# EDGAR Filing Document

**Accession Number:** 0001511794
**File Stem:** 0001172661-25-002882
**Filing Date:** 2025-8
**Character Count:** 19598
**Document Hash:** a7bfd5eb4374be6ca189e5401e329b7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-002882.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001172661-25-002882

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Shaker Financial Services, LLC
- **CENTRAL INDEX KEY:** 0001511794

**ORGANIZATION NAME:**
- **EIN:** 841723449
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14234
- **FILM NUMBER:** 251183697

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 N. GLEBE RD.
- **STREET 2:** SUITE 1010
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201
- **BUSINESS PHONE:** (703) 258-0090

**MAIL ADDRESS:**
- **STREET 1:** 1100 N. GLEBE RD.
- **STREET 2:** SUITE 1010
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Shaker Financial Services LLC<br>**Address:** 1100 N. Glebe Rd.<br>Suite 1010<br>Arlington, VA 22201

**Form 13F File Number:** 028-14234

**CRD Number (if applicable):** 000121534

**SEC File Number (if applicable):** 801-62679

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Robert Shaker<br>**Title:** Chief Compliance Officer<br>**Phone:** 410-224-0572

**Signature, Place, and Date of Signing:**

/s/ Robert Shaker  Arlington, VA  08-05-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 147

