Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XHNWX	PIONEER DIV HIGH INCOME TRUS	321,302	$4,746	3.6%	$16.61	—	COM	723653101
—	PIMCO INCOME STRATEGY FUND	482,440	$4,670	3.5%	$10.70	—	COM	72201H108
—	GABELLI DIVD & INCOME TR	253,253	$4,447	3.3%	$20.30	—	COM	36242H104
—	CALAMOS STRATEGIC TOTL RETN	476,384	$4,426	3.3%	$10.00	—	COM SH BEN INT	128125101
—	LIBERTY ALL STAR EQUITY FD	783,792	$3,982	3.0%	$5.52	—	SH BEN INT	530158104
—	NUVEEN TX ADV TOTAL RET STRG	348,662	$3,929	2.9%	$13.52	—	COM	67090H102
—	GENERAL AMERN INVS INC	121,112	$3,752	2.8%	$33.14	—	COM	368802104
—	SPROTT FOCUS TR INC	601,385	$3,554	2.7%	$7.25	—	COM	85208J109
—	WESTERN ASSET GLB HI INCOME	385,154	$3,455	2.6%	$10.86	—	COM	95766B109
—	TRI CONTL CORP	171,229	$3,339	2.5%	$19.83	—	COM	895436103
—	PIMCO INCOME STRATEGY FUND I	367,073	$3,245	2.4%	$9.12	—	COM	72201J104
—	BOULDER GROWTH & INCOME FD I	425,316	$3,169	2.4%	$8.48	—	COM	101507101
—	NUVEEN TAX ADVANTAGED DIV GR	223,598	$3,021	2.3%	$15.01	—	COM	67073G105
—	EATON VANCE TAX MNGD GBL DV	362,988	$3,013	2.3%	$8.30	—	COM	27829F108
—	BLACKROCK ENHANCED EQT DIV T	410,432	$2,955	2.2%	$7.48	—	COM	09251A104
—	GABELLI EQUITY TR INC	555,421	$2,899	2.2%	$6.25	—	COM	362397101
—	WESTERN ASSET GLB PTNRS INCO	354,896	$2,832	2.1%	$9.66	—	COM	95766G108
—	ZWEIG FD	210,390	$2,699	2.0%	$15.06	—	COM NEW	989834205
—	LAZARD WORLD DIVID & INCOME	293,860	$2,677	2.0%	$12.19	—	COM	521076109
—	SPECIAL OPPORTUNITIES FD INC	181,003	$2,547	1.9%	$16.16	—	COM	84741T104
—	GUGGENHEIM ENHNCD EQTY INCM	339,327	$2,443	1.8%	$7.20	—	COM	40167B100
—	BLACKSTONE GSO LNG SHRT CR I	162,793	$2,320	1.7%	$16.96	—	COM SHS BN INT	09257D102
—	APOLLO TACTICAL INCOME FD IN	147,880	$2,143	1.6%	$16.61	—	COM	037638103
—	DELAWARE ENHANCED GBL DIV &	230,833	$2,138	1.6%	$11.83	—	COM	246060107
—	CALAMOS CONV OPP AND INC FD	204,104	$2,019	1.5%	$10.87	—	SH BEN INT	128117108
—	APOLLO SR FLOATING RATE FD I	127,374	$1,997	1.5%	$15.68	—	COM	037636107
—	CREDIT SUISSE ASSET MGMT INC	654,837	$1,853	1.4%	$3.38	—	COM	224916106
—	DREYFUS HIGH YIELD STRATEGIE	600,966	$1,839	1.4%	$3.57	—	SH BEN INT	26200S101
—	CLOUGH GLOBAL OPPORTUNITIES	171,489	$1,835	1.4%	$10.86	—	SH BEN INT	18914E106
—	WELLS FARGO ADVANTAGE INCOME	229,189	$1,735	1.3%	$8.70	—	COM SHS	94987B105
—	KKR INCOME OPPORTUNITIES FD	115,121	$1,676	1.3%	$16.20	—	COM	48249T106
