Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SOURCE CAP INC	255,882	$10,286	4.9%	$38.56	—	COM	836144105
—	BOULDER GROWTH & INCOME FD I	872,190	$9,777	4.7%	$10.15	—	COM	101507101
—	TRI CONTL CORP	342,780	$9,553	4.6%	$26.39	—	COM	895436103
—	CENTRAL SECS CORP	302,050	$8,910	4.3%	$22.46	—	COM	155123102
—	GENERAL AMERN INVS INC	177,205	$6,551	3.1%	$34.13	—	COM	368802104
—	SPECIAL OPPORTUNITIES FD INC	433,433	$6,514	3.1%	$15.22	—	COM	84741T104
—	SPROTT FOCUS TR INC	834,958	$6,162	3.0%	$7.43	—	COM	85208J109
—	GABELLI DIVD & INCOME TR	232,115	$5,548	2.7%	$22.82	—	COM	36242H104
—	ABERDEEN GLOBAL DYNAMIC DIVI	429,278	$4,439	2.1%	$10.25	—	COM	00302M106
—	EATON VANCE LTD DUR INCOME F	340,662	$4,320	2.1%	$13.45	—	COM	27828H105
—	ADAMS DIVERSIFIED EQUITY FD	249,246	$4,155	2.0%	$14.65	—	COM	006212104
—	IVY HIGH INC OPPORTUNITIES F	284,771	$4,061	1.9%	$14.75	—	COM	465893105
—	NUVEEN NASDAQ 100 DYNAMIC OV	167,978	$4,037	1.9%	$24.03	—	COM SHS	670699107
—	DREYFUS ALCENTRA GBL CR INCO	429,330	$3,864	1.9%	$9.17	—	COM	26189A105
—	ALLIANZGI CON INCM 2024 TARG	354,898	$3,265	1.6%	$9.16	—	COM	01883H102
XPHDX	PIONEER FLOATING RATE TR	293,758	$3,240	1.6%	$11.53	—	COM	72369J102
—	NEUBERGER BERMAN HGH YLD FD	291,387	$3,191	1.5%	$11.01	—	COM	64128C106
—	NEW GERMANY FD INC	171,244	$3,117	1.5%	$14.70	—	COM	644465106
—	NUVEEN SR INCOME FD	485,994	$2,994	1.4%	$6.30	—	COM	67067Y104
—	BLACKROCK LTD DURATION INC T	199,368	$2,969	1.4%	$15.04	—	COM SHS	09249W101
—	BLACKROCK ENHANCED GBL DIV T	252,346	$2,773	1.3%	$11.28	—	COM	092501105
—	WELLS FARGO INCOME OPPORTUNI	332,210	$2,631	1.3%	$8.24	—	WF INC OPPTY FD	94987B105
—	WESTERN ASSET GLB HI INCOME	276,012	$2,514	1.2%	$9.82	—	COM	95766B109
—	CLOUGH GLOBAL DIVND AND INC	199,864	$2,414	1.2%	$12.12	—	COM	18913Y103
—	EUROPEAN EQUITY FUND	255,475	$2,399	1.2%	$8.20	—	COM	298768102
—	FIRST TR ENHANCED EQTY INC F	148,032	$2,369	1.1%	$16.00	—	COM	337318109
—	ARES DYNAMIC CR ALLOCATION F	152,259	$2,365	1.1%	$15.63	—	COM	04014F102
—	GABELLI EQUITY TR INC	352,700	$2,285	1.1%	$6.48	—	COM	362397101
—	BLACKROCK MULTI-SECTOR INC T	134,259	$2,272	1.1%	$16.92	—	COM	09258A107
—	EATON VANCE SR INCOME TR	350,069	$2,258	1.1%	$6.38	—	SH BEN INT	27826S103
