Closed-End Fund Advisors, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NCDL	NUVEEN CHURCHILL DIRECT	552,804	$7,374	4.4%	$13.75	0.0%	COM SHS	67090S108
BCSF	BAIN CAP SPECIALTY FIN INC	422,810	$5,881	3.5%	$13.37	0.0%	COM STK	05684B107
GBDC	GOLUB CAP BDC INC	417,665	$5,668	3.3%	$13.54	0.0%	COM	38173M102
TRIN	TRINITY CAP INC	374,924	$5,493	3.2%	$14.09	0.0%	COM	896442308
NMFC	NEW MTN FIN CORP	586,070	$5,398	3.2%	$9.17	0.0%	COM	647551100
MSDL	MORGAN STANLEY DIRECT	291,456	$4,803	2.8%	$16.42	0.0%	COM SHS	61774A103
OBDC	BLUE OWL CAPITAL	370,782	$4,609	2.7%	$12.35	0.0%	COM	69121K104
CION	CION INVT CORP	475,908	$4,602	2.7%	$9.21	0.0%	COM	17259U204
SLRC	SLR INVESTMENT CORP	260,893	$4,033	2.4%	$14.93	0.0%	COM	83413U100
GSBD	GOLDMAN SACHS BDC INC	415,746	$3,858	2.3%	$9.81	0.0%	SHS	38147U107
SAR	SARATOGA INVT CORP	159,499	$3,680	2.2%	$22.67	0.0%	COM NEW	80349A208
ARCC	ARES CAPITAL CORP	170,922	$3,458	2.0%	$19.79	0.0%	COM	04010L103
CGBD	CARLYLE SECURED LENDING INC	255,435	$3,190	1.9%	$12.06	0.0%	COM	872280102
CCAP	CRESCENT CAP BDC INC	225,312	$3,166	1.9%	$13.81	0.0%	COM	225655109
—	KAYNE ANDERSON ENERGY	250,916	$3,106	1.8%	$12.38	—	COM	486606106
—	TORTOISE ENERGY INFRA CORP	73,348	$3,000	1.8%	$40.90	—	COM	89147L886
PSBD	PALMER SQUARE CAPITAL BDC	220,334	$2,686	1.6%	$11.82	0.0%	COM SHS	69702V107
CSWC	CAPITAL SOUTHWEST CORP	113,731	$2,519	1.5%	$20.45	0.0%	COM	140501107
BXSL	BLACKSTONE SECD LENDING FD	89,689	$2,362	1.4%	$26.09	0.0%	COMMON STOCK	09261X102
MFIC	MIDCAP FINANCIAL INVSTMNT	183,892	$2,104	1.2%	$11.59	0.0%	COM NEW	03761U502
—	ALLSPRING GLOBAL DIVIDEND	358,410	$2,090	1.2%	$5.83	—	COM	94987C103
—	CALAMOS LNG SHR EQT DYNAMIC	141,572	$2,070	1.2%	$14.62	—	COM	12812C106
—	PGIM SHORT DUR HIG YLD OPP	113,402	$1,865	1.1%	$16.45	—	COM	69355J104
BPRE	BLUEROCK PVT REAL ESTATE FD	122,645	$1,840	1.1%	$15.00	—	COM	09631P102
—	DESTRA MULTI-ALTERNATIVE FD	200,829	$1,801	1.1%	$8.97	—	COMMON SHARES	25065A502
BBDC	BARINGS BDC INC	193,447	$1,776	1.0%	$8.68	0.0%	COM	06759L103
—	FS CREDIT OPPORTUNITIES	274,422	$1,729	1.0%	$6.30	—	COMMON STOCK	30290Y101
—	GUGGENHEIM ACTIVE ALLOC FD	110,396	$1,692	1.0%	$15.33	—	COMMON STOCK	40170T106
—	ANGEL OAK FINL STRATEGIES	121,264	$1,602	0.9%	$13.21	—	COM BEN INT	03464A100
