Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	TRI CONTL CORP	220,353	$5,445	3.0%	$23.07	—	COM	895436103
—	NUVEEN DOW 30 DYNAMIC OVERWR	333,954	$4,545	2.5%	$16.02	—	SHS	67075F105
—	NUVEEN S&P 500 BUY-WRITE INC	361,473	$3,976	2.2%	$10.10	—	COM	6706ER101
—	NUVEEN TAX-ADVANTAGED DIVID	303,435	$3,875	2.1%	$14.46	—	COM	67073G105
—	EATON VANCE TX ADV GLBL DIV	271,125	$3,872	2.1%	$12.59	—	COM	27828S101
—	NUVEEN CORE EQUITY ALPHA FD	316,946	$3,867	2.1%	$13.10	—	COM	67090X107
—	NUVEEN S&P 500 DYNAMIC OVERW	291,841	$3,747	2.1%	$12.82	—	COM	6706EW100
—	SOURCE CAP INC	106,605	$3,527	1.9%	$34.45	—	COM	836144105
—	BOULDER GROWTH & INCOME FD I	374,095	$3,524	1.9%	$9.78	—	COM	101507101
—	NUVEEN TX ADV TOTAL RET STRG	431,005	$3,474	1.9%	$10.56	—	COM	67090H102
—	BLACKROCK ENHANCED EQUITY DI	471,024	$3,457	1.9%	$6.53	—	COM	09251A104
—	SPROTT FOCUS TR INC	585,291	$3,453	1.9%	$6.94	—	COM	85208J109
—	GABELLI DIVID & INCOME TR	193,236	$3,401	1.9%	$19.42	—	COM	36242H104
—	WELLS FARGO MULTI SECTOR INC	275,488	$3,033	1.7%	$10.83	—	COM	94987D101
—	NEW GERMANY FD INC	199,429	$3,027	1.7%	$14.78	—	COM	644465106
—	ROYCE MICRO-CAP TR INC	407,224	$2,932	1.6%	$7.47	—	COM	780915104
—	VIRTUS GLOBAL MULTI-SEC INC	263,045	$2,928	1.6%	$11.64	—	COM	92829B101
—	APOLLO TACTICAL INCOME FD IN	229,970	$2,856	1.6%	$14.62	—	COM	037638103
—	LIBERTY ALL STAR EQUITY FD	479,495	$2,743	1.5%	$5.51	—	SH BEN INT	530158104
—	BLACKROCK LTD DURATION INC T	196,373	$2,735	1.5%	$13.22	—	COM SHS	09249W101
—	WESTERN ASSET HIGH INCM FD I	437,582	$2,713	1.5%	$6.75	—	COM	95766J102
—	GUGGENHEIM ENHANCED EQUITY I	496,925	$2,698	1.5%	$6.62	—	COM	40167B100
—	WELLS FARGO INCOME OPPORTUNI	383,704	$2,694	1.5%	$7.48	—	WF INC OPPTY FD	94987B105
—	BLACKROCK MULTI-SECTOR INC T	186,308	$2,685	1.5%	$15.73	—	COM	09258A107
—	CENTRAL SECS CORP	82,504	$2,380	1.3%	$26.48	—	COM	155123102
—	KKR INCOME OPPORTUNITIES FD	193,075	$2,379	1.3%	$11.51	—	COM	48249T106
—	FIRST TR ENHANCED EQTY INC F	155,726	$2,266	1.3%	$14.55	—	COM	337318109
—	BLACKROCK ENH CAP & INC FD I	151,857	$2,197	1.2%	$15.09	—	COM	09256A109
—	CALAMOS LNG SHR EQT DYNAMIC	141,729	$2,194	1.2%	$16.33	—	COM	12812C106
—	BLACKROCK FLOATING RATE INCO	170,437	$1,905	1.1%	$10.78	—	COM	09255X100
—	ARES DYNAMIC CR ALLOCATION F	158,563	$1,892	1.0%	$14.94	—	COM	04014F102
—	EATON VANCE TAX-MANAGED GLOB	254,679	$1,880	1.0%	$7.38	—	COM	27829F108
—	ALLIANZGI ARTIFICIAL INTELLI	95,050	$1,875	1.0%	$17.41	—	COM	01883M101
—	GENERAL AMERN INVS INC	55,164	$1,755	1.0%	$32.36	—	COM	368802104
—	SPECIAL OPPORTUNITIES FD INC	154,395	$1,740	1.0%	$15.04	—	COM	84741T104
—	BLACKSTONE GSO LNG SHRT CR I	144,185	$1,737	1.0%	$11.59	—	COM SHS BN INT	09257D102
—	NUVEEN DIVERSIFIED DIVID & I	217,811	$1,684	0.9%	$8.29	—	COM	6706EP105
