Thomas J. Herzfeld Advisors, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	FS SPECIALTY LENDING FD	2,050,866	$28,999	9.8%	$14.14	—	COM SH BEN INT	644323107
BPRE	BLUEROCK PVT REAL ESTATE FD	854,779	$12,822	4.3%	$15.00	—	COM	09631P102
—	GUGGENHEIM STRATEGIC OPPORTU	927,245	$11,943	4.0%	$12.88	—	COM SBI	40167F101
—	BLACKROCK TECH AND PRIVATE E	543,195	$3,580	1.2%	$6.59	—	SHS BEN INT	09260Q108
EIC	EAGLE POINT INCOME COMPANY I	310,811	$3,546	1.2%	$11.41	—	COM	269817102
—	XAI OCTAGN FLT RAT & ALT INM	638,082	$3,063	1.0%	$4.80	—	COM	98400T106
—	PIMCO DYNAMIC INCOME FD	152,852	$2,707	0.9%	$17.71	—	SHS	72201Y101
—	VIRTUS CONVERTIBLE & INCOME	174,319	$2,641	0.9%	$15.15	—	COM NEW	92838X805
—	MORGAN STANLEY EMKT DBT FD I	322,893	$2,386	0.8%	$7.39	—	COM	61744H105
—	PIMCO CORPORATE & INCOME OPP	55,818	$720	0.2%	$12.90	—	COM	72201B101
ECC	EAGLE POINT CREDIT COMPANY I	124,736	$718	0.2%	$5.76	—	COM	269808101
—	FEDERATED HERMES PREM MUNI I	29,727	$330	0.1%	$11.11	—	COM	31423P108
—	NEUBERGER MUN FD INC	32,348	$327	0.1%	$10.12	—	COM	64124P101
SPMC	SOUND POINT MERIDIAN CAP INC	13,720	$189	0.1%	$13.75	—	COMMON STOCK	83617A108
—	CLEARBRIDGE ENERGY MIDSTRM O	1,016	$45	0.0%	$44.65	—	COM	18469P209
—	PRINCIPAL REAL ESTATE INCOME	992	$10	0.0%	$10.01	—	SHS BEN INT	74255X104
—	MORGAN STANLEY EMERGING MKTS	1,185	$6	0.0%	$5.43	—	COM	617477104
NXDT	NEXPOINT DIVERSIFIED REL ET	276	$1	0.0%	$3.83	—	COM NEW	65340G205

Increased Positions (39)

— FS CREDIT OPPORTUNITIES CORP 4.0%

Value ($000) $11,969 (+79.8%) Shares 1,899,781 (+97.2%) Est. Cost $5.71 Unrealized —

— SABA CAPITAL INCOME & OPRNT 4.4%

Value ($000) $12,861 (+40.9%) Shares 1,834,714 (+56.1%) Est. Cost $7.57 Unrealized —

— PIMCO ACCESS INCOME FUND 3.9%

Value ($000) $11,443 (+46.1%) Shares 747,910 (+55.3%) Est. Cost $15.61 Unrealized —

OXLC OXFORD LANE CAP CORP 2.0%

Value ($000) $5,848 (+51.6%) Shares 399,466 (+75.3%) Est. Cost $15.95 Unrealized —

— BLACKSTONE LONG SHORT CR INC 0.9%

Value ($000) $2,717 (+42.3%) Shares 233,050 (+46.4%) Est. Cost $11.90 Unrealized —

CCIF CARLYLE CREDIT INCOME FUND 0.3%

Value ($000) $943 (+381.1%) Shares 201,113 (+497.1%) Est. Cost $4.88 Unrealized —

— DUFF & PHELPS UTLITY AND INF 2.0%

Value ($000) $5,967 (+9.8%) Shares 469,477 (+11.5%) Est. Cost $12.55 Unrealized —

— BROOKFIELD REAL ASSETS INCOM 3.4%

Value ($000) $10,009 (+3.4%) Shares 772,267 (+6.6%) Est. Cost $13.11 Unrealized —

