Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GABELLI DIVD & INCOME TR	405,616	$7,423	4.2%	$20.89	—	COM	36242H104
—	CENTRAL SECS CORP	267,491	$6,642	3.7%	$22.46	—	COM	155123102
—	NUVEEN TX ADV TOTAL RET STRG	584,437	$5,932	3.3%	$10.15	—	COM	67090H102
—	NUVEEN TAX ADVANTAGED DIV GR	380,082	$5,093	2.9%	$13.81	—	COM	67073G105
—	SPECIAL OPPORTUNITIES FD INC	426,878	$5,054	2.9%	$15.22	—	COM	84741T104
—	EATON VANCE TAX ADVT DIV INC	239,883	$4,555	2.6%	$18.99	—	COM	27828G107
—	LIBERTY ALL STAR EQUITY FD	817,993	$4,401	2.5%	$5.38	—	SH BEN INT	530158104
—	BLACKROCK ENHANCED EQT DIV T	565,886	$4,397	2.5%	$7.86	—	COM	09251A104
—	KKR INCOME OPPORTUNITIES FD	288,747	$4,115	2.3%	$14.94	—	COM	48249T106
—	NUVEEN CORE EQUITY ALPHA FUN	340,139	$4,092	2.3%	$12.16	—	COM	67090X107
—	EATON VANCE TX ADV GLBL DIV	298,449	$4,041	2.3%	$14.12	—	COM	27828S101
—	PIMCO INCOME STRATEGY FUND I	388,242	$3,700	2.1%	$9.53	—	COM	72201J104
—	BROOKFIELD REAL ASSETS INCOM	193,969	$3,699	2.1%	$19.07	—	SHS BEN INT	112830104
—	DREYFUS ALCENTRA GBL CR INCO	474,741	$3,646	2.1%	$9.02	—	COM	26189A105
—	ARES DYNAMIC CR ALLOCATION F	261,184	$3,604	2.0%	$14.87	—	COM	04014F102
—	DOUBLELINE INCOME SOLUTIONS	205,554	$3,562	2.0%	$17.33	—	COM	258622109
—	ALLIANZGI CON INCM 2024 TARG	425,527	$3,396	1.9%	$8.96	—	COM	01883H102
—	CALAMOS STRATEGIC TOTL RETN	307,210	$3,253	1.8%	$10.59	—	COM SH BEN INT	128125101
—	APOLLO TACTICAL INCOME FD IN	222,862	$3,069	1.7%	$15.13	—	COM	037638103
—	PIMCO DYNMIC CREDIT AND MRT	144,298	$3,037	1.7%	$21.05	—	COM SHS	72202D106
XPHDX	PIONEER FLOATING RATE TR	302,387	$2,975	1.7%	$11.48	—	COM	72369J102
—	BLACKROCK MULTI-SECTOR INC T	188,987	$2,903	1.6%	$16.47	—	COM	09258A107
—	ROYCE VALUE TR INC	219,250	$2,587	1.5%	$11.80	—	COM	780910105
—	FIRST TR ENHANCED EQTY INC F	195,187	$2,522	1.4%	$15.26	—	COM	337318109
—	BLACKROCK ENH CAP & INC FD I	177,252	$2,496	1.4%	$15.76	—	COM	09256A109
—	PIMCO INCOME STRATEGY FUND	229,642	$2,496	1.4%	$10.87	—	COM	72201H108
—	CLOUGH GLOBAL DIVND AND INC	238,209	$2,384	1.3%	$11.78	—	COM	18913Y103
—	ABERDEEN GLOBAL DYNAMIC DIVI	275,260	$2,342	1.3%	$10.25	—	COM	00302M106
—	BLACKSTONE GSO LNG SHRT CR I	166,650	$2,290	1.3%	$14.75	—	COM SHS BN INT	09257D102