—	RIVERNORTH FLEXIBLE MUNI	122,653	$1,553	0.9%	$12.66	—	COM	76883Y107
—	SABA CAPITAL INCOME &	186,283	$1,537	0.9%	$8.25	—	COM NEW	880198205
BANX	ARROWMARK FINANCIAL CORP	69,337	$1,513	0.9%	$20.60	0.0%	COM	861780104
—	NUVEEN VRIABL RAT PFD & INM	78,578	$1,495	0.9%	$19.03	—	COM	67080R102
—	BROOKFIELD REAL ASSETS	112,905	$1,463	0.9%	$12.96	—	SHS BEN INT	112830104
—	ABRDN NATL MUN INCOME FD	140,906	$1,447	0.9%	$10.27	—	SH BEN INT	24610T108
—	MFS MUN INCOME TR	265,652	$1,442	0.9%	$5.43	—	SH BEN INT	552738106
—	HIGHLAND OPPS & INCOME FD	235,136	$1,406	0.8%	$5.98	—	HIGHLAND INCOME	43010E404
RWAY	RUNWAY GROWTH FINANCE CORP	141,041	$1,259	0.7%	$9.31	0.0%	COM	78163D100
—	WESTERN AST INFL LKD OPP &	138,451	$1,189	0.7%	$8.59	—	COM	95766R104
—	XAI OCTAGN FLT RAT & ALT	232,964	$1,118	0.7%	$4.80	—	COM	98400T106
—	NYLI CBRE GBL INFR MEGTRNDS	80,944	$1,114	0.7%	$13.76	—	COM	56064Q107
KBDC	KAYNE ANDERSON BDC INC	73,202	$1,048	0.6%	$14.18	0.0%	COM SHS	48662X105
—	CLEARBRIDGE ENERGY MIDSTRM	23,302	$1,040	0.6%	$44.65	—	COM	18469P209
—	ABRDN GLOBAL INFRA INCOME	45,713	$1,022	0.6%	$22.36	—	COM SHS BEN INT	00326W106
—	NEUBERGER ENGY INFRSTR &	118,163	$1,004	0.6%	$8.50	—	COM	64129H104
—	MFS HIGH INCOME MUN TR	269,342	$997	0.6%	$3.70	—	SH BEN INT	59318D104
MINT	PIMCO ETF TR	9,665	$970	0.6%	$100.34	—	ENHAN SHRT MA AC	72201R833
—	FLAHERTY & CRUMRINE DYNAMIC	45,013	$936	0.6%	$20.79	—	SHS	33848W106
—	COHEN & STEERS REAL ESTATE	62,769	$923	0.5%	$14.70	—	SHS BENFIN INT	19249Q103
—	FLAHERTY & CRUMRINE PFD	96,222	$909	0.5%	$9.45	—	COM	33848E106
PNNT	PENNANTPARK INVT CORP	150,093	$895	0.5%	$5.95	0.0%	COM	708062104
—	NUVEEN REAL ASSET INCOME &	64,898	$883	0.5%	$13.61	—	COM	67074Y105
—	NUVEEN MUNICIPAL CREDIT INC	69,887	$879	0.5%	$12.58	—	COM SH BEN INT	67070X101
—	BLACKSTONE LONG SHORT CR	75,299	$878	0.5%	$11.66	—	COM SHS BN INT	09257D102
PBDC	PUTNAM ETF TRUST	28,476	$871	0.5%	$30.60	—	BDC INCOME ETF	746729508
—	PIMCO CALIF MUN INCOME FD	96,355	$841	0.5%	$8.73	—	COM	72200N106
—	ABRDN TOTAL DYNAMIC	85,593	$835	0.5%	$9.75	—	COM SH BEN INT	00326L100
—	NUVEEN REAL ESTATE INCOME	108,645	$832	0.5%	$7.66	—	COM	67071B108
