Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	27,169	$9,099	4.9%	$331.79	—	TR UNIT	78462F103
—	NUVEEN DOW 30 DYNAMIC OVERWR	356,878	$4,829	2.6%	$15.86	—	SHS	67075F105
—	GABELLI DIVID & INCOME TR	255,387	$4,686	2.5%	$19.16	—	COM	36242H104
—	NUVEEN TAX-ADVANTAGED DIVID	346,426	$4,528	2.4%	$14.29	—	COM	67073G105
—	CALAMOS LNG SHR EQT DYNAMIC	308,418	$4,483	2.4%	$15.36	—	COM	12812C106
—	TRI CONTL CORP	169,258	$4,389	2.3%	$23.07	—	COM	895436103
—	CENTRAL SECS CORP	150,934	$4,376	2.3%	$27.62	—	COM	155123102
—	SPROTT FOCUS TR INC	731,969	$4,355	2.3%	$6.74	—	COM	85208J109
—	NEW GERMANY FD INC	228,191	$3,852	2.1%	$15.04	—	COM	644465106
—	NUVEEN CORE EQUITY ALPHA FD	300,162	$3,842	2.1%	$13.10	—	COM	67090X107
—	ROYCE MICRO-CAP TR INC	473,929	$3,635	1.9%	$7.50	—	COM	780915104
—	APOLLO TACTICAL INCOME FD IN	266,500	$3,387	1.8%	$14.35	—	COM	037638103
—	FIRST TR ENHANCED EQTY INC F	217,414	$3,292	1.8%	$14.72	—	COM	337318109
—	WELLS FARGO MULTI SECTOR INC	280,877	$3,019	1.6%	$10.83	—	COM	94987D101
—	NUVEEN S&P 500 BUY-WRITE INC	265,049	$2,990	1.6%	$10.10	—	COM	6706ER101
—	VIRTUS GLOBAL MULTI-SEC INC	266,726	$2,875	1.5%	$11.63	—	COM	92829B101
—	CALAMOS CONV & HIGH INCOME F	242,577	$2,833	1.5%	$11.24	—	COM SHS	12811P108
—	WESTERN ASSET HIGH INCOME FD	420,501	$2,691	1.4%	$6.75	—	COM	95766J102
—	WELLS FARGO INCOME OPPORTUNI	342,368	$2,499	1.3%	$7.48	—	WF INC OPPTY FD	94987B105
—	JOHN HANCOCK HEDGED EQUITY &	234,031	$2,471	1.3%	$10.59	—	COM	47804L102
—	FRANKLIN UNVL TR	361,227	$2,464	1.3%	$6.52	—	SH BEN INT	355145103
—	PUTNAM PREMIER INCOME TR	513,435	$2,285	1.2%	$4.45	—	SH BEN INT	746853100
—	NUVEEN TX ADV TOTAL RET STRG	282,264	$2,261	1.2%	$10.56	—	COM	67090H102
—	NUVEEN S&P 500 DYNAMIC OVERW	159,792	$2,128	1.1%	$12.82	—	COM	6706EW100
—	ALLIANZGI ARTIFICIAL INTELLI	97,884	$2,112	1.1%	$17.53	—	COM	01883M101
XDCFX	BNY MELLON ALCENTRA GLOBAL C	256,460	$2,062	1.1%	$7.89	—	COM	05588N108
—	CLOUGH GLOBAL EQUITY FD	178,393	$2,000	1.1%	$10.26	—	COM	18914C100
—	FIRST TR ABERDEEN GLBL OPP F	205,695	$1,969	1.1%	$9.47	—	COM SHS	337319107
—	BLACKROCK ENHANCD CAP & INM	122,807	$1,899	1.0%	$15.09	—	COM	09256A109
—	COLUMBIA SELIGM PREM TECH GR	84,370	$1,847	1.0%	$21.89	—	COM	19842X109
