13F COMBINATION REPORT

Closed-End Fund Advisors, Inc.

Quarter ended Q4 2025 · Filed February 11, 2026 · Accession 0001214659-26-001467

Total Value

$169.3M

Positions

204

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (204)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	NUVEEN CHURCHILL DIRECT	67090S108	479,357	$6.4M	3.78%
2	BAIN CAP SPECIALTY FIN INC	05684B107	402,463	$5.6M	3.31%
3	NEW MTN FIN CORP	647551100	562,980	$5.2M	3.06%
4	GOLUB CAP BDC INC	38173M102	371,814	$5.0M	2.98%
5	TRINITY CAP INC	TRINZ	317,155	$4.6M	2.74%
6	BLUE OWL CAPITAL	OWL	370,782	$4.6M	2.72%
7	MORGAN STANLEY DIRECT	61774A103	258,929	$4.3M	2.52%
8	SLR INVESTMENT CORP	SLRC	260,893	$4.0M	2.38%
9	CION INVT CORP	17259U204	414,611	$4.0M	2.37%
10	GOLDMAN SACHS BDC INC	GSBD	355,305	$3.3M	1.95%
11	SARATOGA INVT CORP	80349A208	141,470	$3.3M	1.93%
12	KAYNE ANDERSON ENERGY	486606106	250,916	$3.1M	1.83%
13	TORTOISE ENERGY INFRA CORP	TYG	73,348	$3.0M	1.77%
14	ARES CAPITAL CORP	ARCC	145,688	$2.9M	1.74%
15	PALMER SQUARE CAPITAL BDC	PSBD	220,334	$2.7M	1.59%
16	CRESCENT CAP BDC INC	225655109	173,696	$2.4M	1.44%
17	CARLYLE SECURED LENDING INC	CGBD	176,354	$2.2M	1.30%
18	ALLSPRING GLOBAL DIVIDEND	EOD	358,410	$2.1M	1.23%
19	CALAMOS LNG SHR EQT DYNAMIC	12812C106	141,572	$2.1M	1.22%
20	BLACKSTONE SECD LENDING FD	BX	73,272	$1.9M	1.14%
21	PGIM SHORT DUR HIG YLD OPP	69355J104	113,402	$1.9M	1.10%
22	BLUEROCK PVT REAL ESTATE FD	09631P102	122,645	$1.8M	1.09%
23	MIDCAP FINANCIAL INVSTMNT	03761U502	159,675	$1.8M	1.08%
24	DESTRA MULTI-ALTERNATIVE FD	25065A502	200,829	$1.8M	1.06%
25	FS CREDIT OPPORTUNITIES	FSCO	274,422	$1.7M	1.02%
26	GUGGENHEIM ACTIVE ALLOC FD	40170T106	110,396	$1.7M	1.00%
27	ANGEL OAK FINL STRATEGIES	03464A100	121,264	$1.6M	0.95%
28	RIVERNORTH FLEXIBLE MUNI	76883Y107	122,653	$1.6M	0.92%
29	SABA CAPITAL INCOME &	BRW	186,283	$1.5M	0.91%
30	ARROWMARK FINANCIAL CORP	BANX	69,337	$1.5M	0.89%
31	NUVEEN VRIABL RAT PFD & INM	NU	78,578	$1.5M	0.88%
32	BARINGS BDC INC	BBDC	159,473	$1.5M	0.86%
33	BROOKFIELD REAL ASSETS	RA	112,905	$1.5M	0.86%
34	ABRDN NATL MUN INCOME FD	24610T108	140,906	$1.4M	0.85%
35	MFS MUN INCOME TR	552738106	265,652	$1.4M	0.85%
36	HIGHLAND OPPS & INCOME FD	HFRO-PB	235,136	$1.4M	0.83%
37	CAPITAL SOUTHWEST CORP	CSWC	57,913	$1.3M	0.76%
38	CAPITAL SOUTHWEST CORP	CSWC	55,818	$1.2M	0.73%
