# EDGAR Filing Document

**Accession Number:** 0001729848
**File Stem:** 0001951757-23-000049
**Filing Date:** 2023-1
**Character Count:** 17252
**Document Hash:** 7b4a5612a2f674a2afa9e72e16155e19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-23-000049.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001951757-23-000049

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Claybrook Capital, LLC
- **CENTRAL INDEX KEY:** 0001729848
- **IRS NUMBER:** 814839096
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18740
- **FILM NUMBER:** 23548160

**BUSINESS ADDRESS:**
- **STREET 1:** 40 WASHINGTON STREET
- **STREET 2:** SUITE 201
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481
- **BUSINESS PHONE:** (617) 932-7927

**MAIL ADDRESS:**
- **STREET 1:** 40 WASHINGTON STREET
- **STREET 2:** SUITE 201
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Claybrook Capital LLC<br>**Address:** 40 WASHINGTON STREET<br>SUITE 201<br>WELLESLEY, MA 02481

**Form 13F File Number:** 028-18740

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:** VIRGINIA AARON<br>**Title:** VICE PRESIDENT CHIEF COMPLIANCE OFFICER<br>**Phone:** (617) 932-7927

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

VIRGINIA AARON  WELLESLEY, MA  01-24-2023<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:** 133

**Form 13F Information Table Value Total:** $162729240

      (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 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 2073049 | 6725 | SH |  | SOLE |  | 0 | 0 | 6725 |
| AMAZON COM INC | COM | 023135106 |  | 2467080 | 29370 | SH |  | SOLE |  | 0 | 0 | 29370 |
| ARBOR REALTY TRUST INC | COM | 038923108 |  | 418848 | 31755 | SH |  | SOLE |  | 0 | 0 | 31755 |
| ARISTA NETWORKS INC | COM | 040413106 |  | 242700 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 2091618 | 8225 | SH |  | SOLE |  | 0 | 0 | 8225 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3229550 | 10455 | SH |  | SOLE |  | 0 | 0 | 10455 |
| BLACKROCK CAP INVT CORP | COM | 092533108 |  | 200038 | 55259 | SH |  | SOLE |  | 0 | 0 | 55259 |
| BOEING CO | COM | 097023105 |  | 2053482 | 10780 | SH |  | SOLE |  | 0 | 0 | 10780 |
| CRESTWOOD EQUITY PARTNERS LP | UNIT LTD PARTNER | 226344208 |  | 304773 | 11637 | SH |  | SOLE |  | 0 | 0 | 11637 |
| ELLINGTON RESIDENTIAL MTG RE | COM SHS BEN INT | 288578107 |  | 275676 | 40186 | SH |  | SOLE |  | 0 | 0 | 40186 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 263390 | 10920 | SH |  | SOLE |  | 0 | 0 | 10920 |
| FS KKR CAP CORP | COM | 302635206 |  | 1958478 | 111913 | SH |  | SOLE |  | 0 | 0 | 111913 |
| GRIFFON CORP | COM | 398433102 |  | 2023960 | 56551 | SH |  | SOLE |  | 0 | 0 | 56551 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 431236 | 32620 | SH |  | SOLE |  | 0 | 0 | 32620 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 419063 | 48956 | SH |  | SOLE |  | 0 | 0 | 48956 |
| KRAFT HEINZ CO | COM | 500754106 |  | 529230 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| LADDER CAP CORP | CL A | 505743104 |  | 1898604 | 189104 | SH |  | SOLE |  | 0 | 0 | 189104 |
| LARGO INC | COM | 517097101 |  | 534207 | 99295 | SH |  | SOLE |  | 0 | 0 | 99295 |
| MICROSOFT CORP | COM | 594918104 |  | 1807044 | 7535 | SH |  | SOLE |  | 0 | 0 | 7535 |
| MONROE CAP CORP | COM | 610335101 |  | 339491 | 39753 | SH |  | SOLE |  | 0 | 0 | 39753 |
| NEW MTN FIN CORP | COM | 647551100 |  | 245916 | 19880 | SH |  | SOLE |  | 0 | 0 | 19880 |
| NEW YORK MTG TR INC | COM PAR $.02 | 649604501 |  | 204867 | 80026 | SH |  | SOLE |  | 0 | 0 | 80026 |
| NUVEEN CALIFORNIA AMT QLT MU | COM | 670651108 |  | 723363 | 58810 | SH |  | SOLE |  | 0 | 0 | 58810 |
