# EDGAR Filing Document

**Accession Number:** 0001509510
**File Stem:** 0001398344-25-015319
**Filing Date:** 2025-8
**Character Count:** 15533
**Document Hash:** ccd30aa6ddf171732c10597d549271da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-015319.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001398344-25-015319

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thomas J. Herzfeld Advisors, Inc.
- **CENTRAL INDEX KEY:** 0001509510

**ORGANIZATION NAME:**
- **EIN:** 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:** 251212641

**BUSINESS ADDRESS:**
- **STREET 1:** 119 WASHINGTON AVENUE, SUITE 504
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139
- **BUSINESS PHONE:** 305-271-1900

**MAIL ADDRESS:**
- **STREET 1:** 119 WASHINGTON AVENUE, SUITE 504
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139

### 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:** Thomas J. Herzfeld Advisors Inc.<br>**Address:** 119 WASHINGTON AVENUE SUITE 504<br>MIAMI BEACH, FL 33139

**Form 13F File Number:** 028-14375

**CRD Number (if applicable):** 000108369

**SEC File Number (if applicable):** 801-20866

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:** Erik M. Herzfeld<br>**Title:** President<br>**Phone:** 305-777-1660

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

/s/ Erik M. Herzfeld  Miami Beach, FL  08-13-2025<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:** $280419573

