Closed-End Fund Advisors, Inc. — Q4 2025 13F-HR

← Closed-End Fund Advisors, Inc.

Q4 2025 · 13F-HR

Closed-End Fund Advisors, Inc.holdings as filed

Filed 2026-02-11 · accession 0001214659-26-001467

$169.3M

Reported value

185

Positions

2025-12-31

Period end

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The Brief · Closed-End Fund Advisors, Inc. · Q4 2025

AI · grounded in 13F

Closed-End Fund Advisors, Inc. established a new position in NCDL valued at $7.37M. The fund also added new holdings in BCSF for $5.88M and GBDC for $5.67M. Other new entries include TRIN at $5.49M and NMFC at $5.40M. Total assets under management stand at $169.31M across 185 positions.

Holdings as filed

CUSIP	Ticker	Issuer	Value	% port.	Shares	Class	Voting
67090S108	NCDL	NUVEEN CHURCHILL DIRECT	$7.4M	4.36%	552,804	Common	SOLE
05684B107	BCSF	BAIN CAP SPECIALTY FIN INC	$5.9M	3.47%	422,810	Common	SOLE
38173M102	GBDC	GOLUB CAP BDC INC	$5.7M	3.35%	417,665	Common	SOLE
896442308	TRIN	TRINITY CAP INC	$5.5M	3.24%	374,924	Common	SOLE
647551100	NMFC	NEW MTN FIN CORP	$5.4M	3.19%	586,070	Common	SOLE
61774A103	MSDL	MORGAN STANLEY DIRECT	$4.8M	2.84%	291,456	Common	SOLE
69121K104	OBDC	BLUE OWL CAPITAL	$4.6M	2.72%	370,782	Common	SOLE
17259U204	CION	CION INVT CORP	$4.6M	2.72%	475,908	Common	SOLE
83413U100	SLRC	SLR INVESTMENT CORP	$4.0M	2.38%	260,893	Common	SOLE
38147U107	GSBD	GOLDMAN SACHS BDC INC	$3.9M	2.28%	415,746	Common	SOLE
80349A208	SAR	SARATOGA INVT CORP	$3.7M	2.17%	159,499	Common	SOLE
04010L103	ARCC	ARES CAPITAL CORP	$3.5M	2.04%	170,922	Common	SOLE
872280102	CGBD	CARLYLE SECURED LENDING INC	$3.2M	1.88%	255,435	Common	SOLE
225655109	CCAP	CRESCENT CAP BDC INC	$3.2M	1.87%	225,312	Common	SOLE
486606106	KYN	KAYNE ANDERSON ENERGY	$3.1M	1.83%	250,916	Common	NONE
89147L886	TYG	TORTOISE ENERGY INFRA CORP	$3.0M	1.77%	73,348	Common	NONE
69702V107	PSBD	PALMER SQUARE CAPITAL BDC	$2.7M	1.59%	220,334	Common	SOLE
140501107	CSWC	CAPITAL SOUTHWEST CORP	$2.5M	1.49%	113,731	Common	SOLE
09261X102	BXSL	BLACKSTONE SECD LENDING FD	$2.4M	1.39%	89,689	Common	SOLE
03761U502	MFIC	MIDCAP FINANCIAL INVSTMNT	$2.1M	1.24%	183,892	Common	SOLE
94987C103	EOD	ALLSPRING GLOBAL DIVIDEND	$2.1M	1.23%	358,410	Common	NONE
12812C106	CPZ	CALAMOS LNG SHR EQT DYNAMIC	$2.1M	1.22%	141,572	Common	NONE
69355J104	SDHY	PGIM SHORT DUR HIG YLD OPP	$1.9M	1.10%	113,402	Common	NONE