—	PRINCIPAL REAL ESTATE	82,598	$827	0.5%	$10.01	—	SHS BEN INT	74255X104
MSFT	MICROSOFT CORP	1,700	$822	0.5%	$500.58	0.0%	COM	594918104
—	FLAHERTY & CRUMRINE TOTAL	45,067	$789	0.5%	$17.50	—	COM	338479108
—	THORNBURG INCM BUILDER OPP	39,027	$784	0.5%	$20.10	—	COM	885213108
—	ABRDN HEALTHCARE INVESTORS	39,603	$750	0.4%	$18.94	—	SH BEN INT	87911J103
FDUS	FIDUS INVT CORP	38,831	$749	0.4%	$19.44	0.0%	COM	316500107
TSLX	SIXTH STREET SPECIALTY	34,249	$744	0.4%	$21.81	0.0%	COM	83012A109
—	NUVEEN MULTI ASSET INCOME	56,792	$741	0.4%	$13.04	—	COM	670750108
TCPC	BLACKROCK TCP CAPITAL CORP	128,517	$703	0.4%	$5.76	0.0%	COM	09259E108
OTF	BLUE OWL TECHNOLOGY FIN	46,632	$678	0.4%	$13.66	0.0%	COMMON STOCK	095924106
—	BNY MELLON STRATEGIC MUNS	105,651	$672	0.4%	$6.36	—	COM	05588W108
—	WESTERN ASSET MANAGED MUNS	62,541	$653	0.4%	$10.44	—	COM	95766M105
—	NEUBERGER NEXT GENERATION	43,397	$627	0.4%	$14.44	—	COMMON STOCK	64133Q108
—	BNY MELLON STRATEGIC MUN BD	100,339	$619	0.4%	$6.17	—	COM	09662E109
—	BLACKSTONE STRATEGIC CRED	52,172	$615	0.4%	$11.78	—	COM SHS BEN IN	09257R101
—	VIRTUS DIVIDEND INTEREST &	46,947	$605	0.4%	$12.89	—	COM	92840R101
—	BLACKROCK ENHANCED GLOBAL	50,822	$595	0.4%	$11.71	—	COM	092501105
—	BLACKROCK MUN TARGET TERM	24,907	$568	0.3%	$22.82	—	COM SHS BEN IN	09257P105
—	RIVERNORTH MANAGED DUR MUN	38,831	$564	0.3%	$14.52	—	COM	76882M104
—	FS SPECIALTY LENDING FD	39,242	$555	0.3%	$14.14	—	COM SH BEN INT	644323107
—	CENTRAL SECS CORP	10,927	$554	0.3%	$50.71	—	COM	155123102
GLAD	GLADSTONE CAPITAL CORP	26,694	$551	0.3%	$19.68	0.0%	COM NEW	376535878
—	ABRDN EMERGING MARKETS EX	77,299	$541	0.3%	$7.00	—	COM	00301W105
—	NUVEEN DOW 30 DYNMC OVERWRT	34,829	$531	0.3%	$15.26	—	SHS	67075F105
—	EATON VANCE TAX-MANAGED	57,016	$526	0.3%	$9.22	—	COM	27829C105
—	BLACKROCK CAP ALLOCATION	36,623	$519	0.3%	$14.16	—	COM	09260U109
—	DUFF & PHELPS UTLITY AND	40,553	$515	0.3%	$12.71	—	COM	26433C105
EIPI	FIRST TR EXCHNG TRADED FD	25,347	$504	0.3%	$19.87	—	FT ENERGY INCOME	33740F276
—	ABRDN LIFE SCIENCES	29,706	$498	0.3%	$16.78	—	SH BEN INT	87911K100
—	NUVEEN AMT FREE MUN CR INC	39,081	$495	0.3%	$12.66	—	COM	67071L106
—	BLACKROCK ENHANCED INTL DIV	83,455	$491	0.3%	$5.88	—	COM BENE INTER	092524107
