# EDGAR Filing Document

**Accession Number:** 0001722084
**File Stem:** 0002063364-25-000226
**Filing Date:** 2025-10
**Character Count:** 14609
**Document Hash:** 7ee1cce8465fbec6e925adb9120dd2f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002063364-25-000226.hdr.sgml**: 20251020

**ACCESSION NUMBER**: 0002063364-25-000226

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251020

**DATE AS OF CHANGE**: 20251020

**EFFECTIVENESS DATE**: 20251020

**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:** 251402805

**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:** 09-30-2025

**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  10-20-2025<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:** 109

**Form 13F Information Table Value Total:** $376267105

      (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 |  | 5947958 | 38329 | SH |  | SOLE | 0 | 0 | 0 | 38329 |
| ABBVIE INC | COM | 00287Y109 |  | 4681201 | 20218 | SH |  | SOLE | 0 | 0 | 0 | 20218 |
| AEGON LTD | AMER REG 1 CERT | 0076CA104 |  | 207181 | 25930 | SH |  | SOLE | 0 | 0 | 0 | 25930 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 267860 | 5381 | SH |  | SOLE | 0 | 0 | 0 | 5381 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 522828 | 2151 | SH |  | SOLE | 0 | 0 | 0 | 2151 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 7383720 | 111773 | SH |  | SOLE | 0 | 0 | 0 | 111773 |
| AMAZON COM INC | COM | 023135106 |  | 611063 | 2783 | SH |  | SOLE | 0 | 0 | 0 | 2783 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 248124 | 747 | SH |  | SOLE | 0 | 0 | 0 | 747 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 3580799 | 25726 | SH |  | SOLE | 0 | 0 | 0 | 25726 |
| AMGEN INC | COM | 031162100 |  | 214118 | 759 | SH |  | SOLE | 0 | 0 | 0 | 759 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 3050273 | 24649 | SH |  | SOLE | 0 | 0 | 0 | 24649 |
| APPLE INC | COM | 037833100 |  | 4112044 | 16149 | SH |  | SOLE | 0 | 0 | 0 | 16149 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 259248 | 1304 | SH |  | SOLE | 0 | 0 | 0 | 1304 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 2957394 | 4121 | SH |  | SOLE | 0 | 0 | 0 | 4121 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 426715 | 22167 | SH |  | SOLE | 0 | 0 | 0 | 22167 |
| BANK AMERICA CORP | COM | 060505104 |  | 6615341 | 128229 | SH |  | SOLE | 0 | 0 | 0 | 128229 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 3220572 | 29557 | SH |  | SOLE | 0 | 0 | 0 | 29557 |
| BARCLAYS PLC | ADR | 06738E204 |  | 344733 | 16678 | SH |  | SOLE | 0 | 0 | 0 | 16678 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 202076 | 3807 | SH |  | SOLE | 0 | 0 | 0 | 3807 |
| BROADCOM INC | COM | 11135F101 |  | 803331 | 2435 | SH |  | SOLE | 0 | 0 | 0 | 2435 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 2127593 | 13555 | SH |  | SOLE | 0 | 0 | 0 | 13555 |
| CARPENTER TECHNOLOGY CORP | COM | 144285103 |  | 1939213 | 7898 | SH |  | SOLE | 0 | 0 | 0 | 7898 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 269997 | 30033 | SH |  | SOLE | 0 | 0 | 0 | 30033 |
| CHEVRON CORP NEW | COM | 166764100 |  | 581704 | 3746 | SH |  | SOLE | 0 | 0 | 0 | 3746 |
| CHINA YUCHAI INTL LTD | COM | G21082105 |  | 399014 | 9645 | SH |  | SOLE | 0 | 0 | 0 | 9645 |
| CISCO SYS INC | COM | 17275R102 |  | 6406258 | 93631 | SH |  | SOLE | 0 | 0 | 0 | 93631 |
| COCA COLA CO | COM | 191216100 |  | 4576825 | 68484 | SH |  | SOLE | 0 | 0 | 0 | 68484 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 |  | 318796 | 13103 | SH |  | SOLE | 0 | 0 | 0 | 13103 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 2576041 | 7828 | SH |  | SOLE | 0 | 0 | 0 | 7828 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 3341046 | 6154 | SH |  | SOLE | 0 | 0 | 0 | 6154 |
| DISNEY WALT CO | COM | 254687106 |  | 2160962 | 18873 | SH |  | SOLE | 0 | 0 | 0 | 18873 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 3210132 | 28393 | SH |  | SOLE | 0 | 0 | 0 | 28393 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 254259 | 2055 | SH |  | SOLE | 0 | 0 | 0 | 2055 |
