Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GABELLI DIVID & INCOME TR	317,850	$6,821	2.8%	$19.61	—	COM	36242H104
—	CENTRAL SECS CORP	184,363	$6,018	2.5%	$28.53	—	COM	155123102
—	SPROTT FOCUS TR INC	833,073	$5,748	2.4%	$6.76	—	COM	85208J109
—	NUVEEN CORE EQUITY ALPHA FD	354,467	$4,987	2.1%	$13.25	—	COM	67090X107
—	NUVEEN TAX-ADVANTAGED DIVID	332,395	$4,727	2.0%	$14.29	—	COM	67073G105
—	NEW GERMANY FD INC	228,932	$4,357	1.8%	$15.04	—	COM	644465106
—	BOULDER GROWTH & INCOME FD I	380,645	$4,240	1.8%	$10.80	—	COM	101507101
—	FIRST TR ENHANCED EQTY INC F	240,556	$4,239	1.8%	$15.00	—	COM	337318109
—	NUVEEN DOW 30 DYNAMIC OVERWR	275,529	$4,188	1.7%	$15.86	—	SHS	67075F105
—	DOUBLELINE INCOME SOLUTIONS	246,371	$4,085	1.7%	$16.68	—	COM	258622109
—	SOURCE CAP INC	92,511	$3,692	1.5%	$39.91	—	COM	836144105
—	BLACKROCK ENHANCD CAP & INM	209,202	$3,640	1.5%	$16.04	—	COM	09256A109
—	CALAMOS LNG SHR EQT DYNAMIC	201,818	$3,518	1.5%	$15.36	—	COM	12812C106
—	NUVEEN NASDAQ 100 DYNAMIC OV	134,712	$3,504	1.5%	$25.32	—	COM SHS	670699107
—	PUTNAM PREMIER INCOME TR	743,881	$3,459	1.4%	$4.51	—	SH BEN INT	746853100
—	FRANKLIN UNVL TR	461,483	$3,457	1.4%	$6.73	—	SH BEN INT	355145103
—	SPECIAL OPPORTUNITIES FD INC	228,816	$3,222	1.3%	$14.66	—	COM	84741T104
—	NUVEEN S&P 500 DYNAMIC OVERW	210,659	$3,210	1.3%	$13.40	—	COM	6706EW100
XDCFX	BNY MELLON ALCENTRA GLOBAL C	373,872	$3,174	1.3%	$8.08	—	COM	05588N108
—	APOLLO TACTICAL INCOME FD IN	218,872	$3,169	1.3%	$14.35	—	COM	037638103
—	COLUMBIA SELIGM PREM TECH GR	113,194	$3,083	1.3%	$23.25	—	COM	19842X109
—	ANGEL OAK FINL STRATEGIES IN	181,551	$3,057	1.3%	$16.84	—	COM BEN INT	03464A100
—	NUVEEN TX ADV TOTAL RET STRG	316,621	$2,983	1.2%	$10.44	—	COM	67090H102
SPY	SPDR S&P 500 ETF TR	7,842	$2,932	1.2%	$331.79	—	TR UNIT	78462F103
—	DOUBLELINE OPPORTUNISTIC CR	147,011	$2,889	1.2%	$19.31	—	COM	258623107
—	NUVEEN S&P 500 BUY-WRITE INC	223,697	$2,881	1.2%	$10.10	—	COM	6706ER101
—	CALAMOS CONV & HIGH INCOME F	194,614	$2,779	1.2%	$11.24	—	COM SHS	12811P108
—	WELLS FARGO ADVANTAGE INCOME	339,442	$2,770	1.2%	$7.48	—	WF INC OPPTY FD	94987B105
—	BLACKROCK DEBT STRATEGIES FD	257,078	$2,686	1.1%	$10.60	—	COM NEW	09255R202
—	BLACKSTONE STRATEGIC CREDIT	214,673	$2,679	1.1%	$12.48	—	COM SHS BEN IN	09257R101
—	EATON VANCE ENHANCED EQUITY	164,121	$2,654	1.1%	$15.41	—	COM	278274105
XHITX	INVESCO HIGH INCOME 2023 TAR	313,172	$2,640	1.1%	$8.08	—	COM	46135X108
