Thomas J. Herzfeld Advisors, Inc.

MIAMI BEACH, FL · CIK 1509510 · 13F filing filed 2026-08-10

SEC-registered investment adviser since 1984 · corporation

Assets managed$890.4m
Staff15 · 6 in investment roles
Main clients (by assets)Private funds 54%, High net worth individuals 16%, Charities 5%
Private funds9 (5 hedge) · $577.2m gross assets
Websiteherzfeld.com
Form ADV · 2026-08-18SEC adviser record

Legal entityTHOMAS J. HERZFELD ADVISORS, INC. (US)

$325.8m reported value +10.8% vs Q1 2026

129positions

49.8%in top 10

33 new 59 added 21 reduced 19 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	FS SPECIALTY LENDING FD COM SH BEN INT FSSL	FSSL	2,900,663	$32.3m9.93%	9.93%	Added +91.9k	+91,936 3.3%
2	PIMCO DYNAMIC INCOME STRATEG COM SHS BEN INT PDX	PDX	1,095,075	$22.8m7.00%	7.00%	Reduced -158.3k	-158,273 -12.6%
3	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	3,921,573	$19.6m6.01%	6.01%	Added +241.6k	+241,638 6.6%
4	HIGHLAND OPPORTUNITIES HIGHLAND INCOME HFRO	HFRO	2,676,474	$19.1m5.86%	5.86%	Reduced -39.2k	-39,187 -1.4%
5	GUGGENHEIM STRATEGIC OPPORTU COM SBI GOF	GOF	1,336,680	$14.6m4.48%	4.48%	Added +321.3k	+321,280 31.6%
6	HERZFELD CARIBBEAN BASIN FD COM HERZ	HERZ	817,534	$14.1m4.32%	4.32%	Added +10.3k	+10,319 1.3%
7	PERSHING SQUARE USA LTD COM SHS PSUS	PSUS	285,421	$10.7m3.28%	3.28%	New
8	SABA CAPITAL INCOME & OPRNT SHS NEW BRW	BRW	1,544,694	$10.1m3.12%	3.12%	Added +127.5k	+127,505 9.0%
9	SURO CAPITAL CORP COM NEW NSLR	NSLR	788,403	$9.9m3.03%	3.03%	Added +755.9k	+755,885 2324.5%
10	EAGLE POINT INCOME COMPANY I COM EIC	EIC	897,140	$9.0m2.77%	2.77%	Added +503.1k	+503,140 127.7%
11	NUVEEN FLOATING RATE INCOME COM JFR	JFR	1,111,921	$8.5m2.62%	2.62%	Added +398.6k	+398,627 55.9%
12	SABA CAPITAL INCOME & OPPORT COM NEW SABA	SABA	891,603	$7.4m2.29%	2.29%	Added +117.1k	+117,085 15.1%
13	COLUMBIA SELIGM PREM TECH GR COM STK	STK	129,150	$7.0m2.14%	2.14%	Added +62.9k	+62,926 95.0%
14	PIMCO DYNAMIC INCOME FD SHS PDI	PDI	388,727	$6.5m1.99%	1.99%	Added +233.9k	+233,867 151.0%
15	DUFF & PHELPS UTLITY AND INF COM DPG	DPG	360,644	$5.4m1.64%	1.64%	Reduced -30.9k	-30,853 -7.9%
16	BLACKROCK SCIENCE & TECHNOLO SHS BEN INT BSTZ	BSTZ	166,033	$5.0m1.53%	1.53%	Added +83.4k	+83,361 100.8%
17	BROOKFIELD REAL ASSETS INCOM SHS BEN INT RA	RA	369,085	$4.8m1.46%	1.46%	Added +28.4k	+28,444 8.3%
18	BLACKROCK INNOVATION AND GRW SHS BEN INT BTX	BTX	515,402	$4.7m1.43%	1.43%	Added +234.6k	+234,649 83.6%
19	TAIWAN FD INC COM TWN	TWN	47,520	$4.6m1.40%	1.40%	Added +6.0k	+6,021 14.5%
20	PIMCO ACCESS INCOME FUND SHS BENFIN INT PAXS	PAXS	311,965	$4.5m1.39%	1.39%	Reduced -128.0k	-128,030 -29.1%
21	TORTOISE ENERGY INFRA CORP COM TYG	TYG	100,275	$4.3m1.32%	1.32%	New