39	WESTERN AST INFL LKD OPP &	95766R104	138,451	$1.2M	0.70%
40	XAI OCTAGN FLT RAT & ALT	98400T106	232,964	$1.1M	0.66%
41	NYLI CBRE GBL INFR MEGTRNDS	56064Q107	80,944	$1.1M	0.66%
42	CLEARBRIDGE ENERGY MIDSTRM	18469P209	23,302	$1.0M	0.61%
43	ABRDN GLOBAL INFRA INCOME	00326W106	45,713	$1.0M	0.60%
44	NEUBERGER ENGY INFRSTR &	64129H104	118,163	$1.0M	0.59%
45	MFS HIGH INCOME MUN TR	59318D104	269,342	$996,565	0.59%
46	CARLYLE SECURED LENDING INC	CGBD	79,081	$987,722	0.58%
47	NUVEEN CHURCHILL DIRECT	67090S108	73,447	$979,783	0.58%
48	PIMCO ETF TR	72201R833	9,665	$969,786	0.57%
49	FLAHERTY & CRUMRINE DYNAMIC	DFP	45,013	$935,820	0.55%
50	COHEN & STEERS REAL ESTATE	19249Q103	62,769	$922,704	0.54%
51	FLAHERTY & CRUMRINE PFD	33848E106	96,222	$909,298	0.54%
52	PENNANTPARK INVT CORP	708062104	150,093	$894,554	0.53%
53	RUNWAY GROWTH FINANCE CORP	RWAYL	99,687	$890,205	0.53%
54	NUVEEN REAL ASSET INCOME &	67074Y105	64,898	$883,264	0.52%
55	NUVEEN MUNICIPAL CREDIT INC	NU	69,887	$879,178	0.52%
56	BLACKSTONE LONG SHORT CR	BGX	75,299	$877,986	0.52%
57	PUTNAM ETF TRUST	746729508	28,476	$871,365	0.51%
58	TRINITY CAP INC	TRINZ	57,769	$846,315	0.50%
59	PIMCO CALIF MUN INCOME FD	72200N106	96,355	$841,179	0.50%
60	ABRDN TOTAL DYNAMIC	AOD	85,593	$834,532	0.49%
61	NUVEEN REAL ESTATE INCOME	NU	108,645	$832,221	0.49%
62	PRINCIPAL REAL ESTATE	PGZ	82,598	$826,807	0.49%
63	MICROSOFT CORP	MSFT	1,700	$822,154	0.49%
64	FLAHERTY & CRUMRINE TOTAL	FLC	45,067	$788,672	0.47%
65	THORNBURG INCM BUILDER OPP	885213108	39,027	$784,443	0.46%
66	ABRDN HEALTHCARE INVESTORS	HQH	39,603	$750,081	0.44%
67	FIDUS INVT CORP	316500107	38,831	$749,438	0.44%
68	SIXTH STREET SPECIALTY	TSLX	34,249	$743,888	0.44%
69	NUVEEN MULTI ASSET INCOME	670750108	56,792	$740,574	0.44%
70	CRESCENT CAP BDC INC	225655109	51,616	$725,205	0.43%
71	KAYNE ANDERSON BDC INC	KBDC	49,544	$709,470	0.42%
72	BLUE OWL TECHNOLOGY FIN	OTF	46,632	$678,029	0.40%
73	BNY MELLON STRATEGIC MUNS	05588W108	105,651	$671,940	0.40%
74	WESTERN ASSET MANAGED MUNS	95766M105	62,541	$652,928	0.39%
75	NEUBERGER NEXT GENERATION	NBXG	43,397	$626,648	0.37%
76	GOLUB CAP BDC INC	38173M102	45,851	$622,198	0.37%
77	BNY MELLON STRATEGIC MUN BD	09662E109	100,339	$619,092	0.37%
78	BLACKSTONE STRATEGIC CRED	BX	52,172	$614,586	0.36%
79	VIRTUS DIVIDEND INTEREST &	NFJ	46,947	$605,147	0.36%
80	BLACKROCK ENHANCED GLOBAL	BLK	50,822	$595,126	0.35%
