Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LIBERTY ALL-STAR GROWTH FD I	1,082,538	$5,651	3.5%	$5.19	—	COM	529900102
—	BOULDER GROWTH & INCOME FD I	549,715	$4,711	2.9%	$8.57	—	COM	101507101
—	LIBERTY ALL STAR EQUITY FD	729,888	$4,263	2.7%	$5.71	—	SH BEN INT	530158104
—	SPECIAL OPPORTUNITIES FD INC	265,178	$4,089	2.5%	$16.17	—	COM	84741T104
—	SPROTT FOCUS TR INC	559,749	$4,064	2.5%	$7.26	—	COM	85208J109
—	NUVEEN TX ADV TOTAL RET STRG	297,021	$4,022	2.5%	$13.60	—	COM	67090H102
—	GABELLI DIVD & INCOME TR	189,001	$4,005	2.5%	$21.19	—	COM	36242H104
—	EATON VANCE RISK MNGD DIV EQ	358,467	$3,879	2.4%	$10.69	—	COM	27829G106
XHNWX	PIONEER DIV HIGH INCOME TRUS	189,006	$3,296	2.0%	$17.59	—	COM	723653101
—	GABELLI EQUITY TR INC	500,777	$3,255	2.0%	$6.47	—	COM	362397101
—	FIRST TR DIVIDEND INCOME FD	367,545	$3,253	2.0%	$8.88	—	COM	33731L100
—	DELAWARE ENHANCED GBL DIV &	274,058	$3,143	2.0%	$12.00	—	COM	246060107
—	WESTERN ASSET GLB HI INCOME	278,908	$3,099	1.9%	$11.10	—	COM	95766B109
—	BLACKROCK LTD DURATION INC T	192,414	$3,038	1.9%	$16.61	—	COM SHS	09249W101
—	EATON VANCE LTD DUR INCOME F	192,687	$2,773	1.7%	$14.68	—	COM	27828H105
—	DREYFUS HIGH YIELD STRATEGIE	699,794	$2,554	1.6%	$3.64	—	SH BEN INT	26200S101
—	CALAMOS STRATEGIC TOTL RETN	224,226	$2,524	1.6%	$11.44	—	COM SH BEN INT	128125101
—	LAZARD WORLD DIVID & INCOME	193,693	$2,448	1.5%	$12.90	—	COM	521076109
—	JOHN HANCOCK HDG EQ & INC FD	147,938	$2,429	1.5%	$16.80	—	COM	47804L102
—	TRI CONTL CORP	110,927	$2,406	1.5%	$19.45	—	COM	895436103
—	CREDIT SUISSE ASSET MGMT INC	744,228	$2,389	1.5%	$3.38	—	COM	224916106
—	CALAMOS GBL DYN INCOME FUND	267,594	$2,352	1.5%	$8.90	—	COM	12811L107
—	DUFF & PHELPS UTIL CORP BD T	238,849	$2,334	1.5%	$9.87	—	COM	26432K108
—	VOYA GLBL EQTY DIV & PREM OP	280,215	$2,331	1.4%	$8.32	—	COM	92912T100
—	DOUBLELINE INCOME SOLUTIONS	113,066	$2,244	1.4%	$20.10	—	COM	258622109
—	ABERDEEN GLOBAL INCOME FD IN	231,190	$2,150	1.3%	$9.72	—	COM	003013109
—	ARES DYNAMIC CR ALLOCATION F	131,307	$2,135	1.3%	$17.26	—	COM	04014F102
—	DELAWARE INVTS DIV & INCOME	211,027	$2,123	1.3%	$9.91	—	COM	245915103
—	ALLIANCEBERNSTEIN GBL HGH IN	160,476	$2,017	1.3%	$12.44	—	COM	01879R106
—	BLACKROCK CORPOR HI YLD FD I	176,785	$1,973	1.2%	$11.16	—	COM	09255P107
