Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	25,225	$9,997	4.0%	$376.25	—	TR UNIT	78462F103
—	CENTRAL SECS CORP	179,790	$6,816	2.7%	$28.53	—	COM	155123102
—	FIRST TR ENHANCED EQTY INC F	293,384	$5,486	2.2%	$15.66	—	COM	337318109
—	SPECIAL OPPORTUNITIES FD INC	349,705	$5,127	2.0%	$14.66	—	COM	84741T104
—	VIRTUS DIVIDEND INTEREST & P	345,272	$4,758	1.9%	$13.78	—	COM	92840R101
—	GUGGENHEIM ENHANCED EQUITY I	652,882	$4,707	1.9%	$6.94	—	COM	40167B100
—	NUVEEN TAX-ADVANTAGED DIVID	301,251	$4,552	1.8%	$14.29	—	COM	67073G105
—	NEW GERMANY FD INC	227,927	$4,506	1.8%	$15.04	—	COM	644465106
—	NUVEEN DOW 30 DYNAMIC OVERWR	272,586	$4,430	1.8%	$15.86	—	SHS	67075F105
—	SOURCE CAP INC	99,433	$4,350	1.7%	$40.18	—	COM	836144105
—	SPROTT FOCUS TR INC	555,607	$4,334	1.7%	$6.76	—	COM	85208J109
—	ROYCE VALUE TR INC	227,347	$4,117	1.6%	$15.72	—	COM	780910105
—	FRANKLIN UNVL TR	537,920	$4,034	1.6%	$6.84	—	SH BEN INT	355145103
—	TRI CONTL CORP	123,697	$4,012	1.6%	$29.98	—	COM	895436103
—	ROYCE MICRO-CAP TR INC	333,323	$3,767	1.5%	$8.39	—	COM	780915104
—	GENERAL AMERN INVS CO INC	90,544	$3,607	1.4%	$39.04	—	COM	368802104
—	ABERDEEN ASIA-PACIFIC INCOME	876,823	$3,586	1.4%	$4.09	—	COM	003009107
—	BLACKSTONE STRATEGIC CREDIT	265,650	$3,541	1.4%	$12.64	—	COM SHS BEN IN	09257R101
—	PUTNAM MASTER INTER INCOME T	809,602	$3,497	1.4%	$4.19	—	SH BEN INT	746909100
—	EATON VANCE TX ADV GLBL DIV	174,909	$3,339	1.3%	$18.61	—	COM	27828S101
—	BOULDER GROWTH & INCOME FD I	257,637	$3,241	1.3%	$10.80	—	COM	101507101
—	APOLLO TACTICAL INCOME FD IN	214,604	$3,193	1.3%	$14.35	—	COM	037638103
—	WELLS FARGO ADVANTAGE INCOME	370,093	$3,124	1.2%	$7.56	—	WF INC OPPTY FD	94987B105
—	ANGEL OAK FINL STRATEGIES IN	172,749	$3,009	1.2%	$16.84	—	COM BEN INT	03464A100
—	ADAMS DIVERSIFIED EQUITY FD	160,143	$2,924	1.2%	$16.53	—	COM	006212104
—	CLOUGH GLOBAL EQUITY FD	192,052	$2,917	1.2%	$10.68	—	COM	18914C100
—	BLACKROCK LTD DURATION INC T	162,975	$2,730	1.1%	$15.50	—	COM SHS	09249W101
—	NUVEEN TX ADV TOTAL RET STRG	252,131	$2,708	1.1%	$10.44	—	COM	67090H102
—	EATON VANCE ENHANCED EQUITY	155,585	$2,617	1.0%	$15.41	—	COM	278274105
—	COLUMBIA SELIGM PREM TECH GR	78,996	$2,468	1.0%	$23.25	—	COM	19842X109
—	FIRST EAGLE SENIOR LOAN FUND	171,828	$2,464	1.0%	$14.17	—	COM NEW	32010E100
—	NUVEEN CORPORATE INCM NOVEME	260,534	$2,441	1.0%	$9.16	—	COM	67077N106