—	VIRTUS GLOBAL MULTI-SECTOR I	217,954	$2,639	1.1%	$11.63	—	COM	92829B101
—	JOHN HANCOCK HEDGED EQUITY &	225,866	$2,584	1.1%	$10.59	—	COM	47804L102
—	ROYCE MICRO-CAP TR INC	254,984	$2,580	1.1%	$7.50	—	COM	780915104
—	ALLIANZGI DIVIDEND INT & PRM	183,813	$2,474	1.0%	$12.68	—	COM	01883A107
—	CLOUGH GLOBAL EQUITY FD	175,665	$2,410	1.0%	$10.26	—	COM	18914C100
—	WELLS FARGO ADV MULTI SCTR I	195,803	$2,377	1.0%	$10.83	—	COM	94987D101
—	KKR INCOME OPPORTUNITIES FD	163,899	$2,365	1.0%	$14.14	—	COM	48249T106
—	TORTOISE ESSENTIAL ASSETS IN	176,780	$2,309	1.0%	$13.17	—	COM SH BEN INT	89148A103
—	FIRST TR ABERDEEN GLBL OPP F	215,496	$2,273	0.9%	$9.52	—	COM SHS	337319107
—	PUTNAM MASTER INTER INCOME T	517,250	$2,188	0.9%	$4.11	—	SH BEN INT	746909100
—	LIBERTY ALL STAR EQUITY FD	316,586	$2,184	0.9%	$6.90	—	SH BEN INT	530158104
XXCHNXX	CHINA FD INC	72,780	$2,079	0.9%	$23.19	—	COM	169373107
—	BLACKROCK FLOATING RATE INCO	164,484	$1,992	0.8%	$11.26	—	COM	09255X100
—	GUGGENHEIM ENHANCED EQUITY I	300,489	$1,968	0.8%	$6.62	—	COM	40167B100
—	EATON VANCE TAX-MANAGED GLOB	200,100	$1,937	0.8%	$9.45	—	COM	27829C105
—	ROYCE VALUE TR INC	118,851	$1,918	0.8%	$13.53	—	COM	780910105
—	ABERDEEN TOTAL DYNAMIC DIVD	210,192	$1,860	0.8%	$8.58	—	COM SH BEN INT	00326L100
—	NUVEEN CR STRATEGIES INCOME	293,500	$1,858	0.8%	$6.27	—	COM SHS	67073D102
—	BARINGS GLOBAL SHORT DURATIO	122,812	$1,853	0.8%	$12.92	—	COM	06760L100
—	FIRST TR SR FLOATING RATE 20	200,682	$1,804	0.8%	$8.49	—	COM SHS	33740K101
—	HANCOCK JOHN PFD INCOME FD I	92,451	$1,757	0.7%	$18.53	—	COM	41013X106
—	NUVEEN CR OPPORTUNITIES 2022	215,591	$1,733	0.7%	$8.03	—	COM	67075U102
—	NEW IRELAND FD INC	165,444	$1,717	0.7%	$9.01	—	COM	645673104
—	EATON VANCE LTD DURATION INC	134,302	$1,683	0.7%	$12.60	—	COM	27828H105
—	VOYA PRIME RATE TR	367,521	$1,643	0.7%	$4.47	—	SH BEN INT	92913A100
—	EUROPEAN EQUITY FD INC	154,600	$1,608	0.7%	$9.03	—	COM	298768102
—	TEMPLETON DRAGON FD INC	66,836	$1,561	0.7%	$20.89	—	COM	88018T101
—	BLACKROCK ENHANCED EQUITY DI	180,096	$1,525	0.6%	$6.53	—	COM	09251A104
—	HANCOCK JOHN PFD INCOME FD	66,675	$1,312	0.5%	$19.68	—	SH BEN INT	41013W108
—	NUVEEN CORPORATE INCM NOVEME	138,510	$1,274	0.5%	$8.98	—	COM	67077N106
—	ADAMS DIVERSIFIED EQUITY FD	73,023	$1,263	0.5%	$14.47	—	COM	006212104
—	EATON VANCE SR FLTNG RTE TR	96,903	$1,234	0.5%	$12.25	—	COM	27828Q105
—	CLOUGH GLOBAL OPPORTUNITIES	109,908	$1,221	0.5%	$9.15	—	SH BEN INT	18914E106
