Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GUGGENHEIM EQ WEIGHT ENHANC	242,524	$4,217	3.1%	$18.10	—	COM SH BEN INT	40167M106
—	COHEN & STEERS DIV MJRS FDIN	271,893	$3,714	2.8%	$14.13	—	COM	19248G106
—	CALAMOS STRATEGIC TOTL RETN	356,178	$3,562	2.6%	$10.08	—	COM SH BEN INT	128125101
—	EATON VANCE TAX ADVT DIV INC	166,517	$2,999	2.2%	$18.18	—	COM	27828G107
—	ZWEIG FD	213,835	$2,889	2.1%	$12.81	—	COM NEW	989834205
—	DENALI FD INC	144,238	$2,748	2.0%	$19.40	—	COM	24823A102
—	PUTMAN HIGH INCOME SEC FUND	320,457	$2,522	1.9%	$7.90	—	SHS BEN INT	746779107
—	NUVEEN QUALITY PFD INCOME FD	264,120	$1,997	1.5%	$8.08	—	COM	67071S101
—	LIBERTY ALL-STAR GROWTH FD I	397,607	$1,956	1.5%	$4.48	—	COM	529900102
—	HANCOCK JOHN TAX-ADV DIV INC	111,843	$1,946	1.4%	$18.50	—	COM	41013V100
—	BLACKSTONE GSO LNG SHRT CR I	103,134	$1,912	1.4%	$18.54	—	COM SHS BN INT	09257D102
—	DELAWARE INVTS DIV & INCOME	213,929	$1,895	1.4%	$8.92	—	COM	245915103
—	ING GLBL ADV & PREM OPP FUND	152,735	$1,824	1.4%	$11.94	—	COM	44982N109
—	FRANKLIN UNVL TR	258,848	$1,768	1.3%	$6.83	—	SH BEN INT	355145103
—	NUVEEN CORE EQUITY ALPHA FUN	112,223	$1,742	1.3%	$15.02	—	COM	67090X107
—	PIMCO DYNAMIC INCOME FD	58,893	$1,690	1.3%	$29.25	—	SHS	72201Y101
—	CALAMOS GBL DYN INCOME FUND	196,782	$1,675	1.2%	$8.42	—	COM	12811L107
—	NEW GERMANY FD INC	81,319	$1,674	1.2%	$17.60	—	COM	644465106
—	CLOUGH GLOBAL OPPORTUNITIES	129,407	$1,665	1.2%	$12.87	—	SH BEN INT	18914E106
—	ROYCE MICRO-CAP TR INC	139,127	$1,629	1.2%	$10.98	—	COM	780915104
—	NUVEEN EQUITY PREM INCOME FD	130,926	$1,582	1.2%	$12.36	—	COM	6706ER101
—	INVESCO DYNAMIC CR OPP FD	120,246	$1,546	1.1%	$12.89	—	COM	46132R104
—	BLACKROCK DIVID INCOME TR	120,801	$1,506	1.1%	$12.50	—	SHS	09250D109
—	NEUBERGER BERMAN HGH YLD FD	114,516	$1,496	1.1%	$12.82	—	COM	64128C106
—	BLACKROCK FLOAT RATE OME STR	98,659	$1,463	1.1%	$14.83	—	COM	09255X100
—	NUVEEN DIVERSIFIED DIV INCM	129,855	$1,452	1.1%	$11.41	—	COM	6706EP105
—	BLACKROCK LTD DURATION INC T	85,463	$1,450	1.1%	$17.14	—	COM SHS	09249W101
—	MFS CHARTER INCOME TR	160,546	$1,437	1.1%	$9.21	—	SH BEN INT	552727109
—	NUVEEN QUALITY PFD INCOME FD	173,340	$1,414	1.0%	$8.60	—	COM	67072C105
—	LIBERTY ALL STAR EQUITY FD	261,206	$1,413	1.0%	$5.20	—	SH BEN INT	530158104