—	BLACKSTONE GSO STRATEGIC CR	142,602	$1,629	0.9%	$13.91	—	COM SHS BEN IN	09257R101
—	BLACKSTONE GSO FLTING RTE FU	117,756	$1,514	0.8%	$13.12	—	COM	09256U105
—	CLOUGH GLOBAL EQUITY FD	141,453	$1,506	0.8%	$10.01	—	COM	18914C100
XPHTX	PIONEER HIGH INCOME TR	193,990	$1,443	0.8%	$8.09	—	COM	72369H106
—	TORTOISE ESSENTIAL ASSETS IN	128,176	$1,432	0.8%	$13.21	—	COM SH BEN INT	89148A103
—	EATON VANCE LTD DURATION INC	125,174	$1,411	0.8%	$12.62	—	COM	27828H105
—	PUTNAM MASTER INTER INCOME T	340,191	$1,388	0.8%	$4.08	—	SH BEN INT	746909100
XDCFX	BNY MELLON ALCENTRA GLOBAL C	175,378	$1,343	0.7%	$7.83	—	COM	05588N108
—	FIRST TR HIGH INCOME L/S FD	99,420	$1,319	0.7%	$13.48	—	COM	33738E109
—	EUROPEAN EQUITY FD INC	156,763	$1,304	0.7%	$8.41	—	COM	298768102
—	BARINGS GLOBAL SHORT DURATIO	103,526	$1,301	0.7%	$12.82	—	COM	06760L100
—	CREDIT SUISSE HIGH YLD BND F	634,077	$1,268	0.7%	$2.11	—	SH BEN INT	22544F103
—	ABERDEEN ASIA-PACIFIC INCOME	330,626	$1,260	0.7%	$3.87	—	COM	003009107
—	HANCOCK JOHN INVS TR	79,571	$1,234	0.7%	$16.27	—	COM	410142103
—	MADISON COVERED CALL & EQUIT	213,628	$1,205	0.7%	$5.89	—	COM	557437100
—	FRANKLIN UNVL TR	170,120	$1,133	0.6%	$6.17	—	SH BEN INT	355145103
—	PGIM GLOBAL HIGH YIELD FD FO	88,883	$1,131	0.6%	$14.21	—	COM	69346J106
—	DOUBLELINE INCOME SOLUTIONS	73,130	$1,124	0.6%	$17.90	—	COM	258622109
—	FIRST TR SR FLOATING RATE 20	135,052	$1,116	0.6%	$8.45	—	COM SHS	33740K101
XXCHNXX	CHINA FD INC	49,924	$1,115	0.6%	$21.75	—	COM	169373107
—	PIMCO DYNAMIC CR INCOME FD	59,485	$1,096	0.6%	$17.46	—	COM SHS	72202D106
—	BLACKROCK DEBT STRATEGIES FD	113,164	$1,056	0.6%	$10.82	—	COM NEW	09255R202
—	BNY MELLON HIGH YIELD STRATE	411,039	$1,052	0.6%	$3.06	—	SH BEN INT	09660L105
—	TEMPLETON DRAGON FD INC	49,048	$990	0.5%	$20.09	—	COM	88018T101
SPY	SPDR S&P 500 ETF TR	3,200	$987	0.5%	$308.44	—	TR UNIT	78462F103
—	DELAWARE ENHANCED GBL DIV &	121,762	$984	0.5%	$7.48	—	COM	246060107
—	EATON VANCE TX MGD DIV EQ IN	91,178	$983	0.5%	$10.02	—	COM	27828N102
—	VOYA GLBL EQTY DIV & PREM OP	202,672	$979	0.5%	$4.83	—	COM	92912T100
—	TEMPLETON EMERGING MKTS INCO	120,377	$945	0.5%	$7.80	—	COM	880192109
—	VOYA INTL HIGH DIVID EQTY IN	223,431	$923	0.5%	$3.88	—	COM	92912Y109
—	LIBERTY ALL-STAR GROWTH FD I	143,840	$905	0.5%	$6.29	—	COM	529900102
—	TEKLA HEALTHCARE INVS	41,780	$891	0.5%	$19.76	—	SH BEN INT	87911J103
—	EATON VANCE SHORT DURATION D	72,023	$817	0.5%	$11.34	—	COM	27828V104
—	IVY HIGH INCOME OPPORTUNITIE	71,126	$799	0.4%	$13.27	—	COM	465893105
—	INVESCO DYNAMIC CR OPPORTUNI	88,657	$789	0.4%	$11.35	—	COM	46132R104
—	ALLIANZGI DIVERSIFIED INCOME	34,103	$786	0.4%	$23.05	—	COM	01883J108
—	INVESCO SR INCOME TR	225,909	$782	0.4%	$3.68	—	COM	46131H107
—	NUVEEN FLTNG RTE INCM OPP FD	99,164	$778	0.4%	$8.80	—	COM SHS	6706EN100