— PIMCO DYNAMIC INCOME OPRNTS 1.6%

Value ($000) $4,781 (+6.4%) Shares 345,432 (+8.6%) Est. Cost $14.10 Unrealized —

— SRH TOTAL RETURN FUND INC 2.4%

Value ($000) $7,082 (+3.9%) Shares 382,005 (+1.7%) Est. Cost $17.75 Unrealized —

— BLACKROCK SCIENCE & TECHNOLO 1.6%

Value ($000) $4,865 (+4.7%) Shares 215,176 (+2.6%) Est. Cost $19.04 Unrealized —

— MFS HIGH INCOME MUN TR 0.2%

Value ($000) $617 (+36.0%) Shares 166,696 (+36.7%) Est. Cost $3.79 Unrealized —

— ANGEL OAK FINL STRATEGIES IN 1.0%

Value ($000) $2,860 (+5.1%) Shares 216,513 (+4.3%) Est. Cost $12.99 Unrealized —

— THORNBURG INCM BUILDER OPP T 1.6%

Value ($000) $4,658 (+2.7%) Shares 231,757 (+1.7%) Est. Cost $17.64 Unrealized —

— RIVERNORTH FLEXIBLE MUNI INC 1.4%

Value ($000) $4,045 (+3.1%) Shares 319,486 (+6.3%) Est. Cost $13.36 Unrealized —

— NEUBERGER NEXT GENERATION 2.0%

Value ($000) $5,955 (-1.8%) Shares 412,390 (+4.6%) Est. Cost $12.29 Unrealized —

— NUVEEN DOW 30 DYNMC OVERWRT 0.9%

Value ($000) $2,795 (+3.7%) Shares 183,190 (+1.2%) Est. Cost $14.21 Unrealized —

— ABRDN NATL MUN INCOME FD 0.1%

Value ($000) $369 (+36.3%) Shares 35,909 (+36.2%) Est. Cost $10.09 Unrealized —

— COLUMBIA SELIGM PREM TECH GR 0.1%

Value ($000) $215 (+81.7%) Shares 5,834 (+74.4%) Est. Cost $33.94 Unrealized —

— CENTRAL SECS CORP 0.9%

Value ($000) $2,767 (+3.1%) Shares 54,569 (+4.5%) Est. Cost $27.17 Unrealized —

— MFS HIGH YIELD MUN TR 0.7%

Value ($000) $1,961 (+3.4%) Shares 558,611 (+2.2%) Est. Cost $3.36 Unrealized —

— PGIM SHORT DUR HIG YLD OPP F 1.8%

Value ($000) $5,428 (+1.0%) Shares 329,953 (+2.7%) Est. Cost $16.42 Unrealized —

NFLX NETFLIX INC 0.0%

Value ($000) $94 (-21.8%) Shares 1,000 (+900.0%) Est. Cost $99.66 Unrealized +8.2%