09631P102	BPRE	BLUEROCK PVT REAL ESTATE FD	$1.8M	1.09%	122,645	Common	NONE
25065A502	DMA	DESTRA MULTI-ALTERNATIVE FD	$1.8M	1.06%	200,829	Common	NONE
06759L103	BBDC	BARINGS BDC INC	$1.8M	1.05%	193,447	Common	SOLE
30290Y101	FSCO	FS CREDIT OPPORTUNITIES	$1.7M	1.02%	274,422	Common	NONE
40170T106	GUG	GUGGENHEIM ACTIVE ALLOC FD	$1.7M	1.00%	110,396	Common	NONE
03464A100	FINS	ANGEL OAK FINL STRATEGIES	$1.6M	0.95%	121,264	Common	NONE
76883Y107	RFMZ	RIVERNORTH FLEXIBLE MUNI	$1.6M	0.92%	122,653	Common	NONE
880198205	SABA	SABA CAPITAL INCOME &	$1.5M	0.91%	186,283	Common	NONE
861780104	BANX	ARROWMARK FINANCIAL CORP	$1.5M	0.89%	69,337	Common	NONE
67080R102	NPFD	NUVEEN VRIABL RAT PFD & INM	$1.5M	0.88%	78,578	Common	NONE
112830104	RA	BROOKFIELD REAL ASSETS	$1.5M	0.86%	112,905	Common	NONE
24610T108	VFL	ABRDN NATL MUN INCOME FD	$1.4M	0.85%	140,906	Common	NONE
552738106	MFM	MFS MUN INCOME TR	$1.4M	0.85%	265,652	Common	NONE
43010E404	HFRO	HIGHLAND OPPS & INCOME FD	$1.4M	0.83%	235,136	Common	NONE
78163D100	RWAY	RUNWAY GROWTH FINANCE CORP	$1.3M	0.74%	141,041	Common	SOLE
95766R104	WIW	WESTERN AST INFL LKD OPP &	$1.2M	0.70%	138,451	Common	NONE
98400T106	—	XAI OCTAGN FLT RAT & ALT	$1.1M	0.66%	232,964	Common	NONE
56064Q107	MEGI	NYLI CBRE GBL INFR MEGTRNDS	$1.1M	0.66%	80,944	Common	NONE
48662X105	KBDC	KAYNE ANDERSON BDC INC	$1.0M	0.62%	73,202	Common	SOLE
18469P209	EMO	CLEARBRIDGE ENERGY MIDSTRM	$1.0M	0.61%	23,302	Common	NONE
00326W106	ASGI	ABRDN GLOBAL INFRA INCOME	$1.0M	0.60%	45,713	Common	NONE
64129H104	NML	NEUBERGER ENGY INFRSTR &	$1.0M	0.59%	118,163	Common	NONE
59318D104	CXE	MFS HIGH INCOME MUN TR	$996,565	0.59%	269,342	Common	NONE
72201R833	MINT	PIMCO ETF TR	$969,786	0.57%	9,665	Common	NONE
33848W106	DFP	FLAHERTY & CRUMRINE DYNAMIC	$935,820	0.55%	45,013	Common	NONE
19249Q103	RLTY	COHEN & STEERS REAL ESTATE	$922,704	0.54%	62,769	Common	NONE
33848E106	PFO	FLAHERTY & CRUMRINE PFD	$909,298	0.54%	96,222	Common	NONE
708062104	PNNT	PENNANTPARK INVT CORP	$894,554	0.53%	150,093	Common	SOLE
67074Y105	JRI	NUVEEN REAL ASSET INCOME &	$883,264	0.52%	64,898	Common	NONE
67070X101	NZF	NUVEEN MUNICIPAL CREDIT INC	$879,178	0.52%	69,887	Common	NONE
09257D102	BGX	BLACKSTONE LONG SHORT CR	$877,986	0.52%	75,299	Common	NONE
746729508	PBDC	PUTNAM ETF TRUST	$871,365	0.51%	28,476	Common	NONE
72200N106	XPCQX	PIMCO CALIF MUN INCOME FD	$841,179	0.50%	96,355	Common	NONE
