Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TRI CONTL CORP	209,805	$4,387	3.0%	$22.99	—	COM	895436103
—	NUVEEN CORE EQUITY ALPHA FD	384,144	$4,118	2.8%	$13.10	—	COM	67090X107
—	EATON VANCE TX ADV GLBL DIV	335,234	$4,006	2.7%	$12.59	—	COM	27828S101
—	NUVEEN TX ADV TOTAL RET STRG	540,961	$3,814	2.6%	$10.56	—	COM	67090H102
—	NUVEEN S&P 500 BUY-WRITE INC	359,415	$3,630	2.5%	$10.10	—	COM	6706ER101
—	NUVEEN DOW 30 DYNAMIC OVERWR	280,473	$3,512	2.4%	$16.48	—	SHS	67075F105
—	EATON VANCE TXMGD GL BUYWR O	460,811	$3,438	2.3%	$7.57	—	COM	27829C105
—	WELLS FARGO MULTI SECTOR INC	348,917	$3,360	2.3%	$10.83	—	COM	94987D101
—	NUVEEN TAX-ADVANTAGED DIVID	287,644	$3,236	2.2%	$14.55	—	COM	67073G105
—	NUVEEN NASDAQ 100 DYNAMIC OV	165,653	$3,147	2.1%	$19.36	—	COM SHS	670699107
—	BLACKROCK ENHANCED EQUITY DI	479,665	$3,132	2.1%	$6.53	—	COM	09251A104
—	SPROTT FOCUS TR INC	579,481	$2,921	2.0%	$6.95	—	COM	85208J109
—	WESTERN ASSET HIGH INCM FD I	527,586	$2,643	1.8%	$6.75	—	COM	95766J102
—	ROYCE VALUE TR INC	260,458	$2,519	1.7%	$12.61	—	COM	780910105
—	ROYCE MICRO-CAP TR INC	407,737	$2,267	1.5%	$7.47	—	COM	780915104
—	CALAMOS LNG SHR EQT DYNAMIC	155,111	$2,240	1.5%	$16.33	—	COM	12812C106
—	BLACKROCK MULTI-SECTOR INC T	183,943	$2,220	1.5%	$15.75	—	COM	09258A107
—	APOLLO TACTICAL INCOME FD IN	192,891	$2,185	1.5%	$15.04	—	COM	037638103
—	NUVEEN PFD & INCM SECURTIES	259,925	$1,887	1.3%	$8.68	—	COM	67072C105
—	ARES DYNAMIC CR ALLOCATION F	167,508	$1,807	1.2%	$14.94	—	COM	04014F102
—	BLACKROCK LTD DURATION INC T	138,797	$1,752	1.2%	$12.92	—	COM SHS	09249W101
—	MFS MULTIMARKET INCOME TR	346,535	$1,743	1.2%	$5.03	—	SH BEN INT	552737108
—	HANCOCK JOHN INVS TR	131,048	$1,649	1.1%	$16.27	—	COM	410142103
—	SPECIAL OPPORTUNITIES FD INC	170,868	$1,623	1.1%	$15.04	—	COM	84741T104
—	NEW GERMANY FD INC	136,514	$1,585	1.1%	$14.60	—	COM	644465106
—	ALLIANZGI ARTIFICIAL INTELLI	99,044	$1,585	1.1%	$17.41	—	COM	01883M101
—	ALLIANZGI NFJ DIVID INT & PR	159,633	$1,534	1.0%	$12.24	—	COM	01883A107
—	GABELLI DIVID & INCOME TR	100,627	$1,490	1.0%	$21.10	—	COM	36242H104
—	GUGGENHEIM ENHANCED EQUITY I	298,963	$1,477	1.0%	$7.41	—	COM	40167B100
—	BLACKSTONE GSO FLTING RTE FU	120,795	$1,418	1.0%	$13.12	—	COM	09256U105
—	EATON VANCE LTD DUR INCOME F	133,163	$1,408	1.0%	$12.62	—	COM	27828H105