**Form 13F Information Table Value Total:** $275765695

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABRDN ASIA PACIFIC INCOME FU | COM NEW | 003009867 |  | 1095790 | 68831 | SH |  | SOLE |  | 68831 | 0 | 0 |
| ABRDN AUSTRALIA EQUITY FD IN | COM | 003011103 |  | 389092 | 87045 | SH |  | SOLE |  | 87045 | 0 | 0 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 478182 | 80502 | SH |  | SOLE |  | 80502 | 0 | 0 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 1790922 | 303546 | SH |  | SOLE |  | 302301 | 0 | 1245 |
| ABRDN JAPAN EQUITY FUND INC | COM | 00306J109 |  | 518428 | 68757 | SH |  | SOLE |  | 68757 | 0 | 0 |
| ABRDN LIFE SCIENCES INVESTOR | SH BEN INT | 87911K100 |  | 397905 | 31062 | SH |  | SOLE |  | 31062 | 0 | 0 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 3320799 | 374808 | SH |  | SOLE |  | 371531 | 0 | 3277 |
| ALLIANCEBERNSTEIN GLOBAL HIG | COM | 01879R106 |  | 1962061 | 177884 | SH |  | SOLE |  | 177493 | 0 | 391 |
| ALLSPRING GLOBAL DIVIDEND OP | COM | 94987C103 |  | 791119 | 145159 | SH |  | SOLE |  | 145159 | 0 | 0 |
| ALLSPRING INCOME OPPORTUNIT | INC OPPTY FD | 94987B105 |  | 4176628 | 587142 | SH |  | SOLE |  | 585550 | 0 | 1592 |
| ALLSPRING MULTI SECTOR INCOM | COM | 94987D101 |  | 3004788 | 315553 | SH |  | SOLE |  | 315244 | 0 | 309 |
| ANGEL OAK FINL STRATEGIES IN | COM BEN INT | 03464A100 |  | 2125216 | 163730 | SH |  | SOLE |  | 163725 | 0 | 5 |
| ARES DYNAMIC CR ALLOCATION F | COM | 04014F102 |  | 1518554 | 106790 | SH |  | SOLE |  | 106773 | 0 | 17 |
| BARINGS GLOBAL SHORT DURATIO | COM | 06760L100 |  | 2710334 | 174609 | SH |  | SOLE |  | 172848 | 0 | 1761 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 |  | 196560 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| BLACKROCK ENHANCED EQUITY DI | COM | 09251A104 |  | 5582289 | 627929 | SH |  | SOLE |  | 622083 | 0 | 5846 |
| BLACKROCK ENHANCED GLOBAL DI | COM | 092501105 |  | 1000685 | 88166 | SH |  | SOLE |  | 87403 | 0 | 763 |
| BLACKROCK ENHANCED INTL DIV | COM BENE INTER | 092524107 |  | 2252235 | 388987 | SH |  | SOLE |  | 388987 | 0 | 0 |
| BLACKROCK ENHANCED LARGE CAP | COM | 09256A109 |  | 465537 | 21805 | SH |  | SOLE |  | 21647 | 0 | 158 |
| BLACKROCK ESG CAP ALLC TERM | SHS BEN INT | 09262F100 |  | 614617 | 38270 | SH |  | SOLE |  | 37164 | 0 | 1106 |
| BLACKROCK HEALTH SCIENCES TR | COM | 09250W107 |  | 3223799 | 224516 | SH |  | SOLE |  | 222708 | 0 | 1808 |
| BLACKROCK SCIENCE  TECHNOLO | SHS | 09258G104 |  | 1374655 | 36014 | SH |  | SOLE |  | 36014 | 0 | 0 |
| BLACKSTONE LONG SHORT CR INC | COM SHS BN INT | 09257D102 |  | 982798 | 79194 | SH |  | SOLE |  | 77412 | 0 | 1782 |
| BLACKSTONE STRATEGIC CRED 20 | COM SHS BEN IN | 09257R101 |  | 1706278 | 140782 | SH |  | SOLE |  | 139420 | 0 | 1362 |
| BNY MELLON HIGH YIELD STRATE | SH BEN INT | 09660L105 |  | 774127 | 297741 | SH |  | SOLE |  | 294543 | 0 | 3198 |
| BRANDYWINEGBL GBL INCM OPP F | COM | 10537L104 |  | 3208907 | 382468 | SH |  | SOLE |  | 381704 | 0 | 764 |
| BROOKFIELD REAL ASSETS INCOM | SHS BEN INT | 112830104 |  | 517994 | 38743 | SH |  | SOLE |  | 38731 | 0 | 12 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 5999682 | 841470 | SH |  | SOLE |  | 828509 | 0 | 12961 |
