Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	85,172	$27,413	12.6%	$318.56	—	TR UNIT	78462F103
—	NUVEEN TX ADV TOTAL RET STRG	604,958	$7,302	3.4%	$10.56	—	COM	67090H102
—	BLACKROCK ENH CAP & INC FD I	401,009	$6,917	3.2%	$15.82	—	COM	09256A109
DIA	SPDR DOW JONES INDL AVRG ETF	21,345	$6,085	2.8%	$285.08	—	UT SER 1	78467X109
—	CENTRAL SECS CORP	175,181	$5,799	2.7%	$22.46	—	COM	155123102
—	SPROTT FOCUS TR INC	761,579	$5,605	2.6%	$6.95	—	COM	85208J109
—	NUVEEN CORE EQUITY ALPHA FUN	381,923	$5,584	2.6%	$13.10	—	COM	67090X107
—	SOURCE CAP INC	126,815	$4,906	2.3%	$36.64	—	COM	836144105
—	NUVEEN TAX ADVANTAGED DIV GR	279,748	$4,845	2.2%	$14.65	—	COM	67073G105
—	BOULDER GROWTH & INCOME FD I	403,573	$4,758	2.2%	$10.88	—	COM	101507101
—	WESTERN ASSET HIGH INCM FD I	705,549	$4,755	2.2%	$6.75	—	COM	95766J102
—	ROYCE VALUE TR INC	321,698	$4,751	2.2%	$12.61	—	COM	780910105
—	GABELLI DIVD & INCOME TR	204,743	$4,494	2.1%	$21.10	—	COM	36242H104
—	APOLLO TACTICAL INCOME FD IN	253,344	$3,825	1.8%	$15.04	—	COM	037638103
—	NUVEEN DOW 30 DYN OVERWRITE	215,792	$3,811	1.8%	$17.66	—	SHS	67075F105
—	WESTERN ASSET GLB HI INCOME	323,059	$3,237	1.5%	$10.01	—	COM	95766B109
—	ARES DYNAMIC CR ALLOCATION F	206,160	$3,165	1.5%	$14.94	—	COM	04014F102
—	FIRST TR INTER DUR PFD & IN	123,671	$2,917	1.3%	$23.60	—	COM	33718W103
—	SPECIAL OPPORTUNITIES FD INC	196,730	$2,898	1.3%	$15.04	—	COM	84741T104
—	ROYCE MICRO-CAP TR INC	322,142	$2,751	1.3%	$7.98	—	COM	780915104
—	EATON VANCE LTD DUR INCOME F	204,017	$2,703	1.2%	$12.62	—	COM	27828H105
—	BLACKROCK MULTI-SECTOR INC T	157,439	$2,544	1.2%	$16.36	—	COM	09258A107
—	BROOKFIELD REAL ASSETS INCOM	117,960	$2,518	1.2%	$20.30	—	SHS BEN INT	112830104
—	ALLIANZGI CON INCM 2024 TARG	257,246	$2,482	1.1%	$9.31	—	COM	01883H102
—	HANCOCK JOHN INVS TR	134,237	$2,384	1.1%	$16.27	—	COM	410142103
—	IVY HIGH INC OPPORTUNITIES F	159,215	$2,213	1.0%	$14.11	—	COM	465893105
—	ALLIANZGI NFJ DIVID INT & PR	168,609	$2,192	1.0%	$12.24	—	COM	01883A107
—	NEW GERMANY FD INC	133,816	$2,098	1.0%	$14.66	—	COM	644465106
—	EUROPEAN EQUITY FUND	221,514	$2,078	1.0%	$8.44	—	COM	298768102
—	WELLS FARGO MULTI SECTOR INC	154,487	$1,990	0.9%	$12.35	—	COM	94987D101
—	MFS CHARTER INCOME TR	233,439	$1,966	0.9%	$8.26	—	SH BEN INT	552727109
—	ALLIANCEBERNSTEIN GBL HGH IN	160,106	$1,942	0.9%	$11.86	—	COM	01879R106
—	TRI CONTL CORP	68,640	$1,936	0.9%	$27.26	—	COM	895436103
—	GUGGENHEIM ENHNCD EQTY INCM	237,089	$1,911	0.9%	$8.06	—	COM	40167B100
—	BLACKROCK DEBT STRAT FD INC	161,835	$1,813	0.8%	$10.82	—	COM NEW	09255R202
—	INVESCO DYNAMIC CR OPP FD	157,140	$1,784	0.8%	$11.35	—	COM	46132R104