—	BLACKROCK ENHANCED EQT DIV T	183,751	$1,382	1.0%	$7.61	—	COM	09251A104
—	EATON VANCE SR INCOME TR	191,384	$1,345	1.0%	$7.21	—	SH BEN INT	27826S103
—	CLOUGH GLOBAL ALLOCATION FD	88,014	$1,342	1.0%	$15.23	—	COM	18913Y103
—	PRUDENTIAL SHT DURATION HG Y	72,210	$1,300	1.0%	$18.00	—	COM	74442F107
—	TRI CONTL CORP	68,725	$1,259	0.9%	$17.96	—	COM	895436103
—	CENTRAL SECS CORP	53,069	$1,243	0.9%	$21.09	—	COM	155123102
—	BLACKROCK GLOBAL OPP EQTY TR	88,622	$1,240	0.9%	$13.50	—	COM	092501105
—	HANCOCK JOHN PREMUIM DIV FD	101,875	$1,219	0.9%	$13.26	—	COM SH BEN INT	41013T105
—	SPECIAL OPPORTUNITIES FD INC	66,057	$1,163	0.9%	$17.22	—	COM	84741T104
—	EATON VANCE TAX MNGED BUY WR	79,846	$1,148	0.9%	$14.39	—	COM	27828X100
—	NUVEEN SR INCOME FD	158,739	$1,140	0.8%	$7.18	—	COM	67067Y104
—	ARES DYNAMIC CR ALLOCATION F	62,852	$1,138	0.8%	$18.11	—	COM	04014F102
—	ELLSWORTH FUND LTD	141,543	$1,114	0.8%	$7.69	—	COM	289074106
—	NUVEEN QUALITY PFD INC FD 3	137,179	$1,082	0.8%	$8.42	—	COM	67072W101
—	EUROPEAN EQUITY FUND	132,974	$1,081	0.8%	$7.16	—	COM	298768102
—	WESTERN ASSET MGD HI INCM FD	185,241	$1,054	0.8%	$5.84	—	COM	95766L107
—	DELAWARE ENHANCED GBL DIV &	87,171	$1,037	0.8%	$11.63	—	COM	246060107
—	ROYCE FOCUS TR	142,776	$1,031	0.8%	$7.01	—	COM	78080N108
—	STRATEGIC GLOBAL INCOME FD	107,150	$995	0.7%	$9.42	—	COM	862719101
—	BLACKROCK DEFINED OPPRTY CR	70,056	$979	0.7%	$14.02	—	COM	09255Q105
—	TEMPLETON DRAGON FD INC	37,449	$975	0.7%	$25.10	—	COM	88018T101
—	NUVEEN TX ADV TOTAL RET STRG	74,413	$932	0.7%	$12.48	—	COM	67090H102
—	DWS HIGH INCOME TR	101,723	$923	0.7%	$9.18	—	SHS NEW	23337C208
—	LAZARD WORLD DIVID & INCOME	67,736	$907	0.7%	$13.11	—	COM	521076109
—	BLACKROCK STRTGC BOND TR	69,570	$901	0.7%	$13.07	—	COM	09249G106
—	WELLS FARGO ADVANTAGE INCOME	99,467	$895	0.7%	$9.26	—	COM SHS	94987B105
—	ING ASIA PAC HGH DIVID EQ IN	65,133	$873	0.6%	$13.59	—	COM	44983J107
—	ING RISK MANAGED NAT RES FD	86,631	$868	0.6%	$10.69	—	COM	449810100
—	MEXICO EQUITY & INCOME FD	56,638	$868	0.6%	$15.38	—	COM	592834105
—	NUVEEN TAX ADVANTAGED DIV GR	58,638	$857	0.6%	$14.67	—	COM	67073G105
—	SOURCE CAP INC	13,779	$856	0.6%	$62.12	—	COM	836144105
—	BLACKROCK CORPOR HIGH YLD FD	118,539	$852	0.6%	$7.29	—	COM	09255L106
