Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BOULDER GROWTH & INCOME FD I	639,251	$8,381	3.4%	$12.31	—	COM	101507101
—	TRI CONTL CORP	226,654	$7,566	3.0%	$31.83	—	COM	895436103
—	GENERAL AMERN INVS CO INC	174,275	$7,504	3.0%	$41.30	—	COM	368802104
—	CENTRAL SECS CORP	169,384	$7,156	2.9%	$28.68	—	COM	155123102
—	VIRTUS DIVIDEND INTEREST & P	475,512	$7,052	2.8%	$14.27	—	COM	92840R101
—	GABELLI DIVID & INCOME TR	259,559	$6,694	2.7%	$23.95	—	COM	36242H104
—	SOURCE CAP INC	138,562	$6,184	2.5%	$41.87	—	COM	836144105
—	ROYCE MICRO-CAP TR INC	490,424	$5,601	2.2%	$9.44	—	COM	780915104
—	ADAMS DIVERSIFIED EQUITY FD	276,243	$5,470	2.2%	$18.29	—	COM	006212104
—	ROYCE VALUE TR INC	300,394	$5,413	2.2%	$16.31	—	COM	780910105
—	DOUBLELINE INCOME SOLUTIONS	296,633	$5,268	2.1%	$17.91	—	COM	258622109
—	NUVEEN DOW 30 DYNMC OVERWRT	284,109	$4,759	1.9%	$15.90	—	SHS	67075F105
—	NEW GERMANY FD INC	234,213	$4,626	1.9%	$15.20	—	COM	644465106
—	BLACKROCK ENHANCED EQUITY DI	461,580	$4,523	1.8%	$8.96	—	COM	09251A104
—	LIBERTY ALL-STAR GROWTH FD I	500,753	$4,321	1.7%	$8.63	—	COM	529900102
—	VIRTUS ALLIANZGI EQUITY & CO	131,032	$3,862	1.5%	$29.45	—	COM	92841M101
—	NUVEEN S&P 500 DYNAMIC OVERW	221,428	$3,784	1.5%	$17.09	—	COM	6706EW100
—	NUVEEN TAX-ADVANTAGED DIVID	233,509	$3,699	1.5%	$14.29	—	COM	67073G105
—	PGIM GLOBAL HIGH YIELD FD FO	235,307	$3,624	1.5%	$15.21	—	COM	69346J106
—	INVESCO DYNAMIC CR OPPORTUNI	304,168	$3,559	1.4%	$11.60	—	COM	46132R104
—	LMP CAP & INCOME FD INC	240,000	$3,302	1.3%	$13.91	—	COM	50208A102
—	BLACKROCK ENHANCED INTL DIV	518,246	$3,187	1.3%	$6.21	—	COM BENE INTER	092524107
—	BLACKROCK ENHANCD CAP & INM	156,348	$3,158	1.3%	$18.63	—	COM	09256A109
—	WESTERN ASSET GBL HIGH INC F	300,918	$3,099	1.2%	$10.51	—	COM	95766B109
—	BARINGS GLOBAL SHORT DURATIO	180,809	$3,092	1.2%	$14.23	—	COM	06760L100
—	ANGEL OAK FINL STRATEGIES IN	176,758	$3,008	1.2%	$16.92	—	COM BEN INT	03464A100
—	APOLLO TACTICAL INCOME FD IN	184,150	$2,913	1.2%	$14.38	—	COM	037638103
—	EUROPEAN EQUITY FD INC	251,029	$2,799	1.1%	$9.91	—	COM	298768102
—	DELAWARE ENHANCED GLOBAL DIV	275,692	$2,790	1.1%	$10.12	—	COM	246060107
—	PUTNAM MASTER INTER INCOME T	672,712	$2,738	1.1%	$4.19	—	SH BEN INT	746909100
—	BLACKSTONE STRATEGIC CREDIT	197,459	$2,735	1.1%	$12.71	—	COM SHS BEN IN	09257R101
—	VIRTUS GLOBAL MULTI-SECTOR I	230,415	$2,712	1.1%	$11.77	—	COM	92829B101
—	NUVEEN SR INCOME FD	445,263	$2,605	1.0%	$5.70	—	COM	67067Y104
—	LAZARD GLOBAL TOTAL RETURN &	129,493	$2,594	1.0%	$20.03	—	COM	52106W103