00326L100	XAODX	ABRDN TOTAL DYNAMIC	$834,532	0.49%	85,593	Common	NONE
67071B108	JRS	NUVEEN REAL ESTATE INCOME	$832,221	0.49%	108,645	Common	NONE
74255X104	PGZ	PRINCIPAL REAL ESTATE	$826,807	0.49%	82,598	Common	NONE
594918104	MSFT	MICROSOFT CORP	$822,154	0.49%	1,700	Common	NONE
338479108	FLC	FLAHERTY & CRUMRINE TOTAL	$788,672	0.47%	45,067	Common	NONE
885213108	TBLD	THORNBURG INCM BUILDER OPP	$784,443	0.46%	39,027	Common	NONE
87911J103	HQH	ABRDN HEALTHCARE INVESTORS	$750,081	0.44%	39,603	Common	NONE
316500107	FDUS	FIDUS INVT CORP	$749,438	0.44%	38,831	Common	SOLE
83012A109	TSLX	SIXTH STREET SPECIALTY	$743,888	0.44%	34,249	Common	SOLE
670750108	NMAI	NUVEEN MULTI ASSET INCOME	$740,574	0.44%	56,792	Common	NONE
09259E108	TCPC	BLACKROCK TCP CAPITAL CORP	$702,988	0.42%	128,517	Common	SOLE
095924106	OTF	BLUE OWL TECHNOLOGY FIN	$678,029	0.40%	46,632	Common	NONE
05588W108	LEO	BNY MELLON STRATEGIC MUNS	$671,940	0.40%	105,651	Common	NONE
95766M105	MMU	WESTERN ASSET MANAGED MUNS	$652,928	0.39%	62,541	Common	NONE
64133Q108	NBXG	NEUBERGER NEXT GENERATION	$626,648	0.37%	43,397	Common	NONE
09662E109	DSM	BNY MELLON STRATEGIC MUN BD	$619,092	0.37%	100,339	Common	NONE
09257R101	BGB	BLACKSTONE STRATEGIC CRED	$614,586	0.36%	52,172	Common	NONE
92840R101	NFJ	VIRTUS DIVIDEND INTEREST &	$605,147	0.36%	46,947	Common	NONE
092501105	XBOEX	BLACKROCK ENHANCED GLOBAL	$595,126	0.35%	50,822	Common	NONE
09257P105	BTT	BLACKROCK MUN TARGET TERM	$568,378	0.34%	24,907	Common	NONE
76882M104	RMMZ	RIVERNORTH MANAGED DUR MUN	$563,826	0.33%	38,831	Common	NONE
644323107	FSSL	FS SPECIALTY LENDING FD	$554,882	0.33%	39,242	Common	NONE
155123102	CET	CENTRAL SECS CORP	$554,087	0.33%	10,927	Common	NONE
376535878	GLAD	GLADSTONE CAPITAL CORP	$551,498	0.33%	26,694	Common	SOLE
00301W105	AEF	ABRDN EMERGING MARKETS EX	$541,094	0.32%	77,299	Common	NONE
67075F105	XDIAX	NUVEEN DOW 30 DYNMC OVERWRT	$531,491	0.31%	34,829	Common	NONE
27829C105	ETW	EATON VANCE TAX-MANAGED	$525,688	0.31%	57,016	Common	NONE
09260U109	BCAT	BLACKROCK CAP ALLOCATION	$518,582	0.31%	36,623	Common	NONE
26433C105	DPG	DUFF & PHELPS UTLITY AND	$515,429	0.30%	40,553	Common	NONE
33740F276	EIPI	FIRST TR EXCHNG TRADED FD	$503,645	0.30%	25,347	Common	NONE
87911K100	HQL	ABRDN LIFE SCIENCES	$498,467	0.29%	29,706	Common	NONE
67071L106	NVG	NUVEEN AMT FREE MUN CR INC	$494,765	0.29%	39,081	Common	NONE