— PIMCO CALIF MUN INCOME FD 0.7%

Value ($000) $1,931 (+1.2%) Shares 221,201 (+1.1%) Est. Cost $8.72 Unrealized —

— MFS MUN INCOME TR 0.3%

Value ($000) $746 (+2.3%) Shares 137,475 (+1.5%) Est. Cost $5.24 Unrealized —

— MEXICO EQUITY & INCOME FD 0.0%

Value ($000) $17 (+25.8%) Shares 1,380 (+20.6%) Est. Cost $10.38 Unrealized —

— WESTERN ASSET EMERGING MKTS 0.0%

Value ($000) $17 (+14.4%) Shares 1,554 (+11.1%) Est. Cost $10.35 Unrealized —

— ABRDN EMERGING MARKETS EX CH 0.0%

Value ($000) $15 (+15.1%) Shares 2,124 (+6.5%) Est. Cost $6.41 Unrealized —

— MEXICO FD INC 0.0%

Value ($000) $16 (+11.7%) Shares 770 (+9.2%) Est. Cost $14.68 Unrealized —

— NUVEEN MULTI ASSET INCOME FU 0.0%

Value ($000) $14 (+12.6%) Shares 1,096 (+12.1%) Est. Cost $12.99 Unrealized —

— BLACKROCK ENHANCED EQUITY DI 0.0%

Value ($000) $7 (+7.4%) Shares 700 (+3.2%) Est. Cost $8.69 Unrealized —

— ADAMS DIVERSIFIED EQUITY FD 0.0%

Value ($000) $7 (+6.7%) Shares 308 (+2.3%) Est. Cost $19.67 Unrealized —

— NUVEEN NASDAQ 100 DYNAMIC OV 0.0%

Value ($000) $6 (+6.0%) Shares 221 (+2.3%) Est. Cost $24.72 Unrealized —

— GENERAL AMERN INVS CO INC 0.0%

Value ($000) $7 (+4.7%) Shares 124 (+10.7%) Est. Cost $40.32 Unrealized —

— NUVEEN CORE EQUITY ALPHA FD 0.0%

Value ($000) $6 (+5.4%) Shares 393 (+4.0%) Est. Cost $15.03 Unrealized —

— FLAHERTY & CRUMRINE PFD INCO 0.0%

Value ($000) $32 (+0.9%) Shares 3,345 (+4.1%) Est. Cost $9.30 Unrealized —

— GABELLI EQUITY TR INC 0.0%

Value ($000) $7 (+3.7%) Shares 1,070 (+2.5%) Est. Cost $6.09 Unrealized —

— ROYCE SMALL CAP TRUST INC 0.0%

Value ($000) $6 (+3.2%) Shares 395 (+3.4%) Est. Cost $15.00 Unrealized —

— TRI CONTL CORP 0.0%

Value ($000) $6 (+2.9%) Shares 194 (+7.2%) Est. Cost $25.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	FS CREDIT OPPORTUNITIES CORP	1,899,781 (+97.2%)	$11,969 (+79.8%)	4.0%	$5.71	—	COMMON STOCK	30290Y101
—	SABA CAPITAL INCOME & OPRNT	1,834,714 (+56.1%)	$12,861 (+40.9%)	4.4%	$7.57	—	SHS NEW	78518H202
—	PIMCO ACCESS INCOME FUND	747,910 (+55.3%)	$11,443 (+46.1%)	3.9%	$15.61	—	SHS BENFIN INT	72203T100
OXLC	OXFORD LANE CAP CORP	399,466 (+75.3%)	$5,848 (+51.6%)	2.0%	$15.95	—	COM	691543847
—	BLACKSTONE LONG SHORT CR INC	233,050 (+46.4%)	$2,717 (+42.3%)	0.9%	$11.90	—	COM SHS BN INT	09257D102
CCIF	CARLYLE CREDIT INCOME FUND	201,113 (+497.1%)	$943 (+381.1%)	0.3%	$4.88	—	SHS BEN INT	92535C104
—	DUFF & PHELPS UTLITY AND INF	469,477 (+11.5%)	$5,967 (+9.8%)	2.0%	$12.55	—	COM	26433C105
—	BROOKFIELD REAL ASSETS INCOM	772,267 (+6.6%)	$10,009 (+3.4%)	3.4%	$13.11	—	SHS BEN INT	112830104