—	JOHN HANCOCK HDG EQ & INC FD	137,632	$1,398	0.9%	$10.89	—	COM	47804L102
—	NUVEEN S&P 500 DYNAMIC OVERW	119,943	$1,389	0.9%	$12.79	—	COM	6706EW100
—	NUVEEN DIVERSIFIED DIVID & I	195,717	$1,378	0.9%	$8.35	—	COM	6706EP105
—	PIMCO INCOME STRATEGY FD	160,467	$1,356	0.9%	$8.45	—	COM	72201H108
—	BLACKSTONE GSO STRATEGIC CR	123,400	$1,285	0.9%	$14.30	—	COM SHS BEN IN	09257R101
—	ABERDEEN ASIA-PACIFIC INCOME	378,321	$1,279	0.9%	$3.87	—	COM	003009107
—	WESTERN ASSET HGH YLD DFNDFD	102,340	$1,262	0.9%	$14.42	—	COM	95768B107
—	SOURCE CAP INC	41,033	$1,259	0.9%	$36.64	—	COM	836144105
—	INVESCO DYNAMIC CR OPPORTUNI	151,534	$1,209	0.8%	$11.35	—	COM	46132R104
—	BNY MELLON HIGH YIELD STRATE	503,596	$1,143	0.8%	$3.06	—	SH BEN INT	09660L105
—	EATON VANCE ENHANCED EQ INC	90,130	$1,091	0.7%	$12.10	—	COM	278274105
—	BLACKROCK DEBT STRATEGIES FD	128,928	$1,089	0.7%	$10.82	—	COM NEW	09255R202
—	ELLSWORTH GROWTH & INCOME FD	125,091	$1,073	0.7%	$8.58	—	COM	289074106
—	CALAMOS GBL DYN INCOME FUND	185,018	$1,062	0.7%	$5.74	—	COM	12811L107
—	BLACKROCK FLOATING RATE INCO	104,339	$1,044	0.7%	$10.53	—	COM	09255X100
—	PIMCO INCOME STRATEGY FD II	133,494	$1,012	0.7%	$7.58	—	COM	72201J104
—	KKR INCOME OPPORTUNITIES FD	93,746	$999	0.7%	$10.66	—	COM	48249T106
—	CLOUGH GLOBAL DIVND AND INC	114,608	$959	0.6%	$11.57	—	COM	18913Y103
—	VIRTUS GLOBAL MULTI-SEC INC	97,514	$941	0.6%	$12.50	—	COM	92829B101
—	TORTOISE ESSENTIAL ASSETS IN	91,821	$927	0.6%	$14.02	—	COM SH BEN INT	89148A103
—	CALAMOS CONV & HIGH INCOME F	103,985	$919	0.6%	$9.71	—	COM SHS	12811P108
—	FRANKLIN UNVL TR	149,478	$913	0.6%	$6.11	—	SH BEN INT	355145103
—	HIGHLAND GLOBAL ALLOCATION F	209,912	$913	0.6%	$4.35	—	COM	43010T104
—	BLACKROCK ENH CAP & INC FD I	69,596	$904	0.6%	$15.82	—	COM	09256A109
—	DELAWARE ENHANCED GBL DIV &	116,720	$870	0.6%	$7.45	—	COM	246060107
—	LMP CAP & INCOME FD INC	106,543	$859	0.6%	$11.36	—	COM	50208A102
—	PIMCO INCOME OPPORTUNITY FD	42,129	$851	0.6%	$20.20	—	COM	72202B100
—	PGIM GLOBAL HIGH YIELD FD FO	76,369	$845	0.6%	$14.45	—	COM	69346J106
—	BOULDER GROWTH & INCOME FD I	91,259	$840	0.6%	$10.88	—	COM	101507101
—	EUROPEAN EQUITY FUND	117,916	$834	0.6%	$8.44	—	COM	298768102
—	WELLS FARGO INCOME OPPORTUNI	126,849	$809	0.5%	$8.42	—	WF INC OPPTY FD	94987B105