22	BLUEROCK PVT REAL ESTATE FD COM BPRE	BPRE	303,336	$3.9m1.21%	1.21%	Reduced -59.2k	-59,168 -16.3%
23	KAYNE ANDERSON ENERGY INFRST COM KYN	KYN	276,097	$3.8m1.17%	1.17%	Added +42.0k	+41,961 17.9%
24	KOREA FD INC COM NEW KF	KF	49,834	$3.7m1.15%	1.15%	Added +49.5k	+49,454 13014.2%
25	CLEARBRIDGE ENERGY MIDSTRM O COM EMO	EMO	73,130	$3.7m1.12%	1.12%	Added +14.1k	+14,107 23.9%
26	NEUBERGER BERMAN ENERGY INFR COM NML	NML	352,764	$3.6m1.10%	1.10%	Added +29.2k	+29,238 9.0%
27	BLACKROCK ENERGY & RES TR COM BGR	BGR	238,075	$3.5m1.08%	1.08%	Added +57.0k	+56,959 31.4%
28	XAI FLOATING RATE & ALTER IN COM SHS BENF INT XFLT	XFLT	198,688	$3.5m1.07%	1.07%	Added +139.1k	+139,143 233.7%
29	ASA GOLD AND PRECIOUS MTLS L SHS ASA	ASA	66,761	$3.5m1.07%	1.07%	Reduced -59.1k	-59,124 -47.0%
30	NXG NEXTGEN INFRASTR INCM FD COM NXG	NXG	53,297	$3.4m1.06%	1.06%	New
31	CALAMOS CONV & HIGH INCOME F COM SHS XCHYX	XCHYX	245,638	$3.3m1.03%	1.03%	New
32	RIVERNORTH FLEXIBLE MUNI INC COM RFMZ	RFMZ	243,641	$3.3m1.02%	1.02%	Added +14.0k	+14,007 6.1%
33	VIRTUS CONVERTIBLE & INC FD COM NEW NCZ	NCZ	205,874	$3.3m1.00%	1.00%	New
34	VIRTUS CONVERTIBLE & INCOME COM NEW NCV	NCV	185,909	$3.3m1.00%	1.00%	New
35	PIMCO CORPORATE & INCOME OPP COM PTY	PTY	252,532	$3.0m0.93%	0.93%	Added +2.6k	+2,556 1.0%
36	COHEN & STEERS LTD DURATION COM LDP	LDP	137,739	$2.9m0.89%	0.89%	Added +33.9k	+33,948 32.7%
37	ANGEL OAK FINL STRATEGIES IN COM BEN INT FINS	FINS	222,390	$2.8m0.87%	0.87%	Added +29.0k	+28,960 15.0%
38	BLACKROCK RES & COMMODITIES SHS BCX	BCX	238,622	$2.7m0.83%	0.83%	Added +21.9k	+21,870 10.1%
39	PGIM GLOBAL HIGH YIELD FD FO COM GHY	GHY	215,331	$2.6m0.80%	0.80%	New
40	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	245,318	$2.5m0.77%	0.77%	New
41	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	138,168	$2.3m0.70%	0.70%	Added +24.6k	+24,591 21.6%
42	GENERAL AMERN INVS CO INC COM GAM	GAM	31,935	$2.0m0.62%	0.62%	Reduced -726	-726 -2.2%
43	NYLI CBRE GBL INFR MEGTRNDS COM MEGI	MEGI	129,641	$2.0m0.60%	0.60%	Reduced -1.1k	-1,082 -0.8%
44	MFS MUN INCOME TR SH BEN INT MFM	MFM	345,429	$1.9m0.60%	0.60%	Added +283.6k	+283,592 458.6%
45	BLACKSTONE LONG SHORT CR INC COM SHS BN INT BGX	BGX	177,105	$1.9m0.59%	0.59%	Added +59.2k	+59,238 50.3%
46	ARES DYNAMIC CR ALLOCATION F COM ARDC	ARDC	150,623	$1.9m0.58%	0.58%	New
47	THORNBURG INCM BUILDER OPP T COM TBLD	TBLD	80,479	$1.8m0.55%	0.55%	Added +11.0k	+10,977 15.8%
48	PIMCO CALIF MUN INCOME FD COM XPCQX	XPCQX	185,469	$1.7m0.51%	0.51%	Added +106.2k	+106,243 134.1%
49	PIMCO NEW YORK MUN FD II COM PNI	PNI	231,370	$1.6m0.50%	0.50%	Added +156.2k	+156,246 208.0%
50	EXCHANGE LISTED FDS TR SABA INT RATE CEFS	CEFS	62,053	$1.6m0.49%	0.49%	Reduced -2.6k	-2,557 -4.0%
51	BLACKROCK MUN TARGET TERM TR COM SHS BEN IN BTT	BTT	56,610	$1.3m0.40%	0.40%	Added +7.5k	+7,544 15.4%