—	PIMCO DYNAMIC INCOME OPRNTS	345,432 (+8.6%)	$4,781 (+6.4%)	1.6%	$14.10	—	COM BEN SHS	69355M107
—	SRH TOTAL RETURN FUND INC	382,005 (+1.7%)	$7,082 (+3.9%)	2.4%	$17.75	—	COM	101507101
—	BLACKROCK SCIENCE & TECHNOLO	215,176 (+2.6%)	$4,865 (+4.7%)	1.6%	$19.04	—	SHS BEN INT	09260K101
—	MFS HIGH INCOME MUN TR	166,696 (+36.7%)	$617 (+36.0%)	0.2%	$3.79	—	SH BEN INT	59318D104
—	ANGEL OAK FINL STRATEGIES IN	216,513 (+4.3%)	$2,860 (+5.1%)	1.0%	$12.99	—	COM BEN INT	03464A100
—	THORNBURG INCM BUILDER OPP T	231,757 (+1.7%)	$4,658 (+2.7%)	1.6%	$17.64	—	COM	885213108
—	RIVERNORTH FLEXIBLE MUNI INC	319,486 (+6.3%)	$4,045 (+3.1%)	1.4%	$13.36	—	COM	76883Y107
—	NEUBERGER NEXT GENERATION	412,390 (+4.6%)	$5,955 (-1.8%)	2.0%	$12.29	—	COMMON STOCK	64133Q108
—	NUVEEN DOW 30 DYNMC OVERWRT	183,190 (+1.2%)	$2,795 (+3.7%)	0.9%	$14.21	—	SHS	67075F105
—	ABRDN NATL MUN INCOME FD	35,909 (+36.2%)	$369 (+36.3%)	0.1%	$10.09	—	SH BEN INT	24610T108
—	COLUMBIA SELIGM PREM TECH GR	5,834 (+74.4%)	$215 (+81.7%)	0.1%	$33.94	—	COM	19842X109
—	CENTRAL SECS CORP	54,569 (+4.5%)	$2,767 (+3.1%)	0.9%	$27.17	—	COM	155123102
—	MFS HIGH YIELD MUN TR	558,611 (+2.2%)	$1,961 (+3.4%)	0.7%	$3.36	—	SH BEN INT	59318E102
—	PGIM SHORT DUR HIG YLD OPP F	329,953 (+2.7%)	$5,428 (+1.0%)	1.8%	$16.42	—	COM	69355J104
NFLX	NETFLIX INC	1,000 (+900.0%)	$94 (-21.8%)	0.0%	$99.66	+8.2%	COM	64110L106
—	PIMCO CALIF MUN INCOME FD	221,201 (+1.1%)	$1,931 (+1.2%)	0.7%	$8.72	—	COM	72200N106
—	MFS MUN INCOME TR	137,475 (+1.5%)	$746 (+2.3%)	0.3%	$5.24	—	SH BEN INT	552738106
—	MEXICO EQUITY & INCOME FD	1,380 (+20.6%)	$17 (+25.8%)	0.0%	$10.38	—	COM	592834105
—	WESTERN ASSET EMERGING MKTS	1,554 (+11.1%)	$17 (+14.4%)	0.0%	$10.35	—	COM	95766A101
—	ABRDN EMERGING MARKETS EX CH	2,124 (+6.5%)	$15 (+15.1%)	0.0%	$6.41	—	COM	00301W105
—	MEXICO FD INC	770 (+9.2%)	$16 (+11.7%)	0.0%	$14.68	—	COM	592835102
—	NUVEEN MULTI ASSET INCOME FU	1,096 (+12.1%)	$14 (+12.6%)	0.0%	$12.99	—	COM	670750108
—	BLACKROCK ENHANCED EQUITY DI	700 (+3.2%)	$7 (+7.4%)	0.0%	$8.69	—	COM	09251A104
—	ADAMS DIVERSIFIED EQUITY FD	308 (+2.3%)	$7 (+6.7%)	0.0%	$19.67	—	COM	006212104
—	NUVEEN NASDAQ 100 DYNAMIC OV	221 (+2.3%)	$6 (+6.0%)	0.0%	$24.72	—	COM SHS	670699107
—	GENERAL AMERN INVS CO INC	124 (+10.7%)	$7 (+4.7%)	0.0%	$40.32	—	COM	368802104
—	NUVEEN CORE EQUITY ALPHA FD	393 (+4.0%)	$6 (+5.4%)	0.0%	$15.03	—	COM	67090X107
—	FLAHERTY & CRUMRINE PFD INCO	3,345 (+4.1%)	$32 (+0.9%)	0.0%	$9.30	—	COM	33848E106
—	GABELLI EQUITY TR INC	1,070 (+2.5%)	$7 (+3.7%)	0.0%	$6.09	—	COM	362397101
—	ROYCE SMALL CAP TRUST INC	395 (+3.4%)	$6 (+3.2%)	0.0%	$15.00	—	COM	780910105
—	TRI CONTL CORP	194 (+7.2%)	$6 (+2.9%)	0.0%	$25.91	—	COM	895436103