—	BLACKSTONE GSO STRATEGIC CR	120,830	$1,738	0.8%	$14.38	—	COM SHS BEN IN	09257R101
—	WELLS FARGO INCOME OPPORTUNI	190,695	$1,606	0.7%	$8.42	—	WF INC OPPTY FD	94987B105
—	BNY MELLON HIGH YIELD STRATE	515,986	$1,600	0.7%	$3.06	—	SH BEN INT	09660L105
—	ABERDEEN GLOBAL DYNAMIC DIVI	151,595	$1,577	0.7%	$10.23	—	COM	00302M106
—	PGIM GLOBAL HIGH YIELD FD IN	92,200	$1,385	0.6%	$14.45	—	COM	69346J106
—	NUVEEN PFD & INCM SECURTIES	136,060	$1,365	0.6%	$9.97	—	COM	67072C105
XPHTX	PIONEER HIGH INCOME TR	137,367	$1,310	0.6%	$9.28	—	COM	72369H106
—	WESTERN ASSET HIGH INCM OPP	255,497	$1,295	0.6%	$5.06	—	COM	95766K109
—	VIRTUS GLOBAL MULTI-SEC INC	102,115	$1,276	0.6%	$12.50	—	COM	92829B101
—	THL CR SR LN FD	83,618	$1,268	0.6%	$15.24	—	COM	87244R103
—	FIRST TR DYNAMIC EUROPE EQT	81,159	$1,212	0.6%	$14.93	—	COM SHS	33740d107
—	FIRST TR SR FLG RTE INCM FD	96,356	$1,209	0.6%	$12.18	—	COM	33733U108
—	DOUBLELINE INCOME SOLUTIONS	60,191	$1,189	0.5%	$19.75	—	COM	258622109
—	CLOUGH GLOBAL DIVND AND INC	107,330	$1,175	0.5%	$11.78	—	COM	18913Y103
—	EATON VANCE TX ADV GLBL DIV	64,989	$1,171	0.5%	$15.25	—	COM	27828S101
—	GABELLI GLB SML & MD CP VAL	94,871	$1,123	0.5%	$11.33	—	COM	36249W104
—	CALAMOS LNG SHR EQT DYNAMIC	56,825	$1,114	0.5%	$19.60	—	COM	12812C106
—	ABERDEEN ASIA PACIFIC INCOM	248,118	$1,055	0.5%	$4.12	—	COM	003009107
—	WESTERN ASSET HGH YLD DFNDFD	64,561	$1,010	0.5%	$15.64	—	COM	95768B107
—	EATON VANCE SH TM DR DIVR IN	74,631	$1,008	0.5%	$13.29	—	COM	27828V104
—	DOUBLELINE OPPORTUNISTIC CR	48,653	$1,004	0.5%	$20.70	—	COM	258623107
—	CALAMOS STRATEGIC TOTL RETN	70,053	$953	0.4%	$11.88	—	COM SH BEN INT	128125101
—	TORTOISE ESSENTIAL ASSETS IN	57,154	$937	0.4%	$16.39	—	COM SH BEN INT	89148A103
—	EATON VANCE SR INCOME TR	145,361	$932	0.4%	$6.37	—	SH BEN INT	27826S103
—	HERZFELD CARIBBEAN BASIN FD	139,830	$926	0.4%	$6.67	—	COM	42804T106
—	INVESCO HIGH INCOME TR II	62,040	$886	0.4%	$14.39	—	COM	46131F101
—	NUVEEN SHT DUR CR OPP FD	55,164	$838	0.4%	$15.64	—	COM	67074X107
—	LMP CAP & INCOME FD INC	53,115	$825	0.4%	$14.67	—	COM	50208A102
—	NUVEEN PFD & INCM OPPORTNYS	76,260	$798	0.4%	$10.29	—	COM	67073B106
—	EATON VANCE TAX MNGD GBL DV	90,000	$790	0.4%	$8.28	—	COM	27829F108
—	INVESCO SR INCOME TR	183,002	$785	0.4%	$4.20	—	COM	46131H107
—	TEKLA HEALTHCARE INVS	37,585	$785	0.4%	$20.03	—	SH BEN INT	87911J103
—	CLOUGH GLOBAL OPPORTUNITIES	83,015	$784	0.4%	$9.38	—	SH BEN INT	18914E106
XDCFX	BNY MELLON ALCENTRA GLOBAL C	84,273	$779	0.4%	$9.27	—	COM	05588N108
—	BLACKROCK CORPOR HI YLD FD I	68,703	$769	0.4%	$10.75	—	COM	09255P107
—	APOLLO SR FLOATING RATE FD I	49,659	$752	0.3%	$15.15	—	COM	037636107