—	FIRST TR / ABERDEEN GLOBAL O	245,827	$2,490	1.0%	$9.88	—	COM SHS	337319107
—	NUVEEN S&P 500 BUY-WRITE INC	170,091	$2,420	1.0%	$11.00	—	COM	6706ER101
—	VIRTUS ALLIANZGI ARTIFICIAL	89,874	$2,398	1.0%	$27.35	—	COM	92838Y100
—	NUVEEN CR STRATEGIES INCOME	351,402	$2,305	0.9%	$6.52	—	COM SHS	67073D102
—	PUTNAM PREMIER INCOME TR	483,343	$2,209	0.9%	$4.55	—	SH BEN INT	746853100
—	FIRST TR DYNAMIC EUROPE EQUI	170,279	$2,195	0.9%	$12.93	—	COM SHS	33740d107
—	EATON VANCE TAX ADVT DIV INC	79,866	$2,192	0.9%	$26.16	—	COM	27828G107
—	NUVEEN FLOATING RATE INCOME	212,370	$2,119	0.8%	$9.70	—	COM SHS	6706EN100
—	BLACKROCK ENHANCED GLOBAL DI	173,927	$2,037	0.8%	$11.65	—	COM	092501105
—	HANCOCK JOHN TAX-ADVANTAGED	86,564	$1,981	0.8%	$22.88	—	COM	41013V100
—	NUVEEN NASDAQ 100 DYNAMIC OV	68,526	$1,945	0.8%	$28.38	—	COM SHS	670699107
—	KKR INCOME OPPORTUNITIES FD	117,623	$1,927	0.8%	$16.05	—	COM	48249T106
—	SPROTT FOCUS TR INC	227,202	$1,884	0.8%	$6.76	—	COM	85208J109
—	FRANKLIN UNVL TR	230,617	$1,870	0.7%	$6.84	—	SH BEN INT	355145103
XXCHNXX	CHINA FD INC	70,439	$1,791	0.7%	$23.19	—	COM	169373107
—	PGIM HIGH YIELD BOND FUND IN	109,902	$1,785	0.7%	$15.47	—	COM	69346H100
—	BLACKROCK GLOBAL FLOATING RA	130,619	$1,735	0.7%	$12.59	—	COM	091941104
—	TEMPLETON GLOBAL INCOME FD	306,643	$1,650	0.7%	$5.39	—	COM	880198106
—	ABERDEEN ASIA-PACIFIC INCOME	396,588	$1,646	0.7%	$4.15	—	COM	003009107
XPHDX	PIONEER FLOATING RATE FUND I	141,930	$1,631	0.7%	$11.46	—	COM	72369J102
—	BLACKROCK FLOATING RATE INCO	115,750	$1,546	0.6%	$12.48	—	COM	09255X100
—	SABA CAPITAL INCOME & OPRNT	336,613	$1,532	0.6%	$4.70	—	SHARES	78518H103
—	ABERDEEN TOTAL DYNAMIC DIVD	155,697	$1,516	0.6%	$9.26	—	COM SH BEN INT	00326L100
—	NEW IRELAND FD INC	122,602	$1,510	0.6%	$9.23	—	COM	645673104
—	BLACKROCK DEBT STRATEGIES FD	128,364	$1,481	0.6%	$10.62	—	COM NEW	09255R202
—	GABELLI EQUITY TR INC	221,809	$1,475	0.6%	$6.90	—	COM	362397101
—	MORGAN STANLEY CHINA A SH FD	70,134	$1,472	0.6%	$21.25	—	COM	617468103
—	NUVEEN PFD & INCOME OPPORTUN	143,842	$1,424	0.6%	$9.49	—	COM	67073B106
—	TEMPLETON DRAGON FD INC	74,908	$1,346	0.5%	$21.24	—	COM	88018T101
—	SWISS HELVETIA FD INC	143,605	$1,318	0.5%	$8.81	—	COM	870875101
—	VIRTUS ALLIANZGI CONVERTIBLE	238,955	$1,240	0.5%	$4.98	—	COM	92838U108
—	WESTERN ASSET GLOBAL CORP DE	65,542	$1,182	0.5%	$17.64	—	COM	95790C107
—	ABERDEEN GLOBAL DYNAMIC DIVI	96,954	$1,127	0.5%	$11.17	—	COM	00302M106
—	EATON VANCE LTD DURATION INC	84,598	$1,115	0.4%	$12.89	—	COM	27828H105
XHNWX	PIONEER DIVERSIFIED HIGH INC	70,944	$1,102	0.4%	$15.05	—	COM	723653101
