# EDGAR Filing Document

**Accession Number:** 0002103520
**File Stem:** 0001214659-26-005900
**Filing Date:** 2026-5
**Character Count:** 20644
**Document Hash:** d61d8f806894ee7886df4af3274a6926
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-005900.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001214659-26-005900

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**EFFECTIVENESS DATE**: 20260511

**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:** 26962123

**BUSINESS ADDRESS:**
- **STREET 1:** 2453 CRYSTAL RIDGE ROAD
- **CITY:** HENRICO
- **STATE:** VA
- **ZIP:** 23233
- **BUSINESS PHONE:** (804) 288-2482

**MAIL ADDRESS:**
- **STREET 1:** 2711 BUFORD RD. SUITE #382
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** 2711 BUFORD RD. SUITE #382<br>RICHMOND, VA 23235

**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  05-05-2026<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:** 162

**Form 13F Information Table Value Total:** $98273049

      (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 |
| ABRDN ASIA PACIFIC INCOME FU | COM NEW | 003009867 |  | 238752 | 16557 | SH |  | SOLE |  | 0 | 0 | 16557 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 546951 | 75028 | SH |  | SOLE |  | 0 | 0 | 75028 |
| ABRDN GLOBAL INFRA INCOME FU | COM SHS BEN INT | 00326W106 |  | 577235 | 25816 | SH |  | SOLE |  | 0 | 0 | 25816 |
| ABRDN HEALTHCARE INVESTORS | SH BEN INT | 87911J103 |  | 676280 | 38015 | SH |  | SOLE |  | 0 | 0 | 38015 |
| ABRDN LIFE SCIENCES INVESTOR | SH BEN INT | 87911K100 |  | 431204 | 26503 | SH |  | SOLE |  | 0 | 0 | 26503 |
| ABRDN NATL MUN INCOME FD | SH BEN INT | 24610T108 |  | 1531001 | 153715 | SH |  | SOLE |  | 0 | 0 | 153715 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 618175 | 67120 | SH |  | SOLE |  | 0 | 0 | 67120 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 |  | 351890 | 16075 | SH |  | SOLE |  | 0 | 0 | 16075 |
| AIRBNB INC | COM CL A | 009066101 |  | 315700 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| ALLIANCEBERNSTEIN NATL MUN I | COM | 01864U106 |  | 670028 | 62678 | SH |  | SOLE |  | 0 | 0 | 62678 |
| ALLSPRING GLOBAL DIVIDEND OP | COM | 94987C103 |  | 2058899 | 353156 | SH |  | SOLE |  | 0 | 0 | 353156 |
| ALLSPRING MULTI SECTOR INCOM | COM | 94987D101 |  | 330505 | 36682 | SH |  | SOLE |  | 0 | 0 | 36682 |
| AMGEN INC | COM | 031162100 |  | 281480 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| ANGEL OAK FINL STRATEGIES IN | COM BEN INT | 03464A100 |  | 1538925 | 120700 | SH |  | SOLE |  | 0 | 0 | 120700 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 476557 | 26446 | SH |  | SOLE |  | 0 | 0 | 26446 |
| ARES DYNAMIC CR ALLOCATION F | COM | 04014F102 |  | 457873 | 37654 | SH |  | SOLE |  | 0 | 0 | 37654 |
| ARROWMARK FINANCIAL CORP | COM | 861780104 |  | 1329873 | 69773 | SH |  | SOLE |  | 0 | 0 | 69773 |
| BAIN CAP SPECIALTY FIN INC | COM STK | 05684B107 |  | 943659 | 76102 | SH |  | SOLE |  | 0 | 0 | 76102 |
| BARINGS BDC INC | COM | 06759L103 |  | 327941 | 39847 | SH |  | SOLE |  | 0 | 0 | 39847 |