—	COHEN & STEERS CLOSED END OP	97,701	$1,213	0.5%	$12.16	—	COM	19248P106
—	DELAWARE INVTS DIV & INCOME	129,367	$1,197	0.5%	$8.57	—	COM	245915103
—	RIVERNORTH DOUBLELINE STRATE	82,909	$1,187	0.5%	$14.06	—	COM	76882G107
—	NEUBERGER BERMAN HIGH YIELD	100,865	$1,179	0.5%	$11.69	—	COM	64128C106
—	EATON VANCE TAX-MANAGED GLOB	132,926	$1,166	0.5%	$7.38	—	COM	27829F108
—	NUVEEN FLOATING RATE INCOME	132,942	$1,162	0.5%	$8.74	—	COM	67072T108
—	DELAWARE ENHANCED GBL DIV &	119,014	$1,159	0.5%	$9.74	—	COM	246060107
—	NUVEEN EMERGING MKTS DEBT 20	154,194	$1,153	0.5%	$7.48	—	COM	67077P101
—	MORGAN STANLEY CHINA A SH FD	51,856	$1,149	0.5%	$20.76	—	COM	617468103
—	ALLIANZGI ARTIFICIAL INTELLI	42,798	$1,129	0.5%	$17.53	—	COM	01883M101
—	FIRST EAGLE SENIOR LOAN FUND	79,828	$1,115	0.5%	$13.97	—	COM NEW	32010E100
—	TEMPLETON EMERGING MKTS INCO	140,127	$1,089	0.5%	$7.67	—	COM	880192109
—	PGIM GLOBAL HIGH YIELD FD FO	71,376	$1,037	0.4%	$14.21	—	COM	69346J106
—	ALLIANZGI CONV & INCM 2024 T	102,651	$1,025	0.4%	$8.80	—	COM	01883H102
—	CREDIT SUISSE HIGH YIELD BD	447,435	$1,020	0.4%	$2.28	—	SH BEN INT	22544F103
—	WELLS FARGO GLOBAL DIVIDEND	209,876	$1,018	0.4%	$4.28	—	COM	94987C103
—	VOYA ASIA PAC HIGH DIV EQT I	116,626	$1,006	0.4%	$8.10	—	COM	92912J102
—	TEKLA HEALTHCARE INVS	41,780	$996	0.4%	$19.76	—	SH BEN INT	87911J103
—	CALAMOS DYNAMIC CONV & INCOM	34,348	$968	0.4%	$28.18	—	COM	12811V105
—	BLACKROCK 2022 GBL INCM OPP	106,281	$961	0.4%	$9.04	—	COM	09258P104
—	LMP CAP & INCOME FD INC	82,288	$959	0.4%	$11.37	—	COM	50208A102
—	TRI CONTL CORP	32,487	$957	0.4%	$23.07	—	COM	895436103
—	BLACKROCK LTD DURATION INC T	59,215	$943	0.4%	$13.31	—	COM SHS	09249W101
—	CALAMOS CONV OPPORTUNITIES &	69,595	$942	0.4%	$10.48	—	SH BEN INT	128117108
—	HIGHLAND GLOBAL ALLOCATION F	139,293	$910	0.4%	$5.01	—	COM	43010T104
—	EATON VANCE TAX MNGED BUY WR	60,559	$908	0.4%	$14.99	—	COM	27828X100
—	VOYA GLBL ADV & PREM OPP FD	102,608	$898	0.4%	$8.75	—	COM	92912R104
—	HANCOCK JOHN PFD INCOME FD I	47,838	$827	0.3%	$16.55	—	COM	41021P103
—	MFS INTER INCOME TR	213,019	$812	0.3%	$3.75	—	SH BEN INT	55273C107
—	FIRST TR HIGH INCOME L/S FD	53,115	$785	0.3%	$13.70	—	COM	33738E109
—	BLACKSTONE SENIOR FLOATNG RA	54,383	$773	0.3%	$14.21	—	COM	09256U105
—	IVY HIGH INCOME OPPORTUNITIE	57,331	$761	0.3%	$13.27	—	COM	465893105
—	MFS CHARTER INCOME TR	86,747	$761	0.3%	$8.17	—	SH BEN INT	552727109