| CALAMOS GLOBAL TOTAL RETURN | COM SH BEN INT | 128118106 |  | 1865158 | 159279 | SH |  | SOLE |  | 159279 | 0 | 0 |
| CALAMOS LNG SHR EQT DYNAMIC | COM | 12812C106 |  | 206754 | 12739 | SH |  | SOLE |  | 11258 | 0 | 1481 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 |  | 7200551 | 394767 | SH |  | SOLE |  | 390596 | 0 | 4171 |
| CENTRAL SECS CORP | COM | 155123102 |  | 10132994 | 211722 | SH |  | SOLE |  | 210687 | 0 | 1035 |
| CHINA FD INC | COM | 169373107 |  | 1967148 | 132112 | SH |  | SOLE |  | 132112 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 244253 | 4350 | SH |  | SOLE |  | 4350 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 2479641 | 453041 | SH |  | SOLE |  | 446864 | 0 | 6177 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 448812 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| COHEN  STEERS CLOSED-END OP | COM | 19248P106 |  | 178599 | 14152 | SH |  | SOLE |  | 14152 | 0 | 0 |
| COHEN  STEERS LTD DURATION | COM | 19248C105 |  | 1796549 | 85631 | SH |  | SOLE |  | 85484 | 0 | 147 |
| COHEN  STEERS QUALITY INCOM | COM | 19247L106 |  | 1566534 | 125826 | SH |  | SOLE |  | 125826 | 0 | 0 |
| COHEN  STEERS SELECT PFD | COM | 19248Y107 |  | 1763640 | 87569 | SH |  | SOLE |  | 86415 | 0 | 1154 |
| COHEN  STEERS TAX ADVAN PFD | COM | 19249X108 |  | 1213364 | 61281 | SH |  | SOLE |  | 60798 | 0 | 483 |
| COLUMBIA SELIGM PREM TECH GR | COM | 19842X109 |  | 394996 | 12989 | SH |  | SOLE |  | 12927 | 0 | 62 |
| CREDIT SUISSE ASSET MGMT INC | COM | 224916106 |  | 906873 | 306376 | SH |  | SOLE |  | 303631 | 0 | 2745 |
| CREDIT SUISSE HIGH YIELD BD | SH BEN INT | 22544F103 |  | 117873 | 55339 | SH |  | SOLE |  | 55339 | 0 | 0 |
| DOUBLELINE INCOME SOLUTIONS | COM | 258622109 |  | 2988103 | 244126 | SH |  | SOLE |  | 241159 | 0 | 2967 |
| DOUBLELINE OPPORTUNISTIC CR | COM | 258623107 |  | 387869 | 25219 | SH |  | SOLE |  | 24809 | 0 | 410 |
| DOUBLELINE YIELD OPPORTUNITI | COM | 25862D105 |  | 1300409 | 83413 | SH |  | SOLE |  | 83413 | 0 | 0 |
| EATON VANCE ENHANCED EQUITY | COM | 278277108 |  | 1190285 | 49165 | SH |  | SOLE |  | 49165 | 0 | 0 |
| EATON VANCE ENHANCED EQUITY | COM | 278274105 |  | 501202 | 23958 | SH |  | SOLE |  | 23220 | 0 | 738 |
| EATON VANCE LIMITED DURATION | COM | 27828H105 |  | 2148486 | 209404 | SH |  | SOLE |  | 208877 | 0 | 527 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 |  | 2747473 | 303924 | SH |  | SOLE |  | 299960 | 0 | 3964 |
| EATON VANCE SHORT DURATION D | COM | 27828V104 |  | 1011628 | 91716 | SH |  | SOLE |  | 90939 | 0 | 777 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 445604 | 36766 | SH |  | SOLE |  | 36766 | 0 | 0 |
| EATON VANCE SR INCOME TR | SH BEN INT | 27826S103 |  | 359751 | 63225 | SH |  | SOLE |  | 63158 | 0 | 67 |
| EATON VANCE TAX ADVT DIV INC | COM | 27828G107 |  | 2841848 | 117919 | SH |  | SOLE |  | 116955 | 0 | 964 |
| EATON VANCE TAX MNGED BUY WR | COM | 27828X100 |  | 7768807 | 538006 | SH |  | SOLE |  | 536821 | 0 | 1185 |
| EATON VANCE TAX-ADVANTAGED G | COM | 27828U106 |  | 2339646 | 86048 | SH |  | SOLE |  | 86048 | 0 | 0 |