092524107	XBGYX	BLACKROCK ENHANCED INTL DIV	$490,715	0.29%	83,455	Common	NONE
532457108	LLY	ELI LILLY & CO	$429,872	0.25%	400	Common	NONE
009066101	ABNB	AIRBNB INC	$407,160	0.24%	3,000	Common	NONE
006212104	ADX	ADAMS DIVERSIFIED EQUITY FD	$403,615	0.24%	17,308	Common	NONE
101507101	STEW	SRH TOTAL RETURN FUND INC	$394,865	0.23%	21,298	Common	NONE
670735109	JLS	NUVEEN MORTGAGE AND INCOME	$378,534	0.22%	20,810	Common	NONE
95790K109	WDI	WESTERN ASSET DIVERSIFIED	$377,676	0.22%	27,348	Common	NONE
01864U106	AFB	ALLIANCEBERNSTEIN NATL MUN	$354,961	0.21%	32,806	Common	NONE
92912R104	IGA	VOYA GLBL ADV & PREM OPP FD	$342,455	0.20%	35,232	Common	NONE
092508100	BTZ	BLACKROCK CR ALLOCATION	$342,120	0.20%	31,590	Common	NONE
94987D101	ERC	ALLSPRING MULTI SECTOR	$341,143	0.20%	36,682	Common	NONE
04014F102	ARDC	ARES DYNAMIC CR ALLOCATION	$329,986	0.19%	24,811	Common	NONE
36465E101	GNT	GAMCO NAT RES GOLD & INCOME	$311,663	0.18%	41,834	Common	NONE
76882G107	OPP	RIVERNORTH DOUBLELINE	$310,130	0.18%	39,010	Common	NONE
880191101	EMF	TEMPLETON EMERGING MKTS FD	$306,387	0.18%	17,991	Common	NONE
27829F108	XEXGX	EATON VANCE TAX-MANAGED	$291,856	0.17%	30,625	Common	NONE
31423P108	FMN	FEDERATED HERMES PREM MUNI	$287,782	0.17%	25,903	Common	NONE
96524V106	WHF	WHITEHORSE FIN INC	$286,041	0.17%	41,157	Common	NONE
70806A106	PFLT	PENNANTPARK FLOATING RATE	$284,432	0.17%	30,683	Common	NONE
09257A108	BCX	BLACKROCK RES & COMMODITIES	$283,306	0.17%	25,802	Common	NONE
64124P101	NBH	NEUBERGER MUN FD INC	$282,662	0.17%	27,931	Common	NONE
46132P108	IIM	INVESCO VALUE MUN INCOME TR	$278,937	0.16%	22,641	Common	NONE
003009867	FAX	ABRDN ASIA PACIFIC INCOME	$277,531	0.16%	18,092	Common	NONE
427096508	HTGC	HERCULES CAPITAL INC	$267,451	0.16%	14,211	Common	NONE
33744U303	FBDC	FIRST TR EXCHNG TRADED FD	$263,027	0.16%	13,562	Common	NONE
36242H104	XGDVX	GABELLI DIVID & INCOME TR	$261,954	0.15%	9,433	Common	NONE
031162100	AMGN	AMGEN INC	$261,848	0.15%	800	Common	NONE
617477104	EDD	MORGAN STANLEY EMERGING	$259,456	0.15%	47,782	Common	NONE
09254X101	MUJ	BLACKROCK MUNIHLDGS NJ QLTY	$255,898	0.15%	21,504	Common	NONE
670656107	NRK	NUVEEN NEW YORK AMT QLT	$255,802	0.15%	25,352	Common	NONE
67072T108	JFR	NUVEEN FLOATING RATE INCOME	$254,193	0.15%	32,464	Common	NONE
G3156P103	ASA	ASA GOLD AND PRECIOUS MTLS	$251,628	0.15%	4,217	Common	NONE
67073D102	XJQCX	NUVEEN CR STRATEGIES INCOME	$245,257	0.14%	48,856	Common	NONE