      (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 |
| Aberdeen Emerging Markets Equity Inc. | COM | 00301W105 |  | 7704 | 1297 | SH |  | SOLE |  | 1297 | 0 | 0 |
| Aberdeen Std Global Infrastructure | SHS BEN INT | 00326W106 |  | 13002 | 638 | SH |  | SOLE |  | 638 | 0 | 0 |
| Aberdeen Total Dynamic Dividend Fund | COM SH BEN INT | 00326L100 |  | 9773 | 1103 | SH |  | SOLE |  | 1103 | 0 | 0 |
| Abrdn Income Credit Strategies Fund | COM | 003057106 |  | 1157928 | 196259 | SH |  | SOLE |  | 196259 | 0 | 0 |
| Adams Diversified Equity Fund Inc | COM | 006212104 |  | 6410 | 295 | SH |  | SOLE |  | 295 | 0 | 0 |
| Angel Oak Final Strategies Incm Trm Trst | COM BEN INT | 03464A100 |  | 2640729 | 203446 | SH |  | SOLE |  | 203446 | 0 | 0 |
| ASA Gold and Precious Metals Ltd | SHS | G3156P103 |  | 366686 | 11615 | SH |  | SOLE |  | 11615 | 0 | 0 |
| BlackRock Cap Allocation Tr | COM | 09260U109 |  | 6435 | 425 | SH |  | SOLE |  | 425 | 0 | 0 |
| BlackRock Enhanced Equity Dividend Trust | COM | 09251A104 |  | 5902 | 664 | SH |  | SOLE |  | 664 | 0 | 0 |
| BlackRock Enhanced International Dividend Trust | COM BENE INTER | 092524107 |  | 14099 | 2435 | SH |  | SOLE |  | 2435 | 0 | 0 |
| BlackRock Municipal 2030 Target Term Trust | COM SHS BEN IN | 09257P105 |  | 789091 | 36048 | SH |  | SOLE |  | 36048 | 0 | 0 |
| BlackRock Munihldngs Cali QL | COM | 09254L107 |  | 980497 | 94734 | SH |  | SOLE |  | 94734 | 0 | 0 |
| BlackRock MuniIvest FD II Inc. | COM | 09253T101 |  | 954208 | 92462 | SH |  | SOLE |  | 92462 | 0 | 0 |
| BlackRock Science and Technology Trust II | SHS BEN INT | 09260K101 |  | 3762183 | 181310 | SH |  | SOLE |  | 181310 | 0 | 0 |
| Blackstone / GSO Long-Short Credit Income Fund | COM SHS BN INT | 09257D102 |  | 33581 | 2706 | SH |  | SOLE |  | 2706 | 0 | 0 |
| BNY Mellon Municipal Bond Infrastructure Fund Inc. | COM SHS | 09662W109 |  | 238341 | 23321 | SH |  | SOLE |  | 23321 | 0 | 0 |
| BNY Mellon Strategic Mun Bd | COM | 09662E109 |  | 2049902 | 366054 | SH |  | SOLE |  | 366054 | 0 | 0 |
| BNY Mellon Strategic Muns In | COM | 05588W108 |  | 519746 | 87795 | SH |  | SOLE |  | 87795 | 0 | 0 |
| Brookfield Real Assets Incom | SHS BEN INT | 112830104 |  | 9633540 | 720534 | SH |  | SOLE |  | 720534 | 0 | 0 |
| Central Securities Corp | COM | 155123102 |  | 2520560 | 52665 | SH |  | SOLE |  | 52665 | 0 | 0 |
| Chargepoint Holdings Inc. | COM CL A | 15961R105 |  | 6259 | 445 | SH |  | SOLE |  | 445 | 0 | 0 |
| Clearbridge Energy Midstrm O | COM | 18469P209 |  | 3541529 | 73828 | SH |  | SOLE |  | 73828 | 0 | 0 |
| Cohen  Steers Limited Duration Preferred and Income Fund Inc. | COM | 19248C105 |  | 4215260 | 200918 | SH |  | SOLE |  | 200918 | 0 | 0 |
| Columbia Seligman Premium Technology Growth Fund | COM | 19842X109 |  | 104854 | 3448 | SH |  | SOLE |  | 3448 | 0 | 0 |
| Cornerstone Strategic Value Fund Inc | COM | 21924B302 |  | 8728724 | 1074966 | SH |  | SOLE |  | 1074966 | 0 | 0 |
| Delaware Invts Natl Mun Inco | SH BEN INT | 24610T108 |  | 386680 | 40029 | SH |  | SOLE |  | 40029 | 0 | 0 |
| Destra Multi-Alternative Fd | COM | 25065A502 |  | 3376686 | 385907 | SH |  | SOLE |  | 385907 | 0 | 0 |
| Duff  Phelps Utility and Infrastructure Fund Inc. | COM | 26433C105 |  | 3949818 | 318277 | SH |  | SOLE |  | 318277 | 0 | 0 |
| Eagle Pointe Income Company | COM | 269817102 |  | 325127 | 23784 | SH |  | SOLE |  | 23784 | 0 | 0 |
| Ecofin Sustainable and Social Impact Term Fund | SH BEN INT | 27901F109 |  | 2391534 | 195307 | SH |  | SOLE |  | 195307 | 0 | 0 |
| Exchange Listed FDS Tr | SABA INT RATE | 30151E806 |  | 1950448 | 87700 | SH |  | SOLE |  | 87700 | 0 | 0 |
| First Tr Inter Dur Pfd  In | COM | 33718W103 |  | 17051 | 906 | SH |  | SOLE |  | 906 | 0 | 0 |
| Flaherty  Crumrine Pfd Inco | COM | 33848E106 |  | 26529 | 2868 | SH |  | SOLE |  | 2868 | 0 | 0 |
| Flaherty  Crumrine Pfd Secs | COM | 338478100 |  | 6290888 | 386181 | SH |  | SOLE |  | 386181 | 0 | 0 |
