Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ADAMS DIVERSIFIED EQUITY FD	498,843	$6,310	4.6%	$12.75	—	COM	006212104
—	BOULDER GROWTH & INCOME FD I	658,897	$5,172	3.8%	$8.23	—	COM	101507101
—	NUVEEN TX ADV TOTAL RET STRG	427,325	$4,829	3.5%	$13.16	—	COM	67090H102
—	LIBERTY ALL STAR EQUITY FD	927,900	$4,612	3.4%	$5.07	—	SH BEN INT	530158104
—	VIRTUS GLOBAL MULTI-SEC INC	315,661	$4,473	3.3%	$14.15	—	COM	92829B101
—	NUVEEN TAX ADVANTAGED DIV GR	321,452	$4,404	3.2%	$14.66	—	COM	67073G105
—	PIMCO INCOME STRATEGY FUND	459,710	$4,395	3.2%	$10.63	—	COM	72201H108
—	AVENUE INCOME CR STRATEGIES	397,832	$4,360	3.2%	$11.42	—	COM	05358E106
—	PIMCO INCOME STRATEGY FUND I	493,900	$4,322	3.1%	$8.98	—	COM	72201J104
—	WESTERN ASSET GLB PTNRS INCO	508,439	$4,078	3.0%	$9.11	—	COM	95766G108
—	GABELLI MULTIMEDIA TR INC	525,003	$3,859	2.8%	$7.44	—	COM	36239Q109
—	BABSON CAP GLB SHT DURHGH YL	220,238	$3,676	2.7%	$17.41	—	COM	05617T100
—	EATON VANCE TX ADV GLBL DIV	244,659	$3,535	2.6%	$15.20	—	COM	27828S101
—	APOLLO TACTICAL INCOME FD IN	249,099	$3,390	2.5%	$14.75	—	COM	037638103
—	FIRST TR ENHANCED EQTY INC F	227,316	$2,896	2.1%	$13.03	—	COM	337318109
XMFVX	MFS SPL VALUE TR	542,977	$2,894	2.1%	$5.35	—	SH BEN INT	55274E102
—	GUGGENHEIM EQ WEIGHT ENHANC	175,315	$2,831	2.1%	$16.32	—	COM SH BEN INT	40167M106
—	NUVEEN FLEXIBLE INVT INCOME	183,452	$2,827	2.1%	$14.79	—	COM	67075B104
—	SPROTT FOCUS TR INC	450,259	$2,742	2.0%	$7.25	—	COM	85208J109
—	LIBERTY ALL-STAR GROWTH FD I	674,550	$2,732	2.0%	$4.26	—	COM	529900102
—	CALAMOS GBL DYN INCOME FUND	369,672	$2,599	1.9%	$7.05	—	COM	12811L107
—	CENTRAL SECS CORP	135,396	$2,591	1.9%	$20.56	—	COM	155123102
—	CALAMOS STRATEGIC TOTL RETN	254,095	$2,416	1.8%	$9.74	—	COM SH BEN INT	128125101
—	GENERAL AMERN INVS INC	74,011	$2,311	1.7%	$31.23	—	COM	368802104
—	LAZARD WORLD DIVID & INCOME	251,699	$2,273	1.7%	$12.19	—	COM	521076109
—	LMP CORPORATE LN FD INC	228,686	$2,232	1.6%	$9.91	—	COM	50208B100
—	PIMCO INCOME OPPORTUNITY FD	106,323	$2,206	1.6%	$20.86	—	COM	72202B100
—	KKR INCOME OPPORTUNITIES FD	152,870	$2,203	1.6%	$15.10	—	COM	48249T106
—	GUGGENHEIM ENHNCD EQTY INCM	253,616	$1,849	1.3%	$7.20	—	COM	40167B100
—	BROOKFIELD HIGH INCOME FD IN	259,644	$1,823	1.3%	$7.43	—	COM	11272P102
—	EUROPEAN EQUITY FUND	231,575	$1,820	1.3%	$8.10	—	COM	298768102
—	THL CR SR LN FD	89,119	$1,414	1.0%	$16.00	—	COM	87244R103
—	MFS INTERMEDIATE HIGH INC FD	600,896	$1,406	1.0%	$2.31	—	SH BEN INT	59318T109
—	COHEN & STEERS CLOSED END OP	128,934	$1,404	1.0%	$10.90	—	COM	19248P106
—	CALAMOS GLOBAL TOTAL RETURN	124,292	$1,376	1.0%	$11.39	—	COM SH BEN INT	128118106
—	CALAMOS CONV OPP AND INC FD	134,527	$1,277	0.9%	$9.49	—	SH BEN INT	128117108
—	ROYCE VALUE TR INC	106,578	$1,248	0.9%	$11.71	—	COM	780910105
—	INVESCO SR INCOME TR	295,122	$1,192	0.9%	$4.04	—	COM	46131H107
—	ROYCE MICRO-CAP TR INC	167,293	$1,171	0.9%	$8.18	—	COM	780915104
—	BLACKSTONE GSO LNG SHRT CR I	83,067	$1,130	0.8%	$16.78	—	COM SHS BN INT	09257D102
—	NUVEEN REAL ASSET INC & GROW	71,417	$1,098	0.8%	$14.86	—	COM	67074Y105
—	PIMCO DYNAMIC CR INCOME FD	62,374	$1,088	0.8%	$17.44	—	COM SHS	72202D106
—	VOYA PRIME RATE TR	211,482	$1,066	0.8%	$5.05	—	SH BEN INT	92913A100
—	BLACKROCK INTL GRWTH & INC T	175,831	$1,041	0.8%	$6.15	—	COM BENE INTER	092524107
