# EDGAR Filing Document

**Accession Number:** 0001511794
**File Stem:** 0001172661-23-000423
**Filing Date:** 2023-2
**Character Count:** 21272
**Document Hash:** 1773cdf9de49ada7a9cd1045e68e3b66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000423.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001172661-23-000423

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Shaker Financial Services, LLC
- **CENTRAL INDEX KEY:** 0001511794
- **IRS NUMBER:** 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:** 23584934

**BUSINESS ADDRESS:**
- **STREET 1:** 3101 WILSON BLVD
- **STREET 2:** SUITE 200
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201
- **BUSINESS PHONE:** (703) 258-0090

**MAIL ADDRESS:**
- **STREET 1:** 3101 WILSON BLVD
- **STREET 2:** SUITE 200
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22201

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** 3101 Wilson Blvd<br>Suite 200<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:** Kathryn S. Baummer<br>**Title:** Managing Partner Performance Analytics  Reporting<br>**Phone:** 410-224-0572

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

/s/ Kathryn S. Baummer  Arlington, VA  02-03-2023<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:** $213680539

      (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 AUSTRALIA EQUITY FD IN | COM | 003011103 | BBG001S5S2W5 | 127060 | 28173 | SH |  | SOLE |  | 28173 | 0 | 0 |
| ABRDN EMRG MKTS EQTY INCM FD | COM | 00301W105 | BBG001S5QCR1 | 113645 | 21688 | SH |  | SOLE |  | 21688 | 0 | 0 |
| ABRDN GLOBAL DYNAMIC DIVIDEN | COM | 00302M106 | BBG001SMLZ16 | 2725913 | 286185 | SH |  | SOLE |  | 285300 | 0 | 885 |
| ABRDN GLOBAL PREMIER PPTYS F | COM SH BEN INT | 00302L108 | BBG001SSZNJ6 | 120209 | 30510 | SH |  | SOLE |  | 30510 | 0 | 0 |
| ABRDN JAPAN EQUITY FUND INC | COM | 00306J109 | BBG001S73FJ4 | 190726 | 35451 | SH |  | SOLE |  | 35451 | 0 | 0 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 | BBG001SS0YX4 | 2819570 | 358838 | SH |  | SOLE |  | 358838 | 0 | 0 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 | BBG001S5NDV7 | 5935432 | 408214 | SH |  | SOLE |  | 405370 | 0 | 2844 |
| ADVENT CONV  INCOME FD | COM | 00764C109 | BBG001SJLCH7 | 1057987 | 97063 | SH |  | SOLE |  | 97063 | 0 | 0 |
| ALLIANCEBERNSTEIN GLOBAL HIG | COM | 01879R106 | BBG001S6LJ53 | 176880 | 18999 | SH |  | SOLE |  | 18999 | 0 | 0 |
| ALLSPRING GLOBAL DIVIDEND OP | COM | 94987C103 | BBG001SM51M6 | 166637 | 38132 | SH |  | SOLE |  | 38132 | 0 | 0 |
| ALLSPRING INCOME OPPORTUNIT | INC OPPTY FD | 94987B105 | BBG001SJH6Q5 | 1672242 | 261202 | SH |  | SOLE |  | 261202 | 0 | 0 |