—	CENTRAL SECS CORP	78,647	$1,554	1.2%	$21.59	—	COM	155123102
—	CALAMOS GBL DYN INCOME FUND	213,638	$1,487	1.1%	$6.96	—	COM	12811L107
—	IVY HIGH INC OPPORTUNITIES F	103,627	$1,344	1.0%	$14.94	—	COM	465893105
—	FIRST TR STRATEGIC HIGH INC	111,697	$1,285	1.0%	$13.95	—	COM SHS NEW	337353304
—	ABERDEEN GLOBAL INCOME FD IN	159,635	$1,212	0.9%	$9.72	—	COM	003013109
—	EATON VANCE LTD DUR INCOME F	94,126	$1,194	0.9%	$14.47	—	COM	27828H105
—	FIRST TR ENHANCED EQTY INC F	94,964	$1,179	0.9%	$12.76	—	COM	337318109
—	BABSON CAP GLB SHT DURHGH YL	67,920	$1,178	0.9%	$19.91	—	COM	05617T100
—	EUROPEAN EQUITY FUND	150,646	$1,172	0.9%	$8.16	—	COM	298768102
—	ARES DYNAMIC CR ALLOCATION F	80,354	$1,123	0.8%	$17.05	—	COM	04014F102
—	HANCOCK JOHN PFD INCOME FD I	57,140	$1,093	0.8%	$19.64	—	COM	41013X106
—	CALAMOS CONV & HIGH INCOME F	99,981	$1,087	0.8%	$10.87	—	COM SHS	12811P108
—	BROOKFIELD HIGH INCOME FD IN	145,329	$1,059	0.8%	$7.95	—	COM	11272P102
XMFVX	MFS SPL VALUE TR	188,451	$986	0.7%	$5.42	—	SH BEN INT	55274E102
—	NUVEEN REAL ASSET INC & GROW	61,280	$900	0.7%	$14.69	—	COM	67074Y105
—	ADVENT CLAY CONV SEC INC FD	163,582	$884	0.7%	$6.91	—	COM	007639107
—	PRUDENTIAL GLB SHT DUR HG YL	62,705	$865	0.6%	$15.10	—	COM	74433A109
—	LMP CORPORATE LN FD INC	83,024	$853	0.6%	$10.27	—	COM	50208B100
—	NUVEEN FLEXIBLE INVT INCOME	55,911	$830	0.6%	$14.85	—	COM	67075B104
—	AVENUE INCOME CR STRATEGIES	64,214	$825	0.6%	$12.85	—	COM	05358E106
—	GUGGENHEIM EQ WEIGHT ENHANC	48,387	$797	0.6%	$16.47	—	COM SH BEN INT	40167M106
—	NUVEEN SR INCOME FD	130,828	$773	0.6%	$6.89	—	COM	67067Y104
—	ADVENT CLAYMORE CV SECS & IN	58,426	$769	0.6%	$13.16	—	COM	00764C109
—	WELLS FARGO ADV GLB DIV OPP	129,491	$765	0.6%	$7.12	—	COM	94987C103
—	TEKLA HEALTHCARE INVS	27,471	$758	0.6%	$27.59	—	SH BEN INT	87911J103
—	BLACKROCK LTD DURATION INC T	49,345	$713	0.5%	$16.61	—	COM SHS	09249W101
—	LMP CAP & INCOME FD INC	58,580	$712	0.5%	$14.59	—	COM	50208A102
—	ROYCE VALUE TR INC	60,817	$699	0.5%	$14.30	—	COM	780910105
—	THL CR SR LN FD	42,370	$657	0.5%	$16.24	—	COM	87244R103
—	BLACKROCK INTL GRWTH & INC T	108,175	$657	0.5%	$6.07	—	COM BENE INTER	092524107
—	HANCOCK JOHN PFD INCOME FD I	39,389	$656	0.5%	$16.69	—	COM	41021P103
—	LIBERTY ALL-STAR GROWTH FD I	141,513	$642	0.5%	$5.19	—	COM	529900102