52	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	112,665	$1.3m0.39%	0.39%	New
53	BNY MELLON STRATEGIC MUN BD COM DSM	DSM	195,902	$1.2m0.37%	0.37%	Added +31.0k	+30,970 18.8%
54	RIVERNORTH FLEXIBLE MUN INCO COM RFM	RFM	79,341	$1.2m0.36%	0.36%	New
55	BLACKROCK MUNIHOLDINGS FD IN COM MHD	MHD	86,578	$1.0m0.32%	0.32%	New
56	NYLI MACKAY DEFINEDTERM MUNI COM MMD	MMD	60,688	$940.7k0.29%	0.29%	Added +16.3k	+16,292 36.7%
57	PIMCO DYNAMIC INCOME OPRNTS COM BEN SHS PDO	PDO	66,751	$882.4k0.27%	0.27%	Unchanged
58	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	44,897	$784.7k0.24%	0.24%	Reduced -27.7k	-27,742 -38.2%
59	FEDERATED HERMES PREM MUNI I COM FMN	FMN	66,149	$760.1k0.23%	0.23%	New
60	NEUBERGER BERMAN MUN FD INC COM NBH	NBH	71,978	$759.4k0.23%	0.23%	New
61	DTF TAX-FREE INCOME 2028 TER COM DTF	DTF	65,258	$753.7k0.23%	0.23%	Added +51.6k	+51,604 377.9%
62	PUTNAM MUN OPPORTUNITIES TR SH BEN INT PMO	PMO	70,700	$745.2k0.23%	0.23%	New
63	CARLYLE CREDIT INCOME FUND SHS BEN INT CCIF	CCIF	263,404	$734.9k0.23%	0.23%	Added +137.2k	+137,165 108.7%
64	WESTERN ASSET MTG DEFINED OP COM DMO	DMO	62,657	$671.1k0.21%	0.21%	Reduced -52.2k	-52,230 -45.5%
65	WESTERN ASSET MANAGED MUNS F COM MMU	MMU	63,607	$662.8k0.20%	0.20%	New
66	PUTNAM MANAGED MUN INCOME TR COM PMM	PMM	89,911	$588.0k0.18%	0.18%	New
67	CENTRAL SECS CORP COM CET	CET	10,787	$565.8k0.17%	0.17%	Reduced -25.7k	-25,718 -70.5%
68	PIMCO MUN INCOME FD II COM PML	PML	73,493	$559.3k0.17%	0.17%	New
69	SPDR GOLD TR GOLD SHS GLD	GLD	1,398	$515.0k0.16%	0.16%	Unchanged
70	ALLIANCEBERNSTEIN NATL MUN I COM AFB	AFB	33,015	$376.7k0.12%	0.12%	New
71	BNY MELLON STRATEGIC MUNS IN COM LEO	LEO	58,283	$376.5k0.12%	0.12%	New
72	WESTERN ASSET INTER MUNI FD COM SBI	SBI	47,641	$374.9k0.12%	0.12%	New
73	SPROTT ASSET MANAGEMENT LP TR UNIT CEF	CEF	8,000	$321.8k0.10%	0.10%	Unchanged
74	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	390	$291.2k0.09%	0.09%	Unchanged
75	EATON VANCE MUN BD FD COM EIM	EIM	23,905	$238.1k0.07%	0.07%	New
76	RIVERNORTH MANAGED DUR MUN I COM RMMZ	RMMZ	15,802	$237.7k0.07%	0.07%	New
77	ISHARES TR TRS FLT RT BD TFLO	TFLO	4,469	$226.3k0.07%	0.07%	Reduced -75.0k	-74,999 -94.4%
78	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	270	$198.8k0.06%	0.06%	Unchanged
79	ABRDN LIFE SCIENCES INVESTOR SH BEN INT HQL	HQL	9,191	$183.9k0.06%	0.06%	Reduced -1.9k	-1,885 -17.0%
80	DESTINY TECH100 INC COM SHS DXYZ	DXYZ	6,588	$169.7k0.05%	0.05%	Reduced -76.2k	-76,218 -92.0%
81	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	150	$105.5k0.03%	0.03%	Unchanged
82	NETFLIX INC COM NFLX	NFLX	1,000	$71.4k0.02%	0.02%	Unchanged
83	TMC THE METALS COMPANY INC COM TMC	TMC	12,911	$57.2k0.02%	0.02%	Unchanged