| EATON VANCE TAX-MANAGED BUY- | COM | 27828Y108 |  | 2815971 | 203026 | SH |  | SOLE |  | 203026 | 0 | 0 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829C105 |  | 3886541 | 449311 | SH |  | SOLE |  | 448135 | 0 | 1176 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829F108 |  | 366100 | 41840 | SH |  | SOLE |  | 41660 | 0 | 180 |
| EATON VANCE TX ADV GLBL DIV | COM | 27828S101 |  | 534075 | 25505 | SH |  | SOLE |  | 25398 | 0 | 107 |
| ELLSWORTH GROWTH  INCOME FD | COM | 289074106 |  | 1107072 | 108007 | SH |  | SOLE |  | 107775 | 0 | 232 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 4576197 | 447331 | SH |  | SOLE |  | 447331 | 0 | 0 |
| FIRST TR ENHANCED EQUITY INC | COM | 337318109 |  | 3686298 | 179995 | SH |  | SOLE |  | 178815 | 0 | 1180 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 1381689 | 93043 | SH |  | SOLE |  | 90946 | 0 | 2097 |
| FIRST TR INTER DURATN PFD | COM | 33718W103 |  | 1463368 | 77756 | SH |  | SOLE |  | 77756 | 0 | 0 |
| FIRST TR SR FLTG RATE INCOME | COM | 33733U108 |  | 1687373 | 166080 | SH |  | SOLE |  | 163039 | 0 | 3041 |
| FLAHERTY  CRUMRINE DYNAMIC | SHS | 33848W106 |  | 2686556 | 130860 | SH |  | SOLE |  | 130536 | 0 | 324 |
| FRANKLIN LTD DURATION INCOME | COM | 35472T101 |  | 4315223 | 672153 | SH |  | SOLE |  | 665666 | 0 | 6487 |
| FRANKLIN UNVL TR | SH BEN INT | 355145103 |  | 540129 | 70883 | SH |  | SOLE |  | 70883 | 0 | 0 |
| GABELLI CONV  INC SECS FD I | COM | 36240B109 |  | 40189 | 10493 | SH |  | SOLE |  | 10493 | 0 | 0 |
| GENERAL AMERN INVS CO INC | COM | 368802104 |  | 6152968 | 109796 | SH |  | SOLE |  | 109451 | 0 | 345 |
| HANCOCK JOHN INCOME SECS TR | COM | 410123103 |  | 299135 | 26519 | SH |  | SOLE |  | 26519 | 0 | 0 |
| HANCOCK JOHN INVT TR II | COM | 410142103 |  | 2536723 | 183223 | SH |  | SOLE |  | 182805 | 0 | 418 |
| HANCOCK JOHN PREM DIVID FD | COM SH BEN INT | 41013T105 |  | 277835 | 21096 | SH |  | SOLE |  | 21096 | 0 | 0 |
| HANCOCK JOHN TAX-ADVANTAGED | COM | 41013V100 |  | 548332 | 23443 | SH |  | SOLE |  | 23443 | 0 | 0 |
| HIGH INCOME SECS FD | SHS BEN INT | 42968F108 |  | 180995 | 28503 | SH |  | SOLE |  | 28503 | 0 | 0 |
| INVESCO HIGH INCOME TR II | COM | 46131F101 |  | 1532016 | 140102 | SH |  | SOLE |  | 137023 | 0 | 3079 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 321399 | 582 | SH |  | SOLE |  | 549 | 0 | 33 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 940623 | 97575 | SH |  | SOLE |  | 97575 | 0 | 0 |
| JOHN HANCOCK DIVERSIFIED INC | COM | 47804L102 |  | 2380120 | 224964 | SH |  | SOLE |  | 221706 | 0 | 3258 |
| KKR INCOME OPPORTUNITIES FD | COM | 48249T106 |  | 603622 | 48059 | SH |  | SOLE |  | 48059 | 0 | 0 |
| LAZARD GLOBAL TOTAL RETURN | COM | 52106W103 |  | 1184031 | 70478 | SH |  | SOLE |  | 70478 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 5474730 | 803925 | SH |  | SOLE |  | 798713 | 0 | 5212 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 |  | 7334904 | 1340933 | SH |  | SOLE |  | 1335948 | 0 | 4985 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 |  | 795532 | 75982 | SH |  | SOLE |  | 75982 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 256312 | 14588 | SH |  | SOLE |  | 14588 | 0 | 0 |
| MFS CHARTER INCOME TR | SH BEN INT | 552727109 |  | 2171012 | 341354 | SH |  | SOLE |  | 341174 | 0 | 180 |