—	DELAWARE INVTS DIV & INCOME	90,194	$759	0.4%	$8.42	—	COM	245915103
—	EATON VANCE TX ADV GLB DIV O	36,353	$755	0.4%	$20.77	—	COM	27828U106
—	ALLIANCEBERNSTEIN GLOBAL HIG	72,928	$737	0.4%	$10.80	—	COM	01879R106
—	CREDIT SUISSE ASSET MGMT INC	264,359	$716	0.4%	$2.57	—	COM	224916106
—	NEW IRELAND FD INC	92,043	$713	0.4%	$8.64	—	COM	645673104
—	MORGAN STANLEY CHINA A SH FD	35,632	$695	0.4%	$20.42	—	COM	617468103
—	VOYA GLBL ADV & PREM OPP FD	83,537	$684	0.4%	$8.34	—	COM	92912R104
—	ADAMS DIVERSIFIED EQUITY FD	42,905	$640	0.4%	$12.58	—	COM	006212104
—	HIGHLAND GLOBAL ALLOCATION F	99,323	$640	0.4%	$4.35	—	COM	43010T104
—	CALAMOS CONV & HIGH INCOME F	54,420	$617	0.3%	$9.71	—	COM SHS	12811P108
—	MORGAN STANLEY EMERGING MKTS	108,134	$611	0.3%	$5.38	—	COM	617477104
—	RIVERNORTH SPECIALTY FIN COR	39,129	$581	0.3%	$14.85	—	COM	76882B108
—	SPECIAL OPPORTUNITIES FD INC	22,571	$568	0.3%	$25.44	—	PFD CONV SE B	84741T302
—	HERZFELD CARIBBEAN BASIN FD	152,066	$563	0.3%	$6.43	—	COM	42804T106
—	NUVEEN HIGH INCOME NOVEMBER	62,323	$557	0.3%	$8.94	—	COM	67077N106
—	CALAMOS GBL DYN INCOME FUND	75,849	$554	0.3%	$5.74	—	COM	12811L107
—	EATON VANCE TAX ADVT DIV INC	28,752	$553	0.3%	$19.23	—	COM	27828G107
—	BLACKROCK ENHANCED GLOBAL DI	56,260	$530	0.3%	$9.42	—	COM	092501105
—	BNY MELLON MUN BD INFRASTRUC	40,085	$525	0.3%	$12.39	—	COM SHS	09662W109
—	PGIM HIGH YIELD BOND FUND IN	39,226	$519	0.3%	$13.23	—	COM	69346H100
—	MFS CHARTER INCOME TR	64,470	$513	0.3%	$8.02	—	SH BEN INT	552727109
—	ABERDEEN GLOBAL INCOME FD IN	82,863	$512	0.3%	$5.59	—	COM	003013109
—	EATON VANCE FLTING RATE INC	44,756	$510	0.3%	$13.01	—	COM	278279104
—	BLACKROCK CR ALLOCATION INCO	37,000	$488	0.3%	$13.41	—	COM	092508100
—	NUVEEN PFD & INCM SECURTIES	56,298	$476	0.3%	$8.68	—	COM	67072C105
—	HANCOCK JOHN INCOME SECS TR	32,915	$475	0.3%	$14.43	—	COM	410123103
—	FIRST TR ABERDEEN GLBL OPP F	47,247	$469	0.3%	$9.12	—	COM SHS	337319107
—	APOLLO SR FLOATING RATE FD I	37,103	$461	0.3%	$12.42	—	COM	037636107
—	BLACKROCK FLOATING RATE INCO	41,483	$455	0.3%	$12.02	—	COM	091941104
—	ANGEL OAK FINL STRATEGIES IN	26,291	$444	0.2%	$16.89	—	COM BEN INT	03464A100
—	VOYA PRIME RATE TR	109,043	$444	0.2%	$4.07	—	SH BEN INT	92913A100
—	NUVEEN REAL ASSET INCOME & G	37,572	$439	0.2%	$13.63	—	COM	67074Y105
—	CLOUGH GLOBAL DIVID & INCOME	50,494	$434	0.2%	$11.57	—	COM	18913Y103
—	WESTERN ASSET HIGH YIELD DEF	30,982	$433	0.2%	$14.42	—	COM	95768B107
—	HANCOCK JOHN TAX-ADVANTAGED	22,356	$431	0.2%	$18.33	—	COM	41013V100
XEFLX	EATON VANCE FLTNG RATE 2022	52,204	$423	0.2%	$8.10	—	COM	27831H100
XAWPX	ABERDEEN GLOBAL PREMIER PPTY	90,729	$423	0.2%	$6.48	—	COM SH BEN INT	00302L108
—	COHEN & STEERS CLOSED END OP	39,062	$416	0.2%	$10.65	—	COM	19248P106