09248F109	—	BLACKROCK MUN INCOME TR	$245,083	0.14%	24,435	Common	NONE
30151E806	CEFS	EXCHANGE LISTED FDS TR	$240,561	0.14%	10,441	Common	NONE
003057106	ACP	ABRDN INCOME CREDIT	$237,786	0.14%	43,953	Common	NONE
92838U801	NCZ	VIRTUS CONVERTIBLE & INC FD	$233,654	0.14%	16,956	Common	NONE
89677Y100	TPVG	TRIPLEPOINT VENTURE GROWTH	$232,189	0.14%	35,503	Common	NONE
746922103	PMO	PUTNAM MUN OPPORTUNITIES TR	$231,548	0.14%	21,640	Common	NONE
092479104	—	BLACKROCK MUN INCOME	$228,558	0.13%	20,892	Common	NONE
302635206	FSK	FS KKR CAP CORP	$228,481	0.13%	15,427	Common	NONE
09260K101	BSTZ	BLACKROCK SCIENCE &	$227,685	0.13%	10,070	Common	NONE
19249X108	PTA	COHEN & STEERS TAX ADVAN	$225,425	0.13%	11,674	Common	NONE
27829G106	ETJ	EATON VANCE RISK-MANAGED	$224,169	0.13%	25,416	Common	NONE
76883H104	RFM	RIVERNORTH FLEXIBLE MUN	$218,882	0.13%	15,668	Common	NONE
67092P730	NCLO	NUSHARES ETF TR	$218,060	0.13%	8,705	Common	NONE
62188E103	MLCI	MOUNT LOGAN CAP INC	$213,213	0.13%	25,844	Common	NONE
09253T101	XMVTX	BLACKROCK MUNIVEST FD II	$210,200	0.12%	19,445	Common	NONE
67080D103	NPCT	NUVEEN CORE PLUS IMPACT	$210,095	0.12%	20,638	Common	NONE
25862D105	DLY	DOUBLELINE YIELD	$208,634	0.12%	14,349	Common	NONE
895436103	TY	TRI CONTL CORP	$206,995	0.12%	6,338	Common	NONE
67066Y105	NAC	NUVEEN CA QUALTY MUN INCOME	$205,825	0.12%	17,428	Common	NONE
67073B106	JPC	NUVEEN PFD & INCOME	$201,006	0.12%	24,785	Common	NONE
27829L105	EOT	EATON VANCE NATL MUN OPPORT	$200,164	0.12%	11,837	Common	NONE
552727109	MCR	MFS CHARTER INCOME TR	$193,373	0.11%	30,841	Common	NONE
09662W109	DMB	BNY MELLON MUN BD	$182,709	0.11%	16,625	Common	NONE
12811L107	CHW	CALAMOS GBL DYN INCOME FUND	$182,590	0.11%	24,641	Common	NONE
92838X805	NCV	VIRTUS CONVERTIBLE & INCOME	$179,300	0.11%	11,835	Common	NONE
780910105	RVT	ROYCE SMALL CAP TRUST INC	$176,142	0.10%	10,940	Common	NONE
10537L104	BWG	BRANDYWINEGBL GBL INCM OPP	$172,305	0.10%	20,586	Common	NONE
67066V101	NAD	NUVEEN QUALITY MUNCP INCOME	$169,783	0.10%	14,125	Common	NONE
23334J107	DTF	DTF TAX-FREE INCOME 2028	$164,825	0.10%	14,433	Common	NONE
27828Q105	XEFRX	EATON VANCE SR FLTNG RTE TR	$163,179	0.10%	14,648	Common	NONE
76882H105	XRMMX	RIVERNORTH MANAGED DUR MUN	$162,013	0.10%	11,904	Common	NONE
552737108	MMT	MFS MULTIMARKET INCOME TR	$160,834	0.09%	34,588	Common	NONE