| MFS INTER INCOME TR | SH BEN INT | 55273C107 |  | 67886 | 25050 | SH |  | SOLE |  | 25050 | 0 | 0 |
| MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 |  | 1059291 | 225381 | SH |  | SOLE |  | 225381 | 0 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 |  | 507576 | 36845 | SH |  | SOLE |  | 36845 | 0 | 0 |
| MORGAN STANLEY EMERGING MKTS | COM | 617477104 |  | 1199604 | 228932 | SH |  | SOLE |  | 227446 | 0 | 1486 |
| NEW GERMANY FD INC | COM | 644465106 |  | 1464107 | 122622 | SH |  | SOLE |  | 120293 | 0 | 2329 |
| NUVEEN CORE EQUITY ALPHA FD | COM | 67090X107 |  | 8352066 | 527991 | SH |  | SOLE |  | 526855 | 0 | 1136 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 134535 | 24452 | SH |  | SOLE |  | 24452 | 0 | 0 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 6727773 | 459536 | SH |  | SOLE |  | 458128 | 0 | 1408 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 743062 | 86857 | SH |  | SOLE |  | 85712 | 0 | 1145 |
| NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 |  | 2950842 | 226452 | SH |  | SOLE |  | 226452 | 0 | 0 |
| NUVEEN MULTI ASSET INCOME FU | COM | 670750108 |  | 3548732 | 278485 | SH |  | SOLE |  | 277517 | 0 | 968 |
| NUVEEN PFD  INCOME OPPORTUN | COM | 67073B106 |  | 442332 | 54700 | SH |  | SOLE |  | 54700 | 0 | 0 |
| NUVEEN REAL ESTATE INCOME FD | COM | 67071B108 |  | 780913 | 98228 | SH |  | SOLE |  | 98228 | 0 | 0 |
| NUVEEN S 500 BUY-WRITE INC | COM | 6706ER101 |  | 1105933 | 77595 | SH |  | SOLE |  | 77595 | 0 | 0 |
| NUVEEN S 500 DYNAMIC OVERW | COM | 6706EW100 |  | 1271607 | 71075 | SH |  | SOLE |  | 69100 | 0 | 1975 |
| PGIM HIGH YIELD BOND FUND IN | COM | 69346H100 |  | 371583 | 26223 | SH |  | SOLE |  | 26223 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 2666867 | 158365 | SH |  | SOLE |  | 156775 | 0 | 1590 |
| PIMCO GLOBAL STOCKSPLS INCM | COM | 722011103 |  | 284162 | 33752 | SH |  | SOLE |  | 33752 | 0 | 0 |
| PIMCO INCOME STRATEGY FD | COM | 72201H108 |  | 311811 | 37026 | SH |  | SOLE |  | 37026 | 0 | 0 |
| PIMCO INCOME STRATEGY FD II | COM | 72201J104 |  | 385910 | 51718 | SH |  | SOLE |  | 51718 | 0 | 0 |
| PUTNAM MASTER INTER INCOME T | SH BEN INT | 746909100 |  | 203982 | 60890 | SH |  | SOLE |  | 60890 | 0 | 0 |
| RIVERNORTH CAP AND INCM FD I | COM | 76882B108 |  | 583630 | 40112 | SH |  | SOLE |  | 40112 | 0 | 0 |
| RIVERNORTH DOUBLELINE STRATE | COM | 76882G107 |  | 376850 | 44076 | SH |  | SOLE |  | 44076 | 0 | 0 |
| RIVERNORTH OPPORTUNITIES FD | COM | 76881Y109 |  | 373489 | 30464 | SH |  | SOLE |  | 30464 | 0 | 0 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 1861835 | 154766 | SH |  | SOLE |  | 154648 | 0 | 118 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 9450938 | 1021723 | SH |  | SOLE |  | 1013629 | 0 | 8094 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 8805364 | 585074 | SH |  | SOLE |  | 582413 | 0 | 2661 |
| SABA CAPITAL INCOME  OPPORT | COM NEW | 880198205 |  | 2654192 | 288813 | SH |  | SOLE |  | 288813 | 0 | 0 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 662694 | 82220 | SH |  | SOLE |  | 82208 | 0 | 12 |
