Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GENERAL AMERN INVS CO INC	187,083	$8,123	3.0%	$41.30	—	COM	368802104
—	TRI CONTL CORP	222,267	$7,577	2.8%	$31.80	—	COM	895436103
—	CENTRAL SECS CORP	167,507	$7,067	2.6%	$28.53	—	COM	155123102
—	ADAMS DIVERSIFIED EQUITY FD	349,850	$6,917	2.6%	$18.29	—	COM	006212104
—	SOURCE CAP INC	145,588	$6,627	2.5%	$41.87	—	COM	836144105
—	BOULDER GROWTH & INCOME FD I	453,126	$6,135	2.3%	$11.98	—	COM	101507101
—	EATON VANCE ENHANCED EQUITY	207,913	$4,840	1.8%	$22.45	—	COM	278277108
—	NEW GERMANY FD INC	234,913	$4,751	1.8%	$15.20	—	COM	644465106
—	NUVEEN DOW 30 DYNMC OVERWRT	278,788	$4,745	1.8%	$15.88	—	SHS	67075F105
—	ROYCE MICRO-CAP TR INC	373,296	$4,629	1.7%	$8.82	—	COM	780915104
—	ROYCE VALUE TR INC	237,260	$4,501	1.7%	$15.85	—	COM	780910105
—	NUVEEN TAX-ADVANTAGED DIVID	265,687	$4,270	1.6%	$14.29	—	COM	67073G105
—	SPROTT FOCUS TR INC	494,399	$4,205	1.6%	$6.76	—	COM	85208J109
—	VIRTUS ALLIANZGI ARTIFICIAL	145,477	$4,033	1.5%	$27.35	—	COM	92838Y100
—	DOUBLELINE INCOME SOLUTIONS	220,491	$3,989	1.5%	$17.97	—	COM	258622109
—	BLACKSTONE STRATEGIC CREDIT	279,694	$3,896	1.4%	$12.71	—	COM SHS BEN IN	09257R101
—	SPECIAL OPPORTUNITIES FD INC	254,451	$3,860	1.4%	$14.66	—	COM	84741T104
—	VIRTUS DIVIDEND INTEREST & P	254,744	$3,839	1.4%	$13.78	—	COM	92840R101
—	CLOUGH GLOBAL EQUITY FD	252,582	$3,728	1.4%	$11.66	—	COM	18914C100
—	WELLS FARGO ADVANTAGE INCOME	421,389	$3,704	1.4%	$7.71	—	WF INC OPPTY FD	94987B105
—	APOLLO TACTICAL INCOME FD IN	219,744	$3,439	1.3%	$14.38	—	COM	037638103
—	VIRTUS ALLIANZGI EQUITY & CO	111,058	$3,358	1.2%	$29.44	—	COM	92841M101
—	PUTNAM MASTER INTER INCOME T	798,009	$3,344	1.2%	$4.19	—	SH BEN INT	746909100
—	PGIM GLOBAL HIGH YIELD FD FO	198,883	$3,170	1.2%	$15.17	—	COM	69346J106
XHNWX	PIONEER DIVERSIFIED HIGH INC	207,842	$3,157	1.2%	$15.05	—	COM	723653101
—	EATON VANCE TX ADV GLBL DIV	140,652	$2,954	1.1%	$18.61	—	COM	27828S101
—	IVY HIGH INCOME OPPORTUNITIE	207,651	$2,917	1.1%	$13.65	—	COM	465893105
—	FIRST TR DYNAMIC EUROPE EQUI	214,101	$2,871	1.1%	$12.93	—	COM SHS	33740d107
—	PGIM HIGH YIELD BOND FUND IN	175,199	$2,850	1.1%	$15.47	—	COM	69346H100
—	BARINGS GLOBAL SHORT DURATIO	166,397	$2,842	1.1%	$13.98	—	COM	06760L100
—	EUROPEAN EQUITY FD INC	246,648	$2,807	1.0%	$9.89	—	COM	298768102