| FS Credit Opportunities Corp | COM | 30290Y101 |  | 23404832 | 3223806 | SH |  | SOLE |  | 3223806 | 0 | 0 |
| Gabelli Equity Trust Inc | COM | 362397101 |  | 5936 | 1020 | SH |  | SOLE |  | 1020 | 0 | 0 |
| General American Investors Co Inc | COM | 368802104 |  | 6276 | 112 | SH |  | SOLE |  | 112 | 0 | 0 |
| Highland Floating Rate Opportunities Fund | SHS BEN INT | 43010E404 |  | 13520567 | 2600109 | SH |  | SOLE |  | 2600109 | 0 | 0 |
| Invesco QQQ Tr | UNIT SER 1 | 46090E103 |  | 148943 | 270 | SH |  | SOLE |  | 270 | 0 | 0 |
| Investco CurrencyShares Japan | Japanese Yen | 46138W107 |  | 38364 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| iShares Tr | TRS FLT RT BD | 46434V860 |  | 5505098 | 108689 | SH |  | SOLE |  | 108689 | 0 | 0 |
| Japan Smaller Capitalization Fund Inc | COM | 47109U104 |  | 16301 | 1691 | SH |  | SOLE |  | 1691 | 0 | 0 |
| Kayne Anderson Energy Infrst | COM | 486606106 |  | 3725395 | 292877 | SH |  | SOLE |  | 292877 | 0 | 0 |
| Liberty All Star Equity Fund | SH BEN INT | 530158104 |  | 5458 | 801 | SH |  | SOLE |  | 801 | 0 | 0 |
| Liberty All Star Growth Fund Inc | COM | 529900102 |  | 5765 | 1054 | SH |  | SOLE |  | 1054 | 0 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 73809 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Mexico Equity  Income Fd | COM | 592834105 |  | 11758 | 1123 | SH |  | SOLE |  | 1123 | 0 | 0 |
| MFS High Income Mun Tr | SH BEN INT | 59318D104 |  | 435281 | 121587 | SH |  | SOLE |  | 121587 | 0 | 0 |
| MFS High Yield Municipal Trust | SH BEN INT | 59318E102 |  | 1833248 | 550525 | SH |  | SOLE |  | 550525 | 0 | 0 |
| MFS Investment Grade Municipal Trust | SH BEN INT | 59318B108 |  | 1846603 | 241702 | SH |  | SOLE |  | 241702 | 0 | 0 |
| MFS Municipal Income Trust | SH BEN INT | 552738106 |  | 2226031 | 430567 | SH |  | SOLE |  | 430567 | 0 | 0 |
| Montana Technologies Corp | *W Exp 03/15/202 | 612160119 |  | 9934 | 15307 | SH |  | SOLE |  | 15307 | 0 | 0 |
| Morgan Stanley Emerging Mkts | COM | 617477104 |  | 9815 | 1917 | SH |  | SOLE |  | 1917 | 0 | 0 |
| Morgan Stanley India Investment Fund Inc | COM | 61745C105 |  | 19930 | 706 | SH |  | SOLE |  | 706 | 0 | 0 |
| Net Power Inc. | *W EXP 06/08/202 | 64107A113 |  | 10814 | 32771 | SH |  | SOLE |  | 32771 | 0 | 0 |
| Netflix Inc. | COM | 64110L106 |  | 133913 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Neuberger Brman Next Genera | COMMON STOCK | 64133Q108 |  | 4598620 | 314974 | SH |  | SOLE |  | 314974 | 0 | 0 |
| Nexpoint Diversified Rel Et | COM | 65340G205 |  | 1094 | 261 | SH |  | SOLE |  | 261 | 0 | 0 |
| Norwegian Cruise Line Holdings Ltd | SHS | G66721104 |  | 608400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| Nuveen Amt- Free Mun Value Fd | COM | 670695105 |  | 704192 | 51476 | SH |  | SOLE |  | 51476 | 0 | 0 |
| Nuveen Core Equity Alpha Fund | COM | 67090X107 |  | 5741 | 370 | SH |  | SOLE |  | 370 | 0 | 0 |
| Nuveen Credit Strategies Income Fund | COM SHS | 67073D102 |  | 3645737 | 676389 | SH |  | SOLE |  | 676389 | 0 | 0 |
| Nuveen Dow 30 Dynamic Overwrite Fund | SHS | 67075F105 |  | 3501957 | 244209 | SH |  | SOLE |  | 244209 | 0 | 0 |
| Nuveen Floating Rate Income | COM | 67072T108 |  | 11273968 | 1331047 | SH |  | SOLE |  | 1331047 | 0 | 0 |
| Nuveen Mortgage and Income Fund | COM | 670735109 |  | 1825107 | 97391 | SH |  | SOLE |  | 97391 | 0 | 0 |
| Nuveen NASDAQ 100 Dynamic Overwrite Fund | COM SHS | 670699107 |  | 5611 | 212 | SH |  | SOLE |  | 212 | 0 | 0 |
| Nuveen Vriabl Rat Pfd  Inm | COM | 67080R102 |  | 5928311 | 307485 | SH |  | SOLE |  | 307485 | 0 | 0 |
| NYLI CBRE Gbl Infr Megtrnds | COM | 56064Q107 |  | 203260 | 14304 | SH |  | SOLE |  | 14304 | 0 | 0 |
| NYLI MacKay Defined Term Muni | COM | 56064K100 |  | 1427886 | 96544 | SH |  | SOLE |  | 96544 | 0 | 0 |
| PGIM Short Dur Hig yld Opp F | COM | 69355J104 |  | 2922784 | 173562 | SH |  | SOLE |  | 173562 | 0 | 0 |
| PIMCO Access Income Fund | SHS BENFIN INT | 72203T100 |  | 6577520 | 435309 | SH |  | SOLE |  | 435309 | 0 | 0 |
