Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PIMCO INCOME STRATEGY FUND	518,034	$5,046	3.5%	$10.63	—	COM	72201H108
—	NUVEEN TX ADV TOTAL RET STRG	414,431	$4,836	3.4%	$13.22	—	COM	67090H102
—	VIRTUS GLOBAL MULTI-SEC INC	314,654	$4,446	3.1%	$14.15	—	COM	92829B101
XHNWX	PIONEER DIV HIGH INCOME TRUS	303,405	$4,427	3.1%	$16.61	—	COM	723653101
—	BABSON CAP GLB SHT DURHGH YL	252,169	$4,158	2.9%	$17.41	—	COM	05617T100
—	NUVEEN TAX ADVANTAGED DIV GR	296,680	$4,127	2.9%	$14.74	—	COM	67073G105
—	EATON VANCE TAX MNGD GBL DV	459,506	$4,067	2.8%	$8.42	—	COM	27829F108
—	TRI CONTL CORP	191,643	$3,837	2.7%	$19.85	—	COM	895436103
—	ADAMS DIVERSIFIED EQUITY FD	289,990	$3,721	2.6%	$12.82	—	COM	006212104
—	WESTERN ASSET GLB PTNRS INCO	457,433	$3,536	2.5%	$9.23	—	COM	95766G108
—	WESTERN ASSET GLB HI INCOME	388,711	$3,390	2.4%	$10.86	—	COM	95766B109
—	SPROTT FOCUS TR INC	568,677	$3,298	2.3%	$7.25	—	COM	85208J109
—	FIRST TR ENHANCED EQTY INC F	244,736	$3,231	2.2%	$13.03	—	COM	337318109
—	BOULDER GROWTH & INCOME FD I	396,428	$3,068	2.1%	$8.48	—	COM	101507101
—	KKR INCOME OPPORTUNITIES FD	218,238	$3,027	2.1%	$15.10	—	COM	48249T106
—	CALAMOS GBL DYN INCOME FUND	393,639	$2,818	2.0%	$7.05	—	COM	12811L107
—	PIMCO INCOME STRATEGY FUND I	308,921	$2,709	1.9%	$9.12	—	COM	72201J104
—	GABELLI DIVD & INCOME TR	146,676	$2,708	1.9%	$20.30	—	COM	36242H104
—	EATON VANCE TX ADV GLBL DIV	170,886	$2,652	1.8%	$15.52	—	COM	27828S101
—	AVENUE INCOME CR STRATEGIES	228,117	$2,589	1.8%	$11.77	—	COM	05358E106
XMFVX	MFS SPL VALUE TR	473,740	$2,516	1.7%	$5.35	—	SH BEN INT	55274E102
—	GABELLI EQUITY TR INC	459,516	$2,440	1.7%	$6.25	—	COM	362397101
—	NUVEEN FLEXIBLE INVT INCOME	165,734	$2,431	1.7%	$14.73	—	COM	67075B104
—	GABELLI MULTIMEDIA TR INC	316,824	$2,376	1.6%	$7.50	—	COM	36239Q109
—	BLACKSTONE GSO LNG SHRT CR I	171,645	$2,314	1.6%	$16.78	—	COM SHS BN INT	09257D102
—	LAZARD WORLD DIVID & INCOME	253,838	$2,312	1.6%	$12.19	—	COM	521076109
—	ALLIANZGI NFJ DIVID INT & PR	176,459	$2,186	1.5%	$12.99	—	COM	01883A107
—	GUGGENHEIM EQ WEIGHT ENHANC	125,007	$2,043	1.4%	$16.39	—	COM SH BEN INT	40167M106
—	VOYA GLBL EQTY DIV & PREM OP	280,397	$1,963	1.4%	$7.00	—	COM	92912T100
—	APOLLO SR FLOATING RATE FD I	128,951	$1,954	1.4%	$15.67	—	COM	037636107
—	BROOKFIELD HIGH INCOME FD IN	283,013	$1,947	1.4%	$7.43	—	COM	11272P102