| ALLSPRING UTILITIES AND HIGH | WF UTILITIES INC | 94987E109 | BBG001SKNN24 | 155008 | 13748 | SH |  | SOLE |  | 12843 | 0 | 905 |
| APOLLO SR FLOATING RATE FD I | COM | 037636107 | BBG001TCQ4W7 | 1715137 | 138990 | SH |  | SOLE |  | 138970 | 0 | 20 |
| APOLLO TACTICAL INCOME FD IN | COM | 037638103 | BBG003NQ4BY4 | 889475 | 73389 | SH |  | SOLE |  | 70653 | 0 | 2736 |
| ARES DYNAMIC CR ALLOCATION F | COM | 04014F102 | BBG001V0WD35 | 2526562 | 217995 | SH |  | SOLE |  | 217995 | 0 | 0 |
| BANCROFT FD LTD | COM | 059695106 | BBG001S5P2V9 | 1683930 | 102804 | SH |  | SOLE |  | 102045 | 0 | 759 |
| BARINGS GLOBAL SHORT DURATIO | COM | 06760L100 | BBG0034WH517 | 1137995 | 88257 | SH |  | SOLE |  | 87263 | 0 | 994 |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 | BBG001SJQLG3 | 1663336 | 190313 | SH |  | SOLE |  | 190285 | 0 | 28 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 | BBG001SS72L0 | 293304 | 29040 | SH |  | SOLE |  | 29040 | 0 | 0 |
| BLACKROCK DEBT STRATEGIES FD | COM NEW | 09255R202 | BBG001S9L8L3 | 3602416 | 391567 | SH |  | SOLE |  | 391553 | 0 | 14 |
| BLACKROCK ENHANCD CAP  INM | COM | 09256A109 | BBG001SJTK18 | 2245870 | 131184 | SH |  | SOLE |  | 131184 | 0 | 0 |
| BLACKROCK ENHANCED GLOBAL DI | COM | 092501105 | BBG001SB82H1 | 846863 | 88584 | SH |  | SOLE |  | 87471 | 0 | 1113 |
| BLACKROCK ENHANCED INTL DIV | COM BENE INTER | 092524107 | BBG001SSV2L3 | 986003 | 196415 | SH |  | SOLE |  | 196415 | 0 | 0 |
| BLACKROCK ESG CAP ALLC TR | SHS BEN INT | 09262F100 | BBG012Q6JF99 | 416021 | 30977 | SH |  | SOLE |  | 30977 | 0 | 0 |
| BLACKROCK FLOATING RATE INC | COM | 091941104 | BBG001SCPXR1 | 1578565 | 144293 | SH |  | SOLE |  | 143851 | 0 | 442 |
| BLACKROCK FLOATING RATE INCO | COM | 09255X100 | BBG001SBM043 | 778528 | 69141 | SH |  | SOLE |  | 67937 | 0 | 1204 |
| BLACKROCK INNOVATION AND GRW | SHS BEN INT | 09260Q108 | BBG00ZSNML46 | 508857 | 74722 | SH |  | SOLE |  | 74722 | 0 | 0 |
| BLACKSTONE LONG SHORT CR INC | COM SHS BN INT | 09257D102 | BBG001TCJG67 | 2452181 | 226216 | SH |  | SOLE |  | 225674 | 0 | 542 |
| BLACKSTONE SENIOR FLOATNG RA | COM | 09256U105 | BBG001T6YK55 | 915929 | 73687 | SH |  | SOLE |  | 72186 | 0 | 1501 |
| BNY MELLON ALCENTRA GLOBAL C | COM | 05588N108 | BBG00J2DVNS2 | 197978 | 27845 | SH |  | SOLE |  | 27845 | 0 | 0 |
| BNY MELLON HIGH YIELD STRATE | SH BEN INT | 09660L105 | BBG001SBTYG9 | 1023518 | 470583 | SH |  | SOLE |  | 470583 | 0 | 0 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 | BBG001SQN842 | 2219585 | 394729 | SH |  | SOLE |  | 393271 | 0 | 1458 |
| CALAMOS GLOBAL TOTAL RETURN | COM SH BEN INT | 128118106 | BBG001SKVJY9 | 470528 | 52843 | SH |  | SOLE |  | 52843 | 0 | 0 |
