Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GUGGENHEIM EQ WEIGHT ENHANC	216,080	$3,930	2.9%	$18.19	—	COM SH BEN INT	40167M106
—	LIBERTY ALL STAR EQUITY FD	754,833	$3,925	2.9%	$5.20	—	SH BEN INT	530158104
—	FIRST TR ACTIVE DIVID INCOME	376,268	$3,063	2.3%	$8.14	—	COM	33731L100
—	ZWEIG FD	237,792	$3,046	2.2%	$12.81	—	COM NEW	989834205
—	COHEN & STEERS DIV MJRS FDIN	195,895	$2,803	2.1%	$14.31	—	COM	19248G106
—	CENTRAL SECS CORP	132,439	$2,793	2.1%	$21.09	—	COM	155123102
—	ABERDEEN ASIA PACIFIC INCOM	402,495	$2,495	1.8%	$6.20	—	COM	003009107
—	PIMCO DYNAMIC INCOME FD	84,612	$2,475	1.8%	$29.25	—	SHS	72201Y101
—	DENALI FD INC	122,444	$2,383	1.8%	$19.46	—	COM	24823A102
—	PUTMAN HIGH INCOME SEC FUND	298,453	$2,358	1.7%	$7.90	—	SHS BEN INT	746779107
—	MORGAN STANLEY EM MKTS DM DE	158,892	$2,294	1.7%	$14.44	—	COM	617477104
—	NUVEEN CORE EQUITY ALPHA FUN	147,396	$2,214	1.6%	$15.02	—	COM	67090X107
—	EATON VANCE TAX ADVT DIV INC	116,548	$2,128	1.6%	$18.26	—	COM	27828G107
—	DELAWARE ENHANCED GBL DIV &	178,935	$2,081	1.5%	$11.63	—	COM	246060107
—	LIBERTY ALL-STAR GROWTH FD I	455,624	$2,041	1.5%	$4.48	—	COM	529900102
—	CALAMOS STRATEGIC TOTL RETN	199,870	$2,027	1.5%	$10.14	—	COM SH BEN INT	128125101
—	DELAWARE INVTS DIV & INCOME	227,172	$2,026	1.5%	$8.92	—	COM	245915103
—	BLACKROCK ENH CAP & INC FD I	158,612	$2,002	1.5%	$12.62	—	COM	09256A109
—	NEW GERMANY FD INC	111,117	$1,956	1.4%	$17.60	—	COM	644465106
—	SWISS HELVETIA FD INC	158,442	$1,952	1.4%	$12.32	—	COM	870875101
—	BLACKROCK GLOBAL OPP EQTY TR	143,971	$1,944	1.4%	$13.50	—	COM	092501105
—	STRATEGIC GLOBAL INCOME FD	202,795	$1,910	1.4%	$9.42	—	COM	862719101
—	NEUBERGER BERMAN HGH YLD FD	146,661	$1,880	1.4%	$12.82	—	COM	64128C106
—	BLACKROCK ENHANCED EQT DIV T	228,390	$1,738	1.3%	$7.61	—	COM	09251A104
—	HANCOCK JOHN TAX-ADV DIV INC	86,840	$1,634	1.2%	$18.82	—	COM	41013V100
—	HANCOCK JOHN PREMUIM DIV FD	121,475	$1,611	1.2%	$13.26	—	COM SH BEN INT	41013T105
—	BLACKROCK CORE BD TR	121,708	$1,599	1.2%	$13.14	—	SHS BEN INT	09249E101
—	FRANKLIN UNVL TR	233,284	$1,593	1.2%	$6.83	—	SH BEN INT	355145103
—	ALLIANCEBERNSTEIN GBL HGH IN	105,865	$1,591	1.2%	$15.03	—	COM	01879R106
—	EATON VANCE TX ADV GLBL DIV	104,660	$1,578	1.2%	$15.08	—	COM	27828S101
—	WESTERN ASSET MGD HI INCM FD	267,941	$1,565	1.2%	$5.84	—	COM	95766L107
—	NUVEEN QUALITY PFD INCOME FD	184,200	$1,529	1.1%	$8.30	—	COM	67071S101
—	ALPINE TOTAL DYNAMIC DIVID F	380,746	$1,489	1.1%	$3.91	—	COM SBI	021060108
—	BLACKROCK INTL GRWTH & INC T	197,315	$1,454	1.1%	$7.37	—	COM BENE INTER	092524107
—	BLACKROCK S&P QLTY RK EQ MD	110,612	$1,383	1.0%	$12.50	—	SHS	09250D109
—	NUVEEN QUALITY PFD INC FD 3	163,747	$1,379	1.0%	$8.42	—	COM	67072W101