LLY	ELI LILLY & CO	400	$430	0.3%	$955.55	0.0%	COM	532457108
ABNB	AIRBNB INC	3,000	$407	0.2%	$124.53	0.0%	COM CL A	009066101
—	ADAMS DIVERSIFIED EQUITY FD	17,308	$404	0.2%	$23.32	—	COM	006212104
—	SRH TOTAL RETURN FUND INC	21,298	$395	0.2%	$18.54	—	COM	101507101
—	NUVEEN MORTGAGE AND INCOME	20,810	$379	0.2%	$18.19	—	COM	670735109
—	WESTERN ASSET DIVERSIFIED	27,348	$378	0.2%	$13.81	—	COM SHS BEN INT	95790K109
—	ALLIANCEBERNSTEIN NATL MUN	32,806	$355	0.2%	$10.82	—	COM	01864U106
—	VOYA GLBL ADV & PREM OPP FD	35,232	$342	0.2%	$9.72	—	COM	92912R104
—	BLACKROCK CR ALLOCATION	31,590	$342	0.2%	$10.83	—	COM	092508100
—	ALLSPRING MULTI SECTOR	36,682	$341	0.2%	$9.30	—	COM	94987D101
—	ARES DYNAMIC CR ALLOCATION	24,811	$330	0.2%	$13.30	—	COM	04014F102
—	GAMCO NAT RES GOLD & INCOME	41,834	$312	0.2%	$7.45	—	SH BEN INT	36465E101
—	RIVERNORTH DOUBLELINE	39,010	$310	0.2%	$7.95	—	COM	76882G107
—	TEMPLETON EMERGING MKTS FD	17,991	$306	0.2%	$17.03	—	COM	880191101
—	EATON VANCE TAX-MANAGED	30,625	$292	0.2%	$9.53	—	COM	27829F108
—	FEDERATED HERMES PREM MUNI	25,903	$288	0.2%	$11.11	—	COM	31423P108
WHF	WHITEHORSE FIN INC	41,157	$286	0.2%	$7.11	0.0%	COM	96524V106
PFLT	PENNANTPARK FLOATING RATE	30,683	$284	0.2%	$8.73	0.0%	COM	70806A106
—	BLACKROCK RES & COMMODITIES	25,802	$283	0.2%	$10.98	—	SHS	09257A108
—	NEUBERGER MUN FD INC	27,931	$283	0.2%	$10.12	—	COM	64124P101
—	INVESCO VALUE MUN INCOME TR	22,641	$279	0.2%	$12.32	—	COM	46132P108
—	ABRDN ASIA PACIFIC INCOME	18,092	$278	0.2%	$15.34	—	COM NEW	003009867
HTGC	HERCULES CAPITAL INC	14,211	$267	0.2%	$18.04	0.0%	COM	427096508
FBDC	FIRST TR EXCHNG TRADED FD	13,562	$263	0.2%	$19.39	—	CONFLUENCE BDC	33744U303
—	GABELLI DIVID & INCOME TR	9,433	$262	0.2%	$27.77	—	COM	36242H104
AMGN	AMGEN INC	800	$262	0.2%	$315.95	0.0%	COM	031162100
—	MORGAN STANLEY EMERGING	47,782	$259	0.2%	$5.43	—	COM	617477104
—	BLACKROCK MUNIHLDGS NJ QLTY	21,504	$256	0.2%	$11.90	—	COM	09254X101
—	NUVEEN NEW YORK AMT QLT	25,352	$256	0.2%	$10.09	—	COM	670656107
—	NUVEEN FLOATING RATE INCOME	32,464	$254	0.2%	$7.83	—	COM	67072T108
—	ASA GOLD AND PRECIOUS MTLS	4,217	$252	0.1%	$59.67	—	SHS	G3156P103
—	NUVEEN CR STRATEGIES INCOME	48,856	$245	0.1%	$5.02	—	COM SHS	67073D102