—	FIRST TR SR FLOATING RATE 20	241,887	$2,276	0.9%	$8.65	—	COM SHS	33740K101
—	EATON VANCE ENHANCED EQUITY	103,151	$2,229	0.9%	$21.61	—	COM	278277108
—	CALAMOS CONV & HIGH INCOME F	147,378	$2,197	0.9%	$11.24	—	COM SHS	12811P108
—	NUVEEN CORE EQUITY ALPHA FD	143,750	$2,186	0.9%	$13.25	—	COM	67090X107
—	PUTNAM PREMIER INCOME TR	442,842	$2,157	0.9%	$4.51	—	SH BEN INT	746853100
—	EATON VANCE TAX-MANAGED DIVE	166,625	$2,128	0.8%	$12.61	—	COM	27828N102
—	IVY HIGH INCOME OPPORTUNITIE	152,343	$2,078	0.8%	$13.50	—	COM	465893105
XXCHNXX	CHINA FD INC	70,684	$2,069	0.8%	$23.19	—	COM	169373107
—	DELAWARE INVTS DIV & INCOME	198,354	$2,063	0.8%	$9.21	—	COM	245915103
—	BARINGS GLOBAL SHORT DURATIO	127,437	$2,049	0.8%	$13.04	—	COM	06760L100
—	NUVEEN S&P 500 BUY-WRITE INC	148,209	$1,998	0.8%	$10.10	—	COM	6706ER101
—	NEW IRELAND FD INC	175,290	$1,977	0.8%	$9.14	—	COM	645673104
—	BNY MELLON HIGH YIELD STRATE	638,376	$1,973	0.8%	$3.08	—	SH BEN INT	09660L105
—	DELAWARE ENHANCED GBL DIV &	196,837	$1,931	0.8%	$9.77	—	COM	246060107
—	GABELLI DIVID & INCOME TR	78,489	$1,881	0.7%	$19.61	—	COM	36242H104
—	BLACKROCK DEBT STRATEGIES FD	169,728	$1,867	0.7%	$10.60	—	COM NEW	09255R202
—	TORTOISE ESSENTIAL ASSETS IN	127,877	$1,834	0.7%	$13.17	—	COM SH BEN INT	89148A103
—	NUVEEN PFD & INCOME OPPORTUN	184,360	$1,750	0.7%	$9.49	—	COM	67073B106
—	EATON VANCE TAX-MANAGED GLOB	188,000	$1,748	0.7%	$7.94	—	COM	27829F108
—	VIRTUS ALLIANZGI CONVERTIBLE	306,292	$1,734	0.7%	$5.66	—	COM	92838X102
—	EUROPEAN EQUITY FD INC	161,483	$1,721	0.7%	$9.10	—	COM	298768102
—	WELLS FARGO ADV MULTI SCTR I	132,815	$1,660	0.7%	$10.83	—	COM	94987D101
—	MORGAN STANLEY CHINA A SH FD	71,185	$1,605	0.6%	$21.25	—	COM	617468103
—	TEMPLETON DRAGON FD INC	67,682	$1,594	0.6%	$20.92	—	COM	88018T101
—	BLACKROCK FLOATING RATE INCO	126,988	$1,589	0.6%	$12.51	—	COM	091941104
—	TEMPLETON EMERGING MKTS INCO	208,388	$1,536	0.6%	$7.57	—	COM	880192109
—	CREDIT SUISSE ASSET MGMT INC	451,370	$1,526	0.6%	$3.37	—	COM	224916106
—	PGIM GLOBAL HIGH YIELD FD FO	99,993	$1,492	0.6%	$14.41	—	COM	69346J106
—	NUVEEN S&P 500 DYNAMIC OVERW	89,874	$1,486	0.6%	$13.40	—	COM	6706EW100
XDCFX	BNY MELLON ALCENTRA GLOBAL C	157,993	$1,482	0.6%	$8.08	—	COM	05588N108
—	CALAMOS LNG SHR EQT DYNAMIC	71,982	$1,453	0.6%	$15.36	—	COM	12812C106
—	NUVEEN CR STRATEGIES INCOME	222,030	$1,443	0.6%	$6.27	—	COM SHS	67073D102