6706ER101	XBXMX	NUVEEN S&P 500 BUY-WRITE	$152,189	0.09%	10,353	Common	NONE
46131M106	VGM	INVESCO TR INVT GRADE MUNS	$152,055	0.09%	14,663	Common	NONE
67075G103	JGH	NUVEEN GLOBAL HIGH INCOME	$148,407	0.09%	11,769	Common	NONE
67401P405	OCSL	OAKTREE SPECIALTY LENDING	$147,839	0.09%	11,604	Common	NONE
670657105	XNEAX	NUVEEN AMT FREE QLTY MUN	$146,631	0.09%	12,608	Common	NONE
780915104	RMT	ROYCE MICRO-CAP TR INC	$144,003	0.09%	13,807	Common	NONE
64190A103	XNROX	NEUBERGER REAL ESTATE	$138,408	0.08%	45,529	Common	NONE
73688F201	BCIC	BCP INVESTMENT CORPORATION	$137,820	0.08%	11,650	Common	NONE
67069Y102	XNXJX	NUVEEN NEW JERSEY QULT MUN	$137,131	0.08%	10,849	Common	NONE
09255C106	—	BLACKROCK MUNIHLDGS NY QLTY	$134,995	0.08%	13,196	Common	NONE
958435109	SBI	WESTERN ASSET INTER MUNI FD	$134,223	0.08%	17,477	Common	NONE
92912J102	IAE	VOYA ASIA PAC HIGH DIV EQT	$133,581	0.08%	18,349	Common	NONE
09254L107	MUC	BLACKROCK MUNIHLDNGS CALI	$132,595	0.08%	12,509	Common	NONE
92912T100	XIGDX	VOYA GLBL EQTY DIV & PREM	$132,258	0.08%	23,122	Common	NONE
828174102	LIEN	CHICAGO ATLANTIC BDC INC	$131,377	0.08%	12,718	Common	NONE
09253N104	MHD	BLACKROCK MUNIHOLDINGS FD	$127,156	0.08%	10,831	Common	NONE
59318B108	CXH	MFS INVT GRADE MUN TR	$123,209	0.07%	15,498	Common	NONE
46131H107	VVR	INVESCO SR INCOME TR	$113,413	0.07%	34,683	Common	NONE
36246K103	GRX	GABELLI HLTHCARE & WELLNESS	$113,095	0.07%	11,744	Common	NONE
09253W104	XMYDX	BLACKROCK MUNIYIELD FD INC	$112,432	0.07%	10,718	Common	NONE
09660L105	DHF	BNY MELLON HIGH YIELD	$109,140	0.06%	44,008	Common	NONE
09253R105	XMVFX	BLACKROCK MUNIVEST FD INC	$103,999	0.06%	15,007	Common	NONE
92829B101	VGI	VIRTUS GLOBAL MULTI-SECTOR	$103,613	0.06%	13,216	Common	NONE
09260Q108	BTX	BLACKROCK TECH AND PRIVATE	$102,962	0.06%	15,624	Common	NONE
78518H202	BRW	SABA CAPITAL INCOME & OPRNT	$100,313	0.06%	14,310	Common	NONE
746853100	PPT	PUTNAM PREMIER INCOME TR	$96,617	0.06%	27,293	Common	NONE
361570104	GDL	GDL FD	$95,237	0.06%	11,244	Common	NONE
18913Y103	GLV	CLOUGH GLOBAL DIVID &	$85,974	0.05%	14,401	Common	NONE
610335101	MRCC	MONROE CAP CORP	$81,695	0.05%	12,825	Common	NONE
92835W107	ZTR	VIRTUS TOTAL RETURN FD INC	$66,289	0.04%	10,522	Common	NONE
95766J102	HIX	WESTERN ASSET HIGH INCOM FD	$50,003	0.03%	12,020	Common	NONE
59318E102	CMU	MFS HIGH YIELD MUN TR	$45,949	0.03%	13,091	Common	NONE

Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.