# EDGAR Filing Document

**Accession Number:** 0001511794
**File Stem:** 0001172661-26-000312
**Filing Date:** 2026-1
**Character Count:** 21574
**Document Hash:** 0c9e30a03e44ba4af841f8a178881298
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-000312.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001172661-26-000312

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**EFFECTIVENESS DATE**: 20260126

**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:** 26561152

**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:** 12-31-2025

**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  01-26-2026<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:** 165

**Form 13F Information Table Value Total:** $315470660

      (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 |  | 1555447 | 100319 | SH |  | SOLE |  | 100319 | 0 | 0 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 677297 | 94331 | SH |  | SOLE |  | 94331 | 0 | 0 |
| ABRDN GLOBAL DYNAMIC DIVIDEN | COM | 00302M106 |  | 128650 | 10921 | SH |  | SOLE |  | 10921 | 0 | 0 |
| ABRDN HEALTHCARE INVESTORS | SH BEN INT | 87911J103 |  | 408252 | 21555 | SH |  | SOLE |  | 21555 | 0 | 0 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 3259972 | 594054 | SH |  | SOLE |  | 583746 | 0 | 10308 |
| ABRDN LIFE SCIENCES INVESTOR | SH BEN INT | 87911K100 |  | 1936731 | 115419 | SH |  | SOLE |  | 115419 | 0 | 0 |
| ABRDN TOTAL DYNAMIC DIVIDEND | COM SH BEN INT | 00326L100 |  | 920016 | 93434 | SH |  | SOLE |  | 93434 | 0 | 0 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 |  | 3833552 | 164389 | SH |  | SOLE |  | 162229 | 0 | 2160 |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 262513 | 20934 | SH |  | SOLE |  | 20934 | 0 | 0 |
| ALLIANCEBERNSTEIN GLOBAL HIG | COM | 01879R106 |  | 2303647 | 214193 | SH |  | SOLE |  | 213803 | 0 | 390 |
| ALLSPRING GLOBAL DIVIDEND OP | COM | 94987C103 |  | 1117628 | 186217 | SH |  | SOLE |  | 185596 | 0 | 621 |
| ALLSPRING INCOME OPPORTUNIT | INC OPPTY FD | 94987B105 |  | 4004735 | 586829 | SH |  | SOLE |  | 585843 | 0 | 986 |
| ALLSPRING MULTI SECTOR INCOM | COM | 94987D101 |  | 3260058 | 347848 | SH |  | SOLE |  | 347538 | 0 | 310 |
| ANGEL OAK FINL STRATEGIES IN | COM BEN INT | 03464A100 |  | 1390208 | 105239 | SH |  | SOLE |  | 105239 | 0 | 0 |
| ARES DYNAMIC CR ALLOCATION F | COM | 04014F102 |  | 3251811 | 244497 | SH |  | SOLE |  | 243324 | 0 | 1173 |
| BANCROFT FD LTD | COM | 059695106 |  | 611905 | 27688 | SH |  | SOLE |  | 26900 | 0 | 788 |
| BARINGS GLOBAL SHORT DURATIO | COM | 06760L100 |  | 511306 | 33789 | SH |  | SOLE |  | 33789 | 0 | 0 |