—	NUVEEN CORE EQUITY ALPHA FD	166,913	$2,744	1.0%	$13.69	—	COM	67090X107
—	NUVEEN S&P 500 BUY-WRITE INC	187,745	$2,698	1.0%	$11.00	—	COM	6706ER101
—	PUTNAM PREMIER INCOME TR	576,327	$2,686	1.0%	$4.55	—	SH BEN INT	746853100
—	FIRST TR / ABERDEEN GLOBAL O	261,500	$2,678	1.0%	$9.88	—	COM SHS	337319107
—	NUVEEN TX ADV TOTAL RET STRG	211,714	$2,473	0.9%	$10.44	—	COM	67090H102
—	FRANKLIN UNVL TR	297,162	$2,461	0.9%	$6.84	—	SH BEN INT	355145103
—	BLACKROCK ENHANCED EQUITY DI	240,113	$2,432	0.9%	$8.19	—	COM	09251A104
—	ABERDEEN TOTAL DYNAMIC DIVD	238,596	$2,427	0.9%	$9.26	—	COM SH BEN INT	00326L100
—	GABELLI DIVID & INCOME TR	90,521	$2,382	0.9%	$20.50	—	COM	36242H104
—	EATON VANCE LTD DURATION INC	179,219	$2,376	0.9%	$12.89	—	COM	27828H105
—	HIGHLAND GLOBAL ALLOCATION F	250,821	$2,272	0.8%	$8.15	—	COM	43010T104
—	EATON VANCE ENHANCED EQUITY	119,251	$2,213	0.8%	$15.41	—	COM	278274105
XXCHNXX	CHINA FD INC	70,684	$2,156	0.8%	$23.19	—	COM	169373107
—	FIRST TR SR FLOATING RATE 20	226,327	$2,155	0.8%	$8.65	—	COM SHS	33740K101
—	BLACKROCK GLOBAL FLOATING RA	163,479	$2,102	0.8%	$12.59	—	COM	091941104
—	ABERDEEN INCOME CR STRATEGIE	182,738	$2,032	0.8%	$11.12	—	COM	003057106
—	BLACKROCK DEBT STRATEGIES FD	175,686	$2,012	0.7%	$10.62	—	COM NEW	09255R202
—	BLACKROCK FLOATING RATE INCO	150,574	$1,995	0.7%	$12.48	—	COM	09255X100
—	GABELLI EQUITY TR INC	288,171	$1,988	0.7%	$6.90	—	COM	362397101
—	VIRTUS GLOBAL MULTI-SECTOR I	158,930	$1,898	0.7%	$11.78	—	COM	92829B101
—	TEMPLETON DRAGON FD INC	76,280	$1,810	0.7%	$21.24	—	COM	88018T101
—	CBRE CLARION GLOBAL REAL EST	205,247	$1,808	0.7%	$8.11	—	COM	12504G100
—	TORTOISE ESSENTIAL ASSETS IN	120,227	$1,782	0.7%	$13.17	—	COM SH BEN INT	89148A103
—	ABERDEEN GLOBAL DYNAMIC DIVI	148,129	$1,778	0.7%	$11.17	—	COM	00302M106
—	ANGEL OAK FINL STRATEGIES IN	98,314	$1,768	0.7%	$16.84	—	COM BEN INT	03464A100
—	WESTERN ASSET GBL HIGH INC F	159,354	$1,705	0.6%	$10.70	—	COM	95766B109
—	FIRST TR HIGH INCOME LONG /	105,745	$1,665	0.6%	$14.65	—	COM	33738E109
—	NUVEEN FLOATING RATE INCOME	169,923	$1,658	0.6%	$9.63	—	COM SHS	6706EN100
—	NUVEEN CORPORATE INCM NOVEME	175,090	$1,649	0.6%	$9.16	—	COM	67077N106
—	TEMPLETON EMERGING MKTS INCO	206,936	$1,649	0.6%	$7.57	—	COM	880192109