—	TRANSAMERICA INCOME SHS INC	65,114	$1,343	1.0%	$20.63	—	COM	893506105
—	PUTNAM MASTER INTER INCOME T	259,079	$1,290	0.9%	$4.98	—	SH BEN INT	746909100
—	MFS CHARTER INCOME TR	138,335	$1,280	0.9%	$9.25	—	SH BEN INT	552727109
—	EATON VANCE LTD DUR INCOME F	80,198	$1,279	0.9%	$15.95	—	COM	27828H105
—	ROYCE MICRO-CAP TR INC	113,372	$1,226	0.9%	$10.81	—	COM	780915104
—	NUVEEN QUALITY PFD INCOME FD	137,879	$1,201	0.9%	$8.71	—	COM	67072C105
—	MFS INTER INCOME TR	195,701	$1,125	0.8%	$5.75	—	SH BEN INT	55273C107
—	LAZARD WORLD DIVID & INCOME	81,283	$1,066	0.8%	$13.11	—	COM	521076109
—	TRI CONTL CORP	57,720	$1,033	0.8%	$17.90	—	COM	895436103
—	EUROPEAN EQUITY FUND	141,275	$1,012	0.7%	$7.16	—	COM	298768102
—	BLACKROCK CORPOR HIGH YLD FD	137,385	$1,002	0.7%	$7.29	—	COM	09255L106
—	HANCOCK JOHN PFD INCOME FD I	53,745	$979	0.7%	$18.22	—	COM	41021P103
—	ELLSWORTH FUND LTD	125,044	$958	0.7%	$7.66	—	COM	289074106
—	BLACKROCK ENERGY & RES TR	37,708	$944	0.7%	$25.03	—	COM	09250U101
—	NUVEEN EQUITY PREM INCOME FD	74,757	$940	0.7%	$12.57	—	COM	6706ER101
—	TEMPLETON DRAGON FD INC	37,449	$940	0.7%	$25.10	—	COM	88018T101
—	MADISON CVRED CALL & EQ STR	117,702	$933	0.7%	$7.93	—	COM	557437100
—	WESTERN ASSET HGH YLD DFNDFD	51,348	$908	0.7%	$17.68	—	COM	95768B107
—	CALAMOS GBL DYN INCOME FUND	108,855	$908	0.7%	$8.34	—	COM	12811L107
—	ROYCE FOCUS TR	129,015	$901	0.7%	$6.98	—	COM	78080N108
—	BLACKROCK STRTGC BOND TR	68,156	$891	0.7%	$13.07	—	COM	09249G106
—	COLUMBIA SELIGM PREM TECH GR	61,146	$879	0.6%	$14.38	—	COM	19842X109
—	COHEN & STEERS REIT & PFD IN	49,732	$859	0.6%	$17.27	—	COM	19247X100
—	DWS HIGH INCOME OPPORT FD IN	58,828	$848	0.6%	$14.41	—	COM NEW	23339M204
—	MEXICO EQUITY & INCOME FD	54,138	$833	0.6%	$15.39	—	COM	592834105
—	HELIOS HIGH YIELD FD	85,875	$826	0.6%	$9.62	—	COM	42328Q109
—	ING ASIA PAC HGH DIVID EQ IN	60,133	$818	0.6%	$13.60	—	COM	44983J107
—	WESTERN ASSET INCOME FD	62,648	$806	0.6%	$12.87	—	COM	95766T100
—	ING RISK MANAGED NAT RES FD	71,774	$777	0.6%	$10.83	—	COM	449810100
—	HELIOS ADVANTAGE INCOME FD I	91,975	$765	0.6%	$8.32	—	COM NEW	42327W206
—	DWS MULTI MKT INCOME TR	73,573	$716	0.5%	$9.73	—	SHS	23338L108
—	WESTERN ASSET GLB PTNRS INCO	60,709	$691	0.5%	$11.38	—	COM	95766G108
—	GENERAL AMERN INVS INC	20,973	$670	0.5%	$31.95	—	COM	368802104
—	ABERDEEN LATIN AMER EQTY FD	21,220	$666	0.5%	$31.39	—	COM	00306K106
—	VIRTUS TOTAL RETURN FD	167,038	$646	0.5%	$3.87	—	COM	92829A103
—	MORGAN STANLEY EMER MKTS DEB	63,282	$644	0.5%	$10.18	—	COM	61744H105
—	WESTERN ASSET GLOBAL CP DEFI	35,451	$644	0.5%	$18.17	—	COM	95790C107
—	SPECIAL OPPORTUNITIES FD INC	37,392	$633	0.5%	$16.93	—	COM	84741T104
—	HELIOS HIGH INCOME FD INC	77,062	$628	0.5%	$8.15	—	COM NEW	42327X204