| BLACKROCK CAP ALLOCATION TER | COM | 09260U109 |  | 287944 | 20335 | SH |  | SOLE |  | 20335 | 0 | 0 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 |  | 580066 | 53561 | SH |  | SOLE |  | 53561 | 0 | 0 |
| BLACKROCK ENHANCED EQUITY DI | COM | 09251A104 |  | 920338 | 97082 | SH |  | SOLE |  | 97074 | 0 | 8 |
| BLACKROCK ENHANCED GLOBAL DI | COM | 092501105 |  | 2038372 | 174071 | SH |  | SOLE |  | 173263 | 0 | 808 |
| BLACKROCK ENHANCED INTL DIV | COM BENE INTER | 092524107 |  | 406544 | 69140 | SH |  | SOLE |  | 69140 | 0 | 0 |
| BLACKROCK ESG CAP ALLC TERM | SHS BEN INT | 09262F100 |  | 299910 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |
| BLACKROCK FLOATING RATE INC | COM | 091941104 |  | 564801 | 49850 | SH |  | SOLE |  | 49850 | 0 | 0 |
| BLACKROCK FLOATING RATE INCO | COM | 09255X100 |  | 748855 | 63570 | SH |  | SOLE |  | 63250 | 0 | 320 |
| BLACKROCK HEALTH SCIENCES TE | COM SHS | 09260E105 |  | 792413 | 52652 | SH |  | SOLE |  | 52652 | 0 | 0 |
| BLACKROCK MULTI SECTOR INC T | COM | 09258A107 |  | 2180472 | 166958 | SH |  | SOLE |  | 166668 | 0 | 290 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 1280227 | 194268 | SH |  | SOLE |  | 194268 | 0 | 0 |
| BLACKSTONE LONG SHORT CR INC | COM SHS BN INT | 09257D102 |  | 574133 | 48854 | SH |  | SOLE |  | 48854 | 0 | 0 |
| BLACKSTONE SENI FLTN RAT 202 | COM | 09256U105 |  | 270623 | 19906 | SH |  | SOLE |  | 19906 | 0 | 0 |
| BLACKSTONE STRATEGIC CRED 20 | COM SHS BEN IN | 09257R101 |  | 1620615 | 136680 | SH |  | SOLE |  | 133914 | 0 | 2766 |
| BNY MELLON HIGH YIELD STRATE | SH BEN INT | 09660L105 |  | 359893 | 144185 | SH |  | SOLE |  | 144185 | 0 | 0 |
| BRANDYWINEGBL GBL INCM OPP F | COM | 10537L104 |  | 2580405 | 308292 | SH |  | SOLE |  | 307528 | 0 | 764 |
| BROOKFIELD REAL ASSETS INCOM | SHS BEN INT | 112830104 |  | 1982945 | 153005 | SH |  | SOLE |  | 152993 | 0 | 12 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 5107838 | 684698 | SH |  | SOLE |  | 677122 | 0 | 7576 |
| CALAMOS GLOBAL TOTAL RETURN | COM SH BEN INT | 128118106 |  | 2100662 | 183144 | SH |  | SOLE |  | 181552 | 0 | 1592 |
| CALAMOS LNG SHR EQT DYNAMIC | COM | 12812C106 |  | 1853130 | 125750 | SH |  | SOLE |  | 124859 | 0 | 891 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 |  | 6296529 | 325874 | SH |  | SOLE |  | 320457 | 0 | 5417 |
| CBRE GBL REAL ESTATE INC FD | COM | 12504G100 |  | 443616 | 101282 | SH |  | SOLE |  | 101282 | 0 | 0 |
| CENTRAL SECS CORP | COM | 155123102 |  | 5462459 | 107720 | SH |  | SOLE |  | 107693 | 0 | 27 |
| CLOUGH GLOBAL DIVID  INCOME | COM | 18913Y103 |  | 514101 | 86114 | SH |  | SOLE |  | 86114 | 0 | 0 |
| CLOUGH GLOBAL EQUITY FD | COM | 18914C100 |  | 644521 | 84141 | SH |  | SOLE |  | 84141 | 0 | 0 |
