
| GLADSTONE CAPITAL CORP | COM NEW | 376535878 |  | 551498 | 26694 | SH |  | DFND | 1 | 26694 | 0 | 0 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 3297230 | 355305 | SH |  | DFND | 1 | 355305 | 0 | 0 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 560892 | 60441 | SH |  | SOLE |  | 0 | 0 | 60441 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 5045516 | 371814 | SH |  | DFND | 1 | 371814 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 622198 | 45851 | SH |  | SOLE |  | 0 | 0 | 45851 |
| GUGGENHEIM ACTIVE ALLOC FD | COMMON STOCK | 40170T106 |  | 1692371 | 110396 | SH |  | SOLE |  | 0 | 0 | 110396 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 267451 | 14211 | SH |  | SOLE |  | 0 | 0 | 14211 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 1406113 | 235136 | SH |  | SOLE |  | 0 | 0 | 235136 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 113413 | 34683 | SH |  | SOLE |  | 0 | 0 | 34683 |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 |  | 152055 | 14663 | SH |  | SOLE |  | 0 | 0 | 14663 |
| INVESCO VALUE MUN INCOME TR | COM | 46132P108 |  | 278937 | 22641 | SH |  | SOLE |  | 0 | 0 | 22641 |
| KAYNE ANDERSON BDC INC | COM SHS | 48662X105 |  | 709470 | 49544 | SH |  | DFND | 1 | 49544 | 0 | 0 |
| KAYNE ANDERSON BDC INC | COM SHS | 48662X105 |  | 338783 | 23658 | SH |  | SOLE |  | 0 | 0 | 23658 |
| KAYNE ANDERSON ENERGY | COM | 486606106 |  | 3106340 | 250916 | SH |  | SOLE |  | 0 | 0 | 250916 |
| MFS CHARTER INCOME TR | SH BEN INT | 552727109 |  | 193373 | 30841 | SH |  | SOLE |  | 0 | 0 | 30841 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 996565 | 269342 | SH |  | SOLE |  | 0 | 0 | 269342 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 45949 | 13091 | SH |  | SOLE |  | 0 | 0 | 13091 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 123209 | 15498 | SH |  | SOLE |  | 0 | 0 | 15498 |
| MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 |  | 160834 | 34588 | SH |  | SOLE |  | 0 | 0 | 34588 |
| MFS MUN INCOME TR | SH BEN INT | 552738106 |  | 1442490 | 265652 | SH |  | SOLE |  | 0 | 0 | 265652 |
| MICROSOFT CORP | COM | 594918104 |  | 822154 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| MIDCAP FINANCIAL INVSTMNT | COM NEW | 03761U502 |  | 1826682 | 159675 | SH |  | DFND | 1 | 159675 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT | COM NEW | 03761U502 |  | 277042 | 24217 | SH |  | SOLE |  | 0 | 0 | 24217 |
| MONROE CAP CORP | COM | 610335101 |  | 81695 | 12825 | SH |  | SOLE |  | 0 | 0 | 12825 |
| MORGAN STANLEY DIRECT | COM SHS | 61774A103 |  | 4267150 | 258929 | SH |  | DFND | 1 | 258929 | 0 | 0 |
| MORGAN STANLEY DIRECT | COM SHS | 61774A103 |  | 536045 | 32527 | SH |  | SOLE |  | 0 | 0 | 32527 |