| EBAY INC. | COM | 278642103 |  | 1822183 | 20035 | SH |  | SOLE | 0 | 0 | 0 | 20035 |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 |  | 567746 | 9392 | SH |  | SOLE | 0 | 0 | 0 | 9392 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 6962990 | 61756 | SH |  | SOLE | 0 | 0 | 0 | 61756 |
| FIRST TR EXCHANGE-TRADED FD | FIRST TR ENH NEW | 33739Q408 |  | 6561106 | 109128 | SH |  | SOLE | 0 | 0 | 0 | 109128 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 274604 | 1579 | SH |  | SOLE | 0 | 0 | 0 | 1579 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 451406 | 10758 | SH |  | SOLE | 0 | 0 | 0 | 10758 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1865052 | 2342 | SH |  | SOLE | 0 | 0 | 0 | 2342 |
| GRIFOLS S A | SP ADR REP B NVT | 398438408 |  | 249438 | 25044 | SH |  | SOLE | 0 | 0 | 0 | 25044 |
| GRUPO AEROPUERTO DEL PACIFIC | SPON ADS B | 400506101 |  | 217978 | 919 | SH |  | SOLE | 0 | 0 | 0 | 919 |
| HARMONY GOLD MINING CO LTD | SPONSORED ADR | 413216300 |  | 415798 | 22909 | SH |  | SOLE | 0 | 0 | 0 | 22909 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 5141223 | 72432 | SH |  | SOLE | 0 | 0 | 0 | 72432 |
| INTERDIGITAL INC | COM | 45867G101 |  | 251673 | 729 | SH |  | SOLE | 0 | 0 | 0 | 729 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 10240422 | 36293 | SH |  | SOLE | 0 | 0 | 0 | 36293 |
| INVESCO EXCH TRADED FD TR II | S HDL VOL | 46138E362 |  | 11401451 | 230565 | SH |  | SOLE | 0 | 0 | 0 | 230565 |
| INVESCO EXCHANGE TRADED FD T | DORSEY WRIGHT MO | 46137V837 |  | 262199 | 2221 | SH |  | SOLE | 0 | 0 | 0 | 2221 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 612477 | 1020 | SH |  | SOLE | 0 | 0 | 0 | 1020 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 4991279 | 48464 | SH |  | SOLE | 0 | 0 | 0 | 48464 |
| ISHARES TR | CORE S ETF | 464287200 |  | 919276 | 1373 | SH |  | SOLE | 0 | 0 | 0 | 1373 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 230104 | 951 | SH |  | SOLE | 0 | 0 | 0 | 951 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 10477578 | 94206 | SH |  | SOLE | 0 | 0 | 0 | 94206 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 419102 | 2260 | SH |  | SOLE | 0 | 0 | 0 | 2260 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 500903 | 1588 | SH |  | SOLE | 0 | 0 | 0 | 1588 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 4582463 | 161867 | SH |  | SOLE | 0 | 0 | 0 | 161867 |
| KINGSOFT CLOUD HLDGS LTD | ADS | 49639K101 |  | 182531 | 12234 | SH |  | SOLE | 0 | 0 | 0 | 12234 |
| KOREA ELEC PWR CORP | SPONSORED ADR | 500631106 |  | 256237 | 19635 | SH |  | SOLE | 0 | 0 | 0 | 19635 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 227896 | 11687 | SH |  | SOLE | 0 | 0 | 0 | 11687 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 3045192 | 6100 | SH |  | SOLE | 0 | 0 | 0 | 6100 |
| MCDONALDS CORP | COM | 580135101 |  | 387850 | 1276 | SH |  | SOLE | 0 | 0 | 0 | 1276 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 250053 | 107 | SH |  | SOLE | 0 | 0 | 0 | 107 |
| MERCK  CO INC | COM | 58933Y105 |  | 215113 | 2563 | SH |  | SOLE | 0 | 0 | 0 | 2563 |
| META PLATFORMS INC | CL A | 30303M102 |  | 3053688 | 4158 | SH |  | SOLE | 0 | 0 | 0 | 4158 |
| MICROSOFT CORP | COM | 594918104 |  | 8526841 | 16463 | SH |  | SOLE | 0 | 0 | 0 | 16463 |
| MITSUBISHI UFJ FINL GROUP IN | SPONSORED ADS | 606822104 |  | 426140 | 26734 | SH |  | SOLE | 0 | 0 | 0 | 26734 |
| MOODYS CORP | COM | 615369105 |  | 1691224 | 3549 | SH |  | SOLE | 0 | 0 | 0 | 3549 |
| MOSAIC CO NEW | COM | 61945C103 |  | 2024408 | 58374 | SH |  | SOLE | 0 | 0 | 0 | 58374 |
| NETFLIX INC | COM | 64110L106 |  | 262563 | 219 | SH |  | SOLE | 0 | 0 | 0 | 219 |
| NEWMONT CORP | COM | 651639106 |  | 2327715 | 27609 | SH |  | SOLE | 0 | 0 | 0 | 27609 |