| CLOUGH GLOBAL OPPORTUNITIES | SH BEN INT | 18914E106 |  | 816580 | 144272 | SH |  | SOLE |  | 144272 | 0 | 0 |
| COHEN  STEERS CLOSED-END OP | COM | 19248P106 |  | 1258317 | 95327 | SH |  | SOLE |  | 95327 | 0 | 0 |
| COHEN  STEERS LTD DURATION | COM | 19248C105 |  | 1987906 | 93902 | SH |  | SOLE |  | 93902 | 0 | 0 |
| COHEN  STEERS QUALITY INCOM | COM | 19247L106 |  | 549884 | 47609 | SH |  | SOLE |  | 47609 | 0 | 0 |
| COHEN  STEERS REIT  PFD | COM | 19247X100 |  | 801788 | 40372 | SH |  | SOLE |  | 40372 | 0 | 0 |
| COHEN  STEERS SELECT PFD | COM | 19248Y107 |  | 1463953 | 72187 | SH |  | SOLE |  | 71033 | 0 | 1154 |
| COHEN  STEERS TAX ADVAN PFD | COM | 19249X108 |  | 2847917 | 147484 | SH |  | SOLE |  | 145656 | 0 | 1828 |
| COLUMBIA SELIGM PREM TECH GR | COM | 19842X109 |  | 2975097 | 80867 | SH |  | SOLE |  | 80867 | 0 | 0 |
| CREDIT SUISSE ASSET MGMT INC | COM | 224916106 |  | 430925 | 152270 | SH |  | SOLE |  | 150354 | 0 | 1916 |
| DOUBLELINE INCOME SOLUTIONS | COM | 258622109 |  | 4453431 | 395158 | SH |  | SOLE |  | 390067 | 0 | 5091 |
| DOUBLELINE YIELD OPPORTUNITI | COM | 25862D105 |  | 2701256 | 185781 | SH |  | SOLE |  | 185403 | 0 | 378 |
| EATON VANCE ENHANCED EQUITY | COM | 278274105 |  | 379805 | 18473 | SH |  | SOLE |  | 18473 | 0 | 0 |
| EATON VANCE ENHANCED EQUITY | COM | 278277108 |  | 4330499 | 184985 | SH |  | SOLE |  | 184836 | 0 | 149 |
| EATON VANCE FLTING RATE INC | COM | 278279104 |  | 762329 | 67012 | SH |  | SOLE |  | 65553 | 0 | 1459 |
| EATON VANCE LIMITED DURATION | COM | 27828H105 |  | 2369075 | 239059 | SH |  | SOLE |  | 238497 | 0 | 562 |
| EATON VANCE RISK-MANAGED DIV | COM | 27829G106 |  | 3652389 | 414103 | SH |  | SOLE |  | 411963 | 0 | 2140 |
| EATON VANCE SHORT DURATION D | COM | 27828V104 |  | 1296565 | 118733 | SH |  | SOLE |  | 118733 | 0 | 0 |
| EATON VANCE SR FLTNG RTE TR | COM | 27828Q105 |  | 891245 | 80004 | SH |  | SOLE |  | 80004 | 0 | 0 |
| EATON VANCE SR INCOME TR | SH BEN INT | 27826S103 |  | 487059 | 92421 | SH |  | SOLE |  | 89345 | 0 | 3076 |
| EATON VANCE TAX ADVT DIV INC | COM | 27828G107 |  | 4313662 | 171313 | SH |  | SOLE |  | 169650 | 0 | 1663 |
| EATON VANCE TAX MNGED BUY WR | COM | 27828X100 |  | 7549702 | 494414 | SH |  | SOLE |  | 493042 | 0 | 1372 |
| EATON VANCE TAX-ADVANTAGED G | COM | 27828U106 |  | 3460204 | 114010 | SH |  | SOLE |  | 113119 | 0 | 891 |
| EATON VANCE TAX-MANAGED BUY- | COM | 27828Y108 |  | 3211658 | 223653 | SH |  | SOLE |  | 221480 | 0 | 2173 |