—	CLOUGH GLOBAL OPPORTUNITIES	110,533	$793	0.5%	$8.83	—	SH BEN INT	18914E106
—	CENTRAL SECS CORP	30,568	$789	0.5%	$22.46	—	COM	155123102
—	THL CR SR LN FD	68,128	$788	0.5%	$15.24	—	COM	87244R103
—	LIBERTY ALL STAR EQUITY FD	162,297	$786	0.5%	$5.10	—	SH BEN INT	530158104
—	ADAMS DIVERSIFIED EQUITY FD	62,386	$785	0.5%	$12.58	—	COM	006212104
—	BLACKROCK CORPOR HI YLD FD I	87,771	$772	0.5%	$10.32	—	COM	09255P107
—	MADISON COVERED CALL & EQUIT	151,648	$767	0.5%	$6.00	—	COM	557437100
—	TEKLA HEALTHCARE INVS	42,783	$762	0.5%	$19.76	—	SH BEN INT	87911J103
—	VOYA INTL HIGH DIVID EQTY IN	190,037	$728	0.5%	$3.83	—	COM	92912Y109
—	BNY MELLON MUN BD INFRASTRUC	58,760	$728	0.5%	$12.39	—	COM SHS	09662W109
—	TEMPLETON DRAGON FD INC	41,962	$715	0.5%	$20.08	—	COM	88018T101
—	CREDIT SUISSE HIGH YLD BND F	385,160	$705	0.5%	$2.17	—	SH BEN INT	22544F103
—	NEUBERGER BERMAN HIGH YIELD	77,262	$671	0.5%	$11.00	—	COM	64128C106
—	NUVEEN PFD & INCOME OPPORTUN	89,525	$657	0.4%	$9.85	—	COM	67073B106
XXCHNXX	CHINA FD INC	34,134	$630	0.4%	$21.49	—	COM	169373107
—	FIRST TR SR FLG RTE INCM FD	66,252	$630	0.4%	$12.18	—	COM	33733U108
—	PIMCO DYNAMIC CR & MTG INC F	36,000	$606	0.4%	$16.83	—	COM SHS	72202D106
—	VOYA GLBL ADV & PREM OPP FD	77,726	$595	0.4%	$8.35	—	COM	92912R104
—	CLOUGH GLOBAL EQUITY FD	65,594	$581	0.4%	$9.28	—	COM	18914C100
—	COHEN & STEERS INFRASTRUCTUR	30,630	$577	0.4%	$22.62	—	COM	19248A109
—	SPECIAL OPPORTUNITIES FD INC	23,403	$566	0.4%	$25.44	—	PFD CONV SE B	84741T302
—	DOUBLELINE INCOME SOLUTIONS	42,289	$564	0.4%	$19.75	—	COM	258622109
—	FRANKLIN LTD DURATION INCOME	71,314	$560	0.4%	$9.29	—	COM	35472T101
—	EATON VANCE HIGH INCOME 2021	60,981	$537	0.4%	$8.81	—	COM SH BEN INT	27829W101
—	WESTERN ASSET VAR RT STRG FD	38,217	$528	0.4%	$15.39	—	COM	957667108
—	COHEN & STEERS REIT & PFD &I	32,625	$526	0.4%	$16.12	—	COM	19247X100
—	HERZFELD CARIBBEAN BASIN FD	151,091	$525	0.4%	$6.43	—	COM	42804T106
—	NUVEEN SHT DUR CR OPP FD	48,171	$524	0.4%	$15.64	—	COM	67074X107
—	IVY HIGH INCOME OPPORTUNITIE	50,311	$523	0.4%	$14.11	—	COM	465893105
—	ABERDEEN GLOBAL DYNAMIC DIVI	68,322	$501	0.3%	$10.23	—	COM	00302M106
—	HANCOCK JOHN INVT TR	97,483	$488	0.3%	$5.01	—	TAX ADV GLB SH	41013P749