—	SPROTT FOCUS TR INC	348,207	$2,013	1.1%	$7.43	—	COM	85208J109
—	ABERDEEN INCOME CR STRATEGIE	185,458	$1,944	1.1%	$10.48	—	COM	003057106
—	BLACKSTONE GSO STRATEGIC CR	139,443	$1,878	1.1%	$13.47	—	COM SHS BEN IN	09257R101
—	NEW GERMANY FD INC	157,032	$1,837	1.0%	$14.70	—	COM	644465106
—	GENERAL AMERN INVS INC	64,427	$1,832	1.0%	$34.13	—	COM	368802104
—	VOYA GLBL ADV & PREM OPP FD	196,967	$1,812	1.0%	$10.29	—	COM	92912R104
—	EUROPEAN EQUITY FUND	228,926	$1,770	1.0%	$8.20	—	COM	298768102
—	TRI CONTL CORP	71,740	$1,687	1.0%	$26.39	—	COM	895436103
—	GUGGENHEIM ENHNCD EQTY INCM	246,507	$1,671	0.9%	$7.12	—	COM	40167B100
—	EATON VANCE RISK MNGD DIV EQ	198,779	$1,614	0.9%	$8.12	—	COM	27829G106
—	CALAMOS CONV & HIGH INCOME F	170,215	$1,600	0.9%	$9.40	—	COM SHS	12811P108
—	ROYCE MICRO-CAP TR INC	201,988	$1,499	0.8%	$7.60	—	COM	780915104
—	JOHN HANCOCK HDG EQ & INC FD	112,410	$1,470	0.8%	$15.07	—	COM	47804L102
—	BOULDER GROWTH & INCOME FD I	136,428	$1,423	0.8%	$10.15	—	COM	101507101
—	EATON VANCE TX ADV GLB DIV O	75,186	$1,411	0.8%	$18.77	—	COM	27828U106
—	IVY HIGH INC OPPORTUNITIES F	109,156	$1,324	0.7%	$14.75	—	COM	465893105
—	VIRTUS GLOBAL MULTI-SEC INC	117,799	$1,305	0.7%	$13.36	—	COM	92829B101
—	NUVEEN S&P 500 BUY-WRITE INC	107,302	$1,295	0.7%	$12.07	—	COM	6706ER101
—	EATON VANCE ENHANCED EQ INC	92,387	$1,196	0.7%	$12.95	—	COM	278274105
—	NUVEEN SHT DUR CR OPP FD	79,286	$1,136	0.6%	$14.33	—	COM	67074X107
—	MFS INTERMEDIATE HIGH INC FD	505,596	$1,082	0.6%	$2.14	—	SH BEN INT	59318T109
—	EATON VANCE TX MGD DIV EQ IN	98,185	$1,001	0.6%	$10.60	—	COM	27828N102
—	SOURCE CAP INC	30,531	$994	0.6%	$38.56	—	COM	836144105
—	DOUBLELINE OPPORTUNISTIC CR	52,208	$989	0.6%	$18.94	—	COM	258623107
—	NEW IRELAND FUND INC	116,958	$977	0.6%	$12.19	—	COM	645673104
—	BLACKSTONE GSO FLTING RTE FU	60,916	$934	0.5%	$15.33	—	COM	09256U105
—	VOYA GLBL EQTY DIV & PREM OP	152,378	$893	0.5%	$7.32	—	COM	92912T100
—	GUGGENHEIM CR ALLOCATION FD	47,130	$867	0.5%	$18.40	—	COM	40168G108
—	XAI OCTAGON FLOATNG RATE ALT	118,444	$866	0.5%	$7.31	—	COM	98400T106
—	ABERDEEN GLOBAL INCOME FD IN	119,192	$849	0.5%	$7.12	—	COM	003013109
—	SPECIAL OPPORTUNITIES FD INC	33,482	$835	0.5%	$25.44	—	PFD CONV SE B	84741T302