| EATON VANCE TAX-MANAGED DIVE | COM | 27828N102 |  | 3208822 | 209180 | SH |  | SOLE |  | 207379 | 0 | 1801 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829C105 |  | 2188202 | 237332 | SH |  | SOLE |  | 235896 | 0 | 1436 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829F108 |  | 2526575 | 265118 | SH |  | SOLE |  | 262011 | 0 | 3107 |
| EATON VANCE TX ADV GLBL DIV | COM | 27828S101 |  | 1767081 | 76497 | SH |  | SOLE |  | 76095 | 0 | 402 |
| ELLSWORTH GROWTH  INCOME FD | COM | 289074106 |  | 344795 | 29647 | SH |  | SOLE |  | 29647 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 5556505 | 502117 | SH |  | SOLE |  | 502117 | 0 | 0 |
| FIRST TR ENHANCED EQUITY INC | COM | 337318109 |  | 6310492 | 286580 | SH |  | SOLE |  | 284963 | 0 | 1617 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 |  | 1929391 | 137128 | SH |  | SOLE |  | 137128 | 0 | 0 |
| FIRST TR INTER DURATN PFD | COM | 33718W103 |  | 1958006 | 104274 | SH |  | SOLE |  | 104274 | 0 | 0 |
| FLAHERTY  CRUMRINE DYNAMIC | SHS | 33848W106 |  | 1185280 | 57012 | SH |  | SOLE |  | 57012 | 0 | 0 |
| FRANKLIN LTD DURATION INCOME | COM | 35472T101 |  | 3044306 | 495009 | SH |  | SOLE |  | 493739 | 0 | 1270 |
| FRANKLIN UNVL TR | SH BEN INT | 355145103 |  | 126048 | 15756 | SH |  | SOLE |  | 15756 | 0 | 0 |
| GABELLI CONV  INC SECS FD I | COM | 36240B109 |  | 59487 | 14334 | SH |  | SOLE |  | 14334 | 0 | 0 |
| GABELLI DIVID  INCOME TR | COM | 36242H104 |  | 2049204 | 73792 | SH |  | SOLE |  | 73456 | 0 | 336 |
| GENERAL AMERN INVS CO INC | COM | 368802104 |  | 1714153 | 29187 | SH |  | SOLE |  | 29179 | 0 | 8 |
| HANCOCK JOHN FINL OPPTYS FD | SH BEN INT NEW | 409735206 |  | 371007 | 10576 | SH |  | SOLE |  | 10576 | 0 | 0 |
| HANCOCK JOHN INVT TR II | COM | 410142103 |  | 1874486 | 137124 | SH |  | SOLE |  | 136906 | 0 | 218 |
| HANCOCK JOHN PREM DIVID FD | COM SH BEN INT | 41013T105 |  | 1451166 | 114265 | SH |  | SOLE |  | 114265 | 0 | 0 |
| HANCOCK JOHN TAX-ADVANTAGED | COM | 41013V100 |  | 2437430 | 103019 | SH |  | SOLE |  | 103019 | 0 | 0 |
| HIGH INCOME SECS FD | SHS BEN INT | 42968F108 |  | 425359 | 69164 | SH |  | SOLE |  | 69164 | 0 | 0 |
| HIGHLAND GLOBAL ALLOCATION F | COM | 43010T104 |  | 340595 | 37305 | SH |  | SOLE |  | 37305 | 0 | 0 |
| INVESCO BD FD | COM | 46132L107 |  | 167908 | 10896 | SH |  | SOLE |  | 10896 | 0 | 0 |
| INVESCO HIGH INCOME TR II | COM | 46131F101 |  | 561583 | 50276 | SH |  | SOLE |  | 47197 | 0 | 3079 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 357529 | 582 | SH |  | SOLE |  | 549 | 0 | 33 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 317488 | 97091 | SH |  | SOLE |  | 97091 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 1037986 | 93681 | SH |  | SOLE |  | 93681 | 0 | 0 |