—	MORGAN STANLEY CHINA A SH FD	71,185	$1,628	0.6%	$21.25	—	COM	617468103
—	VIRTUS ALLIANZGI CONVERTIBLE	263,007	$1,615	0.6%	$5.66	—	COM	92838X102
—	EATON VANCE TAX-ADVANTAGED G	55,141	$1,615	0.6%	$29.29	—	COM	27828U106
—	EATON VANCE TAX ADVT DIV INC	57,782	$1,597	0.6%	$25.67	—	COM	27828G107
—	NUVEEN PFD & INCOME OPPORTUN	156,496	$1,562	0.6%	$9.49	—	COM	67073B106
—	FIRST TR ENHANCED EQUITY INC	74,942	$1,523	0.6%	$15.66	—	COM	337318109
—	BLACKROCK ENHANCD CAP & INM	72,602	$1,495	0.6%	$16.81	—	COM	09256A109
—	SABA CAPITAL INCOME & OPRNT	313,974	$1,479	0.5%	$4.71	—	SHARES	78518H103
—	NEW IRELAND FD INC	119,130	$1,452	0.5%	$9.14	—	COM	645673104
—	VIRTUS ALLIANZGI CONVERTIBLE	269,082	$1,440	0.5%	$4.98	—	COM	92838U108
—	WELLS FARGO ADV MULTI SCTR I	110,837	$1,420	0.5%	$10.83	—	COM	94987D101
—	EATON VANCE TAX-MANAGED GLOB	137,865	$1,406	0.5%	$7.94	—	COM	27829F108
—	NUVEEN REAL ESTATE INCOME FD	124,212	$1,378	0.5%	$10.67	—	COM	67071B108
—	INVESCO DYNAMIC CR OPPORTUNI	113,492	$1,346	0.5%	$11.44	—	COM	46132R104
—	ROYCE GLOBAL VALUE TR INC	89,110	$1,335	0.5%	$14.70	—	COM	78081T104
—	GABELLI CONV & INC SECS FD I	201,492	$1,328	0.5%	$6.21	—	COM	36240B109
—	GUGGENHEIM ENHANCED EQT INCM	152,188	$1,310	0.5%	$6.94	—	COM	40167B100
—	EATON VANCE SR FLTNG RTE TR	91,835	$1,299	0.5%	$12.54	—	COM	27828Q105
—	TEKLA LIFE SCIENCES INVS	59,972	$1,286	0.5%	$19.53	—	SH BEN INT	87911K100
—	SWISS HELVETIA FD INC	126,990	$1,236	0.5%	$8.76	—	COM	870875101
—	VOYA ASIA PAC HIGH DIV EQT I	123,355	$1,197	0.4%	$8.16	—	COM	92912J102
—	NUVEEN EMERGING MKTS DEBT 20	136,206	$1,106	0.4%	$7.53	—	COM	67077P101
—	DOUBLELINE OPPORTUNISTIC CR	54,796	$1,099	0.4%	$19.39	—	COM	258623107
—	BLACKROCK ENHANCED INTL DIV	167,620	$1,098	0.4%	$6.32	—	COM BENE INTER	092524107
—	ALLIANCEBERNSTEIN GLOBAL HIG	85,388	$1,068	0.4%	$11.39	—	COM	01879R106
—	NUVEEN FLOATING RATE INCOME	106,540	$1,068	0.4%	$9.54	—	COM	67072T108
—	BANCROFT FD LTD	32,712	$1,047	0.4%	$30.18	—	COM	059695106
—	APOLLO SR FLOATING RATE FD I	65,557	$1,034	0.4%	$14.94	—	COM	037636107
—	MORGAN STANLEY EMKT DBT FD I	109,701	$1,026	0.4%	$9.09	—	COM	61744H105
—	NUVEEN SR INCOME FD	167,411	$989	0.4%	$5.46	—	COM	67067Y104
—	ADVENT CONV & INCOME FD	49,178	$948	0.4%	$17.50	—	COM	00764C109
—	WESTERN ASSET GLOBAL CORP DE	49,954	$929	0.3%	$17.52	—	COM	95790C107