—	NUVEEN DOW 30 DYN OVERWRITE	51,470	$830	0.5%	$16.13	—	SHS	67075F105
—	EATON VANCE TAX MNGD GBL DV	111,167	$829	0.5%	$7.46	—	COM	27829F108
—	WELLS FARGO MULTI SECTOR INC	74,150	$822	0.5%	$11.85	—	COM	94987D101
—	EATON VANCE TXMGD GL BUYWR O	84,290	$803	0.5%	$9.53	—	COM	27829C105
—	BLACKROCK LTD DURATION INC T	58,667	$784	0.4%	$15.04	—	COM SHS	09249W101
—	RIVERNORTH DOUBLELINE STRATE	45,726	$743	0.4%	$16.99	—	COM	76882G107
—	GABELLI CONV&INCOM SECS FD I	167,886	$737	0.4%	$4.39	—	COM	36240B109
—	HANCOCK JOHN INVS TR	50,475	$713	0.4%	$16.58	—	COM	410142103
XXCHNXX	CHINA FD INC	42,145	$712	0.4%	$21.82	—	COM	169373107
—	FRANKLIN LTD DURATION INC TR	77,778	$702	0.4%	$9.03	—	COM	35472T101
—	FIRST TR SR FLG RTE INCM FD	60,901	$682	0.4%	$12.82	—	COM	33733U108
—	BLACKROCK FLOATING RATE INCO	58,449	$675	0.4%	$11.55	—	COM	091941104
—	ABERDEEN TOTAL DYNAMIC DIVD	93,137	$672	0.4%	$8.75	—	COM SH BEN INT	00326L100
—	EATON VANCE HIGH INCOME 2021	74,300	$663	0.4%	$8.92	—	COM SH BEN INT	27829W101
—	CLOUGH GLOBAL OPPORTUNITIES	77,588	$639	0.4%	$8.59	—	SH BEN INT	18914E106
—	BLACKROCK FLOAT RATE OME STR	53,479	$636	0.4%	$13.84	—	COM	09255X100
ECC	EAGLE PT CR CO LLC	43,853	$623	0.4%	$14.21	—	COM	269808101
—	CREDIT SUISSE ASSET MGMT INC	222,774	$617	0.3%	$3.03	—	COM	224916106
—	PIMCO CORPORATE INCOME STRAT	39,856	$593	0.3%	$14.88	—	COM	72200U100
—	HERZFELD CARIBBEAN BASIN FD	120,906	$592	0.3%	$6.96	—	COM	42804T106
—	EATON VANCE TAX MNGED BUY WR	41,747	$561	0.3%	$13.44	—	COM	27828X100
—	ADAMS DIVERSIFIED EQUITY FD	44,437	$561	0.3%	$14.65	—	COM	006212104
—	BLACKROCK DEBT STRAT FD INC	55,102	$538	0.3%	$11.14	—	COM NEW	09255R202
—	NUVEEN CR OPPORTUNITIES 2022	62,471	$529	0.3%	$8.47	—	COM	67075U102
—	MORGAN STANLEY CHINA A SH FD	25,758	$470	0.3%	$23.08	—	COM	617468103
—	TEMPLETON DRAGON FD INC	26,854	$457	0.3%	$22.24	—	COM	88018T101
—	COHEN & STEERS REIT & PFD IN	25,602	$456	0.3%	$17.81	—	COM	19247X100
—	NUVEEN S&P 500 DYN OVERWRITE	28,322	$398	0.2%	$16.91	—	COM	6706EW100
—	EATON VANCE SR INCOME TR	63,999	$384	0.2%	$6.38	—	SH BEN INT	27826S103
—	TEKLA HEALTHCARE INVS	21,316	$383	0.2%	$22.05	—	SH BEN INT	87911J103
—	ALLIANZGI NFJ DIVID INT & PR	35,412	$378	0.2%	$12.93	—	COM	01883A107