| BCP INVESTMENT CORPORATION | COM NEW | 73688F201 |  | 79825 | 10615 | SH |  | SOLE |  | 0 | 0 | 10615 |
| BLACKROCK CAP ALLOCATION TER | COM | 09260U109 |  | 272356 | 19275 | SH |  | SOLE |  | 0 | 0 | 19275 |
| BLACKROCK CR ALLOCATION | COM | 092508100 |  | 319059 | 31590 | SH |  | SOLE |  | 0 | 0 | 31590 |
| BLACKROCK ENHANCED GLOBAL | COM | 092501105 |  | 538870 | 49167 | SH |  | SOLE |  | 0 | 0 | 49167 |
| BLACKROCK ENHANCED INTL DIV | COM BENE INTER | 092524107 |  | 446336 | 82502 | SH |  | SOLE |  | 0 | 0 | 82502 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 541985 | 23876 | SH |  | SOLE |  | 0 | 0 | 23876 |
| BLACKROCK MUNIHLDGS NJ QLTY | COM | 09254X101 |  | 248801 | 21504 | SH |  | SOLE |  | 0 | 0 | 21504 |
| BLACKROCK MUNIHLDNGS CALI | COM | 09254L107 |  | 141773 | 13632 | SH |  | SOLE |  | 0 | 0 | 13632 |
| BLACKROCK MUNIHOLDINGS FD IN | COM | 09253N104 |  | 608127 | 53912 | SH |  | SOLE |  | 0 | 0 | 53912 |
| BLACKROCK MUNIYIELD N Y QUAL | COM | 09255E102 |  | 251846 | 26234 | SH |  | SOLE |  | 0 | 0 | 26234 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 |  | 324559 | 30881 | SH |  | SOLE |  | 0 | 0 | 30881 |
| BLACKROCK MUNIYILD QULT FD I | COM | 09254F100 |  | 125457 | 11426 | SH |  | SOLE |  | 0 | 0 | 11426 |
| BLACKROCK RES  COMMODITIES | SHS | 09257A108 |  | 310914 | 25802 | SH |  | SOLE |  | 0 | 0 | 25802 |
| BLACKROCK SCIENCE  TECHNOLO | SHS BEN INT | 09260K101 |  | 238802 | 10781 | SH |  | SOLE |  | 0 | 0 | 10781 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 196846 | 54528 | SH |  | SOLE |  | 0 | 0 | 54528 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 145088 | 21983 | SH |  | SOLE |  | 0 | 0 | 21983 |
| BLACKSTONE LONG SHORT CR INC | COM SHS BN INT | 09257D102 |  | 824465 | 75639 | SH |  | SOLE |  | 0 | 0 | 75639 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 734058 | 30986 | SH |  | SOLE |  | 0 | 0 | 30986 |
| BLACKSTONE STRATEGIC CRED 20 | COM SHS BEN IN | 09257R101 |  | 591407 | 53041 | SH |  | SOLE |  | 0 | 0 | 53041 |
| BLUE OWL TECHNOLOGY FIN CORP | COMMON STOCK | 095924106 |  | 2099560 | 169456 | SH |  | SOLE |  | 0 | 0 | 169456 |
| BLUEROCK PVT REAL ESTATE FD | COM | 09631P102 |  | 2961164 | 178276 | SH |  | SOLE |  | 0 | 0 | 178276 |
| BNY MELLON HIGH YIELD STRATE | SH BEN INT | 09660L105 |  | 107380 | 44008 | SH |  | SOLE |  | 0 | 0 | 44008 |
| BNY MELLON MUN BD INFRASTRUC | COM SHS | 09662W109 |  | 175228 | 16625 | SH |  | SOLE |  | 0 | 0 | 16625 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 603037 | 100339 | SH |  | SOLE |  | 0 | 0 | 100339 |
| BNY MELLON STRATEGIC MUNS IN | COM | 05588W108 |  | 658676 | 104718 | SH |  | SOLE |  | 0 | 0 | 104718 |
| BRANDYWINEGBL GBL INCM OPP F | COM | 10537L104 |  | 171816 | 22401 | SH |  | SOLE |  | 0 | 0 | 22401 |
| BROOKFIELD REAL ASSETS INCOM | SHS BEN INT | 112830104 |  | 1479572 | 115052 | SH |  | SOLE |  | 0 | 0 | 115052 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 178894 | 24641 | SH |  | SOLE |  | 0 | 0 | 24641 |