| CALAMOS LNG SHR EQT DYNAMIC | COM | 12812C106 | BBG00PWZGZZ8 | 3956788 | 258144 | SH |  | SOLE |  | 256104 | 0 | 2040 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 | BBG001SC0HR3 | 2175226 | 160984 | SH |  | SOLE |  | 160850 | 0 | 134 |
| CBRE GBL REAL ESTATE INC FD | COM | 12504G100 | BBG001SJ9SR5 | 1532637 | 267476 | SH |  | SOLE |  | 267476 | 0 | 0 |
| CENTRAL SECS CORP | COM | 155123102 | BBG001S5PP20 | 5429803 | 162623 | SH |  | SOLE |  | 162051 | 0 | 572 |
| CHINA FD INC | COM | 169373107 | BBG001S6HMG9 | 510974 | 37586 | SH |  | SOLE |  | 37586 | 0 | 0 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 | BBG001SM3DP9 | 398496 | 62265 | SH |  | SOLE |  | 62265 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 | BBG001SMM7Q0 | 458851 | 70484 | SH |  | SOLE |  | 70484 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 | BBG001SPR742 | 1795850 | 354211 | SH |  | SOLE |  | 351509 | 0 | 2702 |
| COHEN  STEERS CLOSED-END OP | COM | 19248P106 | BBG001SMCWX8 | 188549 | 18043 | SH |  | SOLE |  | 18043 | 0 | 0 |
| COHEN  STEERS INFRASTRUCTUR | COM | 19248A109 | BBG001SJYNK5 | 311870 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| COHEN  STEERS LTD DURATION | COM | 19248C105 | BBG002YMSBV0 | 661535 | 34781 | SH |  | SOLE |  | 34781 | 0 | 0 |
| COHEN  STEERS SELECT PFD | COM | 19248Y107 | BBG001TCTWN2 | 294204 | 15716 | SH |  | SOLE |  | 15367 | 0 | 349 |
| CREDIT SUISSE ASSET MGMT INC | COM | 224916106 | BBG001SCVJQ6 | 237182 | 94120 | SH |  | SOLE |  | 94120 | 0 | 0 |
| DELAWARE ENHANCED GLOBAL DIV | COM | 246060107 | BBG001SQNDV1 | 682102 | 87449 | SH |  | SOLE |  | 87449 | 0 | 0 |
| DOUBLELINE INCOME SOLUTIONS | COM | 258622109 | BBG003TXW7X2 | 294428 | 26549 | SH |  | SOLE |  | 26546 | 0 | 3 |
| EATON VANCE FLTING RATE INC | COM | 278279104 | BBG001SM29R7 | 1824326 | 163353 | SH |  | SOLE |  | 161607 | 0 | 1746 |
| EATON VANCE LTD DURATION INC | COM | 27828H105 | BBG001S9B8R8 | 1380518 | 147020 | SH |  | SOLE |  | 145338 | 0 | 1682 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 | BBG001SV50F6 | 3023220 | 403096 | SH |  | SOLE |  | 403096 | 0 | 0 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 | BBG001SC5HJ7 | 2907086 | 263777 | SH |  | SOLE |  | 262508 | 0 | 1269 |
| EATON VANCE SR INCOME TR | SH BEN INT | 27826S103 | BBG001SC5YX4 | 527723 | 99196 | SH |  | SOLE |  | 99053 | 0 | 143 |
| EATON VANCE TAX ADVT DIV INC | COM | 27828G107 | BBG001SBKCG6 | 2887802 | 126658 | SH |  | SOLE |  | 126652 | 0 | 6 |
| EATON VANCE TAX-ADVANTAGED G | COM | 27828U106 | BBG001SK6L81 | 958780 | 45787 | SH |  | SOLE |  | 45787 | 0 | 0 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829F108 | BBG001SPXHX1 | 2505928 | 331911 | SH |  | SOLE |  | 329901 | 0 | 2010 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829C105 | BBG001SGGKG2 | 4018407 | 517836 | SH |  | SOLE |  | 517836 | 0 | 0 |