—	FLAHERTY & CRUMRINE DYN PFD	18,337	$374	0.2%	$20.40	—	SHS	33848W106
—	DELAWARE ENHANCED GBL DIV &	41,800	$364	0.2%	$8.71	—	COM	246060107
—	VOYA EMERGING MKTS HIGH DIVI	49,936	$364	0.2%	$8.69	—	COM	92912P108
XPHTX	PIONEER HIGH INCOME TR	45,037	$359	0.2%	$9.66	—	COM	72369H106
—	BLACKROCK ENHANCED GBL DIV T	38,156	$358	0.2%	$11.28	—	COM	092501105
—	ABERDEEN ASIA PACIFIC INCOM	90,721	$351	0.2%	$3.87	—	COM	003009107
—	GABELLI EQUITY TR INC	63,000	$321	0.2%	$6.48	—	COM	362397101
—	VOYA ASIA PAC DIVID EQUITY I	36,400	$310	0.2%	$10.57	—	COM	92912J102
—	WESTERN ASSET GLB HI INCOME	36,093	$298	0.2%	$9.82	—	COM	95766B109
—	PUTNAM PREMIER INCOME TR	58,128	$273	0.2%	$4.70	—	SH BEN INT	746853100
—	APOLLO SR FLOATING RATE FD I	18,753	$270	0.2%	$15.97	—	COM	037636107
—	COLUMBIA SELIGM PREM TECH GR	14,000	$235	0.1%	$16.79	—	COM	19842X109
—	HANCOCK JOHN TAX-ADV DIV INC	9,904	$202	0.1%	$21.69	—	COM	41013V100
—	NUVEEN REAL ASSET INM AND GW	14,500	$198	0.1%	$13.66	—	COM	67074Y105
—	HANCOCK JOHN PFD INCOME FD I	12,000	$190	0.1%	$15.83	—	COM	41021P103
—	CALAMOS CONV OPP AND INC FD	21,323	$189	0.1%	$8.86	—	SH BEN INT	128117108
—	CALAMOS GBL DYN INCOME FUND	25,200	$165	0.1%	$6.55	—	COM	12811L107
—	ROYCE GLOBAL VALUE TR INC	18,327	$163	0.1%	$10.51	—	COM	78081T104
—	NUVEEN GLOBAL HIGH INCOME FD	11,108	$152	0.1%	$16.66	—	SHS	67075G103
—	NUVEEN PFD & INCM OPPORTNYS	15,600	$130	0.1%	$9.33	—	COM	67073B106
—	WESTERN ASSET HIGH INCM OPP	29,300	$128	0.1%	$4.78	—	COM	95766K109
—	LMP CAP & INCOME FD INC	11,463	$122	0.1%	$10.64	—	COM	50208A102
—	CLOUGH GLOBAL EQUITY FD	11,188	$121	0.1%	$10.82	—	COM	18914C100
—	WESTERN ASSET HIGH INCM FD I	16,605	$96	0.1%	$6.96	—	COM	95766J102
—	ELLSWORTH GRWTH AND INCOME L	10,865	$93	0.1%	$8.56	—	COM	289074106
—	BLACKROCK 2022 GBL INCM OPP	10,700	$89	0.1%	$9.20	—	COM	09258P104
XMFVX	MFS SPL VALUE TR	17,385	$86	0.0%	$4.95	—	SH BEN INT	55274E102
—	HANCOCK JOHN INV TRUST	12,180	$81	0.0%	$7.42	—	TAX ADV GLB SH	41013P749
—	MADISON CVRED CALL & EQ STR	11,303	$70	0.0%	$7.74	—	COM	557437100
—	INVESCO SR INCOME TR	12,000	$47	0.0%	$4.37	—	COM	46131H107
—	CREDIT SUISSE HIGH YLD BND F	16,000	$35	0.0%	$2.19	—	SH BEN INT	22544F103