| CALAMOS LNG SHR EQT DYNAMIC | COM | 12812C106 |  | 1876413 | 138277 | SH |  | SOLE |  | 0 | 0 | 138277 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 |  | 216791 | 12663 | SH |  | SOLE |  | 0 | 0 | 12663 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 676607 | 30588 | SH |  | SOLE |  | 0 | 0 | 30588 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 1080708 | 98785 | SH |  | SOLE |  | 0 | 0 | 98785 |
| CENTRAL SECS CORP | COM | 155123102 |  | 520218 | 10476 | SH |  | SOLE |  | 0 | 0 | 10476 |
| CHICAGO ATLANTIC BDC INC | COM | 828174102 |  | 201539 | 21578 | SH |  | SOLE |  | 0 | 0 | 21578 |
| CION INVT CORP | COM | 17259U204 |  | 235344 | 34407 | SH |  | SOLE |  | 0 | 0 | 34407 |
| CLEARBRIDGE ENERGY MIDSTREAM | COM | 18469P209 |  | 1207043 | 22852 | SH |  | SOLE |  | 0 | 0 | 22852 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 85260 | 14402 | SH |  | SOLE |  | 0 | 0 | 14402 |
| COHEN  STEERS REAL ESTATE O | SHS BENFIN INT | 19249Q103 |  | 935664 | 64351 | SH |  | SOLE |  | 0 | 0 | 64351 |
| COHEN  STEERS TAX ADVAN PFD | COM | 19249X108 |  | 219689 | 11723 | SH |  | SOLE |  | 0 | 0 | 11723 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 678181 | 55817 | SH |  | SOLE |  | 0 | 0 | 55817 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 1628723 | 200829 | SH |  | SOLE |  | 0 | 0 | 200829 |
| DOUBLELINE YIELD OPPORTUNITI | COM | 25862D105 |  | 199738 | 14349 | SH |  | SOLE |  | 0 | 0 | 14349 |
| DTF TAX-FREE INCOME 2028 TER | COM | 23334J107 |  | 165258 | 14433 | SH |  | SOLE |  | 0 | 0 | 14433 |
| DUFF  PHELPS UTLITY AND INF | COM | 26433C105 |  | 603144 | 41769 | SH |  | SOLE |  | 0 | 0 | 41769 |
| EATON VANCE NATL MUN OPPORT | COM SHS | 27829L105 |  | 202649 | 11837 | SH |  | SOLE |  | 0 | 0 | 11837 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 |  | 208245 | 25489 | SH |  | SOLE |  | 0 | 0 | 25489 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 222141 | 21076 | SH |  | SOLE |  | 0 | 0 | 21076 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829C105 |  | 516273 | 58801 | SH |  | SOLE |  | 0 | 0 | 58801 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829F108 |  | 207372 | 23946 | SH |  | SOLE |  | 0 | 0 | 23946 |
| ELI LILLY  CO | COM | 532457108 |  | 367908 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| EXCHANGE LISTED FDS TR | SABA INT RATE | 30151E806 |  | 285303 | 12652 | SH |  | SOLE |  | 0 | 0 | 12652 |
| FEDERATED HERMES PREM MUNI I | COM | 31423P108 |  | 566327 | 51814 | SH |  | SOLE |  | 0 | 0 | 51814 |
| FIRST TR EXCHNG TRADED FD VI | FT ENERGY INCOME | 33740F276 |  | 407856 | 18135 | SH |  | SOLE |  | 0 | 0 | 18135 |
| FLAHERTY  CRUMRIN PFD  INM | COM | 338478100 |  | 388164 | 25059 | SH |  | SOLE |  | 0 | 0 | 25059 |
| FLAHERTY  CRUMRINE DYNAMIC | SHS | 33848W106 |  | 883080 | 44000 | SH |  | SOLE |  | 0 | 0 | 44000 |
| FLAHERTY  CRUMRINE PFD INCO | COM | 33848E106 |  | 856386 | 94733 | SH |  | SOLE |  | 0 | 0 | 94733 |
| FLAHERTY  CRUMRINE TOTAL RE | COM | 338479108 |  | 748112 | 45067 | SH |  | SOLE |  | 0 | 0 | 45067 |