—	GUGGENHEIM ENHNCD EQTY INCM	238,992	$1,835	1.3%	$7.20	—	COM	40167B100
—	ARES DYNAMIC CR ALLOCATION F	124,406	$1,662	1.2%	$15.74	—	COM	04014F102
—	EUROPEAN EQUITY FUND	203,834	$1,643	1.1%	$8.14	—	COM	298768102
—	ZWEIG FD	123,679	$1,625	1.1%	$15.06	—	COM NEW	989834205
—	CENTRAL SECS CORP	79,594	$1,514	1.1%	$21.56	—	COM	155123102
—	GUGGENHEIM CR ALLOCATION FD	76,172	$1,485	1.0%	$19.55	—	COM	40168G108
—	EATON VANCE SH TM DR DIVR IN	107,031	$1,435	1.0%	$13.39	—	COM	27828V104
—	DELAWARE INVTS DIV & INCOME	158,674	$1,400	1.0%	$8.61	—	COM	245915103
—	MFS CHARTER INCOME TR	183,200	$1,396	1.0%	$7.62	—	SH BEN INT	552727109
—	APOLLO TACTICAL INCOME FD IN	94,408	$1,311	0.9%	$16.61	—	COM	037638103
—	CALAMOS GLOBAL TOTAL RETURN	113,564	$1,297	0.9%	$11.42	—	COM SH BEN INT	128118106
—	BLACKROCK INTL GRWTH & INC T	204,674	$1,277	0.9%	$6.15	—	COM BENE INTER	092524107
—	GUGGENHEIM ENHANCED EQUITY S	76,103	$1,200	0.8%	$15.77	—	COM	40167K100
—	CALAMOS STRATEGIC TOTL RETN	119,774	$1,186	0.8%	$10.00	—	COM SH BEN INT	128125101
—	SPECIAL OPPORTUNITIES FD INC	87,700	$1,158	0.8%	$16.16	—	COM	84741T104
—	IVY HIGH INC OPPORTUNITIES F	92,132	$1,141	0.8%	$14.94	—	COM	465893105
—	MFS INTERMEDIATE HIGH INC FD	485,861	$1,127	0.8%	$2.30	—	SH BEN INT	59318T109
—	NUVEEN DIVERSIFIED DIV INCM	98,631	$1,068	0.7%	$11.15	—	COM	6706EP105
—	BROOKFIELD MTG OPP INC FD IN	68,689	$1,013	0.7%	$14.74	—	COM	112792106
—	BLACKROCK ENHANCED EQT DIV T	123,520	$940	0.7%	$7.48	—	COM	09251A104
—	LIBERTY ALL STAR EQUITY FD	170,053	$910	0.6%	$5.52	—	SH BEN INT	530158104
—	VIRTUS TOTAL RETURN FD	231,099	$880	0.6%	$3.94	—	COM	92829A103
—	ROYCE MICRO-CAP TR INC	114,728	$833	0.6%	$8.72	—	COM	780915104
—	ABERDEEN ASIA PACIFIC INCOM	182,193	$833	0.6%	$4.57	—	COM	003009107
—	ADVENT CLAY CONV SEC INC FD	147,929	$821	0.6%	$6.91	—	COM	007639107
—	NUVEEN REAL ASSET INC & GROW	53,371	$813	0.6%	$14.69	—	COM	67074Y105
—	PRINCIPAL REAL ESTATE INCOME	43,991	$734	0.5%	$16.69	—	SHS BEN INT	74255X104
—	SOURCE CAP INC	10,719	$710	0.5%	$66.24	—	COM	836144105
—	LMP CORPORATE LN FD INC	65,384	$646	0.4%	$10.27	—	COM	50208B100
—	INVESCO SR INCOME TR	157,975	$638	0.4%	$4.04	—	COM	46131H107
—	VOYA GLBL ADV & PREM OPP FD	60,846	$636	0.4%	$10.45	—	COM	92912R104
—	PIMCO INCOME OPPORTUNITY FD	29,638	$627	0.4%	$21.16	—	COM	72202B100
—	DELAWARE ENHANCED GBL DIV &	62,923	$588	0.4%	$11.83	—	COM	246060107