—	BLACKROCK MUN INCOME TR	24,435	$245	0.1%	$10.03	—	SH BEN INT	09248F109
CEFS	EXCHANGE LISTED FDS TR	10,441	$241	0.1%	$23.04	—	SABA INT RATE	30151E806
—	ABRDN INCOME CREDIT	43,953	$238	0.1%	$5.41	—	COM	003057106
—	VIRTUS CONVERTIBLE & INC FD	16,956	$234	0.1%	$13.78	—	COM NEW	92838U801
TPVG	TRIPLEPOINT VENTURE GROWTH	35,503	$232	0.1%	$5.99	0.0%	COM	89677Y100
—	PUTNAM MUN OPPORTUNITIES TR	21,640	$232	0.1%	$10.70	—	SH BEN INT	746922103
—	BLACKROCK MUN INCOME	20,892	$229	0.1%	$10.94	—	COM	092479104
FSK	FS KKR CAP CORP	15,427	$228	0.1%	$14.70	0.0%	COM	302635206
—	BLACKROCK SCIENCE &	10,070	$228	0.1%	$22.61	—	SHS BEN INT	09260K101
—	COHEN & STEERS TAX ADVAN	11,674	$225	0.1%	$19.31	—	COM	19249X108
—	EATON VANCE RISK-MANAGED	25,416	$224	0.1%	$8.82	—	COM	27829G106
—	RIVERNORTH FLEXIBLE MUN	15,668	$219	0.1%	$13.97	—	COM	76883H104
NCLO	NUSHARES ETF TR	8,705	$218	0.1%	$25.05	—	NUVEN AA-BBB CLO	67092P730
MLCI	MOUNT LOGAN CAP INC	25,844	$213	0.1%	$7.77	0.0%	COM	62188E103
XMVTX	BLACKROCK MUNIVEST FD II	19,445	$210	0.1%	$10.81	—	COM	09253T101
—	NUVEEN CORE PLUS IMPACT	20,638	$210	0.1%	$10.18	—	COM BEN INT	67080D103
—	DOUBLELINE YIELD	14,349	$209	0.1%	$14.54	—	COM	25862D105
—	TRI CONTL CORP	6,338	$207	0.1%	$32.66	—	COM	895436103
—	NUVEEN CA QUALTY MUN INCOME	17,428	$206	0.1%	$11.81	—	COM	67066Y105
—	NUVEEN PFD & INCOME	24,785	$201	0.1%	$8.11	—	COM	67073B106
—	EATON VANCE NATL MUN OPPORT	11,837	$200	0.1%	$16.91	—	COM SHS	27829L105
—	MFS CHARTER INCOME TR	30,841	$193	0.1%	$6.27	—	SH BEN INT	552727109
—	BNY MELLON MUN BD	16,625	$183	0.1%	$10.99	—	COM SHS	09662W109
—	CALAMOS GBL DYN INCOME FUND	24,641	$183	0.1%	$7.41	—	COM	12811L107
—	VIRTUS CONVERTIBLE & INCOME	11,835	$179	0.1%	$15.15	—	COM NEW	92838X805
—	ROYCE SMALL CAP TRUST INC	10,940	$176	0.1%	$16.10	—	COM	780910105
—	BRANDYWINEGBL GBL INCM OPP	20,586	$172	0.1%	$8.37	—	COM	10537L104
—	NUVEEN QUALITY MUNCP INCOME	14,125	$170	0.1%	$12.02	—	COM	67066V101
—	DTF TAX-FREE INCOME 2028	14,433	$165	0.1%	$11.42	—	COM	23334J107
—	EATON VANCE SR FLTNG RTE TR	14,648	$163	0.1%	$11.14	—	COM	27828Q105
—	RIVERNORTH MANAGED DUR MUN	11,904	$162	0.1%	$13.61	—	COM	76882H105
—	MFS MULTIMARKET INCOME TR	34,588	$161	0.1%	$4.65	—	SH BEN INT	552737108