| FS CREDIT OPPORTUNITIES CORP | COMMON STOCK | 30290Y101 |  | 1347532 | 264222 | SH |  | SOLE |  | 0 | 0 | 264222 |
| FS KKR CAP CORP | COM | 302635206 |  | 319092 | 31345 | SH |  | SOLE |  | 0 | 0 | 31345 |
| FS SPECIALTY LENDING FD | COM SH BEN INT | 644323107 |  | 1638560 | 130980 | SH |  | SOLE |  | 0 | 0 | 130980 |
| GABELLI DIVID  INCOME TR | COM | 36242H104 |  | 239246 | 8884 | SH |  | SOLE |  | 0 | 0 | 8884 |
| GABELLI HEALTHCARE  WELLNES | SHS | 36246K103 |  | 106283 | 11744 | SH |  | SOLE |  | 0 | 0 | 11744 |
| GAMCO NAT RES GOLD  INCOME | SH BEN INT | 36465E101 |  | 349314 | 41834 | SH |  | SOLE |  | 0 | 0 | 41834 |
| GDL FD | COM SH BEN IT | 361570104 |  | 94695 | 11368 | SH |  | SOLE |  | 0 | 0 | 11368 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 375926 | 42334 | SH |  | SOLE |  | 0 | 0 | 42334 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 503248 | 39751 | SH |  | SOLE |  | 0 | 0 | 39751 |
| GUGGENHEIM ACTIVE ALLOC FD | COMMON STOCK | 40170T106 |  | 1623791 | 106688 | SH |  | SOLE |  | 0 | 0 | 106688 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 440811 | 29845 | SH |  | SOLE |  | 0 | 0 | 29845 |
| HIGHLAND OPPS  INCOME FD | HIGHLAND INCOME | 43010E404 |  | 1343700 | 235324 | SH |  | SOLE |  | 0 | 0 | 235324 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 111679 | 34683 | SH |  | SOLE |  | 0 | 0 | 34683 |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 |  | 134854 | 13663 | SH |  | SOLE |  | 0 | 0 | 13663 |
| KAYNE ANDERSON BDC INC | COM SHS | 48662X105 |  | 491931 | 35855 | SH |  | SOLE |  | 0 | 0 | 35855 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 4322742 | 302713 | SH |  | SOLE |  | 0 | 0 | 302713 |
| MFS CHARTER INCOME TR | SH BEN INT | 552727109 |  | 186896 | 30841 | SH |  | SOLE |  | 0 | 0 | 30841 |
| MFS HIGH INCOME MUN TR | SH BEN INT | 59318D104 |  | 1019397 | 274770 | SH |  | SOLE |  | 0 | 0 | 274770 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 46866 | 13091 | SH |  | SOLE |  | 0 | 0 | 13091 |
| MFS INVT GRADE MUN TR | SH BEN INT | 59318B108 |  | 123829 | 15498 | SH |  | SOLE |  | 0 | 0 | 15498 |
| MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 |  | 154239 | 33385 | SH |  | SOLE |  | 0 | 0 | 33385 |
| MFS MUN INCOME TR | SH BEN INT | 552738106 |  | 1483630 | 275256 | SH |  | SOLE |  | 0 | 0 | 275256 |
| MICROSOFT CORP | COM | 594918104 |  | 629659 | 1701 | SH |  | SOLE |  | 0 | 0 | 1701 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 380733 | 33873 | SH |  | SOLE |  | 0 | 0 | 33873 |
| MONROE CAP CORP | COM | 610335101 |  | 58995 | 12825 | SH |  | SOLE |  | 0 | 0 | 12825 |
| MORGAN STANLEY DIRECT LENDIN | COM SHS | 61774A103 |  | 598060 | 42841 | SH |  | SOLE |  | 0 | 0 | 42841 |
| MORGAN STANLEY EMERGING MKTS | COM | 617477104 |  | 240379 | 47412 | SH |  | SOLE |  | 0 | 0 | 47412 |
| MOUNT LOGAN CAP INC | COM | 62188E103 |  | 66860 | 18676 | SH |  | SOLE |  | 0 | 0 | 18676 |
| NEUBERGER ENGY INFRSTR  INC | COM | 64129H104 |  | 1464810 | 139373 | SH |  | SOLE |  | 0 | 0 | 139373 |