—	ADVENT CLAYMORE CV SECS & IN	42,687	$577	0.4%	$13.16	—	COM	00764C109
—	LIBERTY ALL-STAR GROWTH FD I	125,451	$575	0.4%	$5.19	—	COM	529900102
—	NUVEEN FLTNG RTE INCM OPP FD	57,890	$567	0.4%	$10.22	—	COM SHS	6706EN100
—	FIRST TR STRATEGIC HIGH INC	47,359	$527	0.4%	$13.95	—	COM SHS NEW	337353304
—	CBRE CLARION GLOBAL REAL EST	65,086	$497	0.3%	$7.64	—	COM	12504G100
—	CALAMOS CONV & HIGH INCOME F	47,113	$495	0.3%	$10.87	—	COM SHS	12811P108
—	THL CR SR LN FD	31,068	$493	0.3%	$16.24	—	COM	87244R103
—	HANCOCK JOHN INVS TR	33,359	$480	0.3%	$16.10	—	COM	410142103
—	CLOUGH GLOBAL OPPORTUNITIES	45,000	$470	0.3%	$10.86	—	SH BEN INT	18914E106
—	NUVEEN CORE EQUITY ALPHA FUN	32,209	$460	0.3%	$14.28	—	COM	67090X107
—	WELLS FARGO MULTI SECTOR INC	40,417	$458	0.3%	$13.17	—	COM SHS	94987D101
—	BLACKROCK MULTI-SECTOR INC T	28,121	$445	0.3%	$15.82	—	COM	09258A107
—	MFS MULTIMARKET INCOME TR	76,643	$422	0.3%	$5.51	—	SH BEN INT	552737108
—	WELLS FARGO GLOBAL DIVIDEND	67,173	$398	0.3%	$7.12	—	COM	94987C103
XPHDX	PIONEER FLOATING RATE TR	36,611	$397	0.3%	$10.84	—	COM	72369J102
—	VOYA PRIME RATE TR	71,287	$361	0.3%	$5.06	—	SH BEN INT	92913A100
—	NUVEEN QUALITY PFD INC FD 3	42,300	$359	0.2%	$8.49	—	COM	67072W101
—	MADISON STRTG SECTOR PREM FD	32,200	$347	0.2%	$11.77	—	COM	558268108
—	VOYA INTL HIGH DIVID EQTY IN	51,894	$330	0.2%	$6.35	—	COM	92912Y109
—	HANCOCK JOHN PFD INCOME FD I	15,408	$302	0.2%	$19.64	—	COM	41013X106
—	MANAGED HIGH YIELD PLUS FD I	163,999	$289	0.2%	$1.76	—	COM	561911108
—	ALLIANZGI EQUITY & CONV INCO	16,096	$289	0.2%	$17.95	—	COM	018829101
—	BANCROFT FUND LTD	14,057	$256	0.2%	$18.21	—	COM	059695106
—	LAZARD GLB TTL RET&INCM FD I	17,697	$231	0.2%	$13.05	—	COM	52106W103
—	COHEN & STEERS CLOSED END OP	19,200	$210	0.1%	$10.94	—	COM	19248P106
—	JPMORGAN CHINA REGION FD INC	13,694	$210	0.1%	$15.20	—	COM	48126T104
—	LMP CAP & INCOME FD INC	16,810	$208	0.1%	$14.59	—	COM	50208A102
—	HANCOCK JOHN PFD INCOME FD I	11,550	$206	0.1%	$16.69	—	COM	41021P103
—	NUVEEN SR INCOME FD	33,224	$192	0.1%	$6.89	—	COM	67067Y104
—	EATON VANCE TAX-ADV BD & OPT	12,772	$161	0.1%	$12.61	—	COM SH BEN INT	27829M103
—	ROYCE GLOBAL VALUE TR INC	19,250	$143	0.1%	$7.43	—	COM	78081T104
—	ELLSWORTH GROWTH & INCOME FD	13,127	$102	0.1%	$7.77	—	COM	289074106
—	MADISON CVRED CALL & EQ STR	13,500	$100	0.1%	$7.09	—	COM	557437100