—	FIRST TR ABERDEEN GLBL OPP F	166,126	$1,947	1.2%	$11.97	—	COM SHS	337319107
—	CENTRAL SECS CORP	88,404	$1,927	1.2%	$21.64	—	COM	155123102
—	WESTERN ASSET GLB PTNRS INCO	194,645	$1,863	1.2%	$10.56	—	COM	95766G108
—	EATON VANCE TX ADV GLBL DIV	108,602	$1,842	1.1%	$16.36	—	COM	27828S101
—	FIRST TR STRATEGIC HIGH INC	127,519	$1,813	1.1%	$14.35	—	COM SHS NEW	337353304
—	EUROPEAN EQUITY FUND	197,153	$1,727	1.1%	$8.16	—	COM	298768102
—	BLACKSTONE GSO LNG SHRT CR I	106,248	$1,715	1.1%	$18.18	—	COM SHS BN INT	09257D102
—	ZWEIG FD	110,763	$1,704	1.1%	$15.46	—	COM NEW	989834205
—	WESTERN ASSET HIGH INCM OPP	316,728	$1,685	1.0%	$5.35	—	COM	95766K109
—	APOLLO TACTICAL INCOME FD IN	91,047	$1,486	0.9%	$17.31	—	COM	037638103
—	EATON VANCE TAX-ADV BD & OPT	113,508	$1,454	0.9%	$12.77	—	COM SH BEN INT	27829M103
—	WESTERN ASSET HIGH INCM FD I	178,904	$1,437	0.9%	$8.16	—	COM	95766J102
—	NUVEEN GLOBAL HIGH INCOME FD	83,850	$1,431	0.9%	$17.07	—	SHS	67075G103
—	ROYCE VALUE TR INC	97,384	$1,395	0.9%	$14.70	—	COM	780910105
—	NUVEEN DOW 30 DYN OVERWRITE	87,594	$1,329	0.8%	$15.17	—	SHS	67075F105
—	PIMCO DYNAMIC INCOME FD	45,713	$1,326	0.8%	$29.01	—	SHS	72201Y101
—	INVESCO DYNAMIC CR OPP FD	108,009	$1,293	0.8%	$12.29	—	COM	46132R104
—	ROYCE MICRO-CAP TR INC	130,028	$1,273	0.8%	$9.82	—	COM	780915104
—	WELLS FARGO ADVANTAGE MULTI	95,202	$1,271	0.8%	$13.76	—	COM SHS	94987D101
—	KKR INCOME OPPORTUNITIES FD	72,951	$1,201	0.7%	$16.46	—	COM	48249T106
—	NUVEEN NASDAQ 100 DYNAMIC OV	62,751	$1,177	0.7%	$18.76	—	COM SHS	670699107
—	NUVEEN S&P 500 BUY-WRITE INC	91,017	$1,165	0.7%	$12.11	—	COM	6706ER101
—	INVESCO HIGH INCOME TR II	76,037	$1,150	0.7%	$15.64	—	COM	46131F101
—	FIRST TR HIGH INCOME L/S FD	68,699	$1,125	0.7%	$17.31	—	COM	33738E109
—	BLACKROCK GLOBAL OPP EQTY TR	79,547	$1,104	0.7%	$14.35	—	COM	092501105
—	EATON VANCE TX MGD DIV EQ IN	97,043	$1,101	0.7%	$11.42	—	COM	27828N102
—	CLOUGH GLOBAL OPPORTUNITIES	85,156	$1,061	0.7%	$12.98	—	SH BEN INT	18914E106
—	GUGGENHEIM ENHANCED EQUITY S	59,947	$1,054	0.7%	$17.72	—	COM	40167K100
—	ADVENT CLAY CONV SEC INC FD	152,208	$1,023	0.6%	$6.95	—	COM	007639107
—	ROYCE GLOBAL VALUE TR INC	118,384	$953	0.6%	$9.08	—	COM	78081T104
—	GUGGENHEIM EQ WEIGHT ENHANC	48,241	$941	0.6%	$19.51	—	COM SH BEN INT	40167M106
