Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	FIRST TR DIVIDEND INCOME FD	593,550	$5,027	3.1%	$8.72	—	COM	33731L100
—	NUVEEN CORE EQUITY ALPHA FUN	312,563	$4,951	3.1%	$15.89	—	COM	67090X107
—	NUVEEN TX ADV TOTAL RET STRG	347,766	$4,524	2.8%	$13.52	—	COM	67090H102
—	PIMCO INCOME STRATEGY FUND	416,011	$4,518	2.8%	$10.86	—	COM	72201H108
—	SPROTT FOCUS TR INC	600,185	$4,249	2.6%	$7.25	—	COM	85208J109
—	SPECIAL OPPORTUNITIES FD INC	269,116	$4,115	2.6%	$16.16	—	COM	84741T104
—	GABELLI DIVD & INCOME TR	191,030	$3,977	2.5%	$21.19	—	COM	36242H104
—	WESTERN ASSET GLB HI INCOME	374,895	$3,876	2.4%	$10.91	—	COM	95766B109
XHNWX	PIONEER DIV HIGH INCOME TRUS	226,374	$3,699	2.3%	$17.38	—	COM	723653101
—	DELAWARE ENHANCED GBL DIV &	318,953	$3,448	2.1%	$11.83	—	COM	246060107
—	ZWEIG FD	232,153	$3,413	2.1%	$15.06	—	COM NEW	989834205
—	BOULDER GROWTH & INCOME FD I	391,491	$3,304	2.1%	$8.57	—	COM	101507101
—	ALLIANZGI NFJ DIVID INT & PR	212,504	$3,213	2.0%	$15.26	—	COM	01883A107
—	LIBERTY ALL STAR EQUITY FD	550,249	$3,164	2.0%	$5.71	—	SH BEN INT	530158104
—	EATON VANCE LTD DUR INCOME F	233,217	$3,141	2.0%	$14.47	—	COM	27828H105
—	DREYFUS HIGH YIELD STRATEGIE	934,733	$3,122	1.9%	$3.57	—	SH BEN INT	26200S101
—	TRI CONTL CORP	147,258	$3,120	1.9%	$19.88	—	COM	895436103
—	LAZARD WORLD DIVID & INCOME	260,235	$3,034	1.9%	$12.58	—	COM	521076109
—	LIBERTY ALL-STAR GROWTH FD I	564,302	$2,906	1.8%	$5.19	—	COM	529900102
—	GABELLI EQUITY TR INC	456,560	$2,858	1.8%	$6.47	—	COM	362397101
—	WESTERN ASSET HIGH INCM FD I	371,753	$2,803	1.7%	$7.84	—	COM	95766J102
—	FIRST TR STRATEGIC HIGH INC	198,003	$2,620	1.6%	$13.95	—	COM SHS NEW	337353304
—	WESTERN ASSET GLB PTNRS INCO	272,768	$2,501	1.6%	$10.16	—	COM	95766G108
—	ROYCE VALUE TR INC	173,164	$2,388	1.5%	$14.30	—	COM	780910105
—	GENERAL AMERN INVS INC	68,041	$2,369	1.5%	$34.82	—	COM	368802104
—	CREDIT SUISSE ASSET MGMT INC	717,365	$2,296	1.4%	$3.38	—	COM	224916106
—	CENTRAL SECS CORP	107,481	$2,293	1.4%	$21.59	—	COM	155123102
—	NUVEEN TAX ADVANTAGED DIV GR	143,032	$2,267	1.4%	$15.85	—	COM	67073G105
—	ARES DYNAMIC CR ALLOCATION F	146,969	$2,253	1.4%	$17.05	—	COM	04014F102
—	IVY HIGH INC OPPORTUNITIES F	148,371	$2,217	1.4%	$14.94	—	COM	465893105
—	APOLLO TACTICAL INCOME FD IN	135,908	$2,143	1.3%	$16.80	—	COM	037638103
—	ROYCE MICRO-CAP TR INC	220,539	$2,033	1.3%	$9.57	—	COM	780915104
—	ABERDEEN GLOBAL INCOME FD IN	231,044	$1,987	1.2%	$9.72	—	COM	003013109
—	BLACKSTONE GSO LNG SHRT CR I	125,452	$1,943	1.2%	$17.77	—	COM SHS BN INT	09257D102
—	KKR INCOME OPPORTUNITIES FD	116,226	$1,832	1.1%	$16.20	—	COM	48249T106
—	WELLS FARGO ADVANTAGE INCOME	216,560	$1,791	1.1%	$8.76	—	COM SHS	94987B105
—	WELLS FARGO ADVANTAGE MULTI	141,326	$1,789	1.1%	$13.40	—	COM SHS	94987D101