| MORGAN STANLEY EMERGING | COM | 617477104 |  | 259456 | 47782 | SH |  | SOLE |  | 0 | 0 | 47782 |
| MOUNT LOGAN CAP INC | COM | 62188E103 |  | 213213 | 25844 | SH |  | SOLE |  | 0 | 0 | 25844 |
| NEUBERGER ENGY INFRSTR | COM | 64129H104 |  | 1004386 | 118163 | SH |  | SOLE |  | 0 | 0 | 118163 |
| NEUBERGER MUN FD INC | COM | 64124P101 |  | 282662 | 27931 | SH |  | SOLE |  | 0 | 0 | 27931 |
| NEUBERGER NEXT GENERATION | COMMON STOCK | 64133Q108 |  | 626648 | 43397 | SH |  | SOLE |  | 0 | 0 | 43397 |
| NEUBERGER REAL ESTATE | COM | 64190A103 |  | 138408 | 45529 | SH |  | SOLE |  | 0 | 0 | 45529 |
| NEW MTN FIN CORP | COM | 647551100 |  | 5185046 | 562980 | SH |  | DFND | 1 | 562980 | 0 | 0 |
| NEW MTN FIN CORP | COM | 647551100 |  | 212659 | 23090 | SH |  | SOLE |  | 0 | 0 | 23090 |
| NUSHARES ETF TR | NUVEN AA-BBB CLO | 67092P730 |  | 218060 | 8705 | SH |  | SOLE |  | 0 | 0 | 8705 |
| NUVEEN AMT FREE MUN CR INC | COM | 67071L106 |  | 494765 | 39081 | SH |  | SOLE |  | 0 | 0 | 39081 |
| NUVEEN AMT FREE QLTY MUN | COM | 670657105 |  | 146631 | 12608 | SH |  | SOLE |  | 0 | 0 | 12608 |
| NUVEEN CA QUALTY MUN INCOME | COM | 67066Y105 |  | 205825 | 17428 | SH |  | SOLE |  | 0 | 0 | 17428 |
| NUVEEN CHURCHILL DIRECT | COM SHS | 67090S108 |  | 6394622 | 479357 | SH |  | DFND | 1 | 479357 | 0 | 0 |
| NUVEEN CHURCHILL DIRECT | COM SHS | 67090S108 |  | 979783 | 73447 | SH |  | SOLE |  | 0 | 0 | 73447 |
| NUVEEN CORE PLUS IMPACT | COM BEN INT | 67080D103 |  | 210095 | 20638 | SH |  | SOLE |  | 0 | 0 | 20638 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 245257 | 48856 | SH |  | SOLE |  | 0 | 0 | 48856 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 531491 | 34829 | SH |  | SOLE |  | 0 | 0 | 34829 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 254193 | 32464 | SH |  | SOLE |  | 0 | 0 | 32464 |
| NUVEEN GLOBAL HIGH INCOME | SHS | 67075G103 |  | 148407 | 11769 | SH |  | SOLE |  | 0 | 0 | 11769 |
| NUVEEN MORTGAGE AND INCOME | COM | 670735109 |  | 378534 | 20810 | SH |  | SOLE |  | 0 | 0 | 20810 |
| NUVEEN MULTI ASSET INCOME | COM | 670750108 |  | 740574 | 56792 | SH |  | SOLE |  | 0 | 0 | 56792 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 879178 | 69887 | SH |  | SOLE |  | 0 | 0 | 69887 |
| NUVEEN NEW JERSEY QULT MUN | COM | 67069Y102 |  | 137131 | 10849 | SH |  | SOLE |  | 0 | 0 | 10849 |
| NUVEEN NEW YORK AMT QLT | COM | 670656107 |  | 255802 | 25352 | SH |  | SOLE |  | 0 | 0 | 25352 |
| NUVEEN PFD  INCOME | COM | 67073B106 |  | 201006 | 24785 | SH |  | SOLE |  | 0 | 0 | 24785 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 169783 | 14125 | SH |  | SOLE |  | 0 | 0 | 14125 |
| NUVEEN REAL ASSET INCOME | COM | 67074Y105 |  | 883264 | 64898 | SH |  | SOLE |  | 0 | 0 | 64898 |
