Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CENTRAL SECS CORP	322,601	$7,029	4.2%	$20.78	—	COM	155123102
—	ADAMS DIVERSIFIED EQUITY FD	515,118	$6,547	3.9%	$12.74	—	COM	006212104
—	NUVEEN CORE EQUITY ALPHA FUN	405,389	$5,302	3.1%	$13.30	—	COM	67090X107
—	GUGGENHEIM EQ WEIGHT ENHANC	321,450	$5,262	3.1%	$16.36	—	COM SH BEN INT	40167M106
—	LIBERTY ALL-STAR GROWTH FD I	1,186,956	$4,961	2.9%	$4.22	—	COM	529900102
—	ARES DYNAMIC CR ALLOCATION F	286,583	$4,322	2.6%	$14.91	—	COM	04014F102
—	LIBERTY ALL STAR EQUITY FD	816,921	$4,215	2.5%	$5.12	—	SH BEN INT	530158104
—	BLACKSTONE GSO STRATEGIC CR	263,024	$4,035	2.4%	$15.23	—	COM SHS BEN IN	09257R101
—	NUVEEN TAX ADVANTAGED DIV GR	277,506	$3,866	2.3%	$14.33	—	COM	67073G105
—	NUVEEN S&P 500 BUY-WRITE INC	285,670	$3,634	2.2%	$12.72	—	COM	6706ER101
—	PIMCO INCOME STRATEGY FUND	321,483	$3,398	2.0%	$10.58	—	COM	72201H108
XHNWX	PIONEER DIV HIGH INCOME TRUS	201,698	$3,231	1.9%	$15.92	—	COM	723653101
—	CALAMOS GBL DYN INCOME FUND	459,278	$3,201	1.9%	$6.97	—	COM	12811L107
—	DOUBLELINE INCOME SOLUTIONS	164,141	$3,117	1.8%	$19.01	—	COM	258622109
—	SOURCE CAP INC	86,272	$3,101	1.8%	$36.53	—	COM	836144105
—	VIRTUS TOTAL RETURN FD	681,356	$3,046	1.8%	$4.69	—	COM	92829A103
—	NUVEEN TX ADV TOTAL RET STRG	248,069	$2,808	1.7%	$11.32	—	COM	67090H102
—	WESTERN ASSET GLB HI INCOME	281,436	$2,767	1.6%	$9.95	—	COM	95766B109
—	PRUDENTIAL SHT DURATION HG Y	177,912	$2,754	1.6%	$15.70	—	COM	74442F107
—	BROOKFIELD REAL ASSETS INCOM	121,706	$2,715	1.6%	$22.31	—	SHS BEN INT	112830104
—	CALAMOS STRATEGIC TOTL RETN	261,695	$2,688	1.6%	$10.22	—	COM SH BEN INT	128125101
—	KKR INCOME OPPORTUNITIES FD	163,619	$2,623	1.6%	$15.70	—	COM	48249T106
—	WESTERN ASSET HIGH INCM FD I	361,315	$2,558	1.5%	$7.08	—	COM	95766J102
—	EUROPEAN EQUITY FUND	321,770	$2,484	1.5%	$8.01	—	COM	298768102
—	ROYCE MICRO-CAP TR INC	299,053	$2,440	1.4%	$7.94	—	COM	780915104
—	PIMCO INCOME STRATEGY FUND I	247,660	$2,350	1.4%	$9.49	—	COM	72201J104
—	EATON VANCE RISK MNGD DIV EQ	260,351	$2,333	1.4%	$8.96	—	COM	27829G106
—	BLACKSTONE GSO LNG SHRT CR I	140,413	$2,235	1.3%	$16.20	—	COM SHS BN INT	09257D102
—	AVENUE INCOME CR STRATEGIES	161,164	$2,165	1.3%	$11.42	—	COM	05358E106
—	TEMPLETON GLOBAL INCOME FD	324,518	$2,103	1.2%	$6.44	—	COM	880198106
XMFVX	MFS SPL VALUE TR	375,475	$2,091	1.2%	$5.35	—	SH BEN INT	55274E102
—	EATON VANCE ENHANCED EQ INC	167,911	$2,082	1.2%	$12.65	—	COM	278274105
—	ABERDEEN GLOBAL INCOME FD IN	245,669	$1,956	1.2%	$8.19	—	COM	003013109
—	NEW GERMANY FD INC	147,521	$1,928	1.1%	$14.15	—	COM	644465106
—	INVESCO DYNAMIC CR OPP FD	153,983	$1,894	1.1%	$12.30	—	COM	46132R104