—	WESTERN ASSET HIGH INCM FD I	348,715	$2,211	1.1%	$6.96	—	COM	95766J102
—	VOYA GLBL EQTY DIV & PREM OP	279,221	$2,044	1.0%	$7.32	—	COM	92912T100
—	APOLLO TACTICAL INCOME FD IN	128,910	$2,002	1.0%	$16.12	—	COM	037638103
—	BLACKROCK DEBT STRAT FD INC	179,151	$1,996	1.0%	$11.14	—	COM NEW	09255R202
—	FIRST TR HIGH INCOME L/S FD	133,339	$1,967	0.9%	$15.06	—	COM	33738E109
—	ADVENT CLAYMORE CV SECS & IN	123,848	$1,941	0.9%	$15.67	—	COM	00764C109
XHNWX	PIONEER DIV HIGH INCOME TRUS	129,202	$1,889	0.9%	$15.44	—	COM	723653101
—	VIRTUS GLOBAL MULTI-SEC INC	142,068	$1,878	0.9%	$13.36	—	COM	92829B101
—	FIRST TR DYNAMIC EUROPE EQT	118,573	$1,871	0.9%	$16.14	—	COM SHS	33740d107
—	BLACKROCK ENH CAP & INC FD I	104,498	$1,797	0.9%	$16.92	—	COM	09256A109
—	FIRST TR ABERDEEN GLBL OPP F	173,141	$1,664	0.8%	$10.94	—	COM SHS	337319107
—	ROYCE GLOBAL VALUE TR INC	156,313	$1,643	0.8%	$10.51	—	COM	78081T104
—	EAGLE GRWTH & INCOME OPPTY F	107,779	$1,637	0.8%	$16.40	—	COM SHS BEN IN	26958j105
—	BLACKROCK 2022 GBL INCM OPP	182,891	$1,637	0.8%	$9.20	—	COM	09258P104
—	LAZARD GLB TTL RET&INCM FD I	90,792	$1,612	0.8%	$17.75	—	COM	52106W103
—	COHEN & STEERS GLOBAL INC BL	168,884	$1,574	0.8%	$9.32	—	COM	19248M103
—	KKR INCOME OPPORTUNITIES FD	92,480	$1,518	0.7%	$16.41	—	COM	48249T106
—	FRANKLIN UNVL TR	224,442	$1,493	0.7%	$6.67	—	SH BEN INT	355145103
—	DEUTSCHE MULTI-MKT INCOME TR	166,193	$1,492	0.7%	$8.72	—	SHS	25160E102
—	GABELLI GLB SML & MD CP VAL	114,243	$1,393	0.7%	$12.28	—	COM	36249W104
—	EATON VANCE SH TM DR DIVR IN	106,078	$1,369	0.7%	$13.58	—	COM	27828V104
—	JOHN HANCOCK HDG EQ & INC FD	83,555	$1,317	0.6%	$15.76	—	COM	47804L102
—	NEW IRELAND FUND INC	124,137	$1,311	0.6%	$12.19	—	COM	645673104
—	BLACKSTONE GSO LNG SHRT CR I	74,332	$1,189	0.6%	$16.00	—	COM SHS BN INT	09257D102
—	HANCOCK JOHN INVS TR	70,034	$1,127	0.5%	$16.58	—	COM	410142103
—	PGIM SHORT DURATION HIGH YIE	78,523	$1,110	0.5%	$14.14	—	COM	69346H100
—	ABERDEEN TOTAL DYNAMIC DIVD	125,764	$1,104	0.5%	$8.75	—	COM SH BEN INT	00326L100
—	VOYA GLBL ADV & PREM OPP FD	95,685	$1,095	0.5%	$11.44	—	COM	92912R104
—	HANCOCK JOHN INV TRUST	136,657	$1,014	0.5%	$7.42	—	TAX ADV GLB SH	41013P749
—	EATON VANCE FLTG RATE INCOM	63,608	$1,006	0.5%	$15.82	—	COM SHS BEN INT	278284104
—	NUVEEN TAX ADVANTAGED DIV GR	55,744	$988	0.5%	$16.19	—	COM	67073G105
—	PGIM GLOBAL SHORT DURATION H	69,394	$962	0.5%	$13.86	—	COM	69346J106
—	NUVEEN S&P 500 DYN OVERWRITE	56,366	$953	0.5%	$16.91	—	COM	6706EW100
—	INVESCO DYNAMIC CR OPP FD	82,045	$941	0.5%	$12.09	—	COM	46132R104
—	SPECIAL OPPORTUNITIES FD INC	36,515	$931	0.4%	$25.44	—	PFD CONV SE B	84741T302
XPHTX	PIONEER HIGH INCOME TR	100,131	$927	0.4%	$9.66	—	COM	72369H106
—	FIRST TR SR FLG RTE INCM FD	71,243	$906	0.4%	$12.82	—	COM	33733U108
—	BLACKROCK FLOAT RATE OME STR	64,975	$896	0.4%	$13.84	—	COM	09255X100
—	WESTERN ASSET HIGH INCM OPP	178,591	$850	0.4%	$4.78	—	COM	95766K109
XXCHNXX	CHINA FD INC	42,145	$826	0.4%	$21.82	—	COM	169373107
—	EATON VANCE TAX ADV BD OPT S	90,207	$793	0.4%	$9.12	—	COM SH BEN INT	27829M103
—	NUVEEN GLOBAL HIGH INCOME FD	49,896	$778	0.4%	$16.66	—	SHS	67075G103
—	HERZFELD CARIBBEAN BASIN FD	117,835	$757	0.4%	$7.01	—	COM	42804T106
—	MADISON STRTG SECTOR PREM FD	61,545	$732	0.4%	$11.89	—	COM	558268108
—	THL CR SR LN FD	42,566	$708	0.3%	$16.63	—	COM	87244R103
—	EATON VANCE TX ADV GLBL DIV	39,384	$705	0.3%	$17.90	—	COM	27828S101
—	HANCOCK JOHN TAX-ADV DIV INC	30,231	$705	0.3%	$21.69	—	COM	41013V100
—	NUVEEN FLOATING RATE INCOME	64,109	$666	0.3%	$10.62	—	COM	67072T108
—	APOLLO SR FLOATING RATE FD I	40,389	$645	0.3%	$15.97	—	COM	037636107
—	FIRST TR SR FLOATING RATE 20	68,098	$633	0.3%	$9.16	—	COM SHS	33740K101
—	DUFF & PHELPS UTIL CORP BD T	75,390	$633	0.3%	$8.40	—	COM	26432K108
—	MORGAN STANLEY CHINA A SH FD	28,584	$614	0.3%	$23.08	—	COM	617468103
—	TEKLA HEALTHCARE INVS	25,870	$599	0.3%	$22.05	—	SH BEN INT	87911J103
—	TEMPLETON DRAGON FD INC	29,854	$595	0.3%	$22.24	—	COM	88018T101
—	WELLS FARGO MULTI SECTOR INC	48,169	$586	0.3%	$12.26	—	COM	94987D101
—	ALLIANZGI NFJ DIVID INT & PR	43,073	$564	0.3%	$12.93	—	COM	01883A107
—	LAZARD WORLD DIVID & INCOME	53,096	$554	0.3%	$10.36	—	COM	521076109
—	PUTNAM MASTER INTER INCOME T	118,487	$536	0.3%	$4.67	—	SH BEN INT	746909100
—	WESTERN ASSET GLOBAL CP DEFI	32,127	$520	0.2%	$16.19	—	COM	95790C107
—	VOYA EMERGING MKTS HIGH DIVI	49,936	$403	0.2%	$8.69	—	COM	92912P108
—	NUVEEN DIVERSIFIED DIV INCM	34,841	$380	0.2%	$11.43	—	COM	6706EP105
—	BLACKROCK CORPOR HI YLD FD I	35,502	$373	0.2%	$10.48	—	COM	09255P107
—	GUGGENHEIM ENHNCD EQTY INCM	42,100	$370	0.2%	$8.79	—	COM	40167B100
—	VOYA ASIA PAC DIVID EQUITY I	38,661	$369	0.2%	$10.57	—	COM	92912J102
—	WELLS FARGO GLOBAL DIVIDEND	69,286	$367	0.2%	$5.46	—	COM	94987C103
—	COHEN & STEERS LTD DUR PFD I	15,000	$357	0.2%	$23.80	—	COM	19248C105
—	EATON VANCE SR FLTNG RTE TR	24,611	$346	0.2%	$14.06	—	COM	27828Q105
—	CREDIT SUISSE ASSET MGMT INC	107,859	$342	0.2%	$3.31	—	COM	224916106
—	INVESCO SR INCOME TR	79,179	$340	0.2%	$4.37	—	COM	46131H107
—	PRINCIPAL REAL ESTATE INCOME	19,645	$339	0.2%	$17.26	—	SHS BEN INT	74255X104
—	ROYCE MICRO-CAP TR INC	32,104	$328	0.2%	$8.53	—	COM	780915104
—	NUVEEN CR STRATEGIES INCM FD	36,563	$291	0.1%	$7.93	—	COM SHS	67073D102
—	DEUTSCHE STRATEGIC INCOME TR	22,973	$289	0.1%	$12.29	—	SHS	25160F109
—	MORGAN STANLEY EMER MKTS FD	17,892	$279	0.1%	$18.04	—	COM	61744G107
—	BLACKROCK ENHANCED EQT DIV T	28,314	$269	0.1%	$9.50	—	COM	09251A104
—	RIVERNORTH DOUBLELINE STRATE	15,837	$268	0.1%	$18.38	—	COM	76882G107
—	RMR REAL ESTATE INCOME FUND	14,156	$255	0.1%	$18.01	—	COM	76970B101
—	NUVEEN PFD & INCOME 2022 TER	10,200	$233	0.1%	$22.84	—	COM	67075T105
—	RIVERNORTH OPPRTUNITIES FD I	12,263	$230	0.1%	$18.76	—	COM	76881y109
XJPIX	NUVEEN PFD & INCOME TERM FD	10,104	$229	0.1%	$22.66	—	COM	67075A106
—	SWISS HELVETIA FD INC	26,511	$226	0.1%	$12.46	—	COM	870875101
—	VOYA INTL HIGH DIVID EQTY IN	34,658	$221	0.1%	$6.38	—	COM	92912Y109
—	FIRST TR INTER DUR PFD & IN	9,842	$212	0.1%	$21.54	—	COM	33718W103
—	BLACKROCK ENHANCED INTL DIV	36,210	$207	0.1%	$5.90	—	COM BENE INTER	092524107
—	CBRE CLARION GLOBAL REAL EST	27,300	$199	0.1%	$7.49	—	COM	12504G100
—	EATON VANCE TX MGD DIV EQ IN	15,147	$194	0.1%	$12.81	—	COM	27828N102
—	NUVEEN CORE EQUITY ALPHA FUN	11,965	$187	0.1%	$15.63	—	COM	67090X107
—	MADISON CVRED CALL & EQ STR	23,944	$184	0.1%	$7.74	—	COM	557437100
—	NUVEEN PFD & INCM OPPORTNYS	17,100	$159	0.1%	$9.33	—	COM	67073B106
—	MFS CHARTER INCOME TR	18,850	$146	0.1%	$7.94	—	SH BEN INT	552727109
—	LIBERTY ALL-STAR GROWTH FD I	17,781	$113	0.1%	$6.36	—	COM	529900102
—	CLOUGH GLOBAL OPPORTUNITIES	10,000	$108	0.1%	$10.99	—	SH BEN INT	18914E106