| JOHN HANCOCK DIVERSIFIED INC | COM | 47804L102 |  | 1430524 | 133072 | SH |  | SOLE |  | 131193 | 0 | 1879 |
| KKR INCOME OPPORTUNITIES FD | COM | 48249T106 |  | 3571216 | 308129 | SH |  | SOLE |  | 307916 | 0 | 213 |
| KOREA FD INC | COM NEW | 500634209 |  | 282763 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| LAZARD GLOBAL TOTAL RETURN | COM | 52106W103 |  | 560836 | 32158 | SH |  | SOLE |  | 32054 | 0 | 104 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 6926563 | 1086080 | SH |  | SOLE |  | 1083058 | 0 | 3022 |
| LIBERTY ALL-STAR GROWTH FD I | COM | 529900102 |  | 8353882 | 1547675 | SH |  | SOLE |  | 1535602 | 0 | 12073 |
| LMP CAP  INCOME FD INC | COM | 50208A102 |  | 1241182 | 83807 | SH |  | SOLE |  | 82532 | 0 | 1275 |
| MEXICO EQUITY  INCOME FD | COM | 592834105 |  | 934851 | 75513 | SH |  | SOLE |  | 75513 | 0 | 0 |
| MEXICO FD INC | COM | 592835102 |  | 293803 | 14588 | SH |  | SOLE |  | 14588 | 0 | 0 |
| MFS CHARTER INCOME TR | SH BEN INT | 552727109 |  | 2513255 | 400838 | SH |  | SOLE |  | 400611 | 0 | 227 |
| MFS INTER INCOME TR | SH BEN INT | 55273C107 |  | 349978 | 134091 | SH |  | SOLE |  | 131067 | 0 | 3024 |
| MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 |  | 1057276 | 227371 | SH |  | SOLE |  | 227371 | 0 | 0 |
| MORGAN STANLEY CHINA A SH FD | COM | 617468103 |  | 632423 | 36430 | SH |  | SOLE |  | 36430 | 0 | 0 |
| MORGAN STANLEY EMERGING MKTS | COM | 617477104 |  | 405496 | 72979 | SH |  | SOLE |  | 72979 | 0 | 0 |
| MORGAN STANLEY EMKT DBT FD I | COM | 61744H105 |  | 1355182 | 180384 | SH |  | SOLE |  | 179156 | 0 | 1228 |
| NEUBERGER HIGH YIELD ST FD I | COM | 64128C106 |  | 401760 | 54000 | SH |  | SOLE |  | 54000 | 0 | 0 |
| NEUBERGER NEXT GENERATION | COMMON STOCK | 64133Q108 |  | 535522 | 37086 | SH |  | SOLE |  | 37086 | 0 | 0 |
| NEUBERGER REAL ESTATE | COM | 64190A103 |  | 362031 | 119089 | SH |  | SOLE |  | 119089 | 0 | 0 |
| NEW GERMANY FD INC | COM | 644465106 |  | 1397919 | 121034 | SH |  | SOLE |  | 118705 | 0 | 2329 |
| NUVEEN CORE EQUITY ALPHA FD | COM | 67090X107 |  | 8937829 | 560717 | SH |  | SOLE |  | 560078 | 0 | 639 |
| NUVEEN CORE PLUS IMPACT FUND | COM BEN INT | 67080D103 |  | 2899896 | 284862 | SH |  | SOLE |  | 280506 | 0 | 4356 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 493898 | 98386 | SH |  | SOLE |  | 98366 | 0 | 20 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 3040006 | 199214 | SH |  | SOLE |  | 197871 | 0 | 1343 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 892354 | 113966 | SH |  | SOLE |  | 113919 | 0 | 47 |
| NUVEEN GLOBAL HIGH INCOME FD | SHS | 67075G103 |  | 2918724 | 231461 | SH |  | SOLE |  | 230142 | 0 | 1319 |