| NEWS CORP NEW | CL B | 65249B208 |  | 1788148 | 51755 | SH |  | SOLE | 0 | 0 | 0 | 51755 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 3205898 | 19796 | SH |  | SOLE | 0 | 0 | 0 | 19796 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 7614438 | 40808 | SH |  | SOLE | 0 | 0 | 0 | 40808 |
| ORACLE CORP | COM | 68389X105 |  | 387267 | 1377 | SH |  | SOLE | 0 | 0 | 0 | 1377 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 3653143 | 20026 | SH |  | SOLE | 0 | 0 | 0 | 20026 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1803259 | 8856 | SH |  | SOLE | 0 | 0 | 0 | 8856 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 5846866 | 36047 | SH |  | SOLE | 0 | 0 | 0 | 36047 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 4299413 | 27982 | SH |  | SOLE | 0 | 0 | 0 | 27982 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 4189616 | 63469 | SH |  | SOLE | 0 | 0 | 0 | 63469 |
| ROYAL BK CDA | COM | 780087102 |  | 5211150 | 35373 | SH |  | SOLE | 0 | 0 | 0 | 35373 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 255453 | 4242 | SH |  | SOLE | 0 | 0 | 0 | 4242 |
| SAP SE | SPON ADR | 803054204 |  | 282975 | 1059 | SH |  | SOLE | 0 | 0 | 0 | 1059 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 8737879 | 196313 | SH |  | SOLE | 0 | 0 | 0 | 196313 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 14471986 | 336871 | SH |  | SOLE | 0 | 0 | 0 | 336871 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 31616717 | 1229744 | SH |  | SOLE | 0 | 0 | 0 | 1229744 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 364788 | 2041 | SH |  | SOLE | 0 | 0 | 0 | 2041 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 313652 | 27905 | SH |  | SOLE | 0 | 0 | 0 | 27905 |
| SOUTHERN CO | COM | 842587107 |  | 5860682 | 61841 | SH |  | SOLE | 0 | 0 | 0 | 61841 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 45169088 | 67803 | SH |  | SOLE | 0 | 0 | 0 | 67803 |
| SPDR SERIES TRUST | BLOOMBERG HIGH Y | 78468R622 |  | 10476760 | 106917 | SH |  | SOLE | 0 | 0 | 0 | 106917 |
| SPDR SERIES TRUST | PORTFOLIO INTRMD | 78464A375 |  | 10397971 | 306815 | SH |  | SOLE | 0 | 0 | 0 | 306815 |
| SPDR SERIES TRUST | PRTFLO S GW | 78464A409 |  | 11633810 | 111318 | SH |  | SOLE | 0 | 0 | 0 | 111318 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 9313165 | 223982 | SH |  | SOLE | 0 | 0 | 0 | 223982 |
| SUMITOMO MITSUI FINL GROUP I | SPONSORED ADR | 86562M209 |  | 243165 | 14526 | SH |  | SOLE | 0 | 0 | 0 | 14526 |
| TELEFONICA BRASIL SA | SPONSORED ADS | 87936R205 |  | 252284 | 19787 | SH |  | SOLE | 0 | 0 | 0 | 19787 |
| TESLA INC | COM | 88160R101 |  | 246820 | 555 | SH |  | SOLE | 0 | 0 | 0 | 555 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 2145581 | 22234 | SH |  | SOLE | 0 | 0 | 0 | 22234 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 229624 | 665 | SH |  | SOLE | 0 | 0 | 0 | 665 |
| UP FINTECH HLDG LTD | SPONSORED ADS | 91531W106 |  | 331122 | 31033 | SH |  | SOLE | 0 | 0 | 0 | 31033 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 3104850 | 207821 | SH |  | SOLE | 0 | 0 | 0 | 207821 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 217520 | 661 | SH |  | SOLE | 0 | 0 | 0 | 661 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 |  | 5414557 | 43020 | SH |  | SOLE | 0 | 0 | 0 | 43020 |
| VANGUARD WORLD FD | UTILITIES ETF | 92204A876 |  | 3504500 | 18502 | SH |  | SOLE | 0 | 0 | 0 | 18502 |
| VEON LTD | SPONSORED ADS | 91822M502 |  | 214019 | 3932 | SH |  | SOLE | 0 | 0 | 0 | 3932 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 358003 | 8146 | SH |  | SOLE | 0 | 0 | 0 | 8146 |
| VISTRA CORP | COM | 92840M102 |  | 3112763 | 15888 | SH |  | SOLE | 0 | 0 | 0 | 15888 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 342935 | 33198 | SH |  | SOLE | 0 | 0 | 0 | 33198 |
| WALMART INC | COM | 931142103 |  | 234289 | 2273 | SH |  | SOLE | 0 | 0 | 0 | 2273 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 3306628 | 37170 | SH |  | SOLE | 0 | 0 | 0 | 37170 |

---