| NUVEEN REAL ESTATE INCOME | COM | 67071B108 |  | 832221 | 108645 | SH |  | SOLE |  | 0 | 0 | 108645 |
| NUVEEN S 500 BUY-WRITE | COM | 6706ER101 |  | 152189 | 10353 | SH |  | SOLE |  | 0 | 0 | 10353 |
| NUVEEN VRIABL RAT PFD  INM | COM | 67080R102 |  | 1495339 | 78578 | SH |  | SOLE |  | 0 | 0 | 78578 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 1113783 | 80944 | SH |  | SOLE |  | 0 | 0 | 80944 |
| OAKTREE SPECIALTY LENDING | COM | 67401P405 |  | 147839 | 11604 | SH |  | SOLE |  | 0 | 0 | 11604 |
| PALMER SQUARE CAPITAL BDC | COM SHS | 69702V107 |  | 2685871 | 220334 | SH |  | DFND | 1 | 220334 | 0 | 0 |
| PENNANTPARK FLOATING RATE | COM | 70806A106 |  | 284432 | 30683 | SH |  | SOLE |  | 0 | 0 | 30683 |
| PENNANTPARK INVT CORP | COM | 708062104 |  | 894554 | 150093 | SH |  | DFND | 1 | 150093 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP | COM | 69355J104 |  | 1865463 | 113402 | SH |  | SOLE |  | 0 | 0 | 113402 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 841179 | 96355 | SH |  | SOLE |  | 0 | 0 | 96355 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 969786 | 9665 | SH |  | SOLE |  | 0 | 0 | 9665 |
| PRINCIPAL REAL ESTATE | SHS BEN INT | 74255X104 |  | 826807 | 82598 | SH |  | SOLE |  | 0 | 0 | 82598 |
| PUTNAM ETF TRUST | BDC INCOME ETF | 746729508 |  | 871365 | 28476 | SH |  | SOLE |  | 0 | 0 | 28476 |
| PUTNAM MUN OPPORTUNITIES TR | SH BEN INT | 746922103 |  | 231548 | 21640 | SH |  | SOLE |  | 0 | 0 | 21640 |
| PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 |  | 96617 | 27293 | SH |  | SOLE |  | 0 | 0 | 27293 |
| RIVERNORTH DOUBLELINE | COM | 76882G107 |  | 310130 | 39010 | SH |  | SOLE |  | 0 | 0 | 39010 |
| RIVERNORTH FLEXIBLE MUN | COM | 76883H104 |  | 218882 | 15668 | SH |  | SOLE |  | 0 | 0 | 15668 |
| RIVERNORTH FLEXIBLE MUNI | COM | 76883Y107 |  | 1552787 | 122653 | SH |  | SOLE |  | 0 | 0 | 122653 |
| RIVERNORTH MANAGED DUR MUN | COM | 76882H105 |  | 162013 | 11904 | SH |  | SOLE |  | 0 | 0 | 11904 |
| RIVERNORTH MANAGED DUR MUN | COM | 76882M104 |  | 563826 | 38831 | SH |  | SOLE |  | 0 | 0 | 38831 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 144003 | 13807 | SH |  | SOLE |  | 0 | 0 | 13807 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 176142 | 10940 | SH |  | SOLE |  | 0 | 0 | 10940 |
| RUNWAY GROWTH FINANCE CORP | COM | 78163D100 |  | 890205 | 99687 | SH |  | DFND | 1 | 99687 | 0 | 0 |
| RUNWAY GROWTH FINANCE CORP | COM | 78163D100 |  | 369291 | 41354 | SH |  | SOLE |  | 0 | 0 | 41354 |
| SABA CAPITAL INCOME | COM NEW | 880198205 |  | 1536835 | 186283 | SH |  | SOLE |  | 0 | 0 | 186283 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 100313 | 14310 | SH |  | SOLE |  | 0 | 0 | 14310 |
| SARATOGA INVT CORP | COM NEW | 80349A208 |  | 3263713 | 141470 | SH |  | DFND | 1 | 141470 | 0 | 0 |