81	CION INVT CORP	17259U204	61,297	$592,742	0.35%
82	BLACKROCK MUN TARGET TERM	BLK	24,907	$568,378	0.34%
83	RIVERNORTH MANAGED DUR MUN	76882M104	38,831	$563,826	0.33%
84	GOLDMAN SACHS BDC INC	GSBD	60,441	$560,892	0.33%
85	FS SPECIALTY LENDING FD	644323107	39,242	$554,882	0.33%
86	CENTRAL SECS CORP	155123102	10,927	$554,087	0.33%
87	GLADSTONE CAPITAL CORP	GLAD	26,694	$551,498	0.33%
88	ABRDN EMERGING MARKETS EX	AEF	77,299	$541,094	0.32%
89	BLACKROCK TCP CAPITAL CORP	TCPC	98,502	$538,806	0.32%
90	MORGAN STANLEY DIRECT	61774A103	32,527	$536,045	0.32%
91	NUVEEN DOW 30 DYNMC OVERWRT	NU	34,829	$531,491	0.31%
92	EATON VANCE TAX-MANAGED	ETN	57,016	$525,688	0.31%
93	BLACKROCK CAP ALLOCATION	BLK	36,623	$518,582	0.31%
94	DUFF & PHELPS UTLITY AND	26433C105	40,553	$515,429	0.30%
95	ARES CAPITAL CORP	ARCC	25,234	$510,488	0.30%
96	FIRST TR EXCHNG TRADED FD	33740F276	25,347	$503,645	0.30%
97	ABRDN LIFE SCIENCES	HQL	29,706	$498,467	0.29%
98	NUVEEN AMT FREE MUN CR INC	NU	39,081	$494,765	0.29%
99	BLACKROCK ENHANCED INTL DIV	BLK	83,455	$490,715	0.29%
100	BLACKSTONE SECD LENDING FD	BX	16,417	$432,260	0.26%
101	ELI LILLY & CO	LLY	400	$429,872	0.25%
102	SARATOGA INVT CORP	80349A208	18,029	$415,929	0.25%
103	AIRBNB INC	ABNB	3,000	$407,160	0.24%
104	ADAMS DIVERSIFIED EQUITY FD	006212104	17,308	$403,615	0.24%
105	SRH TOTAL RETURN FUND INC	STEW	21,298	$394,865	0.23%
106	NUVEEN MORTGAGE AND INCOME	NU	20,810	$378,534	0.22%
107	WESTERN ASSET DIVERSIFIED	WDI	27,348	$377,676	0.22%
108	RUNWAY GROWTH FINANCE CORP	RWAYL	41,354	$369,291	0.22%
109	ALLIANCEBERNSTEIN NATL MUN	01864U106	32,806	$354,961	0.21%
110	VOYA GLBL ADV & PREM OPP FD	92912R104	35,232	$342,455	0.20%
111	BLACKROCK CR ALLOCATION	BLK	31,590	$342,120	0.20%
112	ALLSPRING MULTI SECTOR	ERC	36,682	$341,143	0.20%
113	KAYNE ANDERSON BDC INC	KBDC	23,658	$338,783	0.20%
114	ARES DYNAMIC CR ALLOCATION	04014F102	24,811	$329,986	0.19%
115	BARINGS BDC INC	BBDC	33,974	$311,881	0.18%
116	GAMCO NAT RES GOLD & INCOME	36465E101	41,834	$311,663	0.18%
117	RIVERNORTH DOUBLELINE	OPP-PC	39,010	$310,130	0.18%
118	TEMPLETON EMERGING MKTS FD	880191101	17,991	$306,387	0.18%
119	EATON VANCE TAX-MANAGED	ETN	30,625	$291,856	0.17%
120	FEDERATED HERMES PREM MUNI	FHI	25,903	$287,782	0.17%
121	WHITEHORSE FIN INC	WHFCL	41,157	$286,041	0.17%
122	PENNANTPARK FLOATING RATE	PFLT	30,683	$284,432	0.17%