| EATON VANCE TX ADV GLBL DIV | COM | 27828S101 | BBG001SJ9S68 | 3821901 | 253106 | SH |  | SOLE |  | 252489 | 0 | 617 |
| ECOFIN SUSTAINABLE AND SOCIA | COM SH BEN INT | 27901F109 | BBG00NPWMMH0 | 207193 | 16124 | SH |  | SOLE |  | 16124 | 0 | 0 |
| ELLSWORTH GROWTH  INCOME FD | COM | 289074106 | BBG001S5QR43 | 181689 | 22768 | SH |  | SOLE |  | 22768 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 | BBG001S5RJQ6 | 1903636 | 249004 | SH |  | SOLE |  | 249004 | 0 | 0 |
| FIRST TR DYNAMIC EUROPE EQUI | COM SHS | 33740D107 | BBG009LMBNV1 | 428651 | 38001 | SH |  | SOLE |  | 38001 | 0 | 0 |
| FIRST TR ENERGY INFRASTRCTR | COM | 33738C103 | BBG001Y23QY7 | 316894 | 21976 | SH |  | SOLE |  | 21976 | 0 | 0 |
| FIRST TR ENHANCED EQUITY INC | COM | 337318109 | BBG001SLZBJ7 | 8815687 | 559371 | SH |  | SOLE |  | 556807 | 0 | 2564 |
| FIRST TR HIGH INCOME LONG / | COM | 33738E109 | BBG001T9DWN6 | 1545876 | 135011 | SH |  | SOLE |  | 133992 | 0 | 1019 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 | BBG00TJJ13N1 | 438047 | 32193 | SH |  | SOLE |  | 31653 | 0 | 540 |
| FIRST TR SPECIALTY FIN  FIN | COM BEN INTR | 33733G109 | BBG001SRJR07 | 316851 | 103546 | SH |  | SOLE |  | 103546 | 0 | 0 |
| FIRST TR SR FLTG RATE INCOME | COM | 33733U108 | BBG001SLKS51 | 349522 | 36676 | SH |  | SOLE |  | 36676 | 0 | 0 |
| FLAHERTY  CRUMRINE DYNAMIC | SHS | 33848W106 | BBG004M1VZ20 | 294290 | 15729 | SH |  | SOLE |  | 15729 | 0 | 0 |
| FRANKLIN LTD DURATION INCOME | COM | 35472T101 | BBG001SLW549 | 917037 | 147671 | SH |  | SOLE |  | 145463 | 0 | 2208 |
| FRANKLIN UNVL TR | SH BEN INT | 355145103 | BBG001S5RDD3 | 744372 | 110605 | SH |  | SOLE |  | 110562 | 0 | 43 |
| GABELLI DIVID  INCOME TR | COM | 36242H104 | BBG001SDC273 | 7761828 | 375023 | SH |  | SOLE |  | 372597 | 0 | 2426 |
| GENERAL AMERN INVS CO INC | COM | 368802104 | BBG001S5RG46 | 4516509 | 124938 | SH |  | SOLE |  | 124600 | 0 | 338 |
| HANCOCK JOHN INVS TR | COM | 410142103 | BBG001S5SH07 | 721113 | 57505 | SH |  | SOLE |  | 56480 | 0 | 1025 |
| HANCOCK JOHN INVT TR | TAX ADV GLB SH | 41013P749 | BBG001SV51C7 | 742130 | 149623 | SH |  | SOLE |  | 149623 | 0 | 0 |
| HANCOCK JOHN PFD INCOME FD | SH BEN INT | 41013W108 | BBG001S6WS24 | 1021260 | 63144 | SH |  | SOLE |  | 62153 | 0 | 991 |
| HANCOCK JOHN PFD INCOME FD I | COM | 41013X106 | BBG001SGPCF1 | 231860 | 14787 | SH |  | SOLE |  | 14787 | 0 | 0 |
| HIGHLAND GLOBAL ALLOCATION F | COM | 43010T104 | BBG00MJH5GZ4 | 3066756 | 325558 | SH |  | SOLE |  | 324303 | 0 | 1255 |