—	BLACKROCK SCIENCE & TECHNOLO	20,623	$1,076	0.4%	$52.17	—	SHS	09258G104
—	ALLIANCEBERNSTEIN GLOBAL HIG	86,438	$1,061	0.4%	$11.40	—	COM	01879R106
—	VOYA ASIA PAC HIGH DIV EQT I	123,355	$1,061	0.4%	$8.16	—	COM	92912J102
—	WESTERN ASSET HIGH INCOME OP	199,572	$1,036	0.4%	$5.09	—	COM	95766K109
—	BANCROFT FD LTD	34,509	$1,023	0.4%	$30.15	—	COM	059695106
—	PRINCIPAL REAL ESTATE INCOME	68,735	$1,010	0.4%	$14.50	—	SHS BEN INT	74255X104
—	GABELLI GLOBAL SMALL & MID C	63,280	$1,008	0.4%	$15.98	—	COM	36249W104
—	CALAMOS GBL DYN INCOME FUND	102,524	$981	0.4%	$9.57	—	COM	12811L107
—	COLUMBIA SELIGM PREM TECH GR	29,694	$979	0.4%	$32.97	—	COM	19842X109
—	NUVEEN TX ADV TOTAL RET STRG	85,812	$953	0.4%	$10.44	—	COM	67090H102
—	CBRE CLARION GLOBAL REAL EST	108,870	$910	0.4%	$8.11	—	COM	12504G100
—	FIRST TR HIGH INCOME LONG /	55,501	$882	0.4%	$14.65	—	COM	33738E109
—	NUVEEN PFD & INCM SECURTIES	89,004	$872	0.3%	$9.54	—	COM	67072C105
—	TAIWAN FD INC	23,574	$830	0.3%	$25.21	—	COM	874036106
—	NUVEEN FLOATING RATE INCOME	81,979	$826	0.3%	$9.54	—	COM	67072T108
—	NUVEEN REAL ESTATE INCOME FD	77,685	$825	0.3%	$10.67	—	COM	67071B108
—	GABELLI CONV & INC SECS FD I	134,309	$817	0.3%	$6.21	—	COM	36240B109
—	MORGAN STANLEY EMKT DBT FD I	87,663	$799	0.3%	$9.09	—	COM	61744H105
—	ELLSWORTH GROWTH & INCOME FD	59,437	$794	0.3%	$13.36	—	COM	289074106
—	COHEN & STEERS CLOSED-END OP	57,267	$779	0.3%	$13.60	—	COM	19248P106
—	NUVEEN GLOBAL HIGH INCOME FD	47,675	$766	0.3%	$15.86	—	SHS	67075G103
—	DELAWARE INVTS DIVID & INCOM	67,890	$749	0.3%	$11.03	—	COM	245915103
—	WELLS FARGO ADVANTAGE INCOME	84,686	$745	0.3%	$7.71	—	WF INC OPPTY FD	94987B105
—	WESTERN ASSET EMERGING MKTS	53,653	$730	0.3%	$13.42	—	COM	95766A101
—	NUVEEN CORPORATE INCM NOVEME	77,218	$724	0.3%	$9.16	—	COM	67077N106
—	JAPAN SMALLER CAPITALIZATION	74,253	$672	0.3%	$8.98	—	COM	47109U104
—	VOYA EMERGING MKTS HIGH DIVI	90,061	$666	0.3%	$6.87	—	COM	92912P108
—	DOUBLELINE OPPORTUNISTIC CR	33,615	$663	0.3%	$19.39	—	COM	258623107
—	NUVEEN EMERGING MKTS DEBT 20	80,299	$642	0.3%	$7.53	—	COM	67077P101
—	VIRTUS ALLIANZGI CONVERTIBLE	105,030	$626	0.3%	$5.66	—	COM	92838X102
—	NUVEEN SHORT DURATION CR OPP	40,089	$605	0.2%	$14.33	—	COM	67074X107
—	EATON VANCE ENHANCED EQUITY	31,849	$570	0.2%	$15.41	—	COM	278274105
—	INVESCO SR INCOME TR	127,811	$569	0.2%	$4.25	—	COM	46131H107
—	CREDIT SUISSE HIGH YIELD BD	227,314	$561	0.2%	$2.42	—	SH BEN INT	22544F103
—	HIGHLAND GLOBAL ALLOCATION F	61,099	$555	0.2%	$8.15	—	COM	43010T104
—	VIRTUS ALLIANZGI DIVERSIFIED	16,393	$555	0.2%	$31.42	—	COM	92840N100