SPY	SPDR S&P 500 ETF TR	2,119	$907	0.3%	$376.25	—	TR UNIT	78462F103
—	BLACKSTONE LONG SHORT CR INC	59,901	$906	0.3%	$13.73	—	COM SHS BN INT	09257D102
—	MFS INTER INCOME TR	241,321	$903	0.3%	$3.75	—	SH BEN INT	55273C107
—	NUVEEN PFD & INCM SECURTIES	89,200	$888	0.3%	$9.54	—	COM	67072C105
—	WESTERN ASSET HIGH INCOME OP	166,543	$879	0.3%	$5.07	—	COM	95766K109
—	VIRTUS ALLIANZGI DIVERSIFIED	25,205	$875	0.3%	$31.42	—	COM	92840N100
—	BLACKSTONE SENIOR FLOATNG RA	53,003	$867	0.3%	$14.39	—	COM	09256U105
—	TAIWAN FD INC	23,574	$833	0.3%	$25.21	—	COM	874036106
—	NUVEEN SHORT DURATION CR OPP	55,214	$828	0.3%	$14.33	—	COM	67074X107
—	LMP CAP & INCOME FD INC	54,315	$783	0.3%	$14.42	—	COM	50208A102
—	CREDIT SUISSE HIGH YIELD BD	307,508	$772	0.3%	$2.42	—	SH BEN INT	22544F103
XAWPX	ABERDEEN GLOBAL PREMIER PPTY	120,260	$765	0.3%	$6.36	—	COM SH BEN INT	00302L108
—	NUVEEN GLOBAL HIGH INCOME FD	43,798	$710	0.3%	$15.85	—	SHS	67075G103
—	MORGAN STANLEY EMERGING MKTS	111,333	$681	0.3%	$6.19	—	COM	617477104
—	PRINCIPAL REAL ESTATE INCOME	44,630	$677	0.3%	$14.39	—	SHS BEN INT	74255X104
—	WESTERN ASSET INVESTMENT GRA	43,093	$674	0.2%	$15.58	—	COM	95766T100
—	MACQUARIE GLOBAL INFRASTRUCT	29,088	$671	0.2%	$21.25	—	COM	55608D101
—	JAPAN SMALLER CAPITALIZATION	74,253	$670	0.2%	$8.98	—	COM	47109U104
—	VOYA EMERGING MKTS HIGH DIVI	77,791	$667	0.2%	$6.79	—	COM	92912P108
—	VOYA INFRASTRUCTURE INDLS &	51,166	$655	0.2%	$12.80	—	COM	92912X101
—	GABELLI GLOBAL SMALL & MID C	40,926	$655	0.2%	$16.00	—	COM	36249W104
—	HERZFELD CARIBBEAN BASIN FD	100,225	$628	0.2%	$6.43	—	COM	42804T106
—	ABERDEEN AUSTRALIA EQUITY FD	92,731	$599	0.2%	$5.05	—	COM	003011103
—	NUVEEN PFD & INCOME 2022 TER	23,674	$592	0.2%	$25.01	—	COM	67075T105
XDCFX	BNY MELLON ALCENTRA GLOBAL C	59,783	$574	0.2%	$8.08	—	COM	05588N108
—	TEMPLETON EMERGING MKTS FD	28,226	$559	0.2%	$19.10	—	COM	880191101
—	CALAMOS LNG SHR EQT DYNAMIC	24,191	$503	0.2%	$15.36	—	COM	12812C106
—	FIRST TR ENERGY INFRASTRCTR	35,853	$489	0.2%	$13.64	—	COM	33738C103
—	WELLS FARGO GLOBAL DIVID OPP	81,583	$472	0.2%	$4.48	—	COM	94987C103
XFEOX	FIRST TR / ABERDEEN EMERGING	31,087	$469	0.2%	$12.73	—	COM	33731K102
—	VOYA GLBL ADV & PREM OPP FD	47,641	$467	0.2%	$8.81	—	COM	92912R104
—	KOREA FD INC	9,459	$437	0.2%	$44.59	—	COM NEW	500634209