123	BLACKROCK RES & COMMODITIES	BLK	25,802	$283,306	0.17%
124	BAIN CAP SPECIALTY FIN INC	05684B107	20,347	$283,020	0.17%
125	NEUBERGER MUN FD INC	64124P101	27,931	$282,662	0.17%
126	INVESCO VALUE MUN INCOME TR	IVZ	22,641	$278,937	0.16%
127	ABRDN ASIA PACIFIC INCOME	ABAKF	18,092	$277,531	0.16%
128	MIDCAP FINANCIAL INVSTMNT	03761U502	24,217	$277,042	0.16%
129	HERCULES CAPITAL INC	HCXY	14,211	$267,451	0.16%
130	FIRST TR EXCHNG TRADED FD	33744U303	13,562	$263,027	0.16%
131	GABELLI DIVID & INCOME TR	36242H104	9,433	$261,954	0.15%
132	AMGEN INC	AMGN	800	$261,848	0.15%
133	MORGAN STANLEY EMERGING	MS-PQ	47,782	$259,456	0.15%
134	BLACKROCK MUNIHLDGS NJ QLTY	BLK	21,504	$255,898	0.15%
135	NUVEEN NEW YORK AMT QLT	NU	25,352	$255,802	0.15%
136	NUVEEN FLOATING RATE INCOME	67072T108	32,464	$254,193	0.15%
137	ASA GOLD AND PRECIOUS MTLS	G3156P103	4,217	$251,628	0.15%
138	NUVEEN CR STRATEGIES INCOME	NU	48,856	$245,257	0.14%
139	BLACKROCK MUN INCOME TR	BLK	24,435	$245,083	0.14%
140	EXCHANGE LISTED FDS TR	30151E806	10,441	$240,561	0.14%
141	ABRDN INCOME CREDIT	ACP-PA	43,953	$237,786	0.14%
142	VIRTUS CONVERTIBLE & INC FD	92838U801	16,956	$233,654	0.14%
143	TRIPLEPOINT VENTURE GROWTH	TPVG	35,503	$232,189	0.14%
144	PUTNAM MUN OPPORTUNITIES TR	746922103	21,640	$231,548	0.14%
145	BLACKROCK MUN INCOME	BLK	20,892	$228,558	0.13%
146	FS KKR CAP CORP	FSK	15,427	$228,481	0.13%
147	BLACKROCK SCIENCE &	BLK	10,070	$227,685	0.13%
148	COHEN & STEERS TAX ADVAN	19249X108	11,674	$225,425	0.13%
149	EATON VANCE RISK-MANAGED	ETN	25,416	$224,169	0.13%
150	RIVERNORTH FLEXIBLE MUN	76883H104	15,668	$218,882	0.13%
151	NUSHARES ETF TR	NU	8,705	$218,060	0.13%
152	MOUNT LOGAN CAP INC	MLCIL	25,844	$213,213	0.13%
153	NEW MTN FIN CORP	647551100	23,090	$212,659	0.13%
154	BLACKROCK MUNIVEST FD II	BLK	19,445	$210,200	0.12%
155	NUVEEN CORE PLUS IMPACT	NPCT	20,638	$210,095	0.12%
156	DOUBLELINE YIELD	DLY	14,349	$208,634	0.12%
157	TRI CONTL CORP	895436103	6,338	$206,995	0.12%
158	NUVEEN CA QUALTY MUN INCOME	NU	17,428	$205,825	0.12%
159	NUVEEN PFD & INCOME	NU	24,785	$201,006	0.12%
160	EATON VANCE NATL MUN OPPORT	ETN	11,837	$200,164	0.12%
161	MFS CHARTER INCOME TR	MCR	30,841	$193,373	0.11%
162	BNY MELLON MUN BD	09662W109	16,625	$182,709	0.11%
163	CALAMOS GBL DYN INCOME FUND	12811L107	24,641	$182,590	0.11%