—	PGIM HIGH YIELD BOND FUND IN	91,165	$1,428	0.6%	$14.74	—	COM	69346H100
—	WESTERN ASSET GLOBAL CP DEFI	81,034	$1,427	0.6%	$17.52	—	COM	95790C107
—	VIRTUS ALLIANZGI CONVERTIBLE	284,139	$1,415	0.6%	$4.98	—	COM	92838U108
—	NUVEEN EMERGING MKTS DEBT 20	176,771	$1,396	0.6%	$7.53	—	COM	67077P101
—	WELLS FARGO GLOBAL DIVID OPP	261,908	$1,378	0.5%	$4.48	—	COM	94987C103
—	HANCOCK JOHN PFD INCOME FD	65,771	$1,359	0.5%	$19.68	—	SH BEN INT	41013W108
—	FIRST TR ABERDEEN GLBL OPP F	130,901	$1,312	0.5%	$9.52	—	COM SHS	337319107
—	ABERDEEN TOTAL DYNAMIC DIVD	137,363	$1,309	0.5%	$8.58	—	COM SH BEN INT	00326L100
—	EATON VANCE LTD DURATION INC	101,205	$1,278	0.5%	$12.60	—	COM	27828H105
—	VIRTUS ALLIANZGI ARTIFICIAL	47,166	$1,253	0.5%	$26.57	—	COM	92838Y100
—	BLACKSTONE LONG-SHORT CREDIT	88,113	$1,246	0.5%	$13.73	—	COM SHS BN INT	09257D102
—	BLACKROCK ENHANCED EQUITY DI	129,106	$1,221	0.5%	$6.53	—	COM	09251A104
—	COHEN & STEERS LTD DURATION	45,746	$1,195	0.5%	$26.12	—	COM	19248C105
—	GABELLI CONV & INC SECS FD I	191,781	$1,168	0.5%	$6.19	—	COM	36240B109
—	ALLIANCEBERNSTEIN GLOBAL HIG	98,388	$1,166	0.5%	$11.39	—	COM	01879R106
—	BLACKROCK ENHANCED CAP & INC	60,337	$1,165	0.5%	$16.04	—	COM	09256A109
—	VOYA ASIA PAC HIGH DIV EQT I	123,355	$1,147	0.5%	$8.16	—	COM	92912J102
—	BLACKROCK CORPOR HI YLD FD I	94,870	$1,114	0.4%	$11.74	—	COM	09255P107
—	INVESCO DYNAMIC CR OPPORTUNI	97,891	$1,113	0.4%	$11.37	—	COM	46132R104
—	VIRTUS ALLIANZGI EQUITY & CO	39,596	$1,109	0.4%	$28.01	—	COM	92841M101
—	EATON VANCE SR FLTNG RTE TR	78,065	$1,077	0.4%	$12.25	—	COM	27828Q105
—	INVESCO BD FD	53,048	$1,059	0.4%	$19.96	—	COM	46132L107
—	FIRST TR DYNAMIC EUROPE EQUI	80,446	$1,022	0.4%	$12.12	—	COM SHS	33740d107
—	VIRTUS GLOBAL MULTI-SECTOR I	83,806	$996	0.4%	$11.63	—	COM	92829B101
—	FIRST TR HIGH INCOME L/S FD	65,417	$989	0.4%	$13.97	—	COM	33738E109
—	BLACKSTONE SENIOR FLOATNG RA	62,365	$970	0.4%	$14.39	—	COM	09256U105
—	NUVEEN FLTNG RTE INCM OPP FD	100,503	$959	0.4%	$9.54	—	COM SHS	6706EN100
—	DOUBLELINE OPPORTUNISTIC CR	48,420	$956	0.4%	$19.31	—	COM	258623107
—	ARES DYNAMIC CR ALLOCATION F	58,104	$873	0.3%	$15.00	—	COM	04014F102
—	SWISS HELVETIA FD INC	97,403	$856	0.3%	$8.47	—	COM	870875101
XHNWX	PIONEER DIVERSIFIED HIGH INC	55,013	$806	0.3%	$14.65	—	COM	723653101
—	VIRTUS ALLIANZGI DIVERSIFIED	25,205	$792	0.3%	$31.42	—	COM	92840N100
