Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ADAMS DIVERSIFIED EQUITY FD	579,698	$7,345	5.1%	$12.74	—	COM	006212104
—	BOULDER GROWTH & INCOME FD I	658,266	$5,352	3.7%	$8.23	—	COM	101507101
—	LIBERTY ALL STAR EQUITY FD	925,509	$4,646	3.2%	$5.07	—	SH BEN INT	530158104
—	GENERAL AMERN INVS INC	148,002	$4,561	3.2%	$31.02	—	COM	368802104
—	WESTERN ASSET GLB PTNRS INCO	492,884	$4,219	2.9%	$9.11	—	COM	95766G108
—	LIBERTY ALL-STAR GROWTH FD I	1,000,816	$4,093	2.8%	$4.21	—	COM	529900102
—	EATON VANCE TX MGD DIV EQ IN	378,314	$3,938	2.7%	$10.41	—	COM	27828N102
—	CENTRAL SECS CORP	198,264	$3,894	2.7%	$20.27	—	COM	155123102
—	VIRTUS GLOBAL MULTI-SEC INC	244,110	$3,701	2.6%	$14.15	—	COM	92829B101
—	GUGGENHEIM EQ WEIGHT ENHANC	213,705	$3,527	2.4%	$16.36	—	COM SH BEN INT	40167M106
—	AVENUE INCOME CR STRATEGIES	272,758	$3,268	2.3%	$11.42	—	COM	05358E106
—	ROYCE VALUE TR INC	274,460	$3,230	2.2%	$11.75	—	COM	780910105
—	APOLLO TACTICAL INCOME FD IN	212,912	$3,072	2.1%	$14.75	—	COM	037638103
—	NUVEEN TAX ADVANTAGED DIV GR	198,232	$2,835	2.0%	$14.66	—	COM	67073G105
—	NUVEEN FLEXIBLE INVT INCOME	159,225	$2,517	1.7%	$14.79	—	COM	67075B104
—	ALLIANZGI NFJ DIVID INT & PR	203,321	$2,507	1.7%	$12.33	—	COM	01883A107
XMFVX	MFS SPL VALUE TR	448,199	$2,452	1.7%	$5.35	—	SH BEN INT	55274E102
—	GABELLI MULTIMEDIA TR INC	332,308	$2,343	1.6%	$7.44	—	COM	36239Q109
—	CALAMOS GBL DYN INCOME FUND	318,850	$2,238	1.6%	$7.05	—	COM	12811L107
—	BROOKFIELD HIGH INCOME FD IN	309,504	$2,232	1.5%	$7.39	—	COM	11272P102
—	CALAMOS GLOBAL TOTAL RETURN	201,830	$2,198	1.5%	$11.20	—	COM SH BEN INT	128118106
—	CALAMOS CONV OPP AND INC FD	209,959	$2,064	1.4%	$9.61	—	SH BEN INT	128117108
—	DELAWARE INVTS DIV & INCOME	218,573	$2,039	1.4%	$9.33	—	COM	245915103
—	THL CR SR LN FD	122,450	$1,969	1.4%	$16.02	—	COM	87244R103
—	VOYA GLBL ADV & PREM OPP FD	198,532	$1,960	1.4%	$10.09	—	COM	92912R104
—	JOHN HANCOCK HDG EQ & INC FD	127,273	$1,908	1.3%	$14.99	—	COM	47804L102
—	EUROPEAN EQUITY FUND	242,984	$1,883	1.3%	$8.09	—	COM	298768102
—	EATON VANCE TAX-ADV BD & OPT	151,155	$1,846	1.3%	$12.21	—	COM SH BEN INT	27829M103
—	BABSON CAP GLB SHT DURHGH YL	96,788	$1,729	1.2%	$17.41	—	COM	05617T100
—	VIRTUS TOTAL RETURN FD	371,904	$1,726	1.2%	$4.64	—	COM	92829A103
—	NUVEEN TX ADV TOTAL RET STRG	147,367	$1,662	1.2%	$13.16	—	COM	67090H102
—	NUVEEN NASDAQ 100 DYNAMIC OV	90,906	$1,624	1.1%	$17.86	—	COM SHS	670699107
XHNWX	PIONEER DIV HIGH INCOME TRUS	103,009	$1,617	1.1%	$15.70	—	COM	723653101
—	MFS INTERMEDIATE HIGH INC FD	609,154	$1,505	1.0%	$2.31	—	SH BEN INT	59318T109
—	LAZARD WORLD DIVID & INCOME	166,309	$1,502	1.0%	$12.19	—	COM	521076109