Exited Positions (15)

PAAA PGIM ETF TR 3.6%

Value ($000) $10,588 Shares 205,593 Est. Cost $51.50 Unrealized —

PFIX Simplify Exchange Traded Fun 3.1%

Value ($000) $9,230 Shares 191,613 Est. Cost $48.17 Unrealized —

— Flaherty & Crumrine Pfd Secs 2.2%

Value ($000) $6,465 Shares 382,783 Est. Cost $16.09 Unrealized —

— Nuveen Vriabl Rat Pfd & Inm 1.8%

Value ($000) $5,216 Shares 261,335 Est. Cost $18.23 Unrealized —

— Kayne Anderson Energy Infrst 1.3%

Value ($000) $3,973 Shares 321,171 Est. Cost $11.55 Unrealized —

— ProShares UltraShort S&P500 1.3%

Value ($000) $3,927 Shares 271,755 Est. Cost $17.21 Unrealized —

XTEAX Ecofin Sustainable and Social Impact Term Fund 0.9%

Value ($000) $2,758 Shares 234,542 Est. Cost $12.28 Unrealized —

— PIMCO Income Strategy FdII 0.8%

Value ($000) $2,426 Shares 319,586 Est. Cost $7.35 Unrealized —

— Tortoise Energy Infra Corp 0.8%

Value ($000) $2,288 Shares 53,109 Est. Cost $38.28 Unrealized —

— Aberdeen Life Sciences Investor 0.6%

Value ($000) $1,814 Shares 116,937 Est. Cost $15.51 Unrealized —

— Aberdeen Healthcare Investors 0.6%

Value ($000) $1,747 Shares 94,616 Est. Cost $18.46 Unrealized —

QID ProShares TR 0.1%

Value ($000) $183 Shares 8,522 Est. Cost $24.86 Unrealized —

— Destra Multi-Alternative Fd 0.0%

Value ($000) $70 Shares 8,086 Est. Cost $5.78 Unrealized —

— BlackRock Enhanced International Dividend Trust 0.0%

Value ($000) $7 Shares 1,211 Est. Cost $5.61 Unrealized —

— BlackRock Cap Allocation Tr 0.0%

Value ($000) $6 Shares 435 Est. Cost $16.48 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PAAA	PGIM ETF TR	205,593	$10,588	3.6%	$51.50	—	—	69344A834
PFIX	Simplify Exchange Traded Fun	191,613	$9,230	3.1%	$48.17	—	—	82889N855
—	Flaherty & Crumrine Pfd Secs	382,783	$6,465	2.2%	$16.09	—	—	338478100
—	Nuveen Vriabl Rat Pfd & Inm	261,335	$5,216	1.8%	$18.23	—	—	67080R102
—	Kayne Anderson Energy Infrst	321,171	$3,973	1.3%	$11.55	—	—	486606106
—	ProShares UltraShort S&P500	271,755	$3,927	1.3%	$17.21	—	—	74347G416
XTEAX	Ecofin Sustainable and Social Impact Term Fund	234,542	$2,758	0.9%	$12.28	—	—	27901F109
—	PIMCO Income Strategy FdII	319,586	$2,426	0.8%	$7.35	—	—	72201J104
—	Tortoise Energy Infra Corp	53,109	$2,288	0.8%	$38.28	—	—	89147L886
—	Aberdeen Life Sciences Investor	116,937	$1,814	0.6%	$15.51	—	—	87911K100
—	Aberdeen Healthcare Investors	94,616	$1,747	0.6%	$18.46	—	—	87911J103
QID	ProShares TR	8,522	$183	0.1%	$24.86	—	—	74349Y829
—	Destra Multi-Alternative Fd	8,086	$70	0.0%	$5.78	—	—	25065A502
—	BlackRock Enhanced International Dividend Trust	1,211	$7	0.0%	$5.61	—	—	092524107
—	BlackRock Cap Allocation Tr	435	$6	0.0%	$16.48	—	—	09260U109

Decreased Positions (21)

— PIMCO DYNAMIC INCOME STRATEG 8.3%

Value ($000) $24,521 (-37.3%) Shares 1,305,721 (-16.8%) Est. Cost $16.97 Unrealized —

TFLO ISHARES TR 0.1%

Value ($000) $226 (-95.9%) Shares 4,469 (-95.8%) Est. Cost $50.65 Unrealized —

— NUVEEN FLOATING RATE INCOME 2.3%

Value ($000) $6,867 (-34.8%) Shares 876,956 (-31.9%) Est. Cost $8.41 Unrealized —

— SABA CAPITAL INCOME & OPPORT 4.4%

Value ($000) $13,118 (-19.5%) Shares 1,590,092 (-11.0%) Est. Cost $8.65 Unrealized —

— HIGHLAND OPPS & INCOME FD 5.0%

Value ($000) $14,695 (-17.2%) Shares 2,457,285 (-12.1%) Est. Cost $9.94 Unrealized —

— COHEN & STEERS LTD DURATION 0.9%

Value ($000) $2,626 (-45.2%) Shares 124,038 (-43.9%) Est. Cost $19.20 Unrealized —

— HERZFELD CREDIT INCOME FUND 4.4%

Value ($000) $12,969 (-10.7%) Shares 5,841,928 (-4.2%) Est. Cost $2.94 Unrealized —

— GAMCO NAT RES GOLD & INCOME 0.2%

Value ($000) $674 (-59.3%) Shares 90,459 (-61.6%) Est. Cost $7.03 Unrealized —

— NYLI CBRE GBL INFR MEGTRNDS 0.5%

Value ($000) $1,562 (-37.9%) Shares 113,493 (-33.7%) Est. Cost $14.57 Unrealized —

— NUVEEN CR STRATEGIES INCOME 0.9%

Value ($000) $2,666 (-26.1%) Shares 531,122 (-22.4%) Est. Cost $5.39 Unrealized —

— GABELLI DIVID & INCOME TR 0.6%

Value ($000) $1,891 (-26.7%) Shares 68,091 (-28.4%) Est. Cost $27.11 Unrealized —