XAWPX	ABERDEEN GLOBAL PREMIER PPTY	112,019	$726	0.3%	$6.48	—	COM SH BEN INT	00302L108
—	FRANKLIN LTD DURATION INC TR	75,632	$725	0.3%	$9.29	—	COM	35472T101
—	NUVEEN DIVERSIFIED DIV INCM	66,466	$724	0.3%	$10.89	—	COM	6706EP105
—	NUVEEN GLOBAL HIGH INCOME FD	42,669	$699	0.3%	$15.57	—	SHS	67075G103
—	ALLIANZGI ART INTEL & TECH O	34,145	$686	0.3%	$20.09	—	COM	01883M101
—	MADISON CVRED CALL & EQ STR	103,266	$685	0.3%	$6.44	—	COM	557437100
—	PUTNAM MASTER INTER INCOME T	144,132	$683	0.3%	$4.59	—	SH BEN INT	746909100
XXINSIXX	INSIGHT SELECT INCOME FD	32,831	$658	0.3%	$20.04	—	COM	45781W109
—	SPECIAL OPPORTUNITIES FD INC	25,708	$657	0.3%	$25.44	—	PFD CONV SE B	84741T302
—	NEUBERGER BERMAN HGH YLD FD	52,840	$653	0.3%	$12.07	—	COM	64128C106
XXCHNXX	CHINA FD INC	30,934	$652	0.3%	$21.80	—	COM	169373107
—	TEMPLETON DRAGON FD INC	32,981	$641	0.3%	$20.90	—	COM	88018T101
—	MFS INTER INCOME TR	167,422	$636	0.3%	$3.82	—	SH BEN INT	55273C107
—	NUVEEN FLTNG RTE INCM OPP FD	61,576	$615	0.3%	$9.63	—	COM SHS	6706EN100
—	BLACKSTONE GSO FLTING RTE FU	37,981	$613	0.3%	$16.14	—	COM	09256U105
—	BLACKROCK FLOATING RATE INCO	44,057	$567	0.3%	$12.21	—	COM	091941104
—	FIRST TR SR FLOATING RATE 20	58,608	$539	0.2%	$8.77	—	COM SHS	33740K101
—	EATON VANCE FLTING RATE INC	36,922	$507	0.2%	$13.37	—	COM	278279104
—	CREDIT SUISSE HIGH YLD BND F	197,962	$495	0.2%	$2.50	—	SH BEN INT	22544F103
—	LIBERTY ALL STAR EQUITY FD	72,864	$493	0.2%	$5.42	—	SH BEN INT	530158104
—	DUFF & PHELPS UTIL CORP BD T	53,574	$490	0.2%	$8.80	—	COM	26432K108
—	NUVEEN S&P 500 DYN OVERWRITE	29,560	$487	0.2%	$16.47	—	COM	6706EW100
—	ABERDEEN TOTAL DYNAMIC DIVD	54,121	$484	0.2%	$8.62	—	COM SH BEN INT	00326L100
—	RMR REAL ESTATE INCOME FUND	23,884	$482	0.2%	$20.18	—	COM	76970B101
—	GENERAL AMERN INVS INC	12,254	$462	0.2%	$34.46	—	COM	368802104
—	WESTERN ASSET VAR RT STRG FD	27,181	$454	0.2%	$16.03	—	COM	957667108
XJPIX	NUVEEN PFD & INCOME TERM FD	17,500	$452	0.2%	$25.83	—	COM	67075A106
—	NUVEEN NASDAQ 100 DYNAMIC OV	18,114	$436	0.2%	$22.33	—	COM SHS	670699107
—	COHEN & STEERS INFRASTRUCTUR	15,723	$412	0.2%	$26.20	—	COM	19248A109
—	CALAMOS CONV & HIGH INCOME F	35,402	$404	0.2%	$11.41	—	COM SHS	12811P108
XHITX	INVESCO HIGH INCOME 2023 TAR	37,927	$400	0.2%	$10.43	—	COM	46135X108
—	NUVEEN SR INCOME FD	66,321	$395	0.2%	$5.89	—	COM	67067Y104
—	FLAHERTY & CRUMRINE DYN PFD	14,607	$391	0.2%	$25.10	—	SHS	33848W106
XHNWX	PIONEER DIV HIGH INCOME TRUS	25,988	$387	0.2%	$14.60	—	COM	723653101
—	JOHN HANCOCK HDG EQ & INC FD	25,900	$386	0.2%	$14.03	—	COM	47804L102
—	BLACKROCK ENHANCED GBL DIV T	34,885	$383	0.2%	$10.86	—	COM	092501105
—	ADVENT CONVERTIBLE & INCOME	22,642	$352	0.2%	$14.58	—	COM	00764C109