| SARATOGA INVT CORP | COM NEW | 80349A208 |  | 415929 | 18029 | SH |  | SOLE |  | 0 | 0 | 18029 |
| SIXTH STREET SPECIALTY | COM | 83012A109 |  | 743888 | 34249 | SH |  | DFND | 1 | 34249 | 0 | 0 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 4033406 | 260893 | SH |  | DFND | 1 | 260893 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 394865 | 21298 | SH |  | SOLE |  | 0 | 0 | 21298 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 |  | 306387 | 17991 | SH |  | SOLE |  | 0 | 0 | 17991 |
| THORNBURG INCM BUILDER OPP | COM | 885213108 |  | 784443 | 39027 | SH |  | SOLE |  | 0 | 0 | 39027 |
| TORTOISE ENERGY INFRA CORP | COM | 89147L886 |  | 2999937 | 73348 | SH |  | SOLE |  | 0 | 0 | 73348 |
| TRI CONTL CORP | COM | 895436103 |  | 206995 | 6338 | SH |  | SOLE |  | 0 | 0 | 6338 |
| TRINITY CAP INC | COM | 896442308 |  | 4646321 | 317155 | SH |  | DFND | 1 | 317155 | 0 | 0 |
| TRINITY CAP INC | COM | 896442308 |  | 846315 | 57769 | SH |  | SOLE |  | 0 | 0 | 57769 |
| TRIPLEPOINT VENTURE GROWTH | COM | 89677Y100 |  | 232189 | 35503 | SH |  | SOLE |  | 0 | 0 | 35503 |
| VIRTUS CONVERTIBLE  INC FD | COM NEW | 92838U801 |  | 233654 | 16956 | SH |  | SOLE |  | 0 | 0 | 16956 |
| VIRTUS CONVERTIBLE  INCOME | COM NEW | 92838X805 |  | 179300 | 11835 | SH |  | SOLE |  | 0 | 0 | 11835 |
| VIRTUS DIVIDEND INTEREST | COM | 92840R101 |  | 605147 | 46947 | SH |  | SOLE |  | 0 | 0 | 46947 |
| VIRTUS GLOBAL MULTI-SECTOR | COM | 92829B101 |  | 103613 | 13216 | SH |  | SOLE |  | 0 | 0 | 13216 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 |  | 66289 | 10522 | SH |  | SOLE |  | 0 | 0 | 10522 |
| VOYA ASIA PAC HIGH DIV EQT | COM | 92912J102 |  | 133581 | 18349 | SH |  | SOLE |  | 0 | 0 | 18349 |
| VOYA GLBL ADV  PREM OPP FD | COM | 92912R104 |  | 342455 | 35232 | SH |  | SOLE |  | 0 | 0 | 35232 |
| VOYA GLBL EQTY DIV  PREM | COM | 92912T100 |  | 132258 | 23122 | SH |  | SOLE |  | 0 | 0 | 23122 |
| WESTERN ASSET DIVERSIFIED | COM SHS BEN INT | 95790K109 |  | 377676 | 27348 | SH |  | SOLE |  | 0 | 0 | 27348 |
| WESTERN ASSET HIGH INCOM FD | COM | 95766J102 |  | 50003 | 12020 | SH |  | SOLE |  | 0 | 0 | 12020 |
| WESTERN ASSET INTER MUNI FD | COM | 958435109 |  | 134223 | 17477 | SH |  | SOLE |  | 0 | 0 | 17477 |
| WESTERN ASSET MANAGED MUNS | COM | 95766M105 |  | 652928 | 62541 | SH |  | SOLE |  | 0 | 0 | 62541 |
| WESTERN AST INFL LKD OPP | COM | 95766R104 |  | 1189294 | 138451 | SH |  | SOLE |  | 0 | 0 | 138451 |
| WHITEHORSE FIN INC | COM | 96524V106 |  | 286041 | 41157 | SH |  | SOLE |  | 0 | 0 | 41157 |
| XAI OCTAGN FLT RAT  ALT | COM | 98400T106 |  | 1118227 | 232964 | SH |  | SOLE |  | 0 | 0 | 232964 |

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