—	CBRE CLARION GLOBAL REAL EST	107,718	$741	0.3%	$5.67	—	COM	12504G100
—	GABELLI CONV & INC SECS FD I	114,037	$713	0.3%	$6.25	—	COM	36240B109
—	HANCOCK JOHN INVS TR	40,556	$700	0.3%	$16.57	—	COM	410142103
—	EATON VANCE HIGH INCOME 2021	69,694	$677	0.3%	$9.23	—	COM SH BEN INT	27829W101
—	NUVEEN PFD & INCOME OPPORTUN	70,618	$671	0.3%	$9.50	—	COM	67073B106
—	BLACKSTONE LONG-SHORT CREDIT	49,510	$664	0.3%	$13.41	—	COM SHS BN INT	09257D102
—	EATON VANCE TAX-MANAGED DIVE	52,161	$639	0.3%	$12.25	—	COM	27828N102
—	ABERDEEN GLOBAL DYNAMIC DIVI	59,765	$624	0.3%	$9.97	—	COM	00302M106
—	FRANKLIN LTD DURATION INCOME	66,061	$622	0.3%	$9.42	—	COM	35472T101
—	HERZFELD CARIBBEAN BASIN FD	120,509	$616	0.3%	$6.43	—	COM	42804T106
—	FIRST TR DYNAMIC EUROPE EQUI	52,165	$616	0.3%	$11.81	—	COM SHS	33740d107
—	VOYA GLBL EQTY DIV & PREM OP	117,861	$615	0.3%	$5.22	—	COM	92912T100
—	BNY MELLON HIGH YIELD STRATE	203,659	$611	0.3%	$3.06	—	SH BEN INT	09660L105
—	TEMPLETON GLOBAL INCOME FD	107,883	$593	0.2%	$5.50	—	COM	880198106
XFEOX	FIRST TR / ABERDEEN EMERGING	39,596	$567	0.2%	$12.59	—	COM	33731K102
—	PGIM HIGH YIELD BOND FUND IN	37,659	$565	0.2%	$13.42	—	COM	69346H100
—	EATON VANCE TAX MNGD BUY WRI	55,033	$545	0.2%	$9.90	—	COM SH BEN INT	27829M103
—	VOYA EMERGING MKTS HIGH DIVI	75,075	$545	0.2%	$6.58	—	COM	92912P108
—	EATON VANCE SHORT DURATION D	43,632	$539	0.2%	$11.40	—	COM	27828V104
—	HANCOCK JOHN INVT TR	95,953	$531	0.2%	$5.22	—	TAX ADV GLB SH	41013P749
XEFLX	EATON VANCE FLOATING RATE 20	59,260	$527	0.2%	$8.89	—	COM	27831H100
—	INVESCO SR INCOME TR	125,905	$501	0.2%	$3.98	—	COM	46131H107
—	SWISS HELVETIA FD INC	55,537	$497	0.2%	$8.23	—	COM	870875101
—	WESTERN ASSET GLOBAL CP DEFI	26,213	$474	0.2%	$17.33	—	COM	95790C107
—	ALLIANCEBERNSTEIN GLOBAL HIG	39,849	$469	0.2%	$10.72	—	COM	01879R106
—	TAIWAN FD INC	17,973	$461	0.2%	$23.67	—	COM	874036106
—	MACQUARIE / FIRST TR GLOBAL	54,330	$455	0.2%	$7.93	—	COM	55607W100
—	NUVEEN SR INCOME FD	82,900	$430	0.2%	$5.19	—	COM	67067Y104
—	ABERDEEN AUSTRALIA EQUITY FD	81,272	$428	0.2%	$4.81	—	COM	003011103
—	MACQUARIE GLOBAL INFRASTRUCT	20,589	$418	0.2%	$20.30	—	COM	55608D101
—	BLACKROCK MULTI-SECTOR INC T	23,722	$416	0.2%	$15.73	—	COM	09258A107
—	APOLLO SR FLOATING RATE FD I	28,094	$405	0.2%	$12.42	—	COM	037636107
—	WESTERN ASSET HIGH INCOME OP	78,438	$388	0.2%	$4.91	—	COM	95766K109
—	TEKLA LIFE SCIENCES INVS	18,696	$369	0.2%	$15.39	—	SH BEN INT	87911K100