| INVESCO HIGH INCOME TR II | COM | 46131F101 | BBG001S5Z300 | 1120023 | 109164 | SH |  | SOLE |  | 109088 | 0 | 76 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 | BBG001S6JF54 | 490102 | 75633 | SH |  | SOLE |  | 75633 | 0 | 0 |
| JOHN HANCOCK HEDGED EQUITY | COM | 47804L102 | BBG001V12GM8 | 887478 | 77172 | SH |  | SOLE |  | 77172 | 0 | 0 |
| KKR INCOME OPPORTUNITIES FD | COM | 48249T106 | BBG004NRD5Z2 | 1444611 | 131209 | SH |  | SOLE |  | 131209 | 0 | 0 |
| KOREA FD INC | COM NEW | 500634209 | BBG001S5SKX4 | 237959 | 11069 | SH |  | SOLE |  | 11069 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 | BBG001S5X3D8 | 3552213 | 619249 | SH |  | SOLE |  | 617292 | 0 | 1957 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 | BBG001S8MP72 | 2659052 | 530066 | SH |  | SOLE |  | 530066 | 0 | 0 |
| LMP CAP  INCOME FD INC | COM | 50208A102 | BBG001S985R8 | 1224516 | 101704 | SH |  | SOLE |  | 101704 | 0 | 0 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 | BBG001S5QCY3 | 689599 | 78542 | SH |  | SOLE |  | 78542 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 | BBG001S5TGW3 | 355588 | 24124 | SH |  | SOLE |  | 24124 | 0 | 0 |
| MFS CHARTER INCOME TR | SH BEN INT | 552727109 | BBG001S5NTY9 | 348766 | 56710 | SH |  | SOLE |  | 54504 | 0 | 2206 |
| MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 | BBG001S5T879 | 847970 | 188020 | SH |  | SOLE |  | 188020 | 0 | 0 |
| MFS SPL VALUE TR | SH BEN INT | 55274E102 | BBG001S6CWG2 | 253400 | 60622 | SH |  | SOLE |  | 60622 | 0 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 | BBG001SJJR32 | 580553 | 40884 | SH |  | SOLE |  | 40884 | 0 | 0 |
| NEUBERGER BERMAN NEXT GENERA | COMMON STOCK | 64133Q108 | BBG00Z4KVBC1 | 512940 | 56398 | SH |  | SOLE |  | 54640 | 0 | 1758 |
| NEW GERMANY FD INC | COM | 644465106 | BBG001S6GLF3 | 1633140 | 205864 | SH |  | SOLE |  | 205864 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 | BBG001SLL7N6 | 766961 | 150680 | SH |  | SOLE |  | 150680 | 0 | 0 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 | BBG007PPRJB8 | 1460406 | 94159 | SH |  | SOLE |  | 94143 | 0 | 16 |
| NUVEEN FLOATING RATE INCOME | COM SHS | 6706EN100 | BBG001SM3CC5 | 427152 | 54693 | SH |  | SOLE |  | 54693 | 0 | 0 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 | BBG001SJ9S31 | 1562402 | 197273 | SH |  | SOLE |  | 197273 | 0 | 0 |
| NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 | BBG007K9HBV5 | 708739 | 62999 | SH |  | SOLE |  | 62999 | 0 | 0 |
| NUVEEN MULTI ASSET INCOME FU | COM | 670750108 | BBG013NZJD55 | 631996 | 55004 | SH |  | SOLE |  | 55004 | 0 | 0 |
| NUVEEN PFD  INCOME OPPORTUN | COM | 67073B106 | BBG001S6R664 | 396563 | 54473 | SH |  | SOLE |  | 54473 | 0 | 0 |
| NUVEEN PFD  INCOME SECS FD | COM | 67072C105 | BBG001SFPML4 | 2088008 | 307060 | SH |  | SOLE |  | 307060 | 0 | 0 |
