Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NUVEEN CORE EQUITY ALPHA FUN	545,042	$7,592	4.3%	$13.46	—	COM	67090X107
—	CENTRAL SECS CORP	316,342	$7,581	4.3%	$20.78	—	COM	155123102
—	ADAMS DIVERSIFIED EQUITY FD	533,138	$7,331	4.2%	$12.77	—	COM	006212104
—	LIBERTY ALL-STAR GROWTH FD I	1,251,533	$5,682	3.2%	$4.23	—	COM	529900102
—	GENERAL AMERN INVS INC	145,400	$4,872	2.8%	$33.51	—	COM	368802104
—	LIBERTY ALL STAR EQUITY FD	890,494	$4,862	2.8%	$5.15	—	SH BEN INT	530158104
—	NUVEEN TAX ADVANTAGED DIV GR	310,840	$4,644	2.6%	$14.40	—	COM	67073G105
—	SOURCE CAP INC	115,534	$4,339	2.5%	$36.79	—	COM	836144105
—	PRUDENTIAL SHT DURATION HG Y	281,055	$4,323	2.5%	$15.58	—	COM	74442F107
—	BLACKSTONE GSO STRATEGIC CR	245,511	$3,889	2.2%	$15.23	—	COM SHS BEN IN	09257R101
XHNWX	PIONEER DIV HIGH INCOME TRUS	234,628	$3,796	2.2%	$15.95	—	COM	723653101
—	NUVEEN TX ADV TOTAL RET STRG	270,135	$3,306	1.9%	$11.39	—	COM	67090H102
—	INVESCO DYNAMIC CR OPP FD	263,596	$3,224	1.8%	$12.27	—	COM	46132R104
—	GUGGENHEIM ENHNCD EQTY INCM	395,664	$3,197	1.8%	$8.08	—	COM	40167B100
—	EATON VANCE ENH EQTY INC FD	230,750	$3,117	1.8%	$13.43	—	COM	278277108
—	EATON VANCE FLTG RATE INCOM	184,320	$3,106	1.8%	$16.40	—	COM SHS BEN INT	278284104
—	NEW GERMANY FD INC	206,189	$3,045	1.7%	$14.33	—	COM	644465106
—	BLACKROCK ENH CAP & INC FD I	211,810	$3,033	1.7%	$13.96	—	COM	09256A109
XPHTX	PIONEER HIGH INCOME TR	292,727	$2,889	1.6%	$9.90	—	COM	72369H106
—	VOYA GLBL ADV & PREM OPP FD	268,203	$2,811	1.6%	$10.29	—	COM	92912R104
—	ZWEIG FD	247,221	$2,749	1.6%	$11.96	—	COM NEW	989834205
—	BLACKSTONE GSO LNG SHRT CR I	168,273	$2,706	1.5%	$16.18	—	COM SHS BN INT	09257D102
—	WESTERN ASSET HIGH INCM FD I	370,683	$2,676	1.5%	$7.09	—	COM	95766J102
—	EUROPEAN EQUITY FUND	319,330	$2,657	1.5%	$8.01	—	COM	298768102
—	WELLS FARGO INCOME OPPORTUNI	315,682	$2,652	1.5%	$8.41	—	WF INC OPPTY FD	94987B105
—	WESTERN ASSET GLB HI INCOME	259,701	$2,623	1.5%	$9.95	—	COM	95766B109
—	LAZARD GLB TTL RET&INCM FD I	160,504	$2,409	1.4%	$14.26	—	COM	52106W103
—	BLACKROCK INTL GRWTH & INC T	382,872	$2,217	1.3%	$5.84	—	COM BENE INTER	092524107
—	NUVEEN CR STRATEGIES INCM FD	254,107	$2,208	1.3%	$8.66	—	COM SHS	67073D102
—	WESTERN ASSET HGH YLD DFNDFD	140,458	$2,157	1.2%	$15.38	—	COM	95768B107
—	TEMPLETON GLOBAL INCOME FD	320,499	$2,131	1.2%	$6.44	—	COM	880198106
—	ABERDEEN GLOBAL INCOME FD IN	233,434	$1,961	1.1%	$8.19	—	COM	003013109
—	DREYFUS HIGH YIELD STRATEGIE	573,510	$1,944	1.1%	$3.38	—	SH BEN INT	26200S101
—	ROYCE MICRO-CAP TR INC	228,483	$1,917	1.1%	$7.94	—	COM	780915104
—	EATON VANCE ENHANCED EQ INC	143,591	$1,882	1.1%	$12.65	—	COM	278274105