—	NUVEEN MORTGAGE AND INCOME F	20,650	$431	0.2%	$20.87	—	COM	670735109
—	KKR INCOME OPPORTUNITIES FD	23,494	$392	0.1%	$14.70	—	COM	48249T106
XEGFX	BLACKROCK ENHANCED GOVT FD I	29,834	$386	0.1%	$13.09	—	COM	09255K108
—	WESTERN ASSET EMERGING MKTS	26,477	$371	0.1%	$13.23	—	COM	95766A101
—	NUVEEN CR STRATEGIES INCOME	53,140	$359	0.1%	$6.27	—	COM SHS	67073D102
—	INVESCO BD FD	16,984	$353	0.1%	$19.96	—	COM	46132L107
XHIEX	MILLER HOWARD HIGH INC EQTY	31,909	$334	0.1%	$10.47	—	COM SHS BEN IN	600379101
—	MACQUARIE / FIRST TR GLOBAL	32,247	$314	0.1%	$9.74	—	COM	55607W100
—	HANCOCK JOHN INVS TR	16,411	$309	0.1%	$16.57	—	COM	410142103
—	COHEN & STEERS QUALITY INCOM	18,200	$286	0.1%	$15.71	—	COM	19247L106
—	RIVERNORTH SPECIALTY FIN COR	13,700	$273	0.1%	$19.93	—	COM	76882B108
—	ABERDEEN EMRG MRKTS EQT INM	28,809	$261	0.1%	$8.64	—	COM	00301W105
—	INVESCO HIGH INCOME TR II	17,059	$255	0.1%	$14.95	—	COM	46131F101
—	INVESCO SR INCOME TR	55,495	$248	0.1%	$3.98	—	COM	46131H107
—	FIRST TR SPECIALTY FIN & FIN	60,781	$246	0.1%	$4.05	—	COM BEN INTR	33733G109
XXINSIXX	INSIGHT SELECT INCOME FD	11,000	$238	0.1%	$21.64	—	COM	45781W109
ADBE	ADOBE SYSTEMS INCORPORATED	400	$234	0.1%	$515.47	0.0%	COM	00724F101
—	ARES DYNAMIC CR ALLOCATION F	13,143	$213	0.1%	$15.00	—	COM	04014F102
—	MEXICO FD INC	13,861	$211	0.1%	$15.22	—	COM	592835102
—	WESTERN ASSET PREMIER BD FD	14,023	$206	0.1%	$14.69	—	SHS BEN INT	957664105
—	BLACKROCK ENHANCED GLOBAL DI	15,981	$201	0.1%	$10.99	—	COM	092501105
—	EATON VANCE TAX MNGD BUY WRI	16,218	$187	0.1%	$11.53	—	COM SH BEN INT	27829M103
—	WESTERN ASSET HIGH YIELD DEF	11,485	$180	0.1%	$15.67	—	COM	95768B107
—	VOYA GLBL EQTY DIV & PREM OP	29,678	$177	0.1%	$5.52	—	COM	92912T100
—	GABELLI HLTHCARE & WELLNESS	12,675	$171	0.1%	$13.49	—	SHS	36246K103
—	MFS MULTIMARKET INCOME TR	25,740	$161	0.1%	$6.25	—	SH BEN INT	552737108
—	VIRTUS ALLIANZGI CONVERTIBLE	15,400	$161	0.1%	$10.45	—	COM	92838R105
XPHDX	PIONEER FLOATING RATE FUND I	12,425	$148	0.1%	$11.14	—	COM	72369J102
—	TEMPLETON GLOBAL INCOME FD	24,964	$140	0.1%	$5.50	—	COM	880198106
XJEQX	ABERDEEN JAPAN EQUITY FD INC	14,700	$130	0.0%	$8.30	—	COM	00306J109
—	NUVEEN MULTI-MKT INCOME FD	13,500	$101	0.0%	$7.48	—	COM	67075J107
—	GAMCO NAT RES GOLD & INCOME	14,685	$80	0.0%	$5.72	—	SH BEN INT	36465E101