—	NUVEEN S&P 500 BUY-WRITE	10,353	$152	0.1%	$14.70	—	COM	6706ER101
—	INVESCO TR INVT GRADE MUNS	14,663	$152	0.1%	$10.37	—	COM	46131M106
—	NUVEEN GLOBAL HIGH INCOME	11,769	$148	0.1%	$12.61	—	SHS	67075G103
OCSL	OAKTREE SPECIALTY LENDING	11,604	$148	0.1%	$13.36	0.0%	COM	67401P405
—	NUVEEN AMT FREE QLTY MUN	12,608	$147	0.1%	$11.63	—	COM	670657105
—	ROYCE MICRO-CAP TR INC	13,807	$144	0.1%	$10.43	—	COM	780915104
—	NEUBERGER REAL ESTATE	45,529	$138	0.1%	$3.04	—	COM	64190A103
BCIC	BCP INVESTMENT CORPORATION	11,650	$138	0.1%	$11.93	0.0%	COM NEW	73688F201
—	NUVEEN NEW JERSEY QULT MUN	10,849	$137	0.1%	$12.64	—	COM	67069Y102
—	BLACKROCK MUNIHLDGS NY QLTY	13,196	$135	0.1%	$10.23	—	COM	09255C106
—	WESTERN ASSET INTER MUNI FD	17,477	$134	0.1%	$7.68	—	COM	958435109
—	VOYA ASIA PAC HIGH DIV EQT	18,349	$134	0.1%	$7.28	—	COM	92912J102
—	BLACKROCK MUNIHLDNGS CALI	12,509	$133	0.1%	$10.60	—	COM	09254L107
—	VOYA GLBL EQTY DIV & PREM	23,122	$132	0.1%	$5.72	—	COM	92912T100
LIEN	CHICAGO ATLANTIC BDC INC	12,718	$131	0.1%	$10.14	0.0%	COM	828174102
—	BLACKROCK MUNIHOLDINGS FD	10,831	$127	0.1%	$11.74	—	COM	09253N104
—	MFS INVT GRADE MUN TR	15,498	$123	0.1%	$7.95	—	SH BEN INT	59318B108
—	INVESCO SR INCOME TR	34,683	$113	0.1%	$3.27	—	COM	46131H107
—	GABELLI HLTHCARE & WELLNESS	11,744	$113	0.1%	$9.63	—	SHS	36246K103
XMYDX	BLACKROCK MUNIYIELD FD INC	10,718	$112	0.1%	$10.49	—	COM	09253W104
—	BNY MELLON HIGH YIELD	44,008	$109	0.1%	$2.48	—	SH BEN INT	09660L105
XMVFX	BLACKROCK MUNIVEST FD INC	15,007	$104	0.1%	$6.93	—	COM	09253R105
—	VIRTUS GLOBAL MULTI-SECTOR	13,216	$104	0.1%	$7.84	—	COM	92829B101
—	BLACKROCK TECH AND PRIVATE	15,624	$103	0.1%	$6.59	—	SHS BEN INT	09260Q108
—	SABA CAPITAL INCOME & OPRNT	14,310	$100	0.1%	$7.01	—	SHS NEW	78518H202
—	PUTNAM PREMIER INCOME TR	27,293	$97	0.1%	$3.54	—	SH BEN INT	746853100
—	GDL FD	11,244	$95	0.1%	$8.47	—	COM SH BEN IT	361570104
—	CLOUGH GLOBAL DIVID &	14,401	$86	0.1%	$5.97	—	COM	18913Y103
MRCC	MONROE CAP CORP	12,825	$82	0.0%	$6.47	0.0%	COM	610335101
—	VIRTUS TOTAL RETURN FD INC	10,522	$66	0.0%	$6.30	—	COM	92835W107
—	WESTERN ASSET HIGH INCOM FD	12,020	$50	0.0%	$4.16	—	COM	95766J102
—	MFS HIGH YIELD MUN TR	13,091	$46	0.0%	$3.51	—	SH BEN INT	59318E102