—	DELAWARE INVTS DIV & INCOME	177,765	$1,835	1.0%	$9.53	—	COM	245915103
—	ALLIANCEBERNSTEIN GBL HGH IN	141,264	$1,777	1.0%	$12.57	—	COM	01879R106
—	COHEN & STEERS CLOSED END OP	135,915	$1,686	1.0%	$11.86	—	COM	19248P106
—	SPECIAL OPPORTUNITIES FD INC	113,167	$1,653	0.9%	$15.15	—	COM	84741T104
—	DEUTSCHE MULTI-MKT INCOME TR	188,725	$1,642	0.9%	$8.70	—	SHS	25160E102
—	EATON VANCE RISK MNGD DIV EQ	177,209	$1,609	0.9%	$8.96	—	COM	27829G106
—	BOULDER GROWTH & INCOME FD I	169,403	$1,575	0.9%	$8.23	—	COM	101507101
—	FIRST TR ENHANCED EQTY INC F	103,717	$1,498	0.9%	$13.38	—	COM	337318109
—	NUVEEN PFD INCOME OPPRTNY FD	140,644	$1,380	0.8%	$9.81	—	COM	67073B106
—	NEUBERGER BERMAN HGH YLD FD	115,971	$1,378	0.8%	$11.88	—	COM	64128C106
—	ALPINE TOTAL DYNAMIC DIVID F	164,255	$1,357	0.8%	$7.71	—	COM SH BEN INT N	021060207
—	ALLIANZGI EQUITY & CONV INCO	67,453	$1,302	0.7%	$18.43	—	COM	018829101
—	NUVEEN DOW 30 DYN OVERWRITE	77,027	$1,205	0.7%	$15.47	—	SHS	67075F105
—	DUFF & PHELPS UTIL CORP BD T	130,165	$1,199	0.7%	$9.21	—	COM	26432K108
XMFVX	MFS SPL VALUE TR	196,610	$1,142	0.6%	$5.35	—	SH BEN INT	55274E102
—	MFS CHARTER INCOME TR	132,358	$1,140	0.6%	$8.61	—	SH BEN INT	552727109
—	EAGLE GRWTH & INCOME OPPTY F	65,605	$1,112	0.6%	$16.95	—	COM SHS BEN IN	26958j105
—	VIRTUS TOTAL RETURN FD	252,711	$1,104	0.6%	$4.69	—	COM	92829A103
—	ROYCE VALUE TR INC	75,701	$1,060	0.6%	$12.30	—	COM	780910105
—	AVENUE INCOME CR STRATEGIES	73,645	$1,028	0.6%	$11.42	—	COM	05358E106
—	BLACKROCK CORPOR HI YLD FD I	93,840	$1,025	0.6%	$10.88	—	COM	09255P107
—	RIVERNORTH OPPRTUNITIES FD I	50,329	$987	0.6%	$19.16	—	COM	76881y109
—	WESTERN ASSET GLOBAL CP DEFI	56,326	$981	0.6%	$17.27	—	COM	95790C107
—	SPECIAL OPPORTUNITIES FD INC	36,515	$929	0.5%	$25.44	—	PFD CONV SE B	84741T302
—	KKR INCOME OPPORTUNITIES FD	48,894	$832	0.5%	$15.70	—	COM	48249T106
—	BROOKFIELD REAL ASSETS INCOM	36,306	$827	0.5%	$22.31	—	SHS BEN INT	112830104
—	WESTERN ASSET HIGH INCM OPP	163,685	$825	0.5%	$5.04	—	COM	95766K109
—	TRI CONTL CORP	35,098	$811	0.5%	$21.10	—	COM	895436103
—	COHEN & STEERS GLOBAL INC BL	80,620	$738	0.4%	$9.15	—	COM	19248M103
—	BROOKFIELD GLOBL LISTED INFR	55,340	$730	0.4%	$13.19	—	COM SHS	11273Q109
—	VOYA INTL HIGH DIVID EQTY IN	104,974	$730	0.4%	$6.95	—	COM	92912Y109
—	INVESCO SR INCOME TR	157,644	$730	0.4%	$4.63	—	COM	46131H107
—	EATON VANCE LTD DUR INCOME F	52,385	$724	0.4%	$13.82	—	COM	27828H105
—	NUVEEN S&P 500 DYN OVERWRITE	48,808	$723	0.4%	$14.81	—	COM	6706EW100
—	COHEN & STEERS QUALITY RLTY	56,512	$695	0.4%	$12.58	—	COM	19247L106
—	HANCOCK JOHN PFD INCOME FD I	34,853	$643	0.4%	$18.12	—	COM	41021P103
—	FRANKLIN UNVL TR	91,827	$642	0.4%	$6.88	—	SH BEN INT	355145103
—	BLACKROCK CR ALLCTN INC TR	48,015	$632	0.4%	$13.16	—	COM	092508100
—	DOUBLELINE INCOME SOLUTIONS	30,653	$615	0.3%	$19.01	—	COM	258622109
—	BLACKROCK LTD DURATION INC T	38,984	$607	0.3%	$15.57	—	COM SHS	09249W101
—	BANCROFT FUND LTD	28,083	$591	0.3%	$21.04	—	COM	059695106
—	EATON VANCE TAX-ADV BD & OPT	51,903	$575	0.3%	$11.08	—	COM SH BEN INT	27829M103
—	GABELLI MULTIMEDIA TR INC	70,584	$570	0.3%	$7.24	—	COM	36239Q109
—	INVESCO HIGH INCOME TR II	38,840	$560	0.3%	$14.42	—	COM	46131F101
—	FIRST TR HIGH INCOME L/S FD	33,102	$551	0.3%	$16.65	—	COM	33738E109
—	CREDIT SUISSE HIGH YLD BND F	202,995	$542	0.3%	$2.67	—	SH BEN INT	22544F103
—	NUVEEN GLOBAL HIGH INCOME FD	32,038	$528	0.3%	$16.48	—	SHS	67075G103
—	EATON VANCE SR INCOME TR	70,065	$475	0.3%	$6.30	—	SH BEN INT	27826S103
—	BLACKROCK GLOBAL OPP EQTY TR	35,849	$445	0.3%	$11.88	—	COM	092501105
—	ELLSWORTH GROWTH & INCOME FD	50,816	$439	0.2%	$8.64	—	COM	289074106
—	THL CR SR LN FD	23,338	$420	0.2%	$16.09	—	COM	87244R103
—	MORGAN STANLEY EMER MKTS DEB	44,334	$414	0.2%	$9.34	—	COM	61744H105
—	CBRE CLARION GLOBAL REAL EST	53,602	$400	0.2%	$7.30	—	COM	12504G100
—	GABELLI DIVD & INCOME TR	18,616	$388	0.2%	$19.19	—	COM	36242H104
—	NUVEEN DIVERSIFIED DIV INCM	30,108	$356	0.2%	$11.82	—	COM	6706EP105
—	PRUDENTIAL GLB SHT DUR HG YL	23,743	$354	0.2%	$15.02	—	COM	74433A109
—	MFS INTER INCOME TR	78,980	$340	0.2%	$4.44	—	SH BEN INT	55273C107
—	HANCOCK JOHN TAX-ADV DIV INC	13,798	$340	0.2%	$24.64	—	COM	41013V100
—	ALLIANZGI DIVERS INC & CNV F	16,439	$334	0.2%	$20.32	—	COM	01883J108
—	VOYA PRIME RATE TR	58,800	$318	0.2%	$5.41	—	SH BEN INT	92913A100
—	CREDIT SUISSE ASSET MGMT INC	95,964	$317	0.2%	$3.30	—	COM	224916106
—	COHEN & STEERS TOTAL RETURN	25,354	$312	0.2%	$12.31	—	COM	19247R103
—	EATON VANCE TAX MNGD GBL DV	36,500	$311	0.2%	$8.02	—	COM	27829F108
—	HERZFELD CARIBBEAN BASIN FD	29,128	$206	0.1%	$7.07	—	COM	42804T106
—	EATON VANCE TX ADV GLBL DIV	12,464	$195	0.1%	$14.40	—	COM	27828S101
—	ADVENT CLAYMORE ENH GRW & IN	21,626	$183	0.1%	$8.46	—	COM	00765E104
—	SPROTT FOCUS TR INC	22,470	$167	0.1%	$7.02	—	COM	85208J109
—	ADVENT CLAYMORE CV SECS & IN	10,570	$166	0.1%	$14.60	—	COM	00764C109
—	ARES DYNAMIC CR ALLOCATION F	10,027	$161	0.1%	$14.91	—	COM	04014F102
—	DEUTSCHE STRATEGIC INCOME TR	12,598	$154	0.1%	$11.91	—	SHS	25160F109
—	FIRST TR ABERDEEN GLBL OPP F	12,600	$146	0.1%	$11.59	—	COM SHS	337319107
—	GABELLI GLB SML & MD CP VAL	12,000	$137	0.1%	$11.42	—	COM	36249W104
—	ADVENT CLAY CONV SEC INC FD	19,474	$119	0.1%	$6.11	—	COM	007639107
—	CALAMOS GBL DYN INCOME FUND	10,000	$78	0.0%	$6.97	—	COM	12811L107