—	RIVERNORTH / DOUBLELINE STRA	37,716	$483	0.3%	$14.15	—	COM	76882G107
—	BLACKSTONE GSO LNG SHRT CR I	43,714	$461	0.3%	$10.55	—	COM SHS BN INT	09257D102
—	PIMCO DYNAMIC INCOME FD	20,759	$459	0.3%	$22.11	—	SHS	72201Y101
—	PIMCO HIGH INCOME FD	92,444	$453	0.3%	$4.90	—	COM SHS	722014107
—	EATON VANCE TX MGD DIV EQ IN	47,450	$442	0.3%	$9.32	—	COM	27828N102
XPHTX	PIONEER HIGH INCOME TR	68,742	$441	0.3%	$9.28	—	COM	72369H106
—	CREDIT SUISSE ASSET MGMT INC	179,450	$429	0.3%	$2.50	—	COM	224916106
—	BARINGS GLOBAL SHORT DURATIO	38,300	$426	0.3%	$13.25	—	COM	06760L100
—	ALLIANZGI CON INCM 2024 TARG	54,458	$418	0.3%	$9.31	—	COM	01883H102
—	BROOKFIELD REAL ASSETS INCOM	27,989	$411	0.3%	$20.30	—	SHS BEN INT	112830104
—	NUVEEN FLTNG RTE INCM OPP FD	53,066	$394	0.3%	$9.63	—	COM SHS	6706EN100
—	NUVEEN REAL ESTATE INCOME FD	57,152	$388	0.3%	$8.06	—	COM	67071B108
XAWPX	ABERDEEN GLOBAL PREMIER PPTY	90,729	$385	0.3%	$6.48	—	COM SH BEN INT	00302L108
—	EATON VANCE FLTING RATE INC	37,526	$385	0.3%	$13.32	—	COM	278279104
XJPIX	NUVEEN PFD & INCOME TERM FD	21,048	$383	0.3%	$24.54	—	COM	67075A106
—	FIRST TR SR FLOATING RATE 20	51,093	$375	0.3%	$8.77	—	COM SHS	33740K101
—	MORGAN STANLEY EMERGING MKTS	68,092	$355	0.2%	$5.21	—	COM	617477104
—	ABERDEEN GLOBAL INCOME FD IN	63,893	$346	0.2%	$5.42	—	COM	003013109
—	BLACKROCK CR ALLOCATION INCO	29,700	$346	0.2%	$13.47	—	COM	092508100
—	EATON VANCE SR INCOME TR	75,072	$346	0.2%	$6.37	—	SH BEN INT	27826S103
—	BLACKROCK FLOATING RATE INCO	35,074	$344	0.2%	$12.21	—	COM	091941104
—	PRINCIPAL REAL ESTATE INCOME	27,859	$337	0.2%	$12.10	—	SHS BEN INT	74255X104
—	NUVEEN REAL ASSET INCOME & G	33,278	$328	0.2%	$13.88	—	COM	67074Y105
—	CBRE CLARION GLOBAL REAL EST	62,589	$328	0.2%	$5.24	—	COM	12504G100
—	MORGAN STANLEY CHINA A SH FD	18,013	$326	0.2%	$21.31	—	COM	617468103
—	NEW IRELAND FD INC	52,111	$322	0.2%	$9.32	—	COM	645673104
—	WESTERN ASSET PREMIER BD FD	28,536	$322	0.2%	$12.48	—	SHS BEN INT	957664105
—	GENERAL AMERN INVS INC	11,308	$310	0.2%	$34.46	—	COM	368802104
—	ALLIANZGI CONV INCOME FD II	92,407	$308	0.2%	$3.33	—	COM	018825109
—	SWISS HELVETIA FD INC	43,189	$300	0.2%	$7.87	—	COM	870875101
—	INVESCO HIGH INCOME TR II	27,920	$299	0.2%	$14.39	—	COM	46131F101
—	FIRST TR ABERDEEN GLBL OPP F	33,781	$297	0.2%	$8.79	—	COM SHS	337319107
