Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GENERAL AMERN INVS INC	285,206	$9,788	4.8%	$34.13	—	COM	368802104
—	TRI CONTL CORP	342,551	$9,081	4.5%	$26.39	—	COM	895436103
—	SOURCE CAP INC	225,177	$8,951	4.4%	$38.34	—	COM	836144105
—	BOULDER GROWTH & INCOME FD I	869,426	$8,938	4.4%	$10.15	—	COM	101507101
—	CENTRAL SECS CORP	304,716	$8,489	4.2%	$22.46	—	COM	155123102
—	ADAMS DIVERSIFIED EQUITY FD	443,946	$6,846	3.4%	$14.65	—	COM	006212104
—	SPECIAL OPPORTUNITIES FD INC	446,144	$6,701	3.3%	$15.22	—	COM	84741T104
—	ROYCE MICRO-CAP TR INC	535,168	$5,346	2.6%	$8.53	—	COM	780915104
—	EATON VANCE LTD DUR INCOME F	412,867	$5,194	2.6%	$13.45	—	COM	27828H105
—	ALLIANZGI NFJ DIVID INT & PR	392,171	$4,949	2.4%	$12.93	—	COM	01883A107
—	ABERDEEN GLOBAL DYNAMIC DIVI	467,184	$4,789	2.4%	$10.25	—	COM	00302M106
—	BLACKROCK ENHANCED GBL DIV T	363,689	$4,044	2.0%	$11.28	—	COM	092501105
—	DREYFUS ALCENTRA GBL CR INCO	416,120	$3,816	1.9%	$9.17	—	COM	26189A105
—	IVY HIGH INC OPPORTUNITIES F	265,559	$3,805	1.9%	$14.79	—	COM	465893105
—	FIRST TR HIGH INCOME L/S FD	256,050	$3,772	1.9%	$15.06	—	COM	33738E109
—	NEW GERMANY FD INC	201,872	$3,682	1.8%	$14.70	—	COM	644465106
XPHDX	PIONEER FLOATING RATE TR	296,292	$3,313	1.6%	$11.53	—	COM	72369J102
XHNWX	PIONEER DIV HIGH INCOME TRUS	218,627	$3,185	1.6%	$15.44	—	COM	723653101
—	FIRST TR DYNAMIC EUROPE EQT	193,516	$3,123	1.5%	$16.14	—	COM SHS	33740d107
—	GABELLI DIVD & INCOME TR	131,502	$2,967	1.5%	$21.99	—	COM	36242H104
—	NEUBERGER BERMAN HGH YLD FD	264,998	$2,867	1.4%	$11.01	—	COM	64128C106
—	ABERDEEN TOTAL DYNAMIC DIVD	327,086	$2,862	1.4%	$8.75	—	COM SH BEN INT	00326L100
—	NUVEEN TAX ADVANTAGED DIV GR	172,301	$2,841	1.4%	$16.19	—	COM	67073G105
—	ALLIANZGI CON INCM 2024 TARG	303,525	$2,808	1.4%	$9.15	—	COM	01883H102
—	MADISON CVRED CALL & EQ STR	375,171	$2,795	1.4%	$7.74	—	COM	557437100
—	EATON VANCE SR INCOME TR	433,194	$2,764	1.4%	$6.38	—	SH BEN INT	27826S103
—	APOLLO TACTICAL INCOME FD IN	170,728	$2,663	1.3%	$16.12	—	COM	037638103
—	BLACKROCK ENHANCED INTL DIV	462,617	$2,655	1.3%	$5.90	—	COM BENE INTER	092524107
—	WESTERN ASSET GLB HI INCOME	287,805	$2,625	1.3%	$9.82	—	COM	95766B109
—	ABERDEEN ASIA PACIFIC INCOM	605,933	$2,618	1.3%	$4.58	—	COM	003009107
—	BLACKROCK LTD DURATION INC T	174,881	$2,600	1.3%	$15.07	—	COM SHS	09249W101
—	NUVEEN TX ADV TOTAL RET STRG	195,638	$2,518	1.2%	$12.36	—	COM	67090H102
—	NUVEEN SR INCOME FD	379,466	$2,364	1.2%	$6.34	—	COM	67067Y104
—	DREYFUS HIGH YIELD STRATEGIE	736,452	$2,320	1.1%	$3.31	—	SH BEN INT	26200S101