—	CALAMOS STRATEGIC TOTL RETN	157,548	$1,728	1.1%	$11.44	—	COM SH BEN INT	128125101
—	NEUBERGER BERMAN HGH YLD FD	128,044	$1,508	0.9%	$12.17	—	COM	64128C106
—	EUROPEAN EQUITY FUND	168,418	$1,433	0.9%	$8.16	—	COM	298768102
—	PRUDENTIAL GLB SHT DUR HG YL	90,976	$1,374	0.9%	$15.10	—	COM	74433A109
—	BLACKROCK LTD DURATION INC T	90,619	$1,373	0.9%	$16.61	—	COM SHS	09249W101
—	BABSON CAP GLB SHT DURHGH YL	66,988	$1,336	0.8%	$19.94	—	COM	05617T100
—	EATON VANCE ENHANCED EQ INC	100,139	$1,315	0.8%	$13.13	—	COM	278274105
—	WESTERN ASSET HIGH INCM OPP	251,728	$1,296	0.8%	$5.35	—	COM	95766K109
—	PRUDENTIAL SHT DURATION HG Y	83,563	$1,293	0.8%	$15.61	—	COM	74442F107
—	HANCOCK JOHN INVS TR	76,322	$1,223	0.8%	$16.30	—	COM	410142103
—	VOYA GLBL EQTY DIV & PREM OP	147,446	$1,205	0.8%	$8.32	—	COM	92912T100
—	FIRST TR ABERDEEN GLBL OPP F	108,803	$1,188	0.7%	$11.97	—	COM SHS	337319107
—	EATON VANCE ENH EQTY INC FD	84,395	$1,172	0.7%	$13.89	—	COM	278277108
—	BLACKROCK ENHANCED EQT DIV T	145,731	$1,163	0.7%	$7.98	—	COM	09251A104
—	WELLS FARGO ADV GLB DIV OPP	156,913	$1,086	0.7%	$7.12	—	COM	94987C103
—	ADVENT CLAY CONV SEC INC FD	166,833	$1,069	0.7%	$6.91	—	COM	007639107
—	CALAMOS CONV OPP AND INC FD	85,961	$1,050	0.7%	$12.21	—	SH BEN INT	128117108
—	INVESCO DYNAMIC CR OPP FD	88,622	$1,029	0.6%	$12.29	—	COM	46132R104
—	PIMCO INCOME STRATEGY FUND I	93,473	$919	0.6%	$9.94	—	COM	72201J104
—	MADISON STRTG SECTOR PREM FD	76,586	$896	0.6%	$12.41	—	COM	558268108
—	NUVEEN NASDAQ 100 DYNAMIC OV	48,563	$896	0.6%	$18.76	—	COM SHS	670699107
—	MANAGED HIGH YIELD PLUS FD I	498,383	$892	0.6%	$1.93	—	COM	561911108
—	COHEN & STEERS CLOSED END OP	68,794	$832	0.5%	$12.09	—	COM	19248P106
—	ALPINE GLOBAL DYNAMIC DIVD F	80,073	$793	0.5%	$10.11	—	COM NEW	02082E205
—	ALLIANCEBERNSTEIN GBL HGH IN	63,901	$768	0.5%	$12.44	—	COM	01879R106
—	NUVEEN SR INCOME FD	116,828	$748	0.5%	$7.00	—	COM	67067Y104
—	LMP CAP & INCOME FD INC	48,592	$733	0.5%	$15.08	—	COM	50208A102
—	EATON VANCE SR INCOME TR	116,161	$721	0.4%	$7.02	—	SH BEN INT	27826S103
—	BLACKROCK CORPOR HI YLD FD I	65,974	$712	0.4%	$11.16	—	COM	09255P107
—	BROOKFIELD HIGH INCOME FD IN	86,840	$708	0.4%	$8.40	—	COM	11272P102
—	JPMORGAN CHINA REGION FD INC	37,558	$707	0.4%	$15.20	—	COM	48126T104
—	BLACKROCK MULTI-SECTOR INC T	41,854	$694	0.4%	$16.58	—	COM	09258A107
—	EATON VANCE TAX ADVT DIV INC	34,373	$681	0.4%	$18.98	—	COM	27828G107
—	GUGGENHEIM ENHANCED EQUITY S	39,499	$666	0.4%	$17.72	—	COM	40167K100
—	HANCOCK JOHN PFD INCOME FD I	39,540	$660	0.4%	$16.69	—	COM	41021P103
—	ZWEIG TOTAL RETURN FD INC	49,232	$637	0.4%	$12.94	—	COM NEW	989837208
—	HANCOCK JOHN PFD INCOME FD I	32,966	$635	0.4%	$20.02	—	COM	41013X106
—	SWISS HELVETIA FD INC	48,535	$568	0.4%	$11.60	—	COM	870875101