—	EATON VANCE SHORT DURATION D	159,586	$1,827	1.0%	$11.40	—	COM	27828V104
—	EATON VANCE TAX-MANAGED GLOB	245,940	$1,810	1.0%	$7.38	—	COM	27829F108
XHITX	INVESCO HIGH INCOME 2023 TAR	222,162	$1,762	0.9%	$7.93	—	COM	46135X108
—	EATON VANCE TX ADV GLBL DIV	118,088	$1,756	0.9%	$12.59	—	COM	27828S101
—	CALAMOS STRATEGIC TOTL RETN	128,931	$1,735	0.9%	$13.46	—	COM SH BEN INT	128125101
—	SPECIAL OPPORTUNITIES FD INC	139,209	$1,727	0.9%	$15.04	—	COM	84741T104
—	GUGGENHEIM ENHANCED EQUITY I	314,606	$1,715	0.9%	$6.62	—	COM	40167B100
—	PUTNAM MASTER INTER INCOME T	412,159	$1,694	0.9%	$4.09	—	SH BEN INT	746909100
XXCHNXX	CHINA FD INC	65,015	$1,637	0.9%	$22.55	—	COM	169373107
—	BARINGS GLOBAL SHORT DURATIO	121,169	$1,614	0.9%	$12.89	—	COM	06760L100
—	FIRST TR SR FLOATING RATE 20	185,678	$1,567	0.8%	$8.45	—	COM SHS	33740K101
—	DOUBLELINE OPPORTUNISTIC CR	82,233	$1,567	0.8%	$19.03	—	COM	258623107
—	BLACKROCK ENHANCED EQUITY DI	202,339	$1,479	0.8%	$6.53	—	COM	09251A104
—	BLACKROCK ENHANCED GLOBAL DI	154,027	$1,474	0.8%	$9.52	—	COM	092501105
—	TEMPLETON EMERGING MKTS INCO	185,227	$1,373	0.7%	$7.67	—	COM	880192109
—	TORTOISE ESSENTIAL ASSETS IN	127,477	$1,346	0.7%	$13.21	—	COM SH BEN INT	89148A103
—	ALLIANZGI CONV & INCM 2024 T	147,668	$1,299	0.7%	$8.80	—	COM	01883H102
—	BLACKROCK DEBT STRATEGIES FD	122,075	$1,213	0.6%	$10.76	—	COM NEW	09255R202
—	BLACKROCK FLOATING RATE INCO	105,411	$1,212	0.6%	$10.78	—	COM	09255X100
—	EATON VANCE ENHANCED EQ INC	81,158	$1,188	0.6%	$14.64	—	COM	278274105
—	EATON VANCE TAX ADVT DIV INC	59,064	$1,164	0.6%	$19.48	—	COM	27828G107
—	EATON VANCE LTD DURATION INC	101,989	$1,153	0.6%	$12.62	—	COM	27828H105
—	TEMPLETON DRAGON FD INC	52,292	$1,147	0.6%	$20.21	—	COM	88018T101
—	CLOUGH GLOBAL OPPORTUNITIES	120,519	$1,126	0.6%	$9.15	—	SH BEN INT	18914E106
—	ROYCE VALUE TR INC	88,409	$1,117	0.6%	$12.63	—	COM	780910105
—	EATON VANCE HIGH INCOME 2021	113,198	$1,072	0.6%	$9.23	—	COM SH BEN INT	27829W101
—	NUVEEN CORPORATE INCM NOVEME	117,652	$1,053	0.6%	$8.94	—	COM	67077N106
—	NEW IRELAND FD INC	125,188	$1,053	0.6%	$8.58	—	COM	645673104
—	PGIM GLOBAL HIGH YIELD FD FO	79,283	$1,050	0.6%	$14.21	—	COM	69346J106
—	MFS MULTIMARKET INCOME TR	186,309	$1,047	0.6%	$5.45	—	SH BEN INT	552737108