| NUVEEN MULTI ASSET INCOME FU | COM | 670750108 |  | 1974387 | 151410 | SH |  | SOLE |  | 150426 | 0 | 984 |
| NUVEEN NASDAQ 100 DYNAMIC OV | COM SHS | 670699107 |  | 5810950 | 203750 | SH |  | SOLE |  | 201779 | 0 | 1971 |
| NUVEEN S 500 BUY-WRITE INC | COM | 6706ER101 |  | 1788108 | 121640 | SH |  | SOLE |  | 121476 | 0 | 164 |
| NYLI CBRE GBL INFR MEGTRNDS | COM | 56064Q107 |  | 430950 | 31319 | SH |  | SOLE |  | 31319 | 0 | 0 |
| PGIM GLOBAL HIGH YIELD FD FO | COM | 69346J106 |  | 2753830 | 221488 | SH |  | SOLE |  | 219052 | 0 | 2436 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 2846410 | 171891 | SH |  | SOLE |  | 170301 | 0 | 1590 |
| PIMCO GLOBAL STOCKSPLS INCM | COM | 722011103 |  | 1044139 | 113811 | SH |  | SOLE |  | 113811 | 0 | 0 |
| PIMCO INCOME STRATEGY FD II | COM | 72201J104 |  | 793500 | 105800 | SH |  | SOLE |  | 101211 | 0 | 4589 |
| PRINCIPAL REAL ESTATE INCOME | SHS BEN INT | 74255X104 |  | 508769 | 50826 | SH |  | SOLE |  | 50826 | 0 | 0 |
| PUTNAM PREMIER INCOME TR | SH BEN INT | 746853100 |  | 499710 | 141161 | SH |  | SOLE |  | 141141 | 0 | 20 |
| RIVERNORTH DOUBLELINE STRATE | COM | 76882G107 |  | 876591 | 110263 | SH |  | SOLE |  | 110263 | 0 | 0 |
| RIVERNORTH OPPORTUNITIES FD | COM | 76881Y109 |  | 451709 | 38476 | SH |  | SOLE |  | 37430 | 0 | 1046 |
| ROYCE GLOBAL TRUST INC | COM | 78081T104 |  | 2531135 | 193069 | SH |  | SOLE |  | 193004 | 0 | 65 |
| ROYCE MICRO-CAP TR INC | COM | 780915104 |  | 8653584 | 829682 | SH |  | SOLE |  | 827541 | 0 | 2141 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 2919719 | 181349 | SH |  | SOLE |  | 179698 | 0 | 1651 |
| SABA CAPITAL INCOME  OPPORT | COM NEW | 880198205 |  | 3622608 | 439104 | SH |  | SOLE |  | 438897 | 0 | 207 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 1273009 | 181599 | SH |  | SOLE |  | 181599 | 0 | 0 |
| SOURCE CAPITAL | COM SHS OF BEN I | 836144303 |  | 884267 | 19324 | SH |  | SOLE |  | 19248 | 0 | 76 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5321531 | 7781 | SH |  | SOLE |  | 7659 | 0 | 122 |
| SPECIAL OPPORTUNITIES FD INC | COM | 84741T104 |  | 3951634 | 250579 | SH |  | SOLE |  | 250184 | 0 | 395 |
| SPROTT FOCUS TR INC | COM | 85208J109 |  | 4044160 | 465917 | SH |  | SOLE |  | 456778 | 0 | 9139 |
| SRH TOTAL RETURN FUND INC | COM | 101507101 |  | 2014168 | 108639 | SH |  | SOLE |  | 108639 | 0 | 0 |
| TAIWAN FD INC | COM | 874036106 |  | 2341751 | 39333 | SH |  | SOLE |  | 38955 | 0 | 378 |
| TEMPLETON DRAGON FD INC | COM | 88018T101 |  | 1174666 | 104322 | SH |  | SOLE |  | 101973 | 0 | 2349 |
| TEMPLETON EMERGING MKTS FD | COM | 880191101 |  | 1107972 | 65060 | SH |  | SOLE |  | 65060 | 0 | 0 |