84	META PLATFORMS INC CL A META	META	100	$56.3k0.02%	0.02%	Unchanged
85	WESTERN AST INFL LKD OPP & I COM WIW	WIW	6,546	$55.0k0.02%	0.02%	Unchanged
86	BARINGS CORPORATE INVS COM MCI	MCI	2,081	$36.5k0.01%	0.01%	New
87	FIRST TR INTER DURATN PFD & COM FPF	FPF	1,985	$36.1k0.01%	0.01%	Added +223	+223 12.7%
88	FLAHERTY & CRUMRINE PFD INCO COM PFO	PFO	3,679	$34.0k0.01%	0.01%	Reduced -45	-45 -1.2%
89	INVESCO CURRENCYSHARES JAPAN JAPANESE YEN FXY	FXY	600	$33.9k0.01%	0.01%	Unchanged
90	PIMCO GLOBAL STOCKSPLS INCM COM XPGPX	XPGPX	3,144	$27.1k0.01%	0.01%	New
91	MONTANA TECHNOLOGIES CORP *W EXP 03/15/202 AIRJW	AIRJW	15,307	$19.9k0.01%	0.01%	Unchanged
92	ABRDN EMERGING MARKETS EX CH COM AEF	AEF	2,046	$19.6k0.01%	0.01%	Added +1.4k	+1,379 206.8%
93	TEMPLETON DRAGON FD INC COM TDF	TDF	1,533	$16.7k0.01%	0.01%	Added +758	+758 97.8%
94	TEMPLETON EMERGING MKTS FD COM EMF	EMF	649	$15.1k0.00%	0.00%	Added +220	+220 51.3%
95	RICE ACQUISITION CORP 3 *W EXP 99/99/999 KRSP.WS	KRSP.WS	14,946	$14.8k0.00%	0.00%	Added +10.1k	+10,088 207.7%
96	TCW STRATEGIC INCOME FD INC COM TSI	TSI	3,258	$14.7k0.00%	0.00%	Unchanged
97	MORGAN STANLEY CHINA A SH FD COM XCAFX	XCAFX	684	$14.4k0.00%	0.00%	New
98	NUVEEN MULTI ASSET INCOME FU COM NMAI	NMAI	1,013	$14.4k0.00%	0.00%	Added +115	+115 12.8%
99	MEXICO EQUITY & INCOME FD COM MXE	MXE	1,103	$14.3k0.00%	0.00%	Added +533	+533 93.5%
100	SPARK I ACQUISITION CORP *W EXP 10/01/203 SPKWF	SPKWF	6,000	$14.2k0.00%	0.00%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PROSHARES TR SJB	SJB	796,652	$12.3m796.7k shares
PROSHARES TR SDS	SDS	108,584	$8.2m108.6k shares
SIMPLIFY EXCHANGE TRADED FUN PFIX	PFIX	117,701	$5.4m117.7k shares
DIREXION SHARES ETF TRUST DUST	DUST	58,011	$3.0m58.0k shares
PROSHARES TR QID	QID	116,263	$2.6m116.3k shares
NUVEEN S&P 500 DYNAMIC OVERW XSSPX	XSSPX	149,092	$2.4m149.1k shares
INVESCO EXCH TRD SLF IDX FD BSMQ	BSMQ	98,083	$2.3m98.1k shares
INVESCO EXCH TRD SLF IDX FD BSMR	BSMR	96,212	$2.3m96.2k shares
FIRST TR EXCH TRADED FD III FUMB	FUMB	109,973	$2.2m110.0k shares
OXFORD LANE CAP CORP OXLC	OXLC	222,539	$2.2m222.5k shares
INVESCO EXCH TRADED FD TR II PVI	PVI	49,141	$1.2m49.1k shares
WESTERN ASSET EMERGING MKTS XEMDX	XEMDX	68,384	$671.5k68.4k shares
MFS HIGH INCOME MUN TR		88,443	$328.1k88.4k shares
MFS INVT GRADE MUN TR		23,409	$187.0k23.4k shares
PROSHARES TR EUM	EUM	3,245	$62.3k3.2k shares
VIRTUS STONE HBR EMRG MKTS I EDF	EDF	6,614	$31.6k6.6k shares
ANGEL STUDIOS INC ANGX	ANGX	5,699	$17.4k5.7k shares
REAL ASSET ACQUISITION CORP		4,166	$5.5k4.2k shares
PURECYCLE TECHNOLOGIES INC PCTTW	PCTTW	5,457	$4.1k5.5k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
HIGHLAND OPPORTUNITIES HFRO · 13G · filed 2025-10-29	HFRO	5.0%≈ $19.9m	new	13G	2025-10-29