| NUVEEN NEW YORK AMT QLT MUNI | COM | 670656107 |  | 8129685 | 792367 | SH |  | SOLE |  | 0 | 0 | 792367 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 2826389 | 248583 | SH |  | SOLE |  | 0 | 0 | 248583 |
| OXFORD LANE CAP CORP | COM | 691543102 |  | 260451 | 51371 | SH |  | SOLE |  | 0 | 0 | 51371 |
| PENNANTPARK INVT CORP | COM | 708062104 |  | 793972 | 138082 | SH |  | SOLE |  | 0 | 0 | 138082 |
| PFIZER INC | COM | 717081103 |  | 538020 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| PIONEER NAT RES CO | COM | 723787107 |  | 434398 | 1902 | SH |  | SOLE |  | 0 | 0 | 1902 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 860115 | 30425 | SH |  | SOLE |  | 0 | 0 | 30425 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 455550 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 722688 | 9600 | SH |  | SOLE |  | 0 | 0 | 9600 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 1116293 | 26597 | SH |  | SOLE |  | 0 | 0 | 26597 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 2598960 | 30154 | SH |  | SOLE |  | 0 | 0 | 30154 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1020274 | 26174 | SH |  | SOLE |  | 0 | 0 | 26174 |
| SEVEN HILLS REALTY TRUST | COM | 81784E101 |  | 349374 | 38435 | SH |  | SOLE |  | 0 | 0 | 38435 |
| BLACKROCK MUNIYIELD N Y QUAL | COM | 09255E102 |  | 3412850 | 348250 | SH |  | SOLE |  | 0 | 0 | 348250 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 1197488 | 382584 | SH |  | SOLE |  | 0 | 0 | 382584 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 6946094 | 26086 | SH |  | SOLE |  | 0 | 0 | 26086 |
| PIMCO NEW YORK MUN INCOME FD | COM | 72200T103 |  | 1390499 | 203587 | SH |  | SOLE |  | 0 | 0 | 203587 |
| ESSENTIAL PPTYS RLTY TR INC | COM | 29670E107 |  | 5114653 | 217923 | SH |  | SOLE |  | 0 | 0 | 217923 |
| UBS AG LONDON BRANCH | ETRACS 2XM ETN | 902677780 |  | 194336 | 18658 | SH |  | SOLE |  | 0 | 0 | 18658 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 680311 | 17870 | SH |  | SOLE |  | 0 | 0 | 17870 |
| ALPS ETF TR | DISRUPTIVE TECH | 00162Q478 |  | 267533 | 8051 | SH |  | SOLE |  | 0 | 0 | 8051 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 664588 | 7490 | SH |  | SOLE |  | 0 | 0 | 7490 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 669666 | 7590 | SH |  | SOLE |  | 0 | 0 | 7590 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 5036922 | 110193 | SH |  | SOLE |  | 0 | 0 | 110193 |
| ANGEL OAK FINL STRATEGIES IN | COM BEN INT | 03464A100 |  | 143472 | 11200 | SH |  | SOLE |  | 0 | 0 | 11200 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 503162 | 44137 | SH |  | SOLE |  | 0 | 0 | 44137 |
| APOLLO COML REAL EST FIN INC | COM | 03762U105 |  | 1232827 | 114575 | SH |  | SOLE |  | 0 | 0 | 114575 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 1063170 | 57562 | SH |  | SOLE |  | 0 | 0 | 57562 |
| ARES COML REAL ESTATE CORP | COM | 04013V108 |  | 707417 | 68748 | SH |  | SOLE |  | 0 | 0 | 68748 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 377825 | 31750 | SH |  | SOLE |  | 0 | 0 | 31750 |
| BARINGS BDC INC | COM | 06759L103 |  | 205828 | 25255 | SH |  | SOLE |  | 0 | 0 | 25255 |
| BLACKROCK N Y MUN INCOME TRU | SH BEN INT | 09248L106 |  | 713167 | 70821 | SH |  | SOLE |  | 0 | 0 | 70821 |
| BLACKROCK MUNIVEST FD INC | COM | 09253R105 |  | 2188662 | 312220 | SH |  | SOLE |  | 0 | 0 | 312220 |
| BLACKROCK MUNIHLDGS NY QLTY | COM | 09255C106 |  | 3000288 | 292141 | SH |  | SOLE |  | 0 | 0 | 292141 |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 |  | 465816 | 53297 | SH |  | SOLE |  | 0 | 0 | 53297 |
| BLACKSTONE STRATEGIC CREDIT | COM SHS BEN IN | 09257R101 |  | 380753 | 35988 | SH |  | SOLE |  | 0 | 0 | 35988 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 591553 | 27943 | SH |  | SOLE |  | 0 | 0 | 27943 |