—	WESTERN ASSET GLB PTNRS INCO	73,893	$823	0.6%	$11.34	—	COM	95766G108
—	COHEN & STEERS GLOBAL INC BL	73,211	$770	0.6%	$10.52	—	COM	19248M103
—	BLACKROCK SR HIGH INCOME FD	193,516	$762	0.6%	$4.08	—	COM	09255T109
—	BLACKROCK ENERGY & RES TR	29,208	$754	0.6%	$25.03	—	COM	09250U101
—	LMP CORPORATE LN FD INC	60,001	$745	0.6%	$12.42	—	COM	50208B100
—	ADVENT CLAY CONV SEC INC FD	106,018	$737	0.5%	$6.93	—	COM	007639107
—	COHEN & STEERS LTD DUR PFD I	31,663	$710	0.5%	$22.42	—	COM	19248C105
—	WELLS FARGO ADV GLB DIV OPP	96,815	$700	0.5%	$7.23	—	COM	94987C103
—	ALPINE TOTAL DYNAMIC DIVID F	171,746	$690	0.5%	$3.91	—	COM SBI	021060108
—	WESTERN ASSET PREMIER BD FD	47,751	$676	0.5%	$14.28	—	SHS BEN INT	957664105
—	EATON VANCE TX ADV GLB DIV O	29,557	$667	0.5%	$22.57	—	COM	27828U106
—	NUVEEN EQTY PRM OPPORTUNITYF	54,809	$661	0.5%	$12.06	—	COM	6706EM102
—	ABERDEEN LATIN AMER EQTY FD	20,820	$660	0.5%	$31.39	—	COM	00306K106
—	GABELLI HLTHCARE & WELLNESS	64,057	$657	0.5%	$10.15	—	SHS	36246K103
—	BLACKROCK ENH CAP & INC FD I	49,996	$647	0.5%	$12.62	—	COM	09256A109
XPHDX	PIONEER FLOATING RATE TR	51,268	$643	0.5%	$12.84	—	COM	72369J102
—	NUVEEN MTG OPPORTUNITY TERM	26,822	$637	0.5%	$24.65	—	COM	670735109
—	WESTERN ASSET GLOBAL CP DEFI	35,451	$631	0.5%	$18.17	—	COM	95790C107
—	MORGAN STANLEY ASIA PAC FD I	37,392	$626	0.5%	$15.67	—	COM	61744U106
—	DWS HIGH INCOME OPPORT FD IN	43,016	$609	0.5%	$14.41	—	COM NEW	23339M204
—	ABERDEEN GLOBAL INCOME FD IN	56,064	$607	0.5%	$10.98	—	COM	003013109
—	DOW 30SM ENHANCED PREM & INC	51,078	$601	0.4%	$11.77	—	COM	260537105
—	NUVEEN FLOATING RATE INCOME	48,927	$585	0.4%	$12.60	—	COM	67072T108
—	CALAMOS CONV & HIGH INCOME F	44,955	$563	0.4%	$12.52	—	COM SHS	12811P108
—	HANCOCK JOHN FINL OPPTYS FD	25,787	$554	0.4%	$21.48	—	SH BEN INT NEW	409735206
—	BLACKROCK ECOSOLUTIONS INVT	70,288	$549	0.4%	$7.99	—	COM SH	092546100
XFEOX	FIRST TR/ABERDEEN EMERG OPT	28,591	$545	0.4%	$18.82	—	COM	33731K102
—	COHEN & STEERS REIT & PFD IN	35,016	$543	0.4%	$17.27	—	COM	19247X100
—	J F CHINA REGION FD INC	36,508	$534	0.4%	$13.18	—	COM	46614T107
—	MORGAN STANLEY EM MKTS DM DE	37,373	$527	0.4%	$14.44	—	COM	617477104
—	INVESCO HIGH INCOME TR II	32,322	$515	0.4%	$15.93	—	COM	46131F101
—	ROYCE VALUE TR INC	30,955	$499	0.4%	$15.59	—	COM	780910105