—	NUVEEN FLOATING RATE INCOME	49,622	$625	0.5%	$12.60	—	COM	67072T108
—	MORGAN STANLEY ASIA PAC FD I	37,392	$586	0.4%	$15.67	—	COM	61744U106
—	BROOKFIELD GLOBL LISTED INFR	26,332	$566	0.4%	$21.49	—	COM SHS	11273Q109
—	BLACKROCK SR HIGH INCOME FD	134,335	$557	0.4%	$4.15	—	COM	09255T109
—	EATON VANCE SR INCOME TR	71,923	$541	0.4%	$7.52	—	SH BEN INT	27826S103
XFEOX	FIRST TR/ABERDEEN EMERG OPT	28,691	$540	0.4%	$18.82	—	COM	33731K102
—	BLACKROCK DEFINED OPPRTY CR	37,683	$530	0.4%	$14.06	—	COM	09255Q105
—	MANAGED HIGH YIELD PLUS FD I	261,730	$523	0.4%	$2.00	—	COM	561911108
—	WELLS FARGO ADVANTAGE INCOME	54,967	$521	0.4%	$9.48	—	COM SHS	94987B105
—	GLOBAL HIGH INCOME FUND INC	47,022	$516	0.4%	$10.97	—	COM	37933G108
—	FIRST TR STRATEGIC HIGH INC	32,343	$509	0.4%	$15.74	—	COM SHS NEW	337353304
—	BLACKROCK ECOSOLUTIONS INVT	63,388	$508	0.4%	$8.01	—	COM SH	092546100
—	ADVENT CLAY CONV SEC INC FD	70,446	$487	0.4%	$6.91	—	COM	007639107
—	J F CHINA REGION FD INC	36,508	$481	0.4%	$13.18	—	COM	46614T107
—	NASDAQ PREM INCM & GRW FD IN	30,279	$474	0.3%	$15.65	—	COM	63110R105
—	WESTERN ASSET WORLDWIDE INCO	36,212	$474	0.3%	$13.09	—	COM	957668106
—	BLACKROCK CORPOR HI YLD FD V	39,262	$470	0.3%	$11.97	—	COM	09255P107
—	PIMCO INCOME OPPORTUNITY FD	16,100	$460	0.3%	$28.57	—	COM	72202B100
—	GABELLI GLOBL UTIL & INCOME	23,757	$447	0.3%	$18.82	—	COM SH BEN INT	36242L105
—	HELIOS MULTI SEC HI INC FD I	77,821	$445	0.3%	$5.72	—	COM NEW	42327Y202
—	PIMCO INCOME STRATEGY FUND	36,139	$432	0.3%	$11.95	—	COM	72201H108
—	LATIN AMERN DISCOVERY FD INC	31,180	$421	0.3%	$13.50	—	COM	51828C106
—	MFS GOVT MKTS INCOME TR	69,890	$419	0.3%	$6.00	—	SH BEN INT	552939100
—	BLACKROCK LTD DURATION INC T	23,712	$417	0.3%	$17.59	—	COM SHS	09249W101
—	JAPAN SMALLER CAPTLZTN FD IN	48,631	$417	0.3%	$8.57	—	COM	47109U104
—	NUVEEN DIVERSIFIED DIV INCM	33,593	$405	0.3%	$12.06	—	COM	6706EP105
—	ABERDEEN GLOBAL INCOME FD IN	36,339	$402	0.3%	$11.06	—	COM	003013109
—	DWS HIGH INCOME TR	42,963	$401	0.3%	$9.33	—	SHS NEW	23337C208
—	BLACKROCK HIGH INCOME SHS	178,129	$383	0.3%	$2.15	—	SHS BEN INT	09250E107
—	NUVEEN MTG OPPORTUNITY TERM	14,684	$373	0.3%	$25.40	—	COM	670735109
—	HANCOCK JOHN PFD INCOME FD	17,828	$371	0.3%	$20.81	—	SH BEN INT	41013W108
—	PIMCO INCOME STRATEGY FUND I	33,000	$347	0.3%	$10.52	—	COM	72201J104
—	INVESCO HIGH INCOME TR II	21,478	$342	0.3%	$15.92	—	COM	46131F101
—	LAZARD GLB TTL RET&INCM FD I	20,558	$336	0.2%	$16.34	—	COM	52106W103
XXCHNXX	CHINA FD INC	16,759	$335	0.2%	$19.99	—	COM	169373107
—	BLACKROCK CORPOR HI YLD III	42,699	$316	0.2%	$7.40	—	COM	09255M104
—	ASIA PAC FD INC	31,002	$313	0.2%	$10.10	—	COM	044901106