—	ARES DYNAMIC CR ALLOCATION F	108,126	$1,487	1.0%	$14.72	—	COM	04014F102
—	NUVEEN S&P 500 DYN OVERWRITE	109,712	$1,483	1.0%	$13.52	—	COM	6706EW100
—	BLACKROCK FLOAT RATE OME STR	111,060	$1,460	1.0%	$13.15	—	COM	09255X100
—	FIRST TR HIGH INCOME L/S FD	97,984	$1,453	1.0%	$14.73	—	COM	33738E109
—	FIRST TR ENHANCED EQTY INC F	101,560	$1,332	0.9%	$13.03	—	COM	337318109
—	BLACKROCK INTL GRWTH & INC T	217,812	$1,252	0.9%	$6.07	—	COM BENE INTER	092524107
—	BLACKROCK GLOBAL OPP EQTY TR	100,940	$1,196	0.8%	$11.88	—	COM	092501105
—	GABELLI DIVD & INCOME TR	61,365	$1,174	0.8%	$19.13	—	COM	36242H104
—	SPECIAL OPPORTUNITIES FD INC	83,484	$1,148	0.8%	$15.61	—	COM	84741T104
—	TRI CONTL CORP	51,987	$1,068	0.7%	$19.88	—	COM	895436103
—	TEMPLETON GLOBAL INCOME FD	166,300	$1,058	0.7%	$6.36	—	COM	880198106
—	NEUBERGER BERMAN HGH YLD FD	95,925	$1,050	0.7%	$10.95	—	COM	64128C106
—	INVESCO SR INCOME TR	244,199	$1,021	0.7%	$4.04	—	COM	46131H107
—	ROYCE MICRO-CAP TR INC	126,827	$931	0.6%	$8.18	—	COM	780915104
—	BLACKROCK FLOATING RATE INCO	71,602	$929	0.6%	$12.97	—	COM	091941104
—	VOYA PRIME RATE TR	177,770	$910	0.6%	$5.05	—	SH BEN INT	92913A100
—	ZWEIG FD	71,788	$904	0.6%	$13.56	—	COM NEW	989834205
—	GUGGENHEIM ENHANCED EQUITY S	58,353	$899	0.6%	$15.77	—	COM	40167K100
—	ABERDEEN GLOBAL INCOME FD IN	102,994	$893	0.6%	$8.67	—	COM	003013109
—	ELLSWORTH GROWTH & INCOME FD	113,080	$891	0.6%	$7.87	—	COM	289074106
—	KKR INCOME OPPORTUNITIES FD	57,930	$872	0.6%	$15.10	—	COM	48249T106
—	NUVEEN REAL ASSET INC & GROW	47,465	$802	0.6%	$14.86	—	COM	67074Y105
—	ALPINE TOTAL DYNAMIC DIVID F	110,478	$802	0.6%	$7.36	—	COM SH BEN INT N	021060207
—	GABELLI CONV&INCOM SECS FD I	164,187	$763	0.5%	$4.62	—	COM	36240B109
—	BLACKROCK CR ALLCTN INC TR	56,500	$736	0.5%	$13.03	—	COM	092508100
—	EATON VANCE SH TM DR DIVR IN	53,191	$718	0.5%	$13.46	—	COM	27828V104
—	INVESCO BD FD	38,000	$718	0.5%	$18.89	—	COM	46132L107
—	BLACKROCK DEBT STRAT FD INC	197,895	$699	0.5%	$3.53	—	COM	09255R103
—	BLACKSTONE GSO LNG SHRT CR I	47,904	$692	0.5%	$16.78	—	COM SHS BN INT	09257D102
—	FIRST TR STRATEGIC HIGH INC	52,570	$629	0.4%	$11.96	—	COM SHS NEW	337353304
—	LMP CAP & INCOME FD INC	46,642	$612	0.4%	$13.12	—	COM	50208A102
—	EATON VANCE SR FLTNG RTE TR	46,548	$609	0.4%	$13.08	—	COM	27828Q105
—	NEW GERMANY FD INC	45,203	$600	0.4%	$13.90	—	COM	644465106
—	WELLS FARGO INCOME OPPORTUNI	71,584	$566	0.4%	$7.77	—	WF INC OPPTY FD	94987B105
—	EATON VANCE LTD DUR INCOME F	41,629	$559	0.4%	$13.43	—	COM	27828H105
—	ALPINE GLOBAL PREMIER PPTYS	100,845	$554	0.4%	$5.58	—	COM SBI	02083A103
—	EATON VANCE SR INCOME TR	90,727	$545	0.4%	$5.92	—	SH BEN INT	27826S103