164	VIRTUS CONVERTIBLE & INCOME	92838X805	11,835	$179,300	0.11%
165	ROYCE SMALL CAP TRUST INC	RVT	10,940	$176,142	0.10%
166	BRANDYWINEGBL GBL INCM OPP	10537L104	20,586	$172,305	0.10%
167	NUVEEN QUALITY MUNCP INCOME	NU	14,125	$169,783	0.10%
168	DTF TAX-FREE INCOME 2028	DTF	14,433	$164,825	0.10%
169	BLACKROCK TCP CAPITAL CORP	TCPC	30,015	$164,182	0.10%
170	EATON VANCE SR FLTNG RTE TR	ETN	14,648	$163,179	0.10%
171	RIVERNORTH MANAGED DUR MUN	76882H105	11,904	$162,013	0.10%
172	MFS MULTIMARKET INCOME TR	MMT	34,588	$160,834	0.09%
173	NUVEEN S&P 500 BUY-WRITE	NU	10,353	$152,189	0.09%
174	INVESCO TR INVT GRADE MUNS	IVZ	14,663	$152,055	0.09%
175	NUVEEN GLOBAL HIGH INCOME	NU	11,769	$148,407	0.09%
176	OAKTREE SPECIALTY LENDING	OCSL	11,604	$147,839	0.09%
177	NUVEEN AMT FREE QLTY MUN	NU	12,608	$146,631	0.09%
178	ROYCE MICRO-CAP TR INC	RMT	13,807	$144,003	0.09%
179	NEUBERGER REAL ESTATE	NRO	45,529	$138,408	0.08%
180	BCP INVESTMENT CORPORATION	BCIC	11,650	$137,820	0.08%
181	NUVEEN NEW JERSEY QULT MUN	NU	10,849	$137,131	0.08%
182	BLACKROCK MUNIHLDGS NY QLTY	BLK	13,196	$134,995	0.08%
183	WESTERN ASSET INTER MUNI FD	958435109	17,477	$134,223	0.08%
184	VOYA ASIA PAC HIGH DIV EQT	92912J102	18,349	$133,581	0.08%
185	BLACKROCK MUNIHLDNGS CALI	BLK	12,509	$132,595	0.08%
186	VOYA GLBL EQTY DIV & PREM	92912T100	23,122	$132,258	0.08%
187	CHICAGO ATLANTIC BDC INC	LIEN	12,718	$131,377	0.08%
188	BLACKROCK MUNIHOLDINGS FD	BLK	10,831	$127,156	0.08%
189	MFS INVT GRADE MUN TR	59318B108	15,498	$123,209	0.07%
190	INVESCO SR INCOME TR	IVZ	34,683	$113,413	0.07%
191	GABELLI HLTHCARE & WELLNESS	36246K103	11,744	$113,095	0.07%
192	BLACKROCK MUNIYIELD FD INC	BLK	10,718	$112,432	0.07%
193	BNY MELLON HIGH YIELD	DHF	44,008	$109,140	0.06%
194	BLACKROCK MUNIVEST FD INC	BLK	15,007	$103,999	0.06%
195	VIRTUS GLOBAL MULTI-SECTOR	VGI	13,216	$103,613	0.06%
196	BLACKROCK TECH AND PRIVATE	BLK	15,624	$102,962	0.06%
197	SABA CAPITAL INCOME & OPRNT	78518H202	14,310	$100,313	0.06%
198	PUTNAM PREMIER INCOME TR	PPT	27,293	$96,617	0.06%
199	GDL FD	361570104	11,244	$95,237	0.06%
200	CLOUGH GLOBAL DIVID &	18913Y103	14,401	$85,974	0.05%
201	MONROE CAP CORP	MRCC	12,825	$81,695	0.05%
202	VIRTUS TOTAL RETURN FD INC	92835W107	10,522	$66,289	0.04%
203	WESTERN ASSET HIGH INCOM FD	95766J102	12,020	$50,003	0.03%
204	MFS HIGH YIELD MUN TR	59318E102	13,091	$45,949	0.03%