—	TEKLA HEALTHCARE OPPORTUNIT	28,209	$559	0.3%	$19.82	—	SHS	879105104
—	NUVEEN QUALITY PFD INCOME FD	69,770	$552	0.3%	$7.98	—	COM	67071S101
—	RMR REAL ESTATE INCOME FUND	29,431	$546	0.3%	$19.76	—	COM	76970B101
—	NUVEEN DIVERSIFIED DIV INCM	46,331	$532	0.3%	$11.58	—	COM	6706EP105
—	ROYCE GLOBAL VALUE TR INC	62,565	$520	0.3%	$9.08	—	COM	78081T104
—	WESTERN ASSET MGD HI INCM FD	88,900	$439	0.3%	$5.67	—	COM	95766L107
—	BLACKROCK GLOBAL OPP EQTY TR	31,050	$427	0.3%	$14.35	—	COM	092501105
—	NUVEEN QUALITY PFD INCOME FD	49,922	$423	0.3%	$8.47	—	COM	67072C105
—	JAPAN SMALLER CAPTLZTN FD IN	38,112	$411	0.3%	$9.00	—	COM	47109U104
—	JOHN HANCOCK HDG EQ & INC FD	25,674	$410	0.3%	$16.80	—	COM	47804L102
—	THL CR SR LN FD	24,045	$404	0.3%	$16.80	—	COM	87244R103
—	VOYA RISK MANAGED NAT RES FD	51,393	$401	0.3%	$7.80	—	COM	92913C106
—	WELLS FARGO ADVANTAGE UTILS	34,923	$394	0.2%	$11.28	—	COM	94987E109
—	NUVEEN S&P 500 DYN OVERWRITE	27,991	$383	0.2%	$13.98	—	COM	6706EW100
—	NEW IRELAND FUND INC	26,272	$361	0.2%	$12.25	—	COM	645673104
—	MORGAN STANLEY CHINA A SH FD	9,975	$338	0.2%	$33.02	—	COM	617468103
—	INVESCO HIGH INCOME TR II	21,457	$307	0.2%	$15.64	—	COM	46131F101
—	COHEN & STEERS REIT & PFD IN	16,950	$296	0.2%	$19.00	—	COM	19247X100
—	PIMCO DYNAMIC CR INCOME FD	14,488	$292	0.2%	$20.51	—	COM SHS	72202D106
—	ALPINE TOTAL DYNAMIC DIVID F	31,689	$274	0.2%	$8.49	—	COM SH BEN INT N	021060207
—	NUVEEN FLTNG RTE INCM OPP FD	23,596	$255	0.2%	$10.81	—	COM SHS	6706EN100
—	LAZARD GLB TTL RET&INCM FD I	16,078	$247	0.2%	$16.71	—	COM	52106W103
XMFVX	MFS SPL VALUE TR	40,303	$246	0.2%	$6.10	—	SH BEN INT	55274E102
—	FIRST TR ENHANCED EQTY INC F	16,450	$236	0.1%	$14.39	—	COM	337318109
—	COHEN & STEERS SLT PFD INCM	9,440	$228	0.1%	$24.15	—	COM	19248Y107
—	VIRTUS TOTAL RETURN FD	48,659	$217	0.1%	$4.47	—	COM	92829A103
—	STONE HBR EMERG MKTS TL INC	13,776	$193	0.1%	$14.48	—	COM	86164W100
—	COHEN & STEERS QUALITY RLTY	16,781	$179	0.1%	$10.67	—	COM	19247L106
—	MEXICO EQUITY & INCOME FD	13,970	$172	0.1%	$14.71	—	COM	592834105
—	NEW GERMANY FD INC	10,596	$160	0.1%	$15.10	—	COM	644465106
—	NUVEEN DOW 30 DYN OVERWRITE	10,000	$148	0.1%	$15.17	—	SHS	67075F105
—	CLOUGH GLOBAL OPPORTUNITIES	12,319	$148	0.1%	$12.98	—	SH BEN INT	18914E106
—	LMP REAL ESTATE INCOME FD IN	12,558	$147	0.1%	$11.71	—	COM	50208C108
—	GABELLI HLTHCARE & WELLNESS	12,424	$140	0.1%	$11.26	—	SHS	36246K103
—	ABERDEEN ASIA PACIFIC INCOM	27,000	$134	0.1%	$4.96	—	COM	003009107
—	PUTMAN HIGH INCOME SEC FUND	15,282	$119	0.1%	$8.43	—	SHS BEN INT	746779107
—	LATIN AMERN DISCOVERY FD INC	11,332	$116	0.1%	$13.50	—	COM	51828C106
—	CBRE CLARION GLOBAL REAL EST	12,000	$96	0.1%	$8.00	—	COM	12504G100
—	BLACKROCK DEBT STRAT FD INC	12,288	$44	0.0%	$3.90	—	COM	09255R103