—	WELLS FARGO INCOME OPPORTUNI	289,756	$2,315	1.1%	$8.29	—	WF INC OPPTY FD	94987B105
—	EUROPEAN EQUITY FUND	235,311	$2,210	1.1%	$8.09	—	COM	298768102
—	EAGLE GRWTH & INCOME OPPTY F	138,203	$2,126	1.0%	$16.40	—	COM SHS BEN IN	26958j105
—	FIRST TR ABERDEEN GLBL OPP F	201,319	$2,019	1.0%	$10.94	—	COM SHS	337319107
—	GABELLI GLB SML & MD CP VAL	158,603	$1,922	0.9%	$12.28	—	COM	36249W104
—	ADVENT CLAY CONV SEC INC FD	338,705	$1,893	0.9%	$6.08	—	COM	007639107
—	WESTERN ASSET HIGH INCM FD I	276,432	$1,780	0.9%	$7.12	—	COM	95766J102
—	VIRTUS GLOBAL MULTI-SEC INC	130,383	$1,743	0.9%	$13.37	—	COM	92829B101
—	XAI OCTAGON FLOATNG RATE ALT	186,233	$1,702	0.8%	$9.15	—	COM	98400T106
—	EATON VANCE SH TM DR DIVR IN	123,967	$1,614	0.8%	$13.58	—	COM	27828V104
—	ABERDEEN INCOME CR STRATEGIE	115,241	$1,591	0.8%	$13.81	—	COM	003057106
—	NUVEEN GLOBAL HIGH INCOME FD	102,612	$1,584	0.8%	$16.66	—	SHS	67075G103
—	DEUTSCHE MULTI-MKT INCOME TR	168,037	$1,480	0.7%	$8.72	—	SHS	25160E102
—	INVESCO DYNAMIC CR OPP FD	124,178	$1,443	0.7%	$12.09	—	COM	46132R104
—	ROYCE GLOBAL VALUE TR INC	130,310	$1,370	0.7%	$10.51	—	COM	78081T104
—	HANCOCK JOHN TAX-ADV DIV INC	52,911	$1,237	0.6%	$21.69	—	COM	41013V100
—	HANCOCK JOHN INVS TR	76,905	$1,227	0.6%	$16.58	—	COM	410142103
—	ABERDEEN GLOBAL INCOME FD IN	126,163	$999	0.5%	$7.98	—	COM	003013109
—	NEW IRELAND FUND INC	84,416	$986	0.5%	$12.96	—	COM	645673104
—	BLACKROCK 2022 GBL INCM OPP	107,033	$958	0.5%	$9.38	—	COM	09258P104
XPHTX	PIONEER HIGH INCOME TR	101,977	$947	0.5%	$9.66	—	COM	72369H106
—	SPECIAL OPPORTUNITIES FD INC	36,515	$931	0.5%	$25.44	—	PFD CONV SE B	84741T302
—	FRANKLIN UNVL TR	138,616	$926	0.5%	$6.69	—	SH BEN INT	355145103
XXCHNXX	CHINA FD INC	42,811	$895	0.4%	$21.82	—	COM	169373107
—	EATON VANCE TAX ADV BD OPT S	84,207	$770	0.4%	$9.14	—	COM SH BEN INT	27829M103
—	RIVERNORTH DOUBLELINE STRATE	42,117	$745	0.4%	$18.38	—	COM	76882G107
—	NUVEEN FLOATING RATE INCOME	68,354	$714	0.4%	$10.62	—	COM	67072T108
—	FIRST TR SR FLG RTE INCM FD	53,649	$689	0.3%	$12.86	—	COM	33733U108
—	BANCROFT FUND LTD	31,365	$686	0.3%	$21.04	—	COM	059695106
—	HERZFELD CARIBBEAN BASIN FD	103,532	$683	0.3%	$7.09	—	COM	42804T106
—	SPROTT FOCUS TR INC	87,227	$682	0.3%	$7.82	—	COM	85208J109
—	MORGAN STANLEY CHINA A SH FD	29,500	$681	0.3%	$23.08	—	COM	617468103
—	LMP CAP & INCOME FD INC	52,495	$675	0.3%	$13.95	—	COM	50208A102
—	FIRST TR SR FLOATING RATE 20	71,707	$665	0.3%	$9.16	—	COM SHS	33740K101
—	TEMPLETON DRAGON FD INC	29,854	$636	0.3%	$22.24	—	COM	88018T101
—	PUTNAM MASTER INTER INCOME T	131,399	$614	0.3%	$4.67	—	SH BEN INT	746909100