XJPIX	NUVEEN PFD & INCOME TERM FD	21,610	$536	0.2%	$24.80	—	COM	67075A106
—	MFS INTER INCOME TR	145,826	$528	0.2%	$3.75	—	SH BEN INT	55273C107
—	COHEN & STEERS QUALITY INCOM	34,595	$515	0.2%	$15.32	—	COM	19247L106
—	FIRST TR ENHANCED EQUITY INC	26,000	$512	0.2%	$15.66	—	COM	337318109
—	FIRST TR SR FLTG RATE INCOME	38,129	$467	0.2%	$12.25	—	COM	33733U108
—	FIRST TR SPECIALTY FIN & FIN	116,118	$461	0.2%	$4.01	—	COM BEN INTR	33733G109
—	FIRST TR ENERGY INFRASTRCTR	35,853	$457	0.2%	$13.64	—	COM	33738C103
—	TEMPLETON EMERGING MKTS FD	26,760	$454	0.2%	$19.10	—	COM	880191101
—	FIRST TR SR FLOATING RATE 20	43,176	$416	0.2%	$8.65	—	COM SHS	33740K101
—	NUVEEN PFD & INCOME 2022 TER	15,638	$390	0.2%	$25.01	—	COM	67075T105
—	KOREA FD INC	9,459	$387	0.2%	$44.59	—	COM NEW	500634209
XEGFX	BLACKROCK ENHANCED GOVT FD I	29,834	$376	0.2%	$13.09	—	COM	09255K108
—	ROYCE GLOBAL VALUE TR INC	22,308	$345	0.1%	$14.70	—	COM	78081T104
—	MACQUARIE / FIRST TR GLOBAL	36,026	$343	0.1%	$9.71	—	COM	55607W100
—	APOLLO SR FLOATING RATE FD I	19,935	$315	0.1%	$14.94	—	COM	037636107
—	GABELLI GLOBL UTIL & INCOME	15,717	$309	0.1%	$19.66	—	COM SH BEN INT	36242L105
—	HERZFELD CARIBBEAN BASIN FD	47,809	$273	0.1%	$6.43	—	COM	42804T106
—	MFS CHARTER INCOME TR	30,648	$264	0.1%	$8.61	—	SH BEN INT	552727109
—	GABELLI HLTHCARE & WELLNESS	19,850	$262	0.1%	$13.39	—	SHS	36246K103
—	ABERDEEN AUSTRALIA EQUITY FD	43,736	$258	0.1%	$5.05	—	COM	003011103
—	NUVEEN MORTGAGE AND INCOME F	12,024	$249	0.1%	$20.87	—	COM	670735109
—	HANCOCK JOHN INVS TR	13,302	$248	0.1%	$16.57	—	COM	410142103
—	ABERDEEN EMRG MRKTS EQT INM	28,809	$240	0.1%	$8.64	—	COM	00301W105
—	CALAMOS LNG SHR EQT DYNAMIC	11,624	$237	0.1%	$15.36	—	COM	12812C106
—	INVESCO HIGH INCOME TR II	16,091	$235	0.1%	$14.95	—	COM	46131F101
ADBE	ADOBE SYSTEMS INCORPORATED	400	$230	0.1%	$515.47	+22.1%	COM	00724F101
—	JOHN HANCOCK HEDGED EQUITY &	18,120	$227	0.1%	$12.53	—	COM	47804L102
—	MEXICO FD INC	13,861	$206	0.1%	$15.22	—	COM	592835102
—	WELLS FARGO GLOBAL DIVID OPP	37,000	$204	0.1%	$4.48	—	COM	94987C103
—	NUVEEN MULTI-MKT INCOME FD	21,438	$161	0.1%	$7.49	—	COM	67075J107
XJEQX	ABERDEEN JAPAN EQUITY FD INC	14,700	$143	0.1%	$8.30	—	COM	00306J109
XAWPX	ABERDEEN GLOBAL PREMIER PPTY	22,800	$138	0.1%	$6.36	—	COM SH BEN INT	00302L108
—	VOYA GLBL EQTY DIV & PREM OP	18,000	$106	0.0%	$5.52	—	COM	92912T100
—	GAMCO NAT RES GOLD & INCOME	14,685	$74	0.0%	$5.72	—	SH BEN INT	36465E101
—	ANGEL OAK FINL STRATEGIES IN	139,680	$30	0.0%	$0.21	—	RIGHT 10/14/2021	03464A118