— NUVEEN MORTGAGE AND INCOME F 0.5%

Value ($000) $1,468 (-19.4%) Shares 80,720 (-17.1%) Est. Cost $18.11 Unrealized —

CEFS EXCHANGE LISTED FDS TR 0.7%

Value ($000) $1,936 (-13.7%) Shares 84,021 (-14.7%) Est. Cost $21.19 Unrealized —

— WESTERN ASSET MTG DEFINED OP 0.5%

Value ($000) $1,348 (-16.4%) Shares 121,852 (-11.4%) Est. Cost $12.05 Unrealized —

— ASA GOLD AND PRECIOUS MTLS L 2.7%

Value ($000) $8,016 (-3.1%) Shares 134,342 (-25.6%) Est. Cost $44.16 Unrealized —

— TAIWAN FD INC 1.5%

Value ($000) $4,413 (-3.6%) Shares 82,666 (-2.3%) Est. Cost $43.76 Unrealized —

— CORNERSTONE STRATEGIC INVEST 0.0%

Value ($000) $9 (-88.8%) Shares 1,060 (-88.9%) Est. Cost $8.05 Unrealized —

— NEW GERMANY FD INC 0.0%

Value ($000) $8 (-45.5%) Shares 689 (-44.8%) Est. Cost $11.65 Unrealized —

— ABRDN TOTAL DYNAMIC DIVIDEND 0.0%

Value ($000) $6 (-47.6%) Shares 590 (-49.2%) Est. Cost $8.64 Unrealized —

— FIRST TR INTER DURATN PFD & 0.0%

Value ($000) $33 (-6.1%) Shares 1,792 (-3.5%) Est. Cost $18.59 Unrealized —

— VIRTUS TOTAL RETURN FD INC 0.0%

Value ($000) $3 (-36.9%) Shares 447 (-35.4%) Est. Cost $8.53 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PIMCO DYNAMIC INCOME STRATEG	1,305,721 (-16.8%)	$24,521 (-37.3%)	8.3%	$16.97	—	COM SHS BEN INT	69346N107
TFLO	ISHARES TR	4,469 (-95.8%)	$226 (-95.9%)	0.1%	$50.65	—	TRS FLT RT BD	46434V860
—	NUVEEN FLOATING RATE INCOME	876,956 (-31.9%)	$6,867 (-34.8%)	2.3%	$8.41	—	COM	67072T108
—	SABA CAPITAL INCOME & OPPORT	1,590,092 (-11.0%)	$13,118 (-19.5%)	4.4%	$8.65	—	COM NEW	880198205
—	HIGHLAND OPPS & INCOME FD	2,457,285 (-12.1%)	$14,695 (-17.2%)	5.0%	$9.94	—	HIGHLAND INCOME	43010E404
—	COHEN & STEERS LTD DURATION	124,038 (-43.9%)	$2,626 (-45.2%)	0.9%	$19.20	—	COM	19248C105
—	HERZFELD CREDIT INCOME FUND	5,841,928 (-4.2%)	$12,969 (-10.7%)	4.4%	$2.94	—	COM	42804T106
—	GAMCO NAT RES GOLD & INCOME	90,459 (-61.6%)	$674 (-59.3%)	0.2%	$7.03	—	SH BEN INT	36465E101
—	NYLI CBRE GBL INFR MEGTRNDS	113,493 (-33.7%)	$1,562 (-37.9%)	0.5%	$14.57	—	COM	56064Q107
—	NUVEEN CR STRATEGIES INCOME	531,122 (-22.4%)	$2,666 (-26.1%)	0.9%	$5.39	—	COM SHS	67073D102
—	GABELLI DIVID & INCOME TR	68,091 (-28.4%)	$1,891 (-26.7%)	0.6%	$27.11	—	COM	36242H104
—	NUVEEN MORTGAGE AND INCOME F	80,720 (-17.1%)	$1,468 (-19.4%)	0.5%	$18.11	—	COM	670735109
CEFS	EXCHANGE LISTED FDS TR	84,021 (-14.7%)	$1,936 (-13.7%)	0.7%	$21.19	—	SABA INT RATE	30151E806
—	WESTERN ASSET MTG DEFINED OP	121,852 (-11.4%)	$1,348 (-16.4%)	0.5%	$12.05	—	COM	95790B109
—	ASA GOLD AND PRECIOUS MTLS L	134,342 (-25.6%)	$8,016 (-3.1%)	2.7%	$44.16	—	SHS	G3156P103
—	TAIWAN FD INC	82,666 (-2.3%)	$4,413 (-3.6%)	1.5%	$43.76	—	COM	874036106
—	CORNERSTONE STRATEGIC INVEST	1,060 (-88.9%)	$9 (-88.8%)	0.0%	$8.05	—	COM	21924B302
—	NEW GERMANY FD INC	689 (-44.8%)	$8 (-45.5%)	0.0%	$11.65	—	COM	644465106
—	ABRDN TOTAL DYNAMIC DIVIDEND	590 (-49.2%)	$6 (-47.6%)	0.0%	$8.64	—	COM SH BEN INT	00326L100
—	FIRST TR INTER DURATN PFD &	1,792 (-3.5%)	$33 (-6.1%)	0.0%	$18.59	—	COM	33718W103
—	VIRTUS TOTAL RETURN FD INC	447 (-35.4%)	$3 (-36.9%)	0.0%	$8.53	—	COM	92835W107