—	MADISON STRTG SECTOR PREM FD	75,578	$910	0.6%	$12.42	—	COM	558268108
—	EATON VANCE SR INCOME TR	135,569	$883	0.5%	$7.02	—	SH BEN INT	27826S103
—	HANCOCK JOHN TAX-ADV DIV INC	39,837	$851	0.5%	$21.36	—	COM	41013V100
—	ADVENT CLAYMORE CV SECS & IN	48,153	$832	0.5%	$16.48	—	COM	00764C109
—	GUGGENHEIM ENHNCD EQTY INCM	94,403	$798	0.5%	$8.64	—	COM	40167B100
—	NUVEEN SR INCOME FD	116,828	$778	0.5%	$7.00	—	COM	67067Y104
—	BLACKROCK INTL GRWTH & INC T	108,477	$769	0.5%	$7.09	—	COM BENE INTER	092524107
—	WELLS FARGO ADVANTAGE INCOME	85,178	$750	0.5%	$9.53	—	COM SHS	94987B105
—	HANCOCK JOHN PFD INCOME FD	34,626	$733	0.5%	$21.17	—	SH BEN INT	41013W108
—	DEUTSCHE MULTI-MKT INCOME TR	85,039	$719	0.4%	$8.78	—	SHS	25160E102
—	CREDIT SUISSE HIGH YLD BND F	258,233	$718	0.4%	$2.79	—	SH BEN INT	22544F103
—	GABELLI HLTHCARE & WELLNESS	62,811	$707	0.4%	$11.26	—	SHS	36246K103
—	JPMORGAN CHINA REGION FD INC	37,208	$672	0.4%	$15.20	—	COM	48126T104
—	ALLIANZGI EQUITY & CONV INCO	33,518	$664	0.4%	$19.81	—	COM	018829101
—	WESTERN ASSET MGD HI INCM FD	125,363	$648	0.4%	$5.67	—	COM	95766L107
—	NUVEEN S&P 500 DYN OVERWRITE	44,849	$627	0.4%	$13.98	—	COM	6706EW100
—	STONE HBR EMERG MKTS TL INC	42,417	$614	0.4%	$14.48	—	COM	86164W100
—	PIMCO DYNAMIC CR INCOME FD	28,709	$586	0.4%	$20.51	—	COM SHS	72202D106
—	MFS INTER INCOME TR	116,092	$565	0.4%	$5.01	—	SH BEN INT	55273C107
—	ALLIANZGI NFJ DIVID INT & PR	34,274	$559	0.3%	$16.00	—	COM	01883A107
—	ALPINE GLOBAL DYNAMIC DIVD F	52,008	$536	0.3%	$10.22	—	COM NEW	02082E205
—	COHEN & STEERS LTD DUR PFD I	21,846	$526	0.3%	$22.67	—	COM	19248C105
—	FIRST TR ENHANCED EQTY INC F	36,485	$525	0.3%	$14.39	—	COM	337318109
—	NEUBERGER BERMAN HGH YLD FD	41,097	$507	0.3%	$12.99	—	COM	64128C106
—	PIMCO INCOME STRATEGY FUND I	47,461	$477	0.3%	$10.05	—	COM	72201J104
—	EATON VANCE TAX ADVT DIV INC	21,621	$446	0.3%	$18.48	—	COM	27828G107
—	MANAGED HIGH YIELD PLUS FD I	226,449	$435	0.3%	$2.09	—	COM	561911108
—	WELLS FARGO ADV GLB DIV OPP	56,123	$423	0.3%	$7.49	—	COM	94987C103
—	ALPINE TOTAL DYNAMIC DIVID F	45,315	$404	0.3%	$8.49	—	COM SH BEN INT N	021060207
—	NUVEEN GLOBAL EQUITY INCOME	31,324	$404	0.3%	$13.36	—	COM	6706EH103
—	JAPAN SMALLER CAPTLZTN FD IN	39,412	$392	0.2%	$9.00	—	COM	47109U104