—	RIVERNORTH OPPORTUNITIES FD	22,350	$278	0.2%	$12.44	—	COM	76881y109
—	NUVEEN MORTGAGE AND INCOME F	16,431	$270	0.2%	$16.43	—	COM	670735109
—	LAZARD GLOBAL TOTAL RETURN &	22,385	$269	0.2%	$12.02	—	COM	52106W103
—	ALLIANCEBERNSTEIN GLOBAL HIG	28,859	$267	0.2%	$11.86	—	COM	01879R106
—	EATON VANCE ENH EQTY INC FD	18,793	$261	0.2%	$13.89	—	COM	278277108
—	GUGGENHEIM CR ALLOCATION FD	17,224	$257	0.2%	$14.92	—	COM	40168G108
—	EATON VANCE RISK MNGD DIV EQ	30,290	$252	0.2%	$8.32	—	COM	27829G106
—	TEKLA WORLD HEALTHCARE FD	21,400	$244	0.2%	$11.40	—	BEN INT SHS	87911l108
—	TEKLA LIFE SCIENCES INVS	16,036	$240	0.2%	$14.97	—	SH BEN INT	87911K100
—	ABERDEEN INCOME CR STRATEGIE	31,940	$235	0.2%	$7.36	—	COM	003057106
—	FIRST TR HIGH INCOME L/S FD	19,325	$235	0.2%	$14.36	—	COM	33738E109
XFEOX	FIRST TR/ABERDEEN EMERG OPT	23,588	$234	0.2%	$11.82	—	COM	33731K102
—	HANCOCK JOHN TAX-ADVANTAGED	12,878	$227	0.2%	$17.63	—	COM	41013V100
—	CALAMOS CONV OPP AND INC FD	27,168	$227	0.2%	$8.36	—	SH BEN INT	128117108
—	INVESCO SR INCOME TR	67,572	$218	0.1%	$4.20	—	COM	46131H107
—	PUTNAM PREMIER INCOME TR	45,660	$207	0.1%	$4.53	—	SH BEN INT	746853100
XHNWX	PIONEER DIVERSIFIED HIGH INC	18,282	$192	0.1%	$14.60	—	COM	723653101
—	PIMCO GLOBAL STOCKSPLS INCM	23,450	$187	0.1%	$7.97	—	COM	722011103
—	WESTERN ASSET EMERGING MKTS	13,500	$142	0.1%	$10.52	—	COM	95766A101
—	VOYA INFRASTRUCTURE INDLS &	17,101	$139	0.1%	$8.13	—	COM	92912X101
—	XAI OCTAGON FLOATNG RATE ALT	26,403	$119	0.1%	$4.51	—	COM	98400T106
—	EATON VANCE SR FLTNG RTE TR	11,761	$116	0.1%	$9.86	—	COM	27828Q105
XDCFX	BNY MELLON ALCENTRA GLOBAL C	18,248	$116	0.1%	$9.27	—	COM	05588N108
—	PCM FD INC	14,200	$113	0.1%	$7.96	—	COM	69323T101
—	TEMPLETON EMERGING MKTS INCO	15,000	$112	0.1%	$7.47	—	COM	880192109
—	TEMPLETON GLOBAL INCOME FD	20,217	$108	0.1%	$5.34	—	COM	880198106
—	WESTERN ASSET CORPORATE LN F	14,405	$102	0.1%	$9.91	—	COM	95790J102
—	GAMCO NAT RES GOLD & INCOME	26,233	$102	0.1%	$5.97	—	SH BEN INT	36465E101
—	MFS CHARTER INCOME TR	13,299	$98	0.1%	$8.26	—	SH BEN INT	552727109
—	ABERDEEN AUSTRALIA EQUITY FD	14,810	$58	0.0%	$5.20	—	COM	003011103
—	ALLIANZGI CONV INCOME FD	15,000	$56	0.0%	$5.73	—	COM	018828103
—	WELLS FARGO GLOBAL DIVIDEND	10,839	$40	0.0%	$5.66	—	COM	94987C103