Unchanged Positions (29)

— BNY MELLON STRATEGIC MUN BD 0.7%

Value ($000) $2,105 Shares 341,091 Est. Cost $5.68 Unrealized —

GLD SPDR GOLD TR 0.2%

Value ($000) $554 Shares 1,398 Est. Cost $178.11 Unrealized —

— MFS INVT GRADE MUN TR 0.7%

Value ($000) $1,927 Shares 242,426 Est. Cost $7.61 Unrealized —

— BLACKROCK MUN TARGET TERM TR 0.4%

Value ($000) $1,134 Shares 49,685 Est. Cost $22.04 Unrealized —

— BNY MELLON STRATEGIC MUNS IN 0.2%

Value ($000) $600 Shares 94,265 Est. Cost $6.23 Unrealized —

— NYLI MACKAY DEFINEDTERM MUNI 0.5%

Value ($000) $1,446 Shares 97,226 Est. Cost $14.92 Unrealized —

PCTTW PURECYCLE TECHNOLOGIES INC 0.0%

Value ($000) $4 Shares 5,457 Est. Cost $7.97 Unrealized —

— BLACKROCK MUNIVEST FD II INC 0.2%

Value ($000) $501 Shares 46,375 Est. Cost $10.66 Unrealized —

— BNY MELLON MUN BD INFRASTRUC 0.1%

Value ($000) $258 Shares 23,503 Est. Cost $10.22 Unrealized —

NPWR/WS NET POWER INC 0.0%

Value ($000) $16 Shares 32,771 Est. Cost $3.26 Unrealized —

META META PLATFORMS INC 0.0%

Value ($000) $66 Shares 100 Est. Cost $169.97 Unrealized +292.6%

ANGX ANGEL STUDIOS INC 0.0%

Value ($000) $27 Shares 5,699 Est. Cost $7.96 Unrealized -25.6%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $266 Shares 390 Est. Cost $305.33 Unrealized —