—	NUVEEN REAL ESTATE INCOME FD	55,165	$412	0.2%	$8.06	—	COM	67071B108
—	CLOUGH GLOBAL OPPORTUNITIES	46,068	$401	0.2%	$8.83	—	SH BEN INT	18914E106
—	NUVEEN PFD & INCOME OPPORTUN	48,200	$397	0.2%	$9.85	—	COM	67073B106
—	FIRST TR SR FLG RTE INCM FD	36,277	$395	0.2%	$12.18	—	COM	33733U108
—	COHEN & STEERS REIT & PFD &I	20,599	$394	0.2%	$16.12	—	COM	19247X100
—	NUVEEN CR STRATEGIES INCOME	67,220	$393	0.2%	$5.85	—	COM SHS	67073D102
—	EATON VANCE SR INCOME TR	73,606	$392	0.2%	$6.37	—	SH BEN INT	27826S103
—	EATON VANCE HIGH INCOME 2021	40,410	$383	0.2%	$8.81	—	COM SH BEN INT	27829W101
—	ADVENT CONVERTIBLE & INCOME	28,767	$376	0.2%	$13.07	—	COM	00764C109
—	CBRE CLARION GLOBAL REAL EST	62,589	$374	0.2%	$5.24	—	COM	12504G100
—	GABELLI GLB SML & MD CP VAL	39,880	$354	0.2%	$8.88	—	COM	36249W104
—	NUVEEN NASDAQ 100 DYNAMIC OV	15,000	$345	0.2%	$19.36	—	COM SHS	670699107
—	TEKLA LIFE SCIENCES INVS	18,696	$336	0.2%	$15.39	—	SH BEN INT	87911K100
—	DOUBLELINE OPPORTUNISTIC CR	17,464	$331	0.2%	$18.95	—	COM	258623107
—	NUVEEN FLOATING RATE INCOME	41,527	$328	0.2%	$7.90	—	COM	67072T108
—	MFS MULTIMARKET INCOME TR	53,228	$297	0.2%	$5.03	—	SH BEN INT	552737108
—	WESTERN ASSET EMERGING MKTS	23,873	$294	0.2%	$11.30	—	COM	95766A101
XHNWX	PIONEER DIVERSIFIED HIGH INC	23,365	$281	0.2%	$14.04	—	COM	723653101
—	JOHN HANCOCK HDG EQ & INC FD	24,853	$279	0.2%	$10.89	—	COM	47804L102
XFEOX	FIRST TR/ABERDEEN EMERG OPT	22,412	$265	0.1%	$11.82	—	COM	33731K102
—	ALLIANZGI CONV INCOME FD II	67,419	$264	0.1%	$3.33	—	COM	018825109
—	MACQUARIE GLOBAL INFRASTRUCT	14,772	$260	0.1%	$17.60	—	COM	55608D101
—	HANCOCK JOHN INVT TR	49,317	$258	0.1%	$5.01	—	TAX ADV GLB SH	41013P749
—	MFS INTER HIGH INCOME FD	119,237	$256	0.1%	$2.15	—	SH BEN INT	59318T109
—	SWISS HELVETIA FD INC	30,489	$239	0.1%	$7.87	—	COM	870875101
—	NUVEEN SHT DUR CR OPP FD	19,966	$235	0.1%	$15.64	—	COM	67074X107
—	NEUBERGER BERMAN HIGH YIELD	21,558	$223	0.1%	$11.00	—	COM	64128C106
—	VOYA EMERGING MKTS HIGH DIVI	34,100	$212	0.1%	$6.22	—	COM	92912P108
—	CALAMOS CONV OPP AND INC FD	19,502	$208	0.1%	$8.36	—	SH BEN INT	128117108
—	VOYA INFRASTRUCTURE INDLS &	20,101	$181	0.1%	$8.26	—	COM	92912X101
—	EATON VANCE SR FLTNG RTE TR	15,034	$170	0.1%	$10.18	—	COM	27828Q105
—	GAMCO NAT RES GOLD & INCOME	33,660	$162	0.1%	$5.72	—	SH BEN INT	36465E101
—	LMP CAP & INCOME FD INC	16,065	$161	0.1%	$11.36	—	COM	50208A102
—	INVESCO HIGH INCOME TR II	13,366	$160	0.1%	$14.39	—	COM	46131F101
—	ABERDEEN AUSTRALIA EQUITY FD	30,510	$136	0.1%	$4.82	—	COM	003011103
—	EATON VANCE TAX MNGD BUY WRI	15,000	$134	0.1%	$8.93	—	COM SH BEN INT	27829M103
—	NUVEEN SR INCOME FD	25,499	$120	0.1%	$4.71	—	COM	67067Y104
—	JAPAN SMALLER CAPITALIZATION	12,530	$98	0.1%	$7.82	—	COM	47109U104