—	VIRTUS GLOBAL MULTI-SEC INC	122,157	$1,873	1.1%	$14.15	—	COM	92829B101
—	CALAMOS GLOBAL TOTAL RETURN	174,072	$1,833	1.1%	$11.22	—	COM SH BEN INT	128118106
—	VOYA GLBL EQTY DIV & PREM OP	266,814	$1,809	1.1%	$6.78	—	COM	92912T100
—	THL CR SR LN FD	94,733	$1,775	1.1%	$16.09	—	COM	87244R103
—	BOULDER GROWTH & INCOME FD I	197,347	$1,764	1.0%	$8.23	—	COM	101507101
—	BLACKROCK ENH CAP & INC FD I	124,908	$1,712	1.0%	$13.71	—	COM	09256A109
—	CALAMOS CONV OPP AND INC FD	158,081	$1,595	0.9%	$9.90	—	SH BEN INT	128117108
—	CREDIT SUISSE HIGH YLD BND F	580,971	$1,551	0.9%	$2.67	—	SH BEN INT	22544F103
—	CLOUGH GLOBAL OPPORTUNITIES	179,372	$1,534	0.9%	$9.04	—	SH BEN INT	18914E106
—	GABELLI MULTIMEDIA TR INC	200,034	$1,448	0.9%	$7.24	—	COM	36239Q109
—	ALLIANZGI EQUITY & CONV INCO	76,743	$1,414	0.8%	$18.43	—	COM	018829101
—	DELAWARE INVTS DIV & INCOME	141,431	$1,411	0.8%	$9.33	—	COM	245915103
—	EATON VANCE TX ADV GLBL DIV	97,011	$1,365	0.8%	$14.40	—	COM	27828S101
—	LAZARD GLB TTL RET&INCM FD I	94,870	$1,304	0.8%	$13.75	—	COM	52106W103
—	VOYA GLBL ADV & PREM OPP FD	130,027	$1,278	0.8%	$10.09	—	COM	92912R104
—	COHEN & STEERS CLOSED END OP	105,406	$1,233	0.7%	$11.70	—	COM	19248P106
—	ZWEIG FD	102,136	$1,226	0.7%	$13.15	—	COM NEW	989834205
—	ALLIANCEBERNSTEIN GBL HGH IN	88,168	$1,108	0.7%	$12.57	—	COM	01879R106
—	EATON VANCE TAX MNGD GBL DV	134,204	$1,076	0.6%	$8.02	—	COM	27829F108
—	FIRST TR ENHANCED EQTY INC F	78,062	$1,055	0.6%	$13.03	—	COM	337318109
—	GUGGENHEIM CR ALLOCATION FD	47,137	$1,053	0.6%	$22.34	—	COM	40168G108
—	GABELLI DIVD & INCOME TR	49,966	$1,001	0.6%	$19.19	—	COM	36242H104
—	GABELLI EQUITY TR INC	179,267	$990	0.6%	$5.52	—	COM	362397101
—	EATON VANCE TX MGD DIV EQ IN	85,918	$889	0.5%	$10.35	—	COM	27828N102
—	FIRST TR DYNAMIC EUROPE EQT	56,855	$882	0.5%	$15.51	—	COM SHS	33740d107
—	EATON VANCE FLTG RATE INCOM	49,746	$853	0.5%	$15.20	—	COM SHS BEN INT	278284104
—	SPECIAL OPPORTUNITIES FD INC	61,547	$840	0.5%	$15.61	—	COM	84741T104
—	WESTERN ASSET GLOBAL CP DEFI	47,746	$817	0.5%	$17.24	—	COM	95790C107
—	ALPINE TOTAL DYNAMIC DIVID F	106,426	$807	0.5%	$7.41	—	COM SH BEN INT N	021060207
XHIEX	MILLER HOWARD HIGH INC EQTY	65,077	$806	0.5%	$12.39	—	COM SHS BEN IN	600379101
—	ROYCE VALUE TR INC	57,049	$764	0.5%	$11.75	—	COM	780910105
—	BLACKROCK GLOBAL OPP EQTY TR	63,869	$739	0.4%	$11.88	—	COM	092501105
—	NUVEEN CR STRATEGIES INCM FD	79,500	$704	0.4%	$8.59	—	COM SHS	67073D102
—	EATON VANCE SR INCOME TR	103,742	$693	0.4%	$6.30	—	SH BEN INT	27826S103
—	BLACKROCK ENHANCED EQT DIV T	82,156	$670	0.4%	$8.16	—	COM	09251A104
—	WESTERN ASSET HGH YLD DFNDFD	42,957	$646	0.4%	$15.42	—	COM	95768B107
—	ALLIANZGI NFJ DIVID INT & PR	50,566	$638	0.4%	$12.55	—	COM	01883A107