—	ALLIANCEBERNSTEIN GLOBAL HIG	99,132	$1,042	0.6%	$10.72	—	COM	01879R106
—	ALLIANZGI DIVIDEND INT & PRM	87,087	$1,028	0.5%	$11.80	—	COM	01883A107
—	EATON VANCE TX ADV GLB DIV O	48,825	$1,015	0.5%	$20.77	—	COM	27828U106
—	EUROPEAN EQUITY FD INC	105,972	$1,002	0.5%	$8.41	—	COM	298768102
—	BNY MELLON HIGH YIELD STRATE	362,373	$982	0.5%	$3.06	—	SH BEN INT	09660L105
—	GENERAL AMERN INVS INC	28,635	$972	0.5%	$32.36	—	COM	368802104
—	DUFF & PHELPS UTLITY AND INF	93,367	$964	0.5%	$10.32	—	COM	26433C105
—	MORGAN STANLEY CHINA A SH FD	45,568	$962	0.5%	$20.57	—	COM	617468103
—	BOULDER GROWTH & INCOME FD I	93,420	$934	0.5%	$9.78	—	COM	101507101
—	CBRE CLARION GLOBAL REAL EST	148,595	$889	0.5%	$5.67	—	COM	12504G100
—	TEKLA HEALTHCARE INVS	41,780	$862	0.5%	$19.76	—	SH BEN INT	87911J103
—	WESTERN ASSET PREMIER BD FD	65,799	$850	0.5%	$12.92	—	SHS BEN INT	957664105
—	BLACKROCK LTD DURATION INC T	57,243	$842	0.4%	$13.22	—	COM SHS	09249W101
—	FIRST TR INTER DUR PFD & IN	38,800	$834	0.4%	$21.49	—	COM	33718W103
—	CALAMOS GLOBAL TOTAL RETURN	69,159	$820	0.4%	$11.86	—	COM SH BEN INT	128118106
—	ARES DYNAMIC CR ALLOCATION F	64,455	$817	0.4%	$14.94	—	COM	04014F102
—	DELAWARE INVTS DIV & INCOME	101,125	$816	0.4%	$8.38	—	COM	245915103
—	WELLS FARGO GLOBAL DIVIDEND	191,774	$811	0.4%	$4.23	—	COM	94987C103
—	PGIM HIGH YIELD BOND FUND IN	57,917	$800	0.4%	$13.42	—	COM	69346H100
—	ADAMS DIVERSIFIED EQUITY FD	46,993	$762	0.4%	$12.90	—	COM	006212104
—	CALAMOS CONV OPPORTUNITIES &	63,544	$699	0.4%	$10.19	—	SH BEN INT	128117108
—	VOYA ASIA PAC DIVID EQUITY I	87,154	$690	0.4%	$7.92	—	COM	92912J102
—	EATON VANCE FLTING RATE INC	56,605	$672	0.4%	$12.77	—	COM	278279104
—	HANCOCK JOHN PFD INCOME FD I	37,140	$662	0.4%	$17.82	—	COM	41013X106
—	FIRST TR SR FLG RTE INCM FD	58,665	$644	0.3%	$11.72	—	COM	33733U108
—	WESTERN ASSET HIGH YIELD DEF	45,539	$639	0.3%	$14.30	—	COM	95768B107
—	FIRST TR HIGH INCOME L/S FD	44,051	$613	0.3%	$13.48	—	COM	33738E109
—	HIGHLAND GLOBAL ALLOCATION F	97,466	$604	0.3%	$4.35	—	COM	43010T104
—	EATON VANCE ENH EQTY INC FD	32,579	$601	0.3%	$18.45	—	COM	278277108
—	BLACKROCK MULTI-SECTOR INC T	37,064	$585	0.3%	$15.73	—	COM	09258A107
—	RIVERNORTH OPPORTUNITIES FD	40,654	$583	0.3%	$14.34	—	COM	76881y109