| SOURCE CAPITAL | COM SHS OF BEN I | 836144303 |  | 2639636 | 60873 | SH |  | SOLE |  | 60658 | 0 | 215 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 351027 | 558 | SH |  | SOLE |  | 558 | 0 | 0 |
| SPECIAL OPPORTUNITIES FD INC | COM | 84741T104 |  | 4131617 | 266728 | SH |  | SOLE |  | 263914 | 0 | 2814 |
| SPROTT FOCUS TR INC | COM | 85208J109 |  | 3438564 | 459701 | SH |  | SOLE |  | 457386 | 0 | 2315 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 1223739 | 69216 | SH |  | SOLE |  | 69132 | 0 | 84 |
| TAIWAN FD INC | COM | 874036106 |  | 1922394 | 42901 | SH |  | SOLE |  | 42523 | 0 | 378 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 972506 | 97348 | SH |  | SOLE |  | 94999 | 0 | 2349 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 |  | 825678 | 56592 | SH |  | SOLE |  | 56592 | 0 | 0 |
| TEMPLETON EMERGING MKTS INCO | COM | 880192109 |  | 1243111 | 207185 | SH |  | SOLE |  | 204227 | 0 | 2958 |
| TORTOISE SUSTAINABLE  SOCIA | COM SH BEN INT | 27901F109 |  | 187263 | 15293 | SH |  | SOLE |  | 15293 | 0 | 0 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 889884 | 140360 | SH |  | SOLE |  | 134894 | 0 | 5466 |
| TRI CONTL CORP | COM | 895436103 |  | 5140001 | 162350 | SH |  | SOLE |  | 160505 | 0 | 1845 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 |  | 205568 | 16578 | SH |  | SOLE |  | 16578 | 0 | 0 |
| VIRTUS EQUITY  CONV INCM FD | COM | 92841M101 |  | 2425683 | 101493 | SH |  | SOLE |  | 101009 | 0 | 484 |
| VIRTUS GLOBAL MULTI-SECTOR I | COM | 92829B101 |  | 2335819 | 297936 | SH |  | SOLE |  | 293927 | 0 | 4009 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 |  | 1057574 | 169755 | SH |  | SOLE |  | 167991 | 0 | 1764 |
| VOYA ASIA PAC HIGH DIV EQT I | COM | 92912J102 |  | 1224343 | 173883 | SH |  | SOLE |  | 173883 | 0 | 0 |
| VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 |  | 478806 | 80607 | SH |  | SOLE |  | 80607 | 0 | 0 |
| VOYA GLBL EQTY DIV  PREM OP | COM | 92912T100 |  | 168125 | 28987 | SH |  | SOLE |  | 28987 | 0 | 0 |
| VOYA INFRASTRUCTURE INDLS | COM | 92912X101 |  | 170616 | 14595 | SH |  | SOLE |  | 14595 | 0 | 0 |
| WESTERN ASSET EMERGING MKTS | COM | 95766A101 |  | 1658197 | 162921 | SH |  | SOLE |  | 162045 | 0 | 876 |
| WESTERN ASSET GBL HIGH INC F | COM | 95766B109 |  | 2742998 | 414977 | SH |  | SOLE |  | 410078 | 0 | 4899 |
| WESTERN ASSET HIGH INCOM FD | COM | 95766J102 |  | 1971807 | 454438 | SH |  | SOLE |  | 450543 | 0 | 3895 |
| WESTERN ASSET HIGH INCOME OP | COM | 95766K109 |  | 802073 | 199744 | SH |  | SOLE |  | 198622 | 0 | 1122 |
| WESTERN ASSET HIGH YIELD DEF | COM | 95768B107 |  | 473353 | 39201 | SH |  | SOLE |  | 38693 | 0 | 508 |
| WESTERN ASSET INVESTMENT GRA | COM | 95766T100 |  | 144898 | 11110 | SH |  | SOLE |  | 11110 | 0 | 0 |
| WESTERN ASSET INVT GRADE OPP | COM | 95790A101 |  | 442793 | 26623 | SH |  | SOLE |  | 26623 | 0 | 0 |
| WSTRN AST GLBL CORP OPP FD I | COM | 95790C107 |  | 393468 | 32873 | SH |  | SOLE |  | 32873 | 0 | 0 |
| XAI MADISON EQUITY PREMIUM I | COM | 557437100 |  | 2875679 | 455480 | SH |  | SOLE |  | 449935 | 0 | 5545 |
| XAI OCTAGN FLT RAT  ALT INM | COM | 98400T106 |  | 1107008 | 194429 | SH |  | SOLE |  | 192227 | 0 | 2202 |

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