—	NUVEEN SR INCOME FD	135,549	$760	0.3%	$5.35	—	COM	67067Y104
—	BLACKROCK FLOATING RATE INCO	58,318	$758	0.3%	$11.26	—	COM	09255X100
—	NUVEEN REAL ASSET INCOME & G	50,497	$743	0.3%	$14.34	—	COM	67074Y105
—	CALAMOS CONV OPPORTUNITIES &	51,312	$730	0.3%	$10.48	—	SH BEN INT	128117108
—	FIRST TR INTER DUR PFD & IN	30,164	$722	0.3%	$23.94	—	COM	33718W103
—	ADVENT CONVERTIBLE & INCOME	40,289	$712	0.3%	$17.11	—	COM	00764C109
—	VOYA EMERGING MKTS HIGH DIVI	88,291	$706	0.3%	$6.79	—	COM	92912P108
—	BANCROFT FD LTD	23,735	$700	0.3%	$29.49	—	COM	059695106
—	ABERDEEN GLOBAL DYNAMIC DIVI	62,732	$699	0.3%	$10.03	—	COM	00302M106
—	HANCOCK JOHN PFD INCOME FD I	38,331	$698	0.3%	$16.55	—	COM	41021P103
—	JOHN HANCOCK HEDGED EQUITY &	57,474	$693	0.3%	$10.59	—	COM	47804L102
—	JAPAN SMALLER CAPITALIZATION	74,253	$691	0.3%	$8.98	—	COM	47109U104
—	MORGAN STANLEY EMER MKTS DEB	71,896	$644	0.3%	$8.96	—	COM	61744H105
—	ABERDEEN AUSTRALIA EQUITY FD	107,131	$625	0.2%	$5.05	—	COM	003011103
—	TAIWAN FD INC	22,074	$624	0.2%	$24.52	—	COM	874036106
XFEOX	FIRST TR / ABERDEEN EMERGING	42,627	$619	0.2%	$12.73	—	COM	33731K102
—	WESTERN ASSET EMERGING MKTS	46,268	$612	0.2%	$13.23	—	COM	95766A101
—	HERZFELD CARIBBEAN BASIN FD	100,225	$589	0.2%	$6.43	—	COM	42804T106
—	NUVEEN SHT DUR CR OPP FD	41,181	$581	0.2%	$14.11	—	COM	67074X107
—	BLACKROCK ENHANCED GLOBAL DI	49,904	$573	0.2%	$10.99	—	COM	092501105
—	HANCOCK JOHN INVS TR	31,746	$571	0.2%	$16.57	—	COM	410142103
—	VOYA PRIME RATE TR	117,574	$546	0.2%	$4.47	—	SH BEN INT	92913A100
—	NUVEEN DIVERSIFIED DIVID & I	56,945	$540	0.2%	$9.20	—	COM	6706EP105
—	TEMPLETON EMERGING MKTS FD	28,226	$539	0.2%	$19.10	—	COM	880191101
—	WESTERN ASSET HIGH INCOME OP	105,125	$534	0.2%	$4.96	—	COM	95766K109
—	WESTERN ASSET INVESTMENT GRA	33,827	$513	0.2%	$15.56	—	COM	95766T100
XPHDX	PIONEER FLOATING RATE TR	44,425	$509	0.2%	$11.14	—	COM	72369J102
XEGFX	BLACKROCK ENHANCED GOVT FD I	37,938	$484	0.2%	$13.09	—	COM	09255K108
—	NUVEEN PFD & INCM SECURTIES	49,700	$483	0.2%	$9.22	—	COM	67072C105
—	CENTRAL & EASTERN EUROPE FD	19,798	$477	0.2%	$24.09	—	COM	153436100
—	BNY MELLON MUN BD INFRASTRUC	33,352	$471	0.2%	$14.12	—	COM SHS	09662W109
—	ROYCE GLOBAL VALUE TR INC	32,321	$459	0.2%	$14.20	—	COM	78081T104
—	EATON VANCE TAX ADVT DIV INC	16,644	$437	0.2%	$20.82	—	COM	27828G107
—	HIGHLAND GLOBAL ALLOCATION F	56,466	$435	0.2%	$5.01	—	COM	43010T104