—	DUFF & PHELPS UTLITY AND INF	21,539	$327	0.2%	$15.18	—	COM	26433C105
—	FIRST TR ENHANCED EQTY INC F	18,851	$325	0.1%	$17.24	—	COM	337318109
—	NUVEEN HIGH INCOME 2020 TARG	33,163	$324	0.1%	$9.77	—	COM	67075L102
—	NUVEEN REAL ASSET INM AND GW	17,517	$322	0.1%	$17.51	—	COM	67074Y105
—	BLACKROCK CR ALLCTN INC TR	23,000	$322	0.1%	$14.00	—	COM	092508100
—	WESTERN ASSET CORPORATE LN F	31,999	$317	0.1%	$9.91	—	COM	95790J102
—	SWISS HELVETIA FD INC	36,594	$308	0.1%	$8.03	—	COM	870875101
—	WELLS FARGO GLOBAL DIVIDEND	51,920	$294	0.1%	$5.66	—	COM	94987C103
—	HANCOCK JOHN INCOME SECS TR	19,769	$293	0.1%	$14.51	—	COM	410123103
—	BLACKROCK LTD DURATION INC T	17,657	$289	0.1%	$14.97	—	COM SHS	09249W101
—	NEW IRELAND FUND INC	27,187	$269	0.1%	$12.19	—	COM	645673104
—	FIRST TR HIGH INCOME L/S FD	16,808	$265	0.1%	$14.69	—	COM	33738E109
—	BLACKROCK FLOAT RATE OME STR	19,265	$259	0.1%	$12.82	—	COM	09255X100
—	TAIWAN FD INC	12,500	$257	0.1%	$17.92	—	COM	874036106
—	MORGAN STANLEY CHINA A SH FD	11,590	$252	0.1%	$23.08	—	COM	617468103
—	RIVERNORTH DOUBLELINE STRATE	14,005	$230	0.1%	$16.42	—	COM	76882G107
—	EATON VANCE TXMGD GL BUYWR O	22,043	$229	0.1%	$9.71	—	COM	27829C105
—	BARINGS GLOBAL SHORT DURATIO	12,726	$223	0.1%	$17.52	—	COM	06760L100
—	RIVERNORTH MARKETPLACE LENDI	11,990	$218	0.1%	$18.18	—	COM	76882B108
—	VOYA GLBL ADV & PREM OPP FD	20,381	$214	0.1%	$10.29	—	COM	92912R104
—	COHEN & STEERS LTD DUR PFD I	7,997	$210	0.1%	$25.59	—	COM	19248C105
—	VOYA GLBL EQTY DIV & PREM OP	32,402	$201	0.1%	$6.29	—	COM	92912T100
—	NUVEEN FLOATING RATE INCOME	18,596	$190	0.1%	$9.66	—	COM	67072T108
—	NUVEEN REAL ESTATE INCOME FD	17,366	$184	0.1%	$10.98	—	COM	67071B108
—	MFS GOVT MKTS INCOME TR	39,086	$179	0.1%	$4.58	—	SH BEN INT	552939100
—	GAMCO NAT RES GOLD & INCOME	28,800	$172	0.1%	$5.97	—	SH BEN INT	36465E101
—	ALLIANZGI CONV INCOME FD	29,300	$168	0.1%	$5.73	—	COM	018828103
—	VOYA PRIME RATE TR	32,117	$161	0.1%	$4.75	—	SH BEN INT	92913A100
—	BLACKROCK ENHANCED INTL DIV	25,890	$152	0.1%	$5.47	—	COM BENE INTER	092524107
XFEOX	FIRST TR/ABERDEEN EMERG OPT	10,296	$147	0.1%	$14.28	—	COM	33731K102
—	WESTERN ASSET PREMIER BD FD	10,015	$147	0.1%	$14.68	—	SHS BEN INT	957664105
—	NUVEEN EMERGING MKTS DEBT 20	15,250	$136	0.1%	$8.92	—	COM	67077P101
—	CLOUGH GLOBAL EQUITY FD	10,367	$125	0.1%	$11.51	—	COM	18914C100
—	MACQUARIE FT TR GB INF UT DI	11,695	$125	0.1%	$10.69	—	COM	55607W100
—	VOYA ASIA PAC DIVID EQUITY I	11,247	$96	0.0%	$10.57	—	COM	92912J102
—	CREDIT SUISSE ASSET MGMT INC	27,055	$87	0.0%	$3.10	—	COM	224916106
—	ABERDEEN AUSTRALIA EQTY FD I	14,810	$80	0.0%	$5.20	—	COM	003011103