—	MFS INTER INCOME TR	154,785	$577	0.3%	$3.73	—	SH BEN INT	55273C107
—	NUVEEN PFD & INCOME OPPORTUN	65,111	$553	0.3%	$9.50	—	COM	67073B106
—	NUVEEN GLOBAL HIGH INCOME FD	40,901	$553	0.3%	$13.52	—	SHS	67075G103
—	MFS CHARTER INCOME TR	68,834	$551	0.3%	$8.02	—	SH BEN INT	552727109
—	HERZFELD CARIBBEAN BASIN FD	151,091	$544	0.3%	$6.43	—	COM	42804T106
XPHDX	PIONEER FLOATING RATE TR	53,433	$540	0.3%	$10.11	—	COM	72369J102
—	BLACKROCK CORPOR HI YLD FD I	48,194	$515	0.3%	$10.69	—	COM	09255P107
—	SPECIAL OPPORTUNITIES FD INC	20,153	$508	0.3%	$25.44	—	PFD CONV SE B	84741T302
—	ABERDEEN TOTAL DYNAMIC DIVD	61,315	$487	0.3%	$7.94	—	COM SH BEN INT	00326L100
—	RIVERNORTH DOUBLELINE STRATE	35,434	$486	0.3%	$13.72	—	COM	76882G107
—	DUFF & PHELPS UTIL CORP BD T	52,462	$484	0.3%	$9.23	—	COM	26432K108
—	ELLSWORTH GROWTH & INCOME FD	41,834	$483	0.3%	$11.55	—	COM	289074106
—	APOLLO SR FLOATING RATE FD I	37,103	$476	0.3%	$12.42	—	COM	037636107
—	CLOUGH GLOBAL DIVID & INCOME	50,745	$468	0.3%	$11.57	—	COM	18913Y103
—	HANCOCK JOHN TAX-ADVANTAGED	24,159	$461	0.2%	$18.38	—	COM	41013V100
—	HANCOCK JOHN INVS TR	28,338	$449	0.2%	$16.27	—	COM	410142103
—	BLACKROCK FLOATING RATE INCO	38,483	$432	0.2%	$12.02	—	COM	091941104
—	INVESCO DYNAMIC CR OPPORTUNI	46,143	$425	0.2%	$11.35	—	COM	46132R104
—	HANCOCK JOHN PFD INCOME FD I	26,497	$423	0.2%	$15.96	—	COM	41021P103
—	NUVEEN PFD & INCM SECURTIES	48,000	$423	0.2%	$8.68	—	COM	67072C105
—	EATON VANCE FLTG RATE INCOM	29,954	$420	0.2%	$14.02	—	COM SHS BEN INT	278284104
—	ALLIANZGI CONV INCOME FD	84,850	$389	0.2%	$4.58	—	COM	018828103
—	VOYA EMERGING MKTS HIGH DIVI	58,334	$386	0.2%	$6.38	—	COM	92912P108
—	LIBERTY ALL-STAR GROWTH FD I	53,491	$380	0.2%	$6.29	—	COM	529900102
—	WESTERN ASSET GLOBAL HIGH IN	37,095	$358	0.2%	$9.65	—	COM	95766B109
—	EATON VANCE TXMGD GL BUYWR O	41,527	$355	0.2%	$8.55	—	COM	27829C105
—	BANCROFT FD LTD	13,746	$342	0.2%	$24.88	—	COM	059695106
—	NUVEEN NASDAQ 100 DYNAMIC OV	13,981	$340	0.2%	$19.36	—	COM SHS	670699107
—	SWISS HELVETIA FD INC	40,995	$339	0.2%	$7.97	—	COM	870875101
XFEOX	FIRST TR / ABERDEEN EMERGING	27,845	$335	0.2%	$11.86	—	COM	33731K102
XJPIX	NUVEEN PFD & INCOME TERM FD	15,077	$331	0.2%	$21.95	—	COM	67075A106