—	VOYA GLBL ADV & PREM OPP FD	44,922	$430	0.2%	$8.75	—	COM	92912R104
—	MACQUARIE GLOBAL INFRASTRUCT	19,112	$418	0.2%	$20.30	—	COM	55608D101
—	BLACKROCK ENHANCED INTL DIV	66,248	$402	0.2%	$5.97	—	COM BENE INTER	092524107
—	NUVEEN FLOATING RATE INCOME	40,377	$390	0.2%	$8.74	—	COM	67072T108
—	TEKLA LIFE SCIENCES INVS	19,531	$385	0.2%	$15.58	—	SH BEN INT	87911K100
—	MFS INTER INCOME TR	101,324	$377	0.2%	$3.75	—	SH BEN INT	55273C107
—	TEMPLETON GLOBAL INCOME FD	70,624	$375	0.1%	$5.50	—	COM	880198106
—	CLOUGH GLOBAL OPPORTUNITIES	30,314	$371	0.1%	$9.15	—	SH BEN INT	18914E106
—	CBRE CLARION GLOBAL REAL EST	45,634	$356	0.1%	$5.67	—	COM	12504G100
—	DOUBLELINE INCOME SOLUTIONS	19,569	$355	0.1%	$16.68	—	COM	258622109
—	INVESCO SR INCOME TR	82,774	$348	0.1%	$3.98	—	COM	46131H107
—	NUVEEN GLOBAL HIGH INCOME FD	21,836	$338	0.1%	$15.48	—	SHS	67075G103
—	BLACKROCK MULTI-SECTOR INC T	16,274	$293	0.1%	$15.73	—	COM	09258A107
—	CREDIT SUISSE HIGH YIELD BD	121,067	$292	0.1%	$2.28	—	SH BEN INT	22544F103
—	KKR INCOME OPPORTUNITIES FD	18,321	$290	0.1%	$14.14	—	COM	48249T106
—	PRINCIPAL REAL ESTATE INCOME	20,740	$280	0.1%	$13.50	—	SHS BEN INT	74255X104
—	NUVEEN CR OPPORTUNITIES 2022	32,428	$272	0.1%	$8.03	—	COM	67075U102
—	MORGAN STANLEY EMERGING MKTS	44,430	$267	0.1%	$6.29	—	COM	617477104
—	TEKLA HEALTHCARE INVS	10,834	$264	0.1%	$19.76	—	SH BEN INT	87911J103
—	EATON VANCE TAX MNGED BUY WR	16,578	$261	0.1%	$14.99	—	COM	27828X100
—	ABERDEEN EMRG MRKTS EQT INM	28,809	$249	0.1%	$8.64	—	COM	00301W105
—	APOLLO SR FLOATING RATE FD I	16,263	$242	0.1%	$12.42	—	COM	037636107
—	KOREA FD INC	5,286	$229	0.1%	$43.32	—	COM NEW	500634209
—	EATON VANCE SR INCOME TR	30,561	$203	0.1%	$6.64	—	SH BEN INT	27826S103
—	NUVEEN REAL ESTATE INCOME FD	19,969	$192	0.1%	$8.46	—	COM	67071B108
—	NEUBERGER BERMAN REAL ESTATE	38,643	$176	0.1%	$4.55	—	COM	64190A103
—	EATON VANCE TAX-MANAGED GLOB	16,493	$170	0.1%	$9.45	—	COM	27829C105
—	EATON VANCE 2021 TARGET TRM	16,990	$167	0.1%	$9.23	—	COM SHS BEN INT	27829W101
—	GAMCO NAT RES GOLD & INCOME	26,711	$134	0.1%	$5.72	—	SH BEN INT	36465E101
XJEQX	ABERDEEN JAPAN EQUITY FD INC	14,700	$133	0.1%	$8.30	—	COM	00306J109
XPHTX	PIONEER HIGH INCOME TR	12,357	$116	0.0%	$9.39	—	COM	72369H106
XEFLX	EATON VANCE FLOATING RATE 20	10,944	$103	0.0%	$8.89	—	COM	27831H100
—	VOYA GLBL EQTY DIV & PREM OP	17,500	$100	0.0%	$5.22	—	COM	92912T100