—	ADAMS DIVERSIFIED EQUITY FD	48,650	$620	0.5%	$12.74	—	COM	006212104
—	DELAWARE INVTS DIV & INCOME	72,933	$610	0.5%	$8.36	—	COM	245915103
—	VIRTUS GLOBAL MULTI-SEC INC	42,277	$605	0.5%	$14.31	—	COM	92829B101
—	HANCOCK JOHN PREMUIM DIV FD	45,587	$573	0.4%	$12.57	—	COM SH BEN INT	41013T105
—	VIRTUS TOTAL RETURN FD	149,105	$564	0.4%	$4.01	—	COM	92829A103
—	ROYCE MICRO-CAP TR INC	72,444	$561	0.4%	$9.57	—	COM	780915104
—	CLOUGH GLOBAL EQUITY FD	42,913	$543	0.4%	$12.65	—	COM	18914C100
—	BROOKFIELD MTG OPP INC FD IN	33,377	$492	0.4%	$14.74	—	COM	112792106
—	TEMPLETON GLOBAL INCOME FD	78,597	$479	0.4%	$6.09	—	COM	880198106
—	ALLIANZGI NFJ DIVID INT & PR	36,981	$473	0.4%	$15.26	—	COM	01883A107
—	MFS INTERMEDIATE HIGH INC FD	204,923	$465	0.3%	$2.27	—	SH BEN INT	59318T109
—	NUVEEN DIVERSIFIED DIV INCM	42,296	$438	0.3%	$11.58	—	COM	6706EP105
—	HANCOCK JOHN INVS TR	29,788	$435	0.3%	$16.30	—	COM	410142103
—	WELLS FARGO ADVANTAGE MULTI	35,861	$407	0.3%	$13.40	—	COM SHS	94987D101
—	CLOUGH GLOBAL ALLOCATION FD	30,611	$400	0.3%	$13.07	—	COM	18913Y103
—	VOYA INTL HIGH DIVID EQTY IN	53,213	$338	0.3%	$6.35	—	COM	92912Y109
—	WELLS FARGO ADVANTAGE UTILS	30,834	$326	0.2%	$11.28	—	COM	94987E109
—	NUVEEN FLTNG RTE INCM OPP FD	28,290	$281	0.2%	$10.66	—	COM SHS	6706EN100
—	EATON VANCE RISK MNGD DIV EQ	26,700	$256	0.2%	$9.59	—	COM	27829G106
—	NEW IRELAND FUND INC	18,835	$253	0.2%	$12.25	—	COM	645673104
—	HANCOCK JOHN PFD INCOME FD	12,259	$237	0.2%	$19.33	—	SH BEN INT	41013W108
—	MADISON STRTG SECTOR PREM FD	19,578	$209	0.2%	$12.41	—	COM	558268108
—	GUGGENHEIM CR ALLOCATION FD	10,353	$206	0.2%	$19.90	—	COM	40168G108
—	MADISON CVRED CALL & EQ STR	29,035	$206	0.2%	$7.09	—	COM	557437100
—	NUVEEN SHT DUR CR OPP FD	13,202	$201	0.2%	$15.22	—	COM	67074X107
—	JPMORGAN CHINA REGION FD INC	13,694	$196	0.1%	$15.20	—	COM	48126T104
—	NEUBERGER BERMAN HGH YLD FD	17,664	$180	0.1%	$12.17	—	COM	64128C106
—	NEW GERMANY FD INC	12,070	$174	0.1%	$15.02	—	COM	644465106
—	EATON VANCE SH TM DR DIVR IN	12,170	$161	0.1%	$13.23	—	COM	27828V104
—	SWISS HELVETIA FD INC	13,979	$152	0.1%	$11.60	—	COM	870875101
—	EATON VANCE ENHANCED EQ INC	12,688	$151	0.1%	$13.13	—	COM	278274105
—	ALPINE GLOBAL DYNAMIC DIVD F	12,017	$103	0.1%	$10.11	—	COM NEW	02082E205
—	CREDIT SUISSE HIGH YLD BND F	15,700	$36	0.0%	$2.29	—	SH BEN INT	22544F103