QQQ INVESCO QQQ TR 0.1%

Value ($000) $166 Shares 270 Est. Cost $155.56 Unrealized —

— KOREA FD INC 0.0%

Value ($000) $22 Shares 602 Est. Cost $26.82 Unrealized —

TMC TMC THE METALS COMPANY INC 0.0%

Value ($000) $80 Shares 12,911 Est. Cost $2.35 Unrealized +198.3%

FXY INVESCO CURRENCYSHARES JAPAN 0.0%

Value ($000) $35 Shares 600 Est. Cost $63.45 Unrealized —

AIRJW AIRJOULE TECHNOLOGIES CORP 0.0%

Value ($000) $13 Shares 15,307 Est. Cost $1.24 Unrealized —

MDY SPDR S&P MIDCAP 400 ETF TR 0.0%

Value ($000) $90 Shares 150 Est. Cost $300.00 Unrealized —

— JAPAN SMALLER CAPITALIZATION 0.0%

Value ($000) $21 Shares 1,851 Est. Cost $7.91 Unrealized —

SVXY PROSHARES TR II 0.0%

Value ($000) $12 Shares 220 Est. Cost $59.38 Unrealized —

— EUROPEAN EQUITY FD INC 0.0%

Value ($000) $17 Shares 1,681 Est. Cost $9.53 Unrealized —

— MORGAN STANLEY INDIA INVT FD 0.0%

Value ($000) $10 Shares 391 Est. Cost $22.96 Unrealized —

— TEMPLETON DRAGON FD INC 0.0%

Value ($000) $16 Shares 1,416 Est. Cost $9.57 Unrealized —

— LIBERTY ALL-STAR GROWTH FD I 0.0%

Value ($000) $6 Shares 1,077 Est. Cost $5.78 Unrealized —

— TEMPLETON EMERGING MKTS FD 0.0%

Value ($000) $11 Shares 660 Est. Cost $16.74 Unrealized —

— VIRTUS STONE HBR EMRG MKTS I 0.0%

Value ($000) $10 Shares 2,052 Est. Cost $5.28 Unrealized —

— LIBERTY ALL STAR EQUITY FD 0.0%

Value ($000) $5 Shares 823 Est. Cost $6.31 Unrealized —

— TCW STRATEGIC INCOME FD INC 0.0%

Value ($000) $10 Shares 2,000 Est. Cost $5.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BNY MELLON STRATEGIC MUN BD	341,091	$2,105	0.7%	$5.68	—	COM	09662E109
GLD	SPDR GOLD TR	1,398	$554	0.2%	$178.11	—	GOLD SHS	78463V107
—	MFS INVT GRADE MUN TR	242,426	$1,927	0.7%	$7.61	—	SH BEN INT	59318B108
—	BLACKROCK MUN TARGET TERM TR	49,685	$1,134	0.4%	$22.04	—	COM SHS BEN IN	09257P105
—	BNY MELLON STRATEGIC MUNS IN	94,265	$600	0.2%	$6.23	—	COM	05588W108
—	NYLI MACKAY DEFINEDTERM MUNI	97,226	$1,446	0.5%	$14.92	—	COM	56064K100
PCTTW	PURECYCLE TECHNOLOGIES INC	5,457	$4	0.0%	$7.97	—	*W EXP 03/17/202	74623V111
—	BLACKROCK MUNIVEST FD II INC	46,375	$501	0.2%	$10.66	—	COM	09253T101
—	BNY MELLON MUN BD INFRASTRUC	23,503	$258	0.1%	$10.22	—	COM SHS	09662W109
NPWR/WS	NET POWER INC	32,771	$16	0.0%	$3.26	—	*W EXP 06/08/202	64107A113
META	META PLATFORMS INC	100	$66	0.0%	$169.97	+292.6%	CL A	30303M102
ANGX	ANGEL STUDIOS INC	5,699	$27	0.0%	$7.96	-25.6%	CL A COM	034948109
SPY	SPDR S&P 500 ETF TR	390	$266	0.1%	$305.33	—	TR UNIT	78462F103
QQQ	INVESCO QQQ TR	270	$166	0.1%	$155.56	—	UNIT SER 1	46090E103
—	KOREA FD INC	602	$22	0.0%	$26.82	—	COM NEW	500634209
TMC	TMC THE METALS COMPANY INC	12,911	$80	0.0%	$2.35	+198.3%	COM	87261Y106
FXY	INVESCO CURRENCYSHARES JAPAN	600	$35	0.0%	$63.45	—	JAPANESE YEN	46138W107
AIRJW	AIRJOULE TECHNOLOGIES CORP	15,307	$13	0.0%	$1.24	—	*W EXP 03/15/202	612160119
MDY	SPDR S&P MIDCAP 400 ETF TR	150	$90	0.0%	$300.00	—	UTSER1 S&PDCRP	78467Y107
—	JAPAN SMALLER CAPITALIZATION	1,851	$21	0.0%	$7.91	—	COM	47109U104
SVXY	PROSHARES TR II	220	$12	0.0%	$59.38	—	SHT VIX ST TRM	74347W130
—	EUROPEAN EQUITY FD INC	1,681	$17	0.0%	$9.53	—	COM	298768102
—	MORGAN STANLEY INDIA INVT FD	391	$10	0.0%	$22.96	—	COM	61745C105
—	TEMPLETON DRAGON FD INC	1,416	$16	0.0%	$9.57	—	COM	88018T101
—	LIBERTY ALL-STAR GROWTH FD I	1,077	$6	0.0%	$5.78	—	COM	529900102
—	TEMPLETON EMERGING MKTS FD	660	$11	0.0%	$16.74	—	COM	880191101
—	VIRTUS STONE HBR EMRG MKTS I	2,052	$10	0.0%	$5.28	—	COM	86164T107
—	LIBERTY ALL STAR EQUITY FD	823	$5	0.0%	$6.31	—	SH BEN INT	530158104
—	TCW STRATEGIC INCOME FD INC	2,000	$10	0.0%	$5.40	—	COM	872340104