| NUVEEN REAL ASSET INCOME  G | COM | 67074Y105 | BBG002G9B700 | 974750 | 83312 | SH |  | SOLE |  | 83312 | 0 | 0 |
| NUVEEN SHORT DURATION CR OPP | COM | 67074X107 | BBG001V05BM8 | 972757 | 82020 | SH |  | SOLE |  | 79954 | 0 | 2066 |
| NUVEEN SR INCOME FD | COM | 67067Y104 | BBG001SDFG15 | 2691392 | 586360 | SH |  | SOLE |  | 581545 | 0 | 4815 |
| PGIM GLOBAL HIGH YIELD FD FO | COM | 69346J106 | BBG0037TDYM9 | 577010 | 52719 | SH |  | SOLE |  | 52696 | 0 | 23 |
| PGIM HIGH YIELD BOND FUND IN | COM | 69346H100 | BBG002R1BH76 | 778112 | 64978 | SH |  | SOLE |  | 64538 | 0 | 440 |
| PIMCO DYNAMIC INCOME OPRNTS | COM BEN SHS | 69355M107 | BBG00ST5DV48 | 948926 | 74309 | SH |  | SOLE |  | 74309 | 0 | 0 |
| PIMCO HIGH INCOME FD | COM SHS | 722014107 | BBG001SGV4P1 | 131643 | 27552 | SH |  | SOLE |  | 27552 | 0 | 0 |
| PIMCO INCOME STRATEGY FD | COM | 72201H108 | BBG001SLFJB0 | 2038136 | 249534 | SH |  | SOLE |  | 249475 | 0 | 59 |
| PIMCO INCOME STRATEGY FD II | COM | 72201J104 | BBG001S9L7C5 | 3212555 | 451201 | SH |  | SOLE |  | 451166 | 0 | 35 |
| PIONEER DIVERSIFIED HIGH INC | COM | 723653101 | BBG001SRTF84 | 1811305 | 179693 | SH |  | SOLE |  | 178808 | 0 | 885 |
| PIONEER FLOATING RATE FUND I | COM | 72369J102 | BBG001SML8F1 | 823790 | 93031 | SH |  | SOLE |  | 93031 | 0 | 0 |
| PIONEER HIGH INCOME FUND INC | COM | 72369H106 | BBG001SKDJR7 | 3016370 | 464057 | SH |  | SOLE |  | 462833 | 0 | 1224 |
| PRINCIPAL REAL ESTATE INCOME | SHS BEN INT | 74255X104 | BBG004QJF9H7 | 345752 | 33406 | SH |  | SOLE |  | 33406 | 0 | 0 |
| PUTNAM MASTER INTER INCOME T | SH BEN INT | 746909100 | BBG001S5V6N2 | 356888 | 110766 | SH |  | SOLE |  | 110766 | 0 | 0 |
| PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 | BBG001S5VCG7 | 902315 | 246804 | SH |  | SOLE |  | 246804 | 0 | 0 |
| ROYCE GLOBAL VALUE TR INC | COM | 78081T104 | BBG004SJPGG9 | 742447 | 85832 | SH |  | SOLE |  | 85832 | 0 | 0 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 | BBG001S6DP67 | 562594 | 64815 | SH |  | SOLE |  | 64815 | 0 | 0 |
| ROYCE VALUE TR INC | COM | 780910105 | BBG001S5VTQ9 | 6659835 | 502250 | SH |  | SOLE |  | 499017 | 0 | 3233 |
| SOURCE CAP INC | COM | 836144105 | BBG001S5W848 | 2225772 | 57573 | SH |  | SOLE |  | 57573 | 0 | 0 |
| SPECIAL OPPORTUNITIES FD INC | COM | 84741T104 | BBG001S5V6G0 | 1635113 | 143431 | SH |  | SOLE |  | 141809 | 0 | 1622 |
| SPROTT FOCUS TR INC | COM | 85208J109 | BBG001S5RF39 | 4857516 | 609475 | SH |  | SOLE |  | 609475 | 0 | 0 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 | BBG001SKK3J3 | 5555501 | 437441 | SH |  | SOLE |  | 437208 | 0 | 233 |
| SWISS HELVETIA FD INC | COM | 870875101 | BBG001S5WJ35 | 1734975 | 229494 | SH |  | SOLE |  | 224158 | 0 | 5336 |