—	COHEN & STEERS SLT PFD INCM	11,600	$301	0.2%	$25.95	—	COM	19248Y107
—	ALLIANZGI GLOBAL EQUITY & CO	21,445	$299	0.2%	$13.94	—	COM	01882W100
XPHDX	PIONEER FLOATING RATE TR	22,363	$296	0.2%	$13.24	—	COM	72369J102
—	NEW IRELAND FUND INC	25,686	$267	0.2%	$10.39	—	COM	645673104
—	ROYCE VALUE TR INC	16,900	$256	0.2%	$15.15	—	COM	780910105
—	NUVEEN TX ADV TOTAL RET STRG	20,706	$256	0.2%	$12.36	—	COM	67090H102
—	BLACKROCK INCOME OPP TRUST I	25,383	$255	0.2%	$10.05	—	COM	092475102
—	NEUBERGER BERMAN RE ES SEC F	52,973	$255	0.2%	$4.81	—	COM	64190A103
—	LMP CAP & INCOME FD INC	16,444	$254	0.2%	$15.45	—	COM	50208A102
—	SINGAPORE FD INC	19,425	$251	0.2%	$12.92	—	COM	82929L109
—	WELLS FARGO ADVANTAGE MULTI	16,405	$240	0.2%	$14.63	—	COM SHS	94987D101
—	CLOUGH GLOBAL ALLOCATION FD	15,234	$231	0.2%	$15.16	—	COM	18913Y103
—	COHEN & STEERS INFRASTRUCTUR	12,123	$229	0.2%	$18.89	—	COM	19248A109
—	NUVEEN EQUITY PREM & GROWTH	16,608	$229	0.2%	$13.79	—	COM	6706EW100
—	ABERDEEN EMERGING MKTS SMALL	11,371	$226	0.2%	$19.88	—	COM	00301T102
—	INVESCO DYNAMIC CR OPP FD	16,600	$217	0.2%	$13.07	—	COM	46132R104
—	CREDIT SUISSE ASSET MGMT INC	55,488	$211	0.2%	$3.80	—	COM	224916106
—	FIRST TR HIGH INCOME L/S FD	11,857	$208	0.2%	$17.54	—	COM	33738E109
—	BLACKROCK HEALTH SCIENCES TR	6,708	$208	0.2%	$31.01	—	COM	09250W107
—	TEMPLETON EMERG MKTS INCOME	13,600	$203	0.1%	$14.93	—	COM	880192109
—	CLOUGH GLOBAL OPPORTUNITIES	15,503	$200	0.1%	$12.90	—	SH BEN INT	18914E106
—	NUVEEN TAX ADVANTAGED DIV GR	13,384	$199	0.1%	$14.87	—	COM	67073G105
—	JAPAN EQUITY FD INC	30,777	$199	0.1%	$6.47	—	COM	471057109
—	ADAMS EXPRESS CO	15,700	$188	0.1%	$11.97	—	COM	006212104
—	WESTERN ASSET PREMIER BD FD	12,500	$183	0.1%	$14.64	—	SHS BEN INT	957664105
—	DWS STRATEGIC INCOME TR	14,043	$181	0.1%	$12.89	—	SHS	23338N104
—	MFS INTERMEDIATE HIGH INC FD	62,599	$180	0.1%	$2.88	—	SH BEN INT	59318T109
—	HELIOS STRATEGIC INCOME FD I	29,250	$179	0.1%	$6.12	—	COM NEW	42328A203
—	WESTERN ASSET EMRG MKT INCM	13,090	$173	0.1%	$13.22	—	COM	95766E103
—	ALLIANZGI INTL & PREM STRATE	17,475	$164	0.1%	$9.38	—	COM	01882X108
—	DUFF & PHELPS UTIL CORP BD T	14,874	$163	0.1%	$10.96	—	COM	26432K108
—	WESTERN ASSET GLB HI INCOME	13,000	$159	0.1%	$12.23	—	COM	95766B109
—	BLACKROCK DEBT STRAT FD INC	37,355	$159	0.1%	$4.26	—	COM	09255R103
—	EATON VANCE TAX MNGED BUY WR	10,349	$150	0.1%	$14.49	—	COM	27828X100
—	GABELLI HLTHCARE & WELLNESS	14,909	$146	0.1%	$9.79	—	SHS	36246K103
—	FIRST TR ENHANCED EQTY INC F	10,735	$135	0.1%	$12.58	—	COM	337318109
—	BLACKROCK HIGH YIELD TR	10,559	$77	0.1%	$7.29	—	SHS	09248N102
—	WESTERN ASSET HIGH INCM OPP	10,607	$63	0.0%	$5.94	—	COM	95766K109
—	GABELLI HLTHCARE & WELLNESS	14,909	$2	0.0%	$0.13	—	RIGHT 07/17/2013	36246K129