—	GENERAL AMERN INVS CO INC	9,630	$358	0.1%	$32.36	—	COM	368802104
—	ADVENT CONVERTIBLE & INCOME	19,624	$324	0.1%	$16.51	—	COM	00764C109
—	EATON VANCE TAX ADVT DIV INC	13,356	$316	0.1%	$19.48	—	COM	27828G107
—	MFS MULTIMARKET INCOME TR	51,234	$313	0.1%	$5.45	—	SH BEN INT	552737108
—	ALLIANZGI EQUITY & CONV INCO	10,953	$310	0.1%	$24.31	—	COM	018829101
—	MORGAN STANLEY EMERGING MKTS	48,134	$303	0.1%	$6.29	—	COM	617477104
—	JAPAN SMALLER CAPITALIZATION	33,543	$303	0.1%	$8.58	—	COM	47109U104
—	WESTERN ASSET INVESTMENT GRA	18,430	$293	0.1%	$15.90	—	COM	95766T100
—	ALLIANZGI CONV & INCOME FD	46,834	$269	0.1%	$4.58	—	COM	018828103
—	ARES DYNAMIC CR ALLOCATION F	18,012	$257	0.1%	$14.94	—	COM	04014F102
—	WESTERN ASSET HIGH YIELD DEF	16,439	$253	0.1%	$14.30	—	COM	95768B107
—	ALLIANZGI CONV & INCOME FD I	48,772	$248	0.1%	$3.33	—	COM	018825109
—	HANCOCK JOHN TAX-ADVANTAGED	11,759	$247	0.1%	$18.38	—	COM	41013V100
—	NUVEEN REAL ESTATE INCOME FD	29,209	$247	0.1%	$8.46	—	COM	67071B108
—	EATON VANCE TX ADV GLBL DIV	12,823	$234	0.1%	$12.59	—	COM	27828S101
—	NUVEEN PFD & INCM SECURTIES	23,900	$233	0.1%	$8.68	—	COM	67072C105
XEGFX	BLACKROCK ENHANCED GOVT FD I	17,211	$232	0.1%	$13.48	—	COM	09255K108
—	WESTERN ASSET INVT GRADE DEF	9,635	$215	0.1%	$22.31	—	COM	95790A101
—	NUVEEN REAL ASSET INCOME & G	15,500	$209	0.1%	$13.48	—	COM	67074Y105
XJPIX	NUVEEN PFD & INCOME TERM FD	8,236	$203	0.1%	$21.95	—	COM	67075A106
ADBE	ADOBE SYSTEMS INCORPORATED	400	$200	0.1%	$483.11	0.0%	COM	00724F101
—	NUVEEN DIVERSIFIED DIVID & I	22,256	$195	0.1%	$8.76	—	COM	6706EP105
—	COHEN & STEERS QUALITY INCOM	15,000	$186	0.1%	$12.40	—	COM	19247L106
—	VOYA INTL HIGH DIV EQTY INM	37,521	$172	0.1%	$4.58	—	COM	92912Y109
—	BLACKROCK ENHANCED INTL DIV	29,045	$170	0.1%	$5.85	—	COM BENE INTER	092524107
—	WESTERN ASSET PREMIER BD FD	11,713	$166	0.1%	$12.92	—	SHS BEN INT	957664105
—	GAMCO NAT RES GOLD & INCOME	31,870	$163	0.1%	$5.72	—	SH BEN INT	36465E101
—	BLACKROCK CR ALLOCATION INCO	10,263	$151	0.1%	$14.71	—	COM	092508100
XJEQX	ABERDEEN JAPAN EQUITY FD INC	14,700	$139	0.1%	$8.30	—	COM	00306J109
—	BLACKROCK ENHANCED GLOBAL DI	12,508	$136	0.1%	$9.52	—	COM	092501105
—	DUFF & PHELPS UTLITY AND INF	10,414	$127	0.1%	$10.32	—	COM	26433C105
XPHDX	PIONEER FLOATING RATE TR	10,509	$107	0.0%	$10.11	—	COM	72369J102
—	CREDIT SUISSE ASSET MGMT INC	26,557	$84	0.0%	$3.16	—	COM	224916106