| TAIWAN FD INC | COM | 874036106 | BBG001S5WYH7 | 783236 | 33921 | SH |  | SOLE |  | 33543 | 0 | 378 |
| TEKLA HEALTHCARE INVS | SH BEN INT | 87911J103 | BBG001S5S013 | 342000 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| TEKLA HEALTHCARE OPPORTUNITI | SHS | 879105104 | BBG0069FLDK9 | 997770 | 50367 | SH |  | SOLE |  | 50367 | 0 | 0 |
| TEKLA LIFE SCIENCES INVS | SH BEN INT | 87911K100 | BBG001S6TBF1 | 924048 | 65028 | SH |  | SOLE |  | 63411 | 0 | 1617 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 | BBG001S7QPF1 | 941098 | 92084 | SH |  | SOLE |  | 92084 | 0 | 0 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 | BBG001S5QVH0 | 305508 | 26752 | SH |  | SOLE |  | 26752 | 0 | 0 |
| TEMPLETON EMERGING MKTS INCO | COM | 880192109 | BBG001S5WMJ1 | 510575 | 93001 | SH |  | SOLE |  | 93001 | 0 | 0 |
| TEMPLETON GLOBAL INCOME FD | COM | 880198106 | BBG001S5RKQ3 | 718135 | 165851 | SH |  | SOLE |  | 160028 | 0 | 5823 |
| THORNBURG INCM BUILDER OPP T | COM | 885213108 | BBG011K2MTF5 | 572100 | 40063 | SH |  | SOLE |  | 40063 | 0 | 0 |
| TRI CONTL CORP | COM | 895436103 | BBG001S5WZ75 | 1383046 | 53962 | SH |  | SOLE |  | 53256 | 0 | 706 |
| VIRTUS ARTIFICIAL INTELLIGEN | COM | 92838Y100 | BBG00Q7474L7 | 435722 | 26666 | SH |  | SOLE |  | 26666 | 0 | 0 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 | BBG001SNN4Q4 | 4514571 | 399655 | SH |  | SOLE |  | 396226 | 0 | 3429 |
| VIRTUS GLOBAL MULTI-SECTOR I | COM | 92829B101 | BBG002293H57 | 2966756 | 378896 | SH |  | SOLE |  | 378300 | 0 | 596 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 | BBG001S5XNL5 | 78600 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| VOYA ASIA PAC HIGH DIV EQT I | COM | 92912J102 | BBG001SH5X74 | 1108059 | 174635 | SH |  | SOLE |  | 170886 | 0 | 3749 |
| VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 | BBG001T99QY2 | 367947 | 68904 | SH |  | SOLE |  | 68904 | 0 | 0 |
| VOYA GLBL ADV  PREM OPP FD | COM | 92912R104 | BBG001SP8VG7 | 2689038 | 302241 | SH |  | SOLE |  | 301671 | 0 | 570 |
| VOYA INFRASTRUCTURE INDLS | COM | 92912X101 | BBG001T63ZK9 | 156982 | 16702 | SH |  | SOLE |  | 16702 | 0 | 0 |
| WESTERN ASSET DIVERSIFIED IN | COM SHS BEN INT | 95790K109 | BBG00WF4D5L5 | 876643 | 69027 | SH |  | SOLE |  | 69027 | 0 | 0 |
| WESTERN ASSET EMERGING MKTS | COM | 95766A101 | BBG001SCCJM1 | 377008 | 41384 | SH |  | SOLE |  | 41384 | 0 | 0 |
| WESTERN ASSET GBL HIGH INC F | COM | 95766B109 | BBG001SLMLM5 | 1828241 | 268859 | SH |  | SOLE |  | 268859 | 0 | 0 |
| WESTERN ASSET HIGH INCOME OP | COM | 95766K109 | BBG001S7HQ69 | 1648588 | 417364 | SH |  | SOLE |  | 417364 | 0 | 0 |

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