—	WESTERN ASSET WORLDWIDE INCO	39,047	$491	0.4%	$13.05	—	COM	957668106
—	HELIOS MULTI SEC HI INC FD I	84,471	$491	0.4%	$5.73	—	COM NEW	42327Y202
—	FIRST TR DIVIDEND INCOME FD	58,286	$490	0.4%	$8.14	—	COM	33731L100
—	ADAMS EXPRESS CO	38,736	$480	0.4%	$12.22	—	COM	006212104
—	LEGG MASON BW GLB INC OPP FD	27,906	$467	0.3%	$16.73	—	COM	52469B100
—	H & Q LIFE SCIENCES INVS	23,121	$445	0.3%	$19.25	—	SH BEN INT	404053100
—	COLUMBIA SELIGM PREM TECH GR	31,146	$443	0.3%	$14.38	—	COM	19842X109
—	MFS INTER INCOME TR	82,460	$438	0.3%	$5.75	—	SH BEN INT	55273C107
—	LATIN AMERN DISCOVERY FD INC	31,180	$432	0.3%	$13.50	—	COM	51828C106
—	H & Q HEALTHCARE INVESTORS	17,878	$429	0.3%	$24.00	—	SH BEN INT	404052102
—	MADISON CVRED CALL & EQ STR	53,384	$423	0.3%	$7.93	—	COM	557437100
—	ALLIANCEBERNSTEIN GBL HGH IN	28,078	$422	0.3%	$15.03	—	COM	01879R106
—	WESTERN ASSET INCOME FD	32,892	$418	0.3%	$12.87	—	COM	95766T100
—	HANCOCK JOHN INV TRUST	35,727	$412	0.3%	$11.53	—	TAX ADV GLB SH	41013P749
—	MFS GOVT MKTS INCOME TR	71,068	$403	0.3%	$5.99	—	SH BEN INT	552939100
—	CBRE CLARION GLOBAL REAL EST	49,674	$402	0.3%	$8.09	—	COM	12504G100
—	VIRTUS TOTAL RETURN FD	99,524	$392	0.3%	$3.87	—	COM	92829A103
—	JAPAN SMALLER CAPTLZTN FD IN	42,631	$388	0.3%	$8.57	—	COM	47109U104
—	WESTERN ASSET INVT GRADE DEF	19,717	$387	0.3%	$19.63	—	COM	95790A101
—	MANAGED HIGH YIELD PLUS FD I	191,230	$382	0.3%	$2.00	—	COM	561911108
—	BLACKROCK HIGH INCOME SHS	177,803	$370	0.3%	$2.15	—	SHS BEN INT	09250E107
—	ING GLOBAL EQTY DIV & PREM O	40,266	$364	0.3%	$9.04	—	COM	45684E107
XXCHNXX	CHINA FD INC	16,428	$357	0.3%	$19.99	—	COM	169373107
—	HELIOS ADVANTAGE INCOME FD I	41,763	$356	0.3%	$8.32	—	COM NEW	42327W206
—	GLOBAL HIGH INCOME FUND INC	34,208	$352	0.3%	$10.97	—	COM	37933G108
—	WELLS FARGO ADVANTAGE MULTI	24,737	$350	0.3%	$14.47	—	COM SHS	94987D101
—	ABERDEEN ASIA PACIFIC INCOM	55,248	$335	0.2%	$6.20	—	COM	003009107
—	ADVENT CLAYMORE CV SECS & IN	18,650	$328	0.2%	$17.59	—	COM	00764C109
—	EATON VANCE TX ADV GLBL DIV	21,000	$328	0.2%	$15.08	—	COM	27828S101
—	DUFF & PHELPS UTIL CORP BD T	31,094	$325	0.2%	$10.69	—	COM	26432K108
—	CREDIT SUISSE ASSET MGMT INC	88,101	$323	0.2%	$3.75	—	COM	224916106