| BROADMARK RLTY CAP INC | COM | 11135B100 |  | 653680 | 183618 | SH |  | SOLE |  | 0 | 0 | 183618 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 191969 | 34403 | SH |  | SOLE |  | 0 | 0 | 34403 |
| CASTLE BIOSCIENCES INC | COM | 14843C105 |  | 236012 | 10026 | SH |  | SOLE |  | 0 | 0 | 10026 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 244928 | 38270 | SH |  | SOLE |  | 0 | 0 | 38270 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 189376 | 29090 | SH |  | SOLE |  | 0 | 0 | 29090 |
| COHEN  STEERS LTD DURATION | COM | 19248C105 |  | 199006 | 10463 | SH |  | SOLE |  | 0 | 0 | 10463 |
| COHEN  STEERS TAX ADVAN PFD | COM | 19249X108 |  | 239340 | 13545 | SH |  | SOLE |  | 0 | 0 | 13545 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1215400 | 10300 | SH |  | SOLE |  | 0 | 0 | 10300 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 247741 | 1069 | SH |  | SOLE |  | 0 | 0 | 1069 |
| DYNEX CAP INC | COM | 26817Q886 |  | 719570 | 56570 | SH |  | SOLE |  | 0 | 0 | 56570 |
| ETF SER SOLUTIONS | US GLB JETS | 26922A842 |  | 900970 | 52750 | SH |  | SOLE |  | 0 | 0 | 52750 |
| ETFIS SER TR I | VIRTUS INFRCAP | 26923G822 |  | 832263 | 45880 | SH |  | SOLE |  | 0 | 0 | 45880 |
| FIRST EAGLE ALTR CAP BDC INC | COM | 26943B100 |  | 269556 | 63276 | SH |  | SOLE |  | 0 | 0 | 63276 |
| EATON VANCE LTD DURATION INC | COM | 27828H105 |  | 135592 | 14440 | SH |  | SOLE |  | 0 | 0 | 14440 |
| ELLINGTON FINANCIAL INC | COM | 28852N109 |  | 216846 | 17530 | SH |  | SOLE |  | 0 | 0 | 17530 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 2158500 | 181845 | SH |  | SOLE |  | 0 | 0 | 181845 |
| FIRST TR INTER DURATN PFD | COM | 33718W103 |  | 174351 | 10335 | SH |  | SOLE |  | 0 | 0 | 10335 |
| FIRST TR EXCHANGE TRADED FD | CLOUD COMPUTING | 33734X192 |  | 777132 | 13490 | SH |  | SOLE |  | 0 | 0 | 13490 |
| GANNETT CO INC | COM | 36472T109 |  | 122486 | 60338 | SH |  | SOLE |  | 0 | 0 | 60338 |
| GLOBAL X FDS | INTERNET OF THNG | 37954Y780 |  | 316609 | 10952 | SH |  | SOLE |  | 0 | 0 | 10952 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 647584 | 47200 | SH |  | SOLE |  | 0 | 0 | 47200 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 316630 | 24060 | SH |  | SOLE |  | 0 | 0 | 24060 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 406074 | 75760 | SH |  | SOLE |  | 0 | 0 | 75760 |
| GREAT AJAX CORP | COM | 38983D300 |  | 424502 | 58552 | SH |  | SOLE |  | 0 | 0 | 58552 |
| HESS CORP | COM | 42809H107 |  | 850920 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| HIGHLAND INCOME FD | HIGHLAND INCOME | 43010E404 |  | 194670 | 18900 | SH |  | SOLE |  | 0 | 0 | 18900 |
| INVESCO TR INVT GRADE NEW YO | COM | 46131T101 |  | 1720848 | 170381 | SH |  | SOLE |  | 0 | 0 | 170381 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 2303595 | 244543 | SH |  | SOLE |  | 0 | 0 | 244543 |
| INVESCO EXCH TRADED FD TR II | NASDAQNXTGEN100 | 46138G631 |  | 915072 | 38272 | SH |  | SOLE |  | 0 | 0 | 38272 |
| ISHARES TR | MORTGE REL ETF | 46435G342 |  | 284101 | 12521 | SH |  | SOLE |  | 0 | 0 | 12521 |
| KKR REAL ESTATE FIN TR INC | COM | 48251K100 |  | 1883497 | 134921 | SH |  | SOLE |  | 0 | 0 | 134921 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 1880320 | 104000 | SH |  | SOLE |  | 0 | 0 | 104000 |
| LISTED FD TR | SWAN HEDGED EQTY | 53656F599 |  | 1115725 | 65000 | SH |  | SOLE |  | 0 | 0 | 65000 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 447149 | 13616 | SH |  | SOLE |  | 0 | 0 | 13616 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 480559 | 58820 | SH |  | SOLE |  | 0 | 0 | 58820 |
| NUVEEN NEW YORK QLT MUN INC | COM | 67066X107 |  | 5201035 | 486078 | SH |  | SOLE |  | 0 | 0 | 486078 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 1790051 | 148183 | SH |  | SOLE |  | 0 | 0 | 148183 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 1944185 | 160147 | SH |  | SOLE |  | 0 | 0 | 160147 |