| NEUBERGER MUN FD INC | COM | 64124P101 |  | 313797 | 30916 | SH |  | SOLE |  | 0 | 0 | 30916 |
| NEUBERGER NEXT GENERATION | COMMON STOCK | 64133Q108 |  | 523290 | 40660 | SH |  | SOLE |  | 0 | 0 | 40660 |
| NEW MTN FIN CORP | COM | 647551100 |  | 176299 | 22719 | SH |  | SOLE |  | 0 | 0 | 22719 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 333440 | 27043 | SH |  | SOLE |  | 0 | 0 | 27043 |
| NUVEEN CA DIVI ADV MUN | COM | 67066Y105 |  | 154840 | 13291 | SH |  | SOLE |  | 0 | 0 | 13291 |
| NUVEEN CHURCHILL DIRECT LEND | COM SHS | 67090S108 |  | 1182413 | 92957 | SH |  | SOLE |  | 0 | 0 | 92957 |
| NUVEEN CORE PLUS IMPACT FUND | COM BEN INT | 67080D103 |  | 238324 | 23388 | SH |  | SOLE |  | 0 | 0 | 23388 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 237929 | 48856 | SH |  | SOLE |  | 0 | 0 | 48856 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 243505 | 32381 | SH |  | SOLE |  | 0 | 0 | 32381 |
| NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 |  | 181992 | 14893 | SH |  | SOLE |  | 0 | 0 | 14893 |
| NUVEEN MORTGAGE AND INCOME F | COM | 670735109 |  | 377285 | 20810 | SH |  | SOLE |  | 0 | 0 | 20810 |
| NUVEEN MULTI ASSET INCOME FU | COM | 670750108 |  | 779092 | 62830 | SH |  | SOLE |  | 0 | 0 | 62830 |
| NUVEEN MUN CR INCOME FD | COM SH BEN INT | 67070X101 |  | 428115 | 35149 | SH |  | SOLE |  | 0 | 0 | 35149 |
| NUVEEN NEW JERSEY | COM | 67069Y102 |  | 133443 | 10849 | SH |  | SOLE |  | 0 | 0 | 10849 |
| NUVEEN NY AMT FREE | COM | 670656107 |  | 258844 | 25352 | SH |  | SOLE |  | 0 | 0 | 25352 |
| NUVEEN PFD  INCOME OPPORTUN | COM | 67073B106 |  | 186879 | 24785 | SH |  | SOLE |  | 0 | 0 | 24785 |
| NUVEEN REAL ASSET INCOME  G | COM | 67074Y105 |  | 711051 | 57809 | SH |  | SOLE |  | 0 | 0 | 57809 |
| NUVEEN REAL ESTATE INCOME FD | COM | 67071B108 |  | 813961 | 109110 | SH |  | SOLE |  | 0 | 0 | 109110 |
| NUVEEN S 500 DYNAMIC OVERW | COM | 6706EW100 |  | 517972 | 32232 | SH |  | SOLE |  | 0 | 0 | 32232 |
| NUVEEN VRIABL RAT PFD  INM | COM | 67080R102 |  | 989066 | 54494 | SH |  | SOLE |  | 0 | 0 | 54494 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 1673038 | 113890 | SH |  | SOLE |  | 0 | 0 | 113890 |
| OAKTREE SPECIALTY LENDING | COM | 67401P405 |  | 257493 | 22787 | SH |  | SOLE |  | 0 | 0 | 22787 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 1706002 | 106492 | SH |  | SOLE |  | 0 | 0 | 106492 |
| PIMCO CALIF MUN INCOME FD | COM | 72200N106 |  | 937442 | 109259 | SH |  | SOLE |  | 0 | 0 | 109259 |
| PIMCO ETF TR | ENHAN SHRT MA AC | 72201R833 |  | 779820 | 7754 | SH |  | SOLE |  | 0 | 0 | 7754 |
| PIMCO NEW YORK MUN FD II | COM | 72200Y102 |  | 1614668 | 235718 | SH |  | SOLE |  | 0 | 0 | 235718 |
| PRINCIPAL REAL ESTATE INCOME | SHS BEN INT | 74255X104 |  | 785465 | 81734 | SH |  | SOLE |  | 0 | 0 | 81734 |
| PUTNAM ETF TRUST | BDC INCOME ETF | 746729508 |  | 773426 | 28043 | SH |  | SOLE |  | 0 | 0 | 28043 |
| PUTNAM MUN OPPORTUNITIES TR | SH BEN INT | 746922103 |  | 222892 | 21640 | SH |  | SOLE |  | 0 | 0 | 21640 |
| PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 |  | 53825 | 15162 | SH |  | SOLE |  | 0 | 0 | 15162 |
| RIVERNORTH DOUBLELINE STRATE | COM | 76882G107 |  | 311670 | 40635 | SH |  | SOLE |  | 0 | 0 | 40635 |
| RIVERNORTH FLEXIBLE MUN INCO | COM | 76883H104 |  | 219822 | 15668 | SH |  | SOLE |  | 0 | 0 | 15668 |
| RIVERNORTH FLEXIBLE MUNI INC | COM | 76883Y107 |  | 1791531 | 141623 | SH |  | SOLE |  | 0 | 0 | 141623 |
| RIVERNORTH MANAGED DUR MUN I | COM | 76882H105 |  | 162252 | 11904 | SH |  | SOLE |  | 0 | 0 | 11904 |
| RIVERNORTH MANAGED DUR MUN I | COM | 76882M104 |  | 564111 | 38401 | SH |  | SOLE |  | 0 | 0 | 38401 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 156153 | 13807 | SH |  | SOLE |  | 0 | 0 | 13807 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 191771 | 11552 | SH |  | SOLE |  | 0 | 0 | 11552 |
| RUNWAY GROWTH FINANCE CORP | COM | 78163D100 |  | 388155 | 56500 | SH |  | SOLE |  | 0 | 0 | 56500 |
| SABA CAPITAL INCOME  OPPORT | COM NEW | 880198205 |  | 1668401 | 200529 | SH |  | SOLE |  | 0 | 0 | 200529 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 411084 | 24040 | SH |  | SOLE |  | 0 | 0 | 24040 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 |  | 314663 | 17991 | SH |  | SOLE |  | 0 | 0 | 17991 |
| THORNBURG INCM BUILDER OPP T | COM | 885213108 |  | 758327 | 35863 | SH |  | SOLE |  | 0 | 0 | 35863 |
| TORTOISE ENERGY INFRSTRCTR C | COM | 89147L886 |  | 2348804 | 47117 | SH |  | SOLE |  | 0 | 0 | 47117 |
| TRINITY CAP INC | COM | 896442308 |  | 752657 | 51166 | SH |  | SOLE |  | 0 | 0 | 51166 |
| TRIPLEPOINT VENTURE GROWTH B | COM | 89677Y100 |  | 175269 | 35124 | SH |  | SOLE |  | 0 | 0 | 35124 |
| VIRTUS CONVERTIBLE  INC FD | COM NEW | 92838U801 |  | 254227 | 18958 | SH |  | SOLE |  | 0 | 0 | 18958 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 |  | 582380 | 46184 | SH |  | SOLE |  | 0 | 0 | 46184 |
| VIRTUS GLOBAL MULTI-SECTOR I | COM | 92829B101 |  | 85114 | 11533 | SH |  | SOLE |  | 0 | 0 | 11533 |
| VOYA ASIA PAC HIGH DIV EQT I | COM | 92912J102 |  | 123403 | 16744 | SH |  | SOLE |  | 0 | 0 | 16744 |
| VOYA GLBL ADV  PREM OPP FD | COM | 92912R104 |  | 336818 | 35232 | SH |  | SOLE |  | 0 | 0 | 35232 |
| VOYA GLBL EQTY DIV  PREM OP | COM | 92912T100 |  | 131795 | 23122 | SH |  | SOLE |  | 0 | 0 | 23122 |
| WESTERN ASSET DIVERSIFIED IN | COM SHS BEN INT | 95790K109 |  | 328810 | 24465 | SH |  | SOLE |  | 0 | 0 | 24465 |
| WESTERN ASSET INTER MUNI | COM | 958435109 |  | 134223 | 17477 | SH |  | SOLE |  | 0 | 0 | 17477 |
| WESTERN ASSET MANAGED MUNS F | COM | 95766M105 |  | 584418 | 56850 | SH |  | SOLE |  | 0 | 0 | 56850 |
| WESTERN AST INFL LKD OPP  I | COM | 95766R104 |  | 1322729 | 156351 | SH |  | SOLE |  | 0 | 0 | 156351 |
| WHITEHORSE FIN INC | COM | 96524V106 |  | 331675 | 44821 | SH |  | SOLE |  | 0 | 0 | 44821 |
| XAI OCTAGN FLT RAT  ALT INM | COM SHS BENF INT | 98400T304 |  | 890457 | 51831 | SH |  | SOLE |  | 0 | 0 | 51831 |

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