—	FIRST TR ABERDEEN GLBL OPP F	22,089	$321	0.2%	$14.53	—	COM SHS	337319107
—	TRANSAMERICA INCOME SHS INC	15,471	$316	0.2%	$20.63	—	COM	893506105
—	ASIA PAC FD INC	30,301	$307	0.2%	$10.10	—	COM	044901106
—	GABELLI GLOBL UTIL & INCOME	15,506	$305	0.2%	$18.82	—	COM SH BEN INT	36242L105
—	MORGAN STANLEY EMER MKTS DEB	30,183	$302	0.2%	$10.18	—	COM	61744H105
—	NEW IRELAND FUND INC	25,024	$295	0.2%	$10.39	—	COM	645673104
—	BANCROFT FUND LTD	16,488	$295	0.2%	$17.89	—	COM	059695106
—	NASDAQ PREM INCM & GRW FD IN	18,054	$290	0.2%	$15.65	—	COM	63110R105
—	AVENUE INCOME CR STRATEGIES	16,374	$277	0.2%	$16.92	—	COM	05358E106
—	GENERAL AMERN INVS INC	7,947	$271	0.2%	$31.95	—	COM	368802104
—	BLACKROCK HIGH YIELD TR	38,126	$264	0.2%	$7.03	—	SHS	09248N102
—	HANCOCK JOHN INCOME SECS TR	18,589	$262	0.2%	$14.09	—	COM	410123103
—	COHEN & STEERS SLT PFD INCM	10,294	$247	0.2%	$25.95	—	COM	19248Y107
—	LAZARD GLB TTL RET&INCM FD I	14,558	$244	0.2%	$16.34	—	COM	52106W103
—	EATON VANCE TX MGD DIV EQ IN	22,800	$230	0.2%	$10.09	—	COM	27828N102
—	FIRST TR ENHANCED EQTY INC F	18,299	$227	0.2%	$12.51	—	COM	337318109
—	FIRST TR STRATEGIC HIGH INC	14,159	$225	0.2%	$15.74	—	COM SHS NEW	337353304
—	MADISON STRTG SECTOR PREM FD	18,133	$211	0.2%	$11.64	—	COM	558268108
—	COHEN & STEERS INFRASTRUCTUR	10,623	$210	0.2%	$18.89	—	COM	19248A109
—	NEUBERGER BERMAN RE ES SEC F	45,424	$205	0.2%	$4.81	—	COM	64190A103
—	LMP CAP & INCOME FD INC	13,508	$201	0.1%	$15.45	—	COM	50208A102
—	CLOUGH GLOBAL EQUITY FD	13,217	$199	0.1%	$15.06	—	COM	18914C100
—	WESTERN ASSET HIGH INCM OPP	32,707	$195	0.1%	$5.95	—	COM	95766K109
—	SINGAPORE FD INC	14,425	$189	0.1%	$12.92	—	COM	82929L109
—	WESTERN ASSET VAR RT STRG FD	10,400	$177	0.1%	$17.02	—	COM	957667108
—	COHEN & STEERS CLOSED END OP	13,550	$167	0.1%	$12.32	—	COM	19248P106
—	MFS INTERMARKET INCOME TRUST	19,082	$153	0.1%	$8.02	—	SH BEN INT	59318R103
—	WESTERN ASSET EMRG MKT INCM	11,911	$149	0.1%	$13.22	—	COM	95766E103
—	HELIOS HIGH INCOME FD INC	11,629	$97	0.1%	$8.15	—	COM NEW	42327X204
—	JAPAN EQUITY FD INC	12,936	$88	0.1%	$6.47	—	COM	471057109
—	MFS MULTIMARKET INCOME TR	11,600	$77	0.1%	$6.64	—	SH BEN INT	552737108
—	AMERICAN INCOME FD INC	10,152	$75	0.1%	$7.39	—	COM	02672T109
—	MFS INTERMEDIATE HIGH INC FD	19,500	$54	0.0%	$2.88	—	SