Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NUVEEN TX ADV TOTAL RET STRG	775,826	$8,751	4.5%	$10.56	—	COM	67090H102
—	BLACKROCK ENH CAP & INC FD I	421,573	$6,813	3.5%	$15.82	—	COM	09256A109
—	NUVEEN TAX ADVANTAGED DIV GR	398,122	$6,661	3.4%	$14.65	—	COM	67073G105
—	GABELLI DIVD & INCOME TR	306,431	$6,591	3.4%	$21.10	—	COM	36242H104
—	CENTRAL SECS CORP	201,876	$6,339	3.2%	$22.46	—	COM	155123102
—	BOULDER GROWTH & INCOME FD I	547,883	$6,136	3.1%	$10.88	—	COM	101507101
—	SOURCE CAP INC	161,629	$5,902	3.0%	$36.64	—	COM	836144105
—	NUVEEN CORE EQUITY ALPHA FUN	389,651	$5,584	2.8%	$13.10	—	COM	67090X107
—	SPECIAL OPPORTUNITIES FD INC	374,893	$5,338	2.7%	$15.04	—	COM	84741T104
—	ROYCE VALUE TR INC	333,933	$4,595	2.3%	$12.61	—	COM	780910105
—	GENERAL AMERN INVS INC	120,872	$4,394	2.2%	$34.46	—	COM	368802104
—	SPROTT FOCUS TR INC	629,802	$4,245	2.2%	$6.86	—	COM	85208J109
—	ROYCE MICRO-CAP TR INC	481,966	$3,875	2.0%	$7.98	—	COM	780915104
—	EATON VANCE LTD DUR INCOME F	302,646	$3,783	1.9%	$12.62	—	COM	27828H105
—	APOLLO TACTICAL INCOME FD IN	236,961	$3,590	1.8%	$15.03	—	COM	037638103
—	NUVEEN S&P 500 BUY-WRITE INC	258,626	$3,380	1.7%	$12.88	—	COM	6706ER101
—	ALLIANZGI NFJ DIVID INT & PR	275,965	$3,372	1.7%	$12.24	—	COM	01883A107
SPY	SPDR S&P 500 ETF TR	11,165	$3,313	1.7%	$296.73	—	TR UNIT	78462F103
—	IVY HIGH INC OPPORTUNITIES F	211,793	$2,904	1.5%	$14.11	—	COM	465893105
—	ARES DYNAMIC CR ALLOCATION F	174,247	$2,596	1.3%	$14.87	—	COM	04014F102
—	JOHN HANCOCK HDG EQ & INC FD	182,818	$2,530	1.3%	$14.03	—	COM	47804L102
—	BLACKROCK DEBT STRAT FD INC	229,364	$2,466	1.3%	$10.82	—	COM NEW	09255R202
—	VOYA GLBL EQTY DIV & PREM OP	408,647	$2,452	1.3%	$6.29	—	COM	92912T100
—	ABERDEEN GLOBAL DYNAMIC DIVI	253,264	$2,444	1.2%	$10.23	—	COM	00302M106
—	WELLS FARGO MULTI SECTOR INC	171,119	$2,113	1.1%	$12.35	—	COM	94987D101
—	NEW GERMANY FD INC	148,358	$2,056	1.0%	$14.66	—	COM	644465106
—	HANCOCK JOHN INVS TR	112,197	$1,910	1.0%	$15.98	—	COM	410142103
—	CLOUGH GLOBAL DIVND AND INC	175,042	$1,899	1.0%	$11.78	—	COM	18913Y103
—	EUROPEAN EQUITY FUND	207,738	$1,849	0.9%	$8.37	—	COM	298768102
—	GABELLI GLB SML & MD CP VAL	164,554	$1,831	0.9%	$11.33	—	COM	36249W104
—	TRI CONTL CORP	65,396	$1,782	0.9%	$27.22	—	COM	895436103
—	WESTERN ASSET HIGH INCM FD I	255,445	$1,732	0.9%	$6.78	—	COM	95766J102
—	NUVEEN SHT DUR CR OPP FD	110,937	$1,662	0.8%	$15.64	—	COM	67074X107
—	THL CR SR LN FD	109,531	$1,645	0.8%	$15.24	—	COM	87244R103
—	BNY MELLON HIGH YIELD STRATE	526,285	$1,610	0.8%	$3.06	—	SH BEN INT	09660L105
—	BLACKROCK MULTI-SECTOR INC T	87,989	$1,510	0.8%	$16.53	—	COM	09258A107
—	CALAMOS STRATEGIC TOTL RETN	118,354	$1,505	0.8%	$11.88	—	COM SH BEN INT	128125101
—	ALLIANCEBERNSTEIN GBL HGH IN	124,810	$1,496	0.8%	$11.78	—	COM	01879R106
—	FIRST TR SR FLG RTE INCM FD	119,107	$1,429	0.7%	$12.18	—	COM	33733U108
—	FRANKLIN LTD DURATION INC TR	149,854	$1,395	0.7%	$9.29	—	COM	35472T101
—	TEMPLETON GLOBAL INCOME FD	226,498	$1,391	0.7%	$6.28	—	COM	880198106
—	NUVEEN GLOBAL HIGH INCOME FD	87,118	$1,356	0.7%	$15.57	—	SHS	67075G103
—	MFS CHARTER INCOME TR	161,802	$1,345	0.7%	$8.19	—	SH BEN INT	552727109
—	NUVEEN NASDAQ 100 DYNAMIC OV	60,484	$1,340	0.7%	$22.33	—	COM SHS	670699107
—	PGIM GLOBAL HIGH YIELD FD IN	93,045	$1,337	0.7%	$14.45	—	COM	69346J106
XPHDX	PIONEER FLOATING RATE TR	122,588	$1,291	0.7%	$11.41	—	COM	72369J102
XHITX	INVESCO HIGH INCOME 2023 TAR	119,017	$1,237	0.6%	$10.43	—	COM	46135X108
—	BROOKFIELD REAL ASSETS INCOM	54,440	$1,230	0.6%	$19.07	—	SHS BEN INT	112830104
—	BLACKROCK FLOAT RATE OME STR	93,371	$1,178	0.6%	$12.82	—	COM	09255X100
—	ALLIANZGI CON INCM 2024 TARG	125,694	$1,178	0.6%	$8.96	—	COM	01883H102
—	APOLLO SR FLOATING RATE FD I	79,053	$1,172	0.6%	$15.15	—	COM	037636107
—	HERZFELD CARIBBEAN BASIN FD	177,744	$1,130	0.6%	$6.67	—	COM	42804T106
—	EATON VANCE TXMGD GL BUYWR O	116,773	$1,128	0.6%	$9.71	—	COM	27829C105
—	DOUBLELINE OPPORTUNISTIC CR	52,356	$1,084	0.6%	$20.70	—	COM	258623107
—	NUVEEN FLTNG RTE INCM OPP FD	110,651	$1,056	0.5%	$9.63	—	COM SHS	6706EN100
XPHTX	PIONEER HIGH INCOME TR	113,703	$1,048	0.5%	$9.22	—	COM	72369H106
—	FLAHERTY & CRUMRINE DYN PFD	39,831	$1,040	0.5%	$25.10	—	SHS	33848W106
—	BLACKROCK LTD DURATION INC T	65,647	$1,026	0.5%	$14.97	—	COM SHS	09249W101
—	NEUBERGER BERMAN HGH YLD FD	84,434	$1,019	0.5%	$12.07	—	COM	64128C106
—	BLACKROCK ENHANCED EQT DIV T	105,402	$968	0.5%	$7.92	—	COM	09251A104
—	PUTNAM MASTER INTER INCOME T	210,625	$967	0.5%	$4.59	—	SH BEN INT	746909100
—	ADVENT CONVERTIBLE & INCOME	64,472	$940	0.5%	$14.58	—	COM	00764C109
—	MADISON CVRED CALL & EQ STR	146,723	$939	0.5%	$6.44	—	COM	557437100
—	HANCOCK JOHN INV TRUST	136,689	$934	0.5%	$6.90	—	TAX ADV GLB SH	41013P749
—	ABERDEEN ASIA PACIFIC INCOM	222,364	$932	0.5%	$4.11	—	COM	003009107
—	BLACKROCK CORPOR HI YLD FD I	85,218	$916	0.5%	$10.75	—	COM	09255P107
—	ABERDEEN TOTAL DYNAMIC DIVD	107,070	$893	0.5%	$8.62	—	COM SH BEN INT	00326L100
—	EATON VANCE TX ADV GLBL DIV	51,486	$847	0.4%	$14.53	—	COM	27828S101
—	NEW IRELAND FUND INC	98,544	$844	0.4%	$12.19	—	COM	645673104
XXCHNXX	CHINA FD INC	42,857	$832	0.4%	$21.80	—	COM	169373107
—	TEKLA HEALTHCARE INVS	45,029	$826	0.4%	$20.03	—	SH BEN INT	87911J103
—	BLACKROCK ENHANCED INTL DIV	150,584	$818	0.4%	$5.47	—	COM BENE INTER	092524107
—	VOYA PRIME RATE TR	172,052	$810	0.4%	$4.75	—	SH BEN INT	92913A100
—	LIBERTY ALL STAR EQUITY FD	122,694	$785	0.4%	$5.42	—	SH BEN INT	530158104
—	ALLIANZGI EQUITY & CONV INCO	35,971	$777	0.4%	$21.65	—	COM	018829101
—	FRANKLIN UNVL TR	100,545	$758	0.4%	$7.26	—	SH BEN INT	355145103
—	FIRST TR INTER DUR PFD & IN	31,645	$748	0.4%	$23.64	—	COM	33718W103
—	MFS INTER INCOME TR	193,519	$739	0.4%	$3.82	—	SH BEN INT	55273C107
—	INVESCO SR INCOME TR	173,668	$729	0.4%	$4.20	—	COM	46131H107
—	EATON VANCE FLTING RATE INC	53,667	$709	0.4%	$13.37	—	COM	278279104
—	FIRST TR SR FLOATING RATE 20	79,930	$707	0.4%	$8.77	—	COM SHS	33740K101
—	SPECIAL OPPORTUNITIES FD INC	27,482	$694	0.4%	$25.44	—	PFD CONV SE B	84741T302
—	TEMPLETON DRAGON FD INC	38,082	$682	0.3%	$20.90	—	COM	88018T101
—	NUVEEN CR STRATEGIES INCM FD	88,522	$662	0.3%	$7.48	—	COM SHS	67073D102
—	NUVEEN REAL ASSET INM AND GW	34,498	$604	0.3%	$17.51	—	COM	67074Y105
—	COHEN & STEERS LTD DUR PFD I	21,803	$558	0.3%	$25.59	—	COM	19248C105
—	CLOUGH GLOBAL OPPORTUNITIES	60,616	$554	0.3%	$9.35	—	SH BEN INT	18914E106
—	CREDIT SUISSE ASSET MGMT INC	174,658	$550	0.3%	$3.10	—	COM	224916106
—	NUVEEN SR INCOME FD	94,727	$547	0.3%	$5.89	—	COM	67067Y104
—	MORGAN STANLEY CHINA A SH FD	25,758	$527	0.3%	$23.08	—	COM	617468103
—	BLACKROCK ENHANCED GBL DIV T	49,636	$518	0.3%	$10.86	—	COM	092501105
—	WESTERN ASSET HIGH INCM OPP	101,708	$514	0.3%	$5.05	—	COM	95766K109
—	CLOUGH GLOBAL EQUITY FD	44,580	$513	0.3%	$11.51	—	COM	18914C100
—	VOYA GLBL ADV & PREM OPP FD	47,800	$494	0.3%	$10.29	—	COM	92912R104
—	EATON VANCE TAX MNGD GBL DV	59,000	$485	0.2%	$8.02	—	COM	27829F108
—	ROYCE GLOBAL VALUE TR INC	47,373	$479	0.2%	$10.11	—	COM	78081T104
—	GABELLI CONV&INCOM SECS FD I	87,496	$465	0.2%	$4.65	—	COM	36240B109
—	LMP CAP & INCOME FD INC	32,295	$456	0.2%	$14.12	—	COM	50208A102
—	BLACKROCK FLOATING RATE INCO	36,895	$453	0.2%	$12.09	—	COM	091941104
—	KKR INCOME OPPORTUNITIES FD	28,973	$451	0.2%	$14.94	—	COM	48249T106
—	VOYA EMERGING MKTS HIGH DIVI	62,557	$449	0.2%	$8.50	—	COM	92912P108
—	WESTERN ASSET GLOBAL CP DEFI	24,855	$433	0.2%	$17.15	—	COM	95790C107
—	EATON VANCE SH TM DR DIVR IN	33,043	$430	0.2%	$13.01	—	COM	27828V104
—	DUFF & PHELPS UTIL CORP BD T	46,356	$429	0.2%	$8.75	—	COM	26432K108
—	WESTERN ASSET VAR RT STRG FD	26,081	$424	0.2%	$16.00	—	COM	957667108
—	INVESCO HIGH INCOME TR II	28,601	$410	0.2%	$14.51	—	COM	46131F101
—	ELLSWORTH GRWTH AND INCOME L	38,154	$400	0.2%	$9.61	—	COM	289074106
—	NUVEEN FLOATING RATE INCOME	39,042	$379	0.2%	$9.66	—	COM	67072T108
—	FIRST TR HIGH INCOME L/S FD	24,409	$370	0.2%	$14.69	—	COM	33738E109
—	EATON VANCE SR FLTNG RTE TR	27,715	$361	0.2%	$13.02	—	COM	27828Q105
—	NUVEEN PFD & INCM OPPORTNYS	31,962	$321	0.2%	$10.04	—	COM	67073B106
—	EAGLE GRWTH & INCOME OPPTY F	19,831	$316	0.2%	$15.93	—	COM SHS BEN IN	26958j105
—	VOYA ASIA PAC DIVID EQUITY I	36,400	$309	0.2%	$10.57	—	COM	92912J102
—	DELAWARE ENHANCED GBL DIV &	30,795	$304	0.2%	$9.87	—	COM	246060107
—	EATON VANCE FLTG RATE INCOM	19,345	$294	0.1%	$14.79	—	COM SHS BEN INT	278284104
—	NUVEEN REAL ESTATE INCOME FD	26,045	$286	0.1%	$10.98	—	COM	67071B108
—	WESTERN ASSET GLB HI INCOME	27,620	$274	0.1%	$9.92	—	COM	95766B109
—	EATON VANCE SR INCOME TR	44,517	$272	0.1%	$6.27	—	SH BEN INT	27826S103
—	CALAMOS GBL DYN INCOME FUND	34,295	$268	0.1%	$8.03	—	COM	12811L107
—	SWISS HELVETIA FD INC	32,894	$264	0.1%	$7.99	—	COM	870875101
—	ALLIANZGI CONV INCOME FD II	50,600	$255	0.1%	$5.04	—	COM	018825109
—	PRINCIPAL REAL ESTATE INCOME	11,648	$240	0.1%	$20.60	—	SHS BEN INT	74255X104
—	TAIWAN FD INC	12,500	$231	0.1%	$17.92	—	COM	874036106
—	CBRE CLARION GLOBAL REAL EST	29,000	$229	0.1%	$7.90	—	COM	12504G100
—	BANCROFT FUND LTD	9,490	$224	0.1%	$23.60	—	COM	059695106
—	COLUMBIA SELIGM PREM TECH GR	10,282	$217	0.1%	$21.10	—	COM	19842X109
—	HANCOCK JOHN INCOME SECS TR	13,923	$202	0.1%	$14.38	—	COM	410123103
XDCFX	BNY MELLON ALCENTRA GLOBAL C	21,569	$200	0.1%	$9.35	—	COM	05588N108
XHNWX	PIONEER DIV HIGH INCOME TRUS	13,125	$190	0.1%	$14.31	—	COM	723653101
—	NUVEEN PFD & INCM SECURTIES	16,000	$158	0.1%	$9.49	—	COM	67072C105
—	MFS INTERMEDIATE HIGH INC FD	48,097	$125	0.1%	$2.15	—	SH BEN INT	59318T109
—	LAZARD WORLD DIVID & INCOME	12,100	$113	0.1%	$9.34	—	COM	521076109
—	ABERDEEN AUSTRALIA EQTY FD I	14,810	$77	0.0%	$5.20	—	COM	003011103