| TEMPLETON EMERGING MKTS INCO | COM | 880192109 |  | 1158917 | 179677 | SH |  | SOLE |  | 176719 | 0 | 2958 |
| THORNBURG INCM BUILDER OPP T | COM | 885213108 |  | 1108524 | 54866 | SH |  | SOLE |  | 54866 | 0 | 0 |
| TOTAL RETURN SECURITIES FUND | COM | 870875101 |  | 847152 | 136198 | SH |  | SOLE |  | 135788 | 0 | 410 |
| TRI CONTL CORP | COM | 895436103 |  | 2300734 | 70445 | SH |  | SOLE |  | 70063 | 0 | 382 |
| VIRTUS ARTIFICIAL INTELLIGEN | COM | 92838Y100 |  | 707873 | 30899 | SH |  | SOLE |  | 30899 | 0 | 0 |
| VIRTUS CONVERTIBLE  INCOME | COM NEW | 92838X805 |  | 704263 | 46486 | SH |  | SOLE |  | 46486 | 0 | 0 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 |  | 2859892 | 221869 | SH |  | SOLE |  | 221831 | 0 | 38 |
| VIRTUS EQUITY  CONV INCM FD | COM | 92841M101 |  | 1725003 | 67522 | SH |  | SOLE |  | 67038 | 0 | 484 |
| VIRTUS GLOBAL MULTI-SECTOR I | COM | 92829B101 |  | 2300288 | 293404 | SH |  | SOLE |  | 289395 | 0 | 4009 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 |  | 121219 | 19241 | SH |  | SOLE |  | 19241 | 0 | 0 |
| VOYA ASIA PAC HIGH DIV EQT I | COM | 92912J102 |  | 1461083 | 198949 | SH |  | SOLE |  | 198949 | 0 | 0 |
| VOYA EMERGING MKTS HIGH DIVI | COM | 92912P108 |  | 488449 | 77225 | SH |  | SOLE |  | 77225 | 0 | 0 |
| VOYA GLBL ADV  PREM OPP FD | COM | 92912R104 |  | 1397517 | 142531 | SH |  | SOLE |  | 142459 | 0 | 72 |
| VOYA GLBL EQTY DIV  PREM OP | COM | 92912T100 |  | 1755722 | 304484 | SH |  | SOLE |  | 299252 | 0 | 5232 |
| WESTERN ASSET DIVERSIFIED IN | COM SHS BEN INT | 95790K109 |  | 1858995 | 133212 | SH |  | SOLE |  | 133132 | 0 | 80 |
| WESTERN ASSET EMERGING MKTS | COM | 95766A101 |  | 1778899 | 167347 | SH |  | SOLE |  | 165884 | 0 | 1463 |
| WESTERN ASSET GBL HIGH INC F | COM | 95766B109 |  | 2717033 | 423874 | SH |  | SOLE |  | 422842 | 0 | 1032 |
| WESTERN ASSET HIGH INCOM FD | COM | 95766J102 |  | 1679197 | 403653 | SH |  | SOLE |  | 399194 | 0 | 4459 |
| WESTERN ASSET HIGH INCOME OP | COM | 95766K109 |  | 2277061 | 613763 | SH |  | SOLE |  | 605669 | 0 | 8094 |
| WESTERN ASSET HIGH YIELD OPP | COM | 95768B107 |  | 2580126 | 231194 | SH |  | SOLE |  | 228977 | 0 | 2217 |
| WESTERN ASSET INVESTMENT GRA | COM | 95766T100 |  | 480472 | 38338 | SH |  | SOLE |  | 38338 | 0 | 0 |
| WSTRN AST GLBL CORP OPP FD I | COM | 95790C107 |  | 1121005 | 94936 | SH |  | SOLE |  | 94936 | 0 | 0 |
| XAI MADISON EQUITY PREMIUM I | COM | 557437100 |  | 4104648 | 684108 | SH |  | SOLE |  | 677974 | 0 | 6134 |
| XAI OCTAGN FLT RAT  ALT INM | COM | 98400T106 |  | 880892 | 183519 | SH |  | SOLE |  | 178440 | 0 | 5079 |

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