—	EATON VANCE FLTG RATE INCOM	36,072	$540	0.4%	$14.97	—	COM SHS BEN INT	278284104
—	MFS INTER INCOME TR	112,200	$521	0.4%	$4.63	—	SH BEN INT	55273C107
—	INVESCO HIGH INCOME TR II	37,515	$516	0.4%	$13.75	—	COM	46131F101
—	DOUBLELINE INCOME SOLUTIONS	26,335	$483	0.3%	$18.34	—	COM	258622109
—	RMR REAL ESTATE INCOME FUND	22,168	$475	0.3%	$19.73	—	COM	76970B101
—	WESTERN ASSET VAR RT STRG FD	30,103	$468	0.3%	$15.55	—	COM	957667108
—	APOLLO SR FLOATING RATE FD I	27,197	$430	0.3%	$15.67	—	COM	037636107
—	EATON VANCE TAX MNGD GBL DV	48,700	$417	0.3%	$8.56	—	COM	27829F108
—	EATON VANCE TX ADV GLBL DIV	28,800	$414	0.3%	$15.20	—	COM	27828S101
—	CALAMOS STRATEGIC TOTL RETN	40,008	$395	0.3%	$9.74	—	COM SH BEN INT	128125101
—	STONE HBR EMERG MKTS TL INC	28,298	$374	0.3%	$13.22	—	COM	86164W100
—	GABELLI GLB SML & MD CP VAL	34,823	$361	0.3%	$10.37	—	COM	36249W104
—	NUVEEN SHT DUR CR OPP FD	22,500	$354	0.2%	$15.73	—	COM	67074X107
—	WESTERN ASSET WORLDWIDE INCO	32,245	$354	0.2%	$10.77	—	COM	957668106
—	HANCOCK JOHN TAX-ADV DIV INC	13,760	$343	0.2%	$24.93	—	COM	41013V100
—	BLACKROCK LTD DURATION INC T	21,706	$331	0.2%	$14.77	—	COM SHS	09249W101
—	FIRST TR ABERDEEN GLBL OPP F	28,112	$322	0.2%	$11.45	—	COM SHS	337319107
—	TEMPLETON EMERG MKTS INCOME	29,255	$306	0.2%	$10.46	—	COM	880192109
—	FIRST TR SR FLG RTE INCM FD	22,342	$287	0.2%	$12.85	—	COM	33733U108
—	BLACKSTONE GSO STRATEGIC CR	19,492	$280	0.2%	$14.36	—	COM SHS BEN IN	09257R101
—	ADVENT CLAY CONV SEC INC FD	49,300	$272	0.2%	$5.52	—	COM	007639107
—	NUVEEN GLOBAL EQUITY INCOME	23,001	$268	0.2%	$11.13	—	COM	6706EH103
—	CLOUGH GLOBAL ALLOCATION FD	21,241	$249	0.2%	$11.61	—	COM	18913Y103
—	WELLS FARGO GLOBAL DIVIDEND	41,343	$247	0.2%	$7.08	—	WF GLOBAL OPPTY	94987C103
—	DEUTSCHE HIGH INCOME TR	25,866	$227	0.2%	$8.47	—	SHS	25155R100
—	DUFF & PHELPS GLB UTL INC FD	10,903	$187	0.1%	$17.15	—	COM	26433C105
—	NUVEEN SR INCOME FD	29,515	$178	0.1%	$6.03	—	COM	67067Y104
—	WESTERN ASSET INCOME FD	12,207	$173	0.1%	$14.17	—	COM	95766T100
—	COHEN & STEERS GLOBAL INC BL	19,500	$170	0.1%	$8.80	—	COM	19248M103
—	ZWEIG TOTAL RETURN FD INC	12,580	$151	0.1%	$12.00	—	COM NEW	989837208
—	PUTNAM MASTER INTER INCOME T	30,631	$133	0.1%	$4.34	—	SH BEN INT	746909100
—	COHEN & STEERS CLOSED END OP	10,737	$124	0.1%	$10.90	—	COM	19248P106
—	MFS GOVT MKTS INCOME TR	16,442	$89	0.1%	$5.41	—	SH BEN INT	552939100
—	WESTERN ASSET HIGH INCM OPP	18,000	$88	0.1%	$4.89	—	COM	95766K109
—	MVC CAPITAL INC	10,000	$80	0.1%	$8.00	—	COM	553829102
—	CREDIT SUISSE ASSET MGMT INC	25,567	$75	0.1%	$2.93	—	COM	224916106
—	BLACKROCK INCOME TR INC	10,669	$71	0.0%	$6.65	—	COM	09247F100
—	WESTERN ASSET MGD HI INCM FD	12,000	$57	0.0%	$4.43	—	COM	95766L107