—	GUGGENHEIM ENHANCED EQUITY S	66,821	$1,018	0.7%	$15.77	—	COM	40167K100
—	TRI CONTL CORP	49,274	$984	0.7%	$19.85	—	COM	895436103
—	BLACKROCK GLOBAL OPP EQTY TR	76,230	$906	0.7%	$11.89	—	COM	092501105
—	BLACKROCK LTD DURATION INC T	60,716	$897	0.7%	$14.77	—	COM SHS	09249W101
—	VOYA GLBL ADV & PREM OPP FD	85,019	$867	0.6%	$10.38	—	COM	92912R104
—	SPECIAL OPPORTUNITIES FD INC	64,350	$841	0.6%	$16.16	—	COM	84741T104
—	APOLLO SR FLOATING RATE FD I	55,039	$837	0.6%	$15.67	—	COM	037636107
—	ARES DYNAMIC CR ALLOCATION F	52,286	$700	0.5%	$15.74	—	COM	04014F102
—	CLOUGH GLOBAL ALLOCATION FD	60,199	$699	0.5%	$11.61	—	COM	18913Y103
—	FIRST TR HIGH INCOME L/S FD	45,305	$662	0.5%	$14.61	—	COM	33738E109
—	ALLIANCEBERNSTEIN INCOME FUN	82,815	$650	0.5%	$7.85	—	COM	01881E101
—	NUVEEN CORE EQUITY ALPHA FUN	38,529	$525	0.4%	$14.17	—	COM	67090X107
—	ALPINE GLOBAL PREMIER PPTYS	93,011	$520	0.4%	$5.59	—	COM SBI	02083A103
—	NEW GERMANY FD INC	34,847	$491	0.4%	$14.09	—	COM	644465106
—	GABELLI CONV&INCOM SECS FD I	102,655	$472	0.3%	$4.60	—	COM	36240B109
—	ZWEIG TOTAL RETURN FD INC	38,827	$466	0.3%	$12.00	—	COM NEW	989837208
—	CLOUGH GLOBAL OPPORTUNITIES	48,421	$464	0.3%	$10.77	—	SH BEN INT	18914E106
—	WELLS FARGO GLOBAL DIVIDEND	69,531	$415	0.3%	$7.08	—	WF GLOBAL OPPTY	94987C103
—	PRINCIPAL REAL ESTATE INCOME	22,844	$377	0.3%	$16.69	—	SHS BEN INT	74255X104
—	ZWEIG FD	28,164	$363	0.3%	$15.06	—	COM NEW	989834205
—	RMR REAL ESTATE INCOME FUND	17,668	$341	0.2%	$19.30	—	COM	76970B101
—	WESTERN ASSET HGH YLD DFNDFD	24,065	$335	0.2%	$13.92	—	COM	95768B107
—	MANAGED HIGH YIELD PLUS FD I	185,753	$331	0.2%	$1.76	—	COM	561911108
—	ALPINE TOTAL DYNAMIC DIVID F	43,270	$325	0.2%	$7.51	—	COM SH BEN INT N	021060207
—	BLACKROCK ENHANCED EQT DIV T	35,087	$265	0.2%	$7.48	—	COM	09251A104
—	EATON VANCE SH TM DR DIVR IN	19,240	$257	0.2%	$13.39	—	COM	27828V104
—	WELLS FARGO INCOME OPPORTUNI	31,375	$238	0.2%	$7.59	—	WF INC OPPTY FD	94987B105
—	PRUDENTIAL GLB SHT DUR HG YL	15,696	$234	0.2%	$14.91	—	COM	74433A109
—	FRANKLIN UNVL TR	37,521	$234	0.2%	$6.24	—	SH BEN INT	355145103
—	BROOKFIELD GLOBL LISTED INFR	20,500	$233	0.2%	$11.37	—	COM SHS	11273Q109
—	WESTERN ASSET MGD HI INCM FD	52,393	$232	0.2%	$4.43	—	COM	95766L107
—	COHEN & STEERS GLOBAL INC BL	26,263	$231	0.2%	$8.80	—	COM	19248M103
—	NUVEEN QUALITY PFD INC FD 3	26,442	$227	0.2%	$8.49	—	COM	67072W101
—	MFS INTER INCOME TR	48,348	$223	0.2%	$4.61	—	SH BEN INT	55273C107
—	ADVENT CLAYMORE CV SECS & IN	16,900	$223	0.2%	$13.16	—	COM	00764C109
—	DEUTSCHE HIGH INCOME TR	25,866	$219	0.2%	$8.47	—	SHS	25155R100
—	EATON VANCE SR INCOME TR	36,004	$208	0.2%	$5.78	—	SH BEN INT	27826S103
—	NUVEEN DOW 30 DYN OVERWRITE	14,652	$207	0.2%	$14.13	—	SHS	67075F105
—	BLACKROCK MULTI-SECTOR INC T	13,000	$206	0.1%	$15.82	—	COM	09258A107
—	NUVEEN CR STRATEGIES INCM FD	25,309	$200	0.1%	$7.90	—	COM SHS	67073D102
—	NUVEEN GLOBAL EQUITY INCOME	17,843	$196	0.1%	$10.98	—	COM	6706EH103
—	CLOUGH GLOBAL EQUITY FD	16,300	$177	0.1%	$10.86	—	COM	18914C100
—	MFS CHARTER INCOME TR	20,620	$168	0.1%	$7.62	—	SH BEN INT	552727109
—	NEW IRELAND FUND INC	11,498	$149	0.1%	$12.96	—	COM	645673104
—	WESTERN ASSET WORLDWIDE INCO	12,102	$126	0.1%	$10.41	—	COM	957668106
—	ELLSWORTH GROWTH & INCOME FD	10,931	$83	0.1%	$7.77	—	COM	289074106