—	SWISS HELVETIA FD INC	33,335	$385	0.2%	$11.55	—	COM	870875101
—	NEW IRELAND FUND INC	27,852	$363	0.2%	$12.25	—	COM	645673104
—	VOYA ASIA PAC DIVID EQUITY I	30,172	$349	0.2%	$13.12	—	COM	92912J102
—	COHEN & STEERS REIT & PFD IN	16,950	$330	0.2%	$19.00	—	COM	19247X100
—	MFS GOVT MKTS INCOME TR	58,105	$325	0.2%	$5.59	—	SH BEN INT	552939100
—	HANCOCK JOHN PFD INCOME FD I	14,639	$307	0.2%	$20.97	—	COM	41013X106
—	BLACKROCK FLOAT RATE OME STR	21,766	$303	0.2%	$14.79	—	COM	09255X100
—	RMR REAL ESTATE INCOME FUND	14,089	$297	0.2%	$21.08	—	COM	76970B101
—	MORGAN STANLEY CHINA A SH FD	8,725	$287	0.2%	$32.89	—	COM	617468103
—	BROOKFIELD HIGH INCOME FD IN	32,450	$286	0.2%	$8.81	—	COM	11272P102
—	LAZARD GLB TTL RET&INCM FD I	16,515	$267	0.2%	$16.71	—	COM	52106W103
—	PUTMAN HIGH INCOME SEC FUND	31,982	$261	0.2%	$8.43	—	SHS BEN INT	746779107
—	NUVEEN MTG OPPTY TERM FD 2	10,512	$238	0.1%	$22.64	—	COM	67074R100
—	BLACKROCK DEBT STRAT FD INC	63,476	$237	0.1%	$3.90	—	COM	09255R103
—	BROOKFIELD GLOBL LISTED INFR	11,252	$229	0.1%	$20.35	—	COM SHS	11273Q109
—	NUVEEN FLEXIBLE INVT INCOME	13,314	$228	0.1%	$16.76	—	COM	67075B104
—	PRUDENTIAL SHT DURATION HG Y	13,828	$225	0.1%	$16.27	—	COM	74442F107
—	TEMPLETON EMERG MKTS INCOME	20,875	$225	0.1%	$13.08	—	COM	880192109
—	HANCOCK JOHN INVS TR	12,481	$219	0.1%	$17.71	—	COM	410142103
XPHDX	PIONEER FLOATING RATE TR	18,500	$215	0.1%	$11.62	—	COM	72369J102
—	MEXICO EQUITY & INCOME FD	16,974	$210	0.1%	$14.71	—	COM	592834105
—	NUVEEN CORE EQUITY ALPHA FUN	12,116	$208	0.1%	$17.17	—	COM	67090X107
—	NUVEEN DIVERSIFIED DIV INCM	16,280	$199	0.1%	$11.77	—	COM	6706EP105
—	BLACKSTONE GSO STRATEGIC CR	12,040	$195	0.1%	$17.31	—	COM SHS BEN IN	09257R101
—	WESTERN ASSET EMRG MKT DEBT	12,180	$192	0.1%	$15.76	—	COM	95766A101
—	ASIA PAC FD INC	14,001	$163	0.1%	$10.19	—	COM	044901106
—	NUVEEN QUALITY PFD INCOME FD	18,582	$159	0.1%	$8.16	—	COM	67071S101
—	AVENUE INCOME CR STRATEGIES	10,037	$152	0.1%	$17.31	—	COM	05358E106
—	ALPINE GLOBAL PREMIER PPTYS	19,000	$130	0.1%	$6.84	—	COM SBI	02083A103
—	VOYA INTL HIGH DIVID EQTY IN	16,000	$129	0.1%	$8.06	—	COM	92912Y109
—	LATIN AMERN DISCOVERY FD INC	11,332	$112	0.1%	$13.50	—	COM	51828C106
—	VIRTUS TOTAL RETURN FD	10,389	$47	0.0%	$4.52	—	COM	92829A103