| NUVEEN PFD  INCOME OPPORTUN | COM | 67073B106 |  | 2029300 | 278750 | SH |  | SOLE |  | 0 | 0 | 278750 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 219354 | 43095 | SH |  | SOLE |  | 0 | 0 | 43095 |
| NUVEEN PFD  INCOME TERM FD | COM | 67075A106 |  | 391109 | 21050 | SH |  | SOLE |  | 0 | 0 | 21050 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P108 |  | 1669238 | 242975 | SH |  | SOLE |  | 0 | 0 | 242975 |
| OWL ROCK CAPITAL CORPORATION | COM | 69121K104 |  | 284592 | 24640 | SH |  | SOLE |  | 0 | 0 | 24640 |
| PENNYMAC MTG INVT TR | COM | 70931T103 |  | 289926 | 23400 | SH |  | SOLE |  | 0 | 0 | 23400 |
| PIMCO NEW YORK MUN INCOME FD | COM | 72200T103 |  | 1750131 | 193813 | SH |  | SOLE |  | 0 | 0 | 193813 |
| PIMCO MUN INCOME FD II | COM | 72200W106 |  | 2532890 | 280187 | SH |  | SOLE |  | 0 | 0 | 280187 |
| PIMCO NEW YORK MUN FD II | COM | 72200Y102 |  | 2238664 | 281593 | SH |  | SOLE |  | 0 | 0 | 281593 |
| PIMCO INCOME STRATEGY FD II | COM | 72201J104 |  | 86749 | 12270 | SH |  | SOLE |  | 0 | 0 | 12270 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 690838 | 37383 | SH |  | SOLE |  | 0 | 0 | 37383 |
| PROSHARES TR | SHORT QQQ NEW | 74347B714 |  | 2840960 | 193000 | SH |  | SOLE |  | 0 | 0 | 193000 |
| PURECYCLE TECHNOLOGIES INC | COM | 74623V103 |  | 213954 | 31650 | SH |  | SOLE |  | 0 | 0 | 31650 |
| READY CAPITAL CORP | COM | 75574U101 |  | 1262151 | 113299 | SH |  | SOLE |  | 0 | 0 | 113299 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 14572268 | 38104 | SH |  | SOLE |  | 0 | 0 | 38104 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1687070 | 9945 | SH |  | SOLE |  | 0 | 0 | 9945 |
| SPDR SER TR | S DIVID ETF | 78464A763 |  | 625550 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| SALESFORCE INC | COM | 79466L302 |  | 675546 | 5095 | SH |  | SOLE |  | 0 | 0 | 5095 |
| SARATOGA INVT CORP | COM NEW | 80349A208 |  | 812213 | 31864 | SH |  | SOLE |  | 0 | 0 | 31864 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 |  | 421148 | 23660 | SH |  | SOLE |  | 0 | 0 | 23660 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 575777 | 41393 | SH |  | SOLE |  | 0 | 0 | 41393 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 2133649 | 116402 | SH |  | SOLE |  | 0 | 0 | 116402 |
| 3M CO | COM | 88579Y101 |  | 1055296 | 8800 | SH |  | SOLE |  | 0 | 0 | 8800 |
| TRIPLEPOINT VENTURE GROWTH B | COM | 89677Y100 |  | 1195695 | 114640 | SH |  | SOLE |  | 0 | 0 | 114640 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 813597 | 57498 | SH |  | SOLE |  | 0 | 0 | 57498 |
| VANECK ETF TRUST | MORTGAGE REIT | 92189F452 |  | 222080 | 19030 | SH |  | SOLE |  | 0 | 0 | 19030 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 2291323 | 35300 | SH |  | SOLE |  | 0 | 0 | 35300 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 856101 | 21728 | SH |  | SOLE |  | 0 | 0 | 21728 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 269922 | 19760 | SH |  | SOLE |  | 0 | 0 | 19760 |
| PARAMOUNT GLOBAL | CLASS B COM | 92556H206 |  | 393304 | 23300 | SH |  | SOLE |  | 0 | 0 | 23300 |
| PARAMOUNT GLOBAL | 5.75% CONV PFD A | 92556H305 |  | 206830 | 8350 | SH |  | SOLE |  | 0 | 0 | 8350 |
| VIRTUS CONVERTIBLE  INCOME | COM | 92838X102 |  | 431521 | 126918 | SH |  | SOLE |  | 0 | 0 | 126918 |
| VOYA GLBL EQTY DIV  PREM OP | COM | 92912T100 |  | 543175 | 100402 | SH |  | SOLE |  | 0 | 0 | 100402 |
| ALLSPRING INCOME OPPORTUNIT | INC OPPTY FD | 94987B105 |  | 358869 | 56161 | SH |  | SOLE |  | 0 | 0 | 56161 |
| XAI OCTAGON FLOATING RATE | COM | 98400T106 |  | 1249894 | 197768 | SH |  | SOLE |  | 0 | 0 | 197768 |

---