—	DREYFUS HIGH YIELD STRATEGIE	189,000	$635	0.4%	$3.36	—	SH BEN INT	26200S101
—	GABELLI CONV&INCOM SECS FD I	132,967	$625	0.4%	$4.70	—	COM	36240B109
—	TRI CONTL CORP	28,241	$623	0.4%	$20.61	—	COM	895436103
—	RIVERNORTH OPPRTUNITIES FD I	31,704	$599	0.4%	$18.89	—	COM	76881y109
—	NUVEEN NASDAQ 100 DYNAMIC OV	31,757	$589	0.3%	$17.86	—	COM SHS	670699107
—	IVY HIGH INC OPPORTUNITIES F	39,635	$585	0.3%	$14.62	—	COM	465893105
—	BLACKROCK MULTI-SECTOR INC T	31,736	$523	0.3%	$16.48	—	COM	09258A107
—	SWISS HELVETIA FD INC	48,116	$491	0.3%	$10.53	—	COM	870875101
—	APOLLO TACTICAL INCOME FD IN	26,870	$462	0.3%	$14.75	—	COM	037638103
—	WELLS FARGO INCOME OPPORTUNI	48,040	$407	0.2%	$8.47	—	WF INC OPPTY FD	94987B105
—	CBRE CLARION GLOBAL REAL EST	54,807	$400	0.2%	$7.30	—	COM	12504G100
—	BLACKROCK CORPOR HI YLD FD I	36,000	$390	0.2%	$10.82	—	COM	09255P107
—	COHEN & STEERS QUALITY RLTY	30,534	$373	0.2%	$12.83	—	COM	19247L106
—	BLACKROCK INTL GRWTH & INC T	66,000	$364	0.2%	$6.06	—	COM BENE INTER	092524107
—	FRANKLIN UNVL TR	52,789	$353	0.2%	$6.80	—	SH BEN INT	355145103
—	EATON VANCE ENH EQTY INC FD	27,475	$352	0.2%	$12.81	—	COM	278277108
—	INVESCO SR INCOME TR	74,600	$346	0.2%	$4.64	—	COM	46131H107
—	MFS INTERMEDIATE HIGH INC FD	133,242	$344	0.2%	$2.32	—	SH BEN INT	59318T109
—	MFS INTER INCOME TR	76,916	$342	0.2%	$4.45	—	SH BEN INT	55273C107
—	HANCOCK JOHN PFD INCOME FD I	16,450	$292	0.2%	$17.75	—	COM	41021P103
—	PIMCO INCOME OPPORTUNITY FD	12,307	$285	0.2%	$23.16	—	COM	72202B100
—	NUVEEN PREFERRED SECURITIES	30,000	$279	0.2%	$9.30	—	COM	67072C105
—	LMP CAP & INCOME FD INC	20,921	$278	0.2%	$13.29	—	COM	50208A102
XPHTX	PIONEER HIGH INCOME TR	25,792	$263	0.2%	$10.20	—	COM	72369H106
—	ADVENT CLAYMORE CV SECS & IN	15,955	$234	0.1%	$14.60	—	COM	00764C109
—	CALAMOS CONV & HIGH INCOME F	21,200	$224	0.1%	$11.00	—	COM SHS	12811P108
—	NUVEEN FLEXIBLE INVT INCOME	13,437	$224	0.1%	$14.79	—	COM	67075B104
—	PRUDENTIAL GLB SHT DUR HG YL	13,800	$205	0.1%	$15.11	—	COM	74433A109
—	NUVEEN REAL ASSET INC & GROW	12,864	$202	0.1%	$15.70	—	COM	67074Y105
—	PRINCIPAL REAL ESTATE INCOME	11,924	$190	0.1%	$17.65	—	SHS BEN INT	74255X104
—	ROYCE GLOBAL VALUE TR INC	22,610	$182	0.1%	$8.11	—	COM	78081T104
—	MACQUARIE FT TR GB INF UT DI	15,500	$177	0.1%	$11.42	—	COM	55607W100
—	NUVEEN DOW 30 DYN OVERWRITE	11,006	$165	0.1%	$14.42	—	SHS	67075F105
—	DEUTSCHE STRATEGIC INCOME TR	12,598	$150	0.1%	$11.91	—	SHS	25160F109
XPHDX	PIONEER FLOATING RATE TR	12,000	$142	0.1%	$11.79	—	COM	72369J102
—	SPROTT FOCUS TR INC	17,005	$118	0.1%	$6.89	—	COM	85208J109
—	WESTERN ASSET HIGH INCM OPP	12,590	$63	0.0%	$5.02	—	COM	95766K109