—	TEKLA LIFE SCIENCES INVS	18,696	$329	0.2%	$15.39	—	SH BEN INT	87911K100
—	BNY MELLON MUN BD INFRASTRUC	24,366	$328	0.2%	$12.39	—	COM SHS	09662W109
—	STONE HBR EMERGING MKTS TOTA	46,103	$325	0.2%	$7.05	—	COM	86164W100
—	ALLIANZGI EQUITY & CONV INCO	13,202	$321	0.2%	$24.31	—	COM	018829101
—	CALAMOS GBL DYN INCOME FUND	38,456	$313	0.2%	$5.74	—	COM	12811L107
—	TAIWAN FD INC	13,473	$310	0.2%	$23.01	—	COM	874036106
—	HANCOCK JOHN INVT TR	58,667	$299	0.2%	$5.02	—	TAX ADV GLB SH	41013P749
—	LMP CAP & INCOME FD INC	29,101	$297	0.2%	$10.84	—	COM	50208A102
—	DOUBLELINE INCOME SOLUTIONS	18,097	$290	0.2%	$17.90	—	COM	258622109
—	ABERDEEN AUSTRALIA EQUITY FD	59,899	$267	0.1%	$4.64	—	COM	003011103
—	MACQUARIE / FIRST TR GLOBAL	34,620	$266	0.1%	$7.68	—	COM	55607W100
—	EATON VANCE SR FLTNG RTE TR	22,615	$263	0.1%	$10.66	—	COM	27828Q105
—	WESTERN ASSET HIGH INCOME OP	51,056	$250	0.1%	$4.90	—	COM	95766K109
—	ALLIANZGI CONV & INCOME FD I	56,300	$231	0.1%	$3.33	—	COM	018825109
—	BLACKROCK CORE BD TR	14,700	$230	0.1%	$15.65	—	SHS BEN INT	09249E101
—	NUVEEN CR STRATEGIES INCOME	38,412	$227	0.1%	$5.85	—	COM SHS	67073D102
—	COHEN & STEERS LTD DURATION	9,686	$226	0.1%	$23.33	—	COM	19248C105
—	KKR INCOME OPPORTUNITIES FD	16,263	$220	0.1%	$11.51	—	COM	48249T106
—	WESTERN ASSET GLOBAL CP DEFI	13,206	$219	0.1%	$16.58	—	COM	95790C107
XPHTX	PIONEER HIGH INCOME TR	26,736	$213	0.1%	$8.09	—	COM	72369H106
—	ABERDEEN GLOBAL DYNAMIC DIVI	22,707	$209	0.1%	$9.20	—	COM	00302M106
—	RIVERNORTH SPECIALTY FIN COR	13,779	$204	0.1%	$14.85	—	COM	76882B108
—	ABERDEEN ASIA-PACIFIC INCOME	50,000	$199	0.1%	$3.87	—	COM	003009107
—	XAI OCTAGON FLOATING RATE &	30,979	$186	0.1%	$6.00	—	COM	98400T106
—	GAMCO NAT RES GOLD & INCOME	33,660	$166	0.1%	$5.72	—	SH BEN INT	36465E101
—	COHEN & STEERS CLOSED END OP	14,124	$157	0.1%	$10.65	—	COM	19248P106
—	MORGAN STANLEY EMER MKTS DEB	16,738	$140	0.1%	$8.36	—	COM	61744H105
XJEQX	ABERDEEN JAPAN EQUITY FD INC	14,700	$122	0.1%	$8.30	—	COM	00306J109
—	GABELLI GLB SML & MD CP VAL	12,039	$121	0.1%	$8.88	—	COM	36249W104
—	JAPAN SMALLER CAPITALIZATION	12,530	$109	0.1%	$7.82	—	COM	47109U104
XMFVX	MFS SPL VALUE TR	15,762	$84	0.0%	$5.33	—	SH BEN INT	55274E102
—	NUVEEN CR OPPORTUNITIES 2022	10,056	$79	0.0%	$7.86	—	COM	67075U102