| PIMCO Calif Mun Income Fd II | COM | 72200M108 |  | 1731222 | 322989 | SH |  | SOLE |  | 322989 | 0 | 0 |
| PIMCO Dynamic Income Strategy Fund | COM SH BEN INT | 69346N107 |  | 39090364 | 1585816 | SH |  | SOLE |  | 1585816 | 0 | 0 |
| PIMCO Income Strategy FdII | COM | 72201J104 |  | 2281495 | 308727 | SH |  | SOLE |  | 308727 | 0 | 0 |
| PIMCO New York Mun Income Fund | COM | 72201E105 |  | 317020 | 60500 | SH |  | SOLE |  | 60500 | 0 | 0 |
| Pimco New York Municipal Income Fund II | COM | 72200Y102 |  | 325087 | 48376 | SH |  | SOLE |  | 48376 | 0 | 0 |
| PIMCO NY Municipal Income Fd | COM | 72200T103 |  | 320960 | 45917 | SH |  | SOLE |  | 45917 | 0 | 0 |
| ProShares Short VIX Short-Term Futures ETF | SHT VIX ST TRM | 74347W130 |  | 9372 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| ProShares TR | Shrt High Yield | 74347R131 |  | 8942196 | 573034 | SH |  | SOLE |  | 573034 | 0 | 0 |
| ProShares TR | Ultrapro Sht QQQ | 74349Y829 |  | 189596 | 7488 | SH |  | SOLE |  | 7488 | 0 | 0 |
| ProShares UltraShort S | ULTRASHRT S | 74347G416 |  | 6874852 | 412904 | SH |  | SOLE |  | 412904 | 0 | 0 |
| Purecycle Technologies Inc | W Exp 01/28/202 | 74623V111 |  | 23738 | 5457 | SH |  | SOLE |  | 5457 | 0 | 0 |
| Rivernorth Flexible Mun Income Fund II Inc. | COM | 76883Y107 |  | 3830792 | 303069 | SH |  | SOLE |  | 303069 | 0 | 0 |
| Royce Value Trust Inc | COM | 780910105 |  | 5650 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| Saba Capital Income  Opport | SHS NEW | 78518H202 |  | 3598427 | 446455 | SH |  | SOLE |  | 446455 | 0 | 0 |
| Saba Capital Income  Opport | COM | 880198205 |  | 16089595 | 1750772 | SH |  | SOLE |  | 1750772 | 0 | 0 |
| Sound Point Meridian Cap Inc. | COM | 83617A108 |  | 1125027 | 62921 | SH |  | SOLE |  | 62921 | 0 | 0 |
| SPDR Gold Tr | GOLD SHS | 78463V107 |  | 426152 | 1398 | SH |  | SOLE |  | 1398 | 0 | 0 |
| SPDR S 500 ETF Tr | TR UNIT | 78462F103 |  | 240962 | 390 | SH |  | SOLE |  | 390 | 0 | 0 |
| SPDR S MidCap 400 ETF Tr | UTSER1 S | 78467Y107 |  | 84972 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| SRH Total Return Fund Inc | COM | 101507101 |  | 5758831 | 325726 | SH |  | SOLE |  | 325726 | 0 | 0 |
| Suro Capital Corp | COM | 86887Q109 |  | 2170199 | 264336 | SH |  | SOLE |  | 264336 | 0 | 0 |
| TCW Strategic Income Fund Inc | COM | 872340104 |  | 9760 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Templeton Dragon Fd Inc. | COM | 88018T101 |  | 11638 | 1165 | SH |  | SOLE |  | 1165 | 0 | 0 |
| The European Equity Fund Inc | COM | 298768102 |  | 14169 | 1385 | SH |  | SOLE |  | 1385 | 0 | 0 |
| The Gabelli Dividend  Income Trust | COM | 36242H104 |  | 6059 | 233 | SH |  | SOLE |  | 233 | 0 | 0 |
| The Herzfeld Caribbean Basin Fund Inc | COM | 42804T106 |  | 16438436 | 6501517 | SH |  | SOLE |  | 6501517 | 0 | 0 |
| The Korea Fund Inc | COM NEW | 500634209 |  | 10072 | 374 | SH |  | SOLE |  | 374 | 0 | 0 |
| The Mexico Fund Inc. | COM | 592835102 |  | 11754 | 669 | SH |  | SOLE |  | 669 | 0 | 0 |
| The New Germany Fund Inc | COM | 644465106 |  | 20769 | 1739 | SH |  | SOLE |  | 1739 | 0 | 0 |
| The Taiwan Fund Inc | COM | 874036106 |  | 2827556 | 63101 | SH |  | SOLE |  | 63101 | 0 | 0 |
| Thornburg Incm Builder Opp Tr | COM | 885213108 |  | 4212277 | 214693 | SH |  | SOLE |  | 214693 | 0 | 0 |
| TMC The Metals Company Inc | COM | 87261Y106 |  | 85213 | 12911 | SH |  | SOLE |  | 12911 | 0 | 0 |
| Tortoise Energy Infra Corp | COM | 89147L886 |  | 4399051 | 100229 | SH |  | SOLE |  | 100229 | 0 | 0 |
| Tri-Continental Corp | COM | 895436103 |  | 5681 | 179 | SH |  | SOLE |  | 179 | 0 | 0 |
| Virtus Stone HBR Emrg Mkts I | COM | 86164T107 |  | 9201 | 1822 | SH |  | SOLE |  | 1822 | 0 | 0 |
| Virtus Total Return Fund Inc. | COM | 92835W107 |  | 4211 | 676 | SH |  | SOLE |  | 676 | 0 | 0 |
| Western Asset Mortgage Opp Fund Inc. | COM | 95790B109 |  | 1671254 | 139971 | SH |  | SOLE |  | 139971 | 0 | 0 |

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