—	CREDIT SUISSE ASSET MGMT INC	180,576	$571	0.3%	$3.31	—	COM	224916106
—	TEKLA HEALTHCARE INVS	25,870	$556	0.3%	$22.05	—	SH BEN INT	87911J103
—	LAZARD WORLD DIVID & INCOME	52,630	$545	0.3%	$10.36	—	COM	521076109
—	DEUTSCHE STRATEGIC INCOME TR	40,615	$497	0.2%	$12.29	—	SHS	25160F109
—	NUVEEN PFD & INCM SECURTIES	53,004	$467	0.2%	$8.81	—	COM	67072C105
—	BLACKROCK ENH CAP & INC FD I	28,758	$466	0.2%	$16.20	—	COM	09256A109
—	CLOUGH GLOBAL OPPORTUNITIES	42,040	$462	0.2%	$10.99	—	SH BEN INT	18914E106
—	BLACKROCK FLOAT RATE OME STR	32,254	$448	0.2%	$13.89	—	COM	09255X100
—	ARES DYNAMIC CR ALLOCATION F	27,036	$435	0.2%	$16.09	—	COM	04014F102
—	VOYA EMERGING MKTS HIGH DIVI	49,936	$402	0.2%	$8.69	—	COM	92912P108
—	VOYA ASIA PAC DIVID EQUITY I	40,193	$402	0.2%	$10.57	—	COM	92912J102
—	WESTERN ASSET HGH YLD DFNDFD	25,313	$369	0.2%	$14.58	—	COM	95768B107
—	INVESCO SR INCOME TR	79,854	$342	0.2%	$4.37	—	COM	46131H107
—	CLOUGH GLOBAL DIVND AND INC	24,766	$308	0.2%	$12.44	—	COM	18913Y103
—	SWISS HELVETIA FD INC	24,511	$303	0.1%	$12.78	—	COM	870875101
—	NUVEEN CR STRATEGIES INCM FD	37,641	$299	0.1%	$7.93	—	COM SHS	67073D102
—	MORGAN STANLEY EMER MKTS FD	17,892	$291	0.1%	$18.04	—	COM	61744G107
—	NUVEEN DIVERSIFIED DIV INCM	23,900	$279	0.1%	$11.67	—	COM	6706EP105
—	ADVENT CLAYMORE ENH GRW & IN	32,972	$255	0.1%	$8.30	—	COM	00765E104
—	NUVEEN FLTNG RTE INCM OPP FD	22,520	$234	0.1%	$10.39	—	COM SHS	6706EN100
—	WESTERN ASSET HIGH INCM OPP	47,626	$230	0.1%	$4.83	—	COM	95766K109
—	WELLS FARGO GLOBAL DIVIDEND	40,496	$226	0.1%	$5.58	—	COM	94987C103
—	MFS CHARTER INCOME TR	28,200	$224	0.1%	$7.94	—	SH BEN INT	552727109
—	MFS INTERMEDIATE HIGH INC FD	86,777	$219	0.1%	$2.52	—	SH BEN INT	59318T109
—	WELLS FARGO MULTI SECTOR INC	15,500	$193	0.1%	$12.45	—	COM	94987D101
—	BLACKROCK CORPOR HI YLD FD I	18,000	$188	0.1%	$10.44	—	COM	09255P107
—	NUVEEN REAL ESTATE INCOME FD	18,679	$187	0.1%	$10.01	—	COM	67071B108
—	INVESCO HIGH INCOME TR II	13,230	$178	0.1%	$13.45	—	COM	46131F101
—	NUVEEN PFD & INCM OPPORTNYS	18,000	$168	0.1%	$9.33	—	COM	67073B106
—	CBRE CLARION GLOBAL REAL EST	21,200	$160	0.1%	$7.55	—	COM	12504G100
—	COHEN & STEERS QUALITY RLTY	12,000	$144	0.1%	$12.00	—	COM	19247L106
—	MACQUARIE FT TR GB INF UT DI	13,063	$141	0.1%	$10.79	—	COM	55607W100
—	TEMPLETON GLOBAL INCOME FD	20,957	$129	0.1%	$6.16	—	COM	880198106
—	NUVEEN CR OPPORTUNITIES 2022	12,897	$122	0.1%	$9.46	—	COM	67075U102
—	MORGAN STANLEY EMER MKTS DEB	13,220	$116	0.1%	$9.89	—	COM	61744H105
—	MFS INTER INCOME TR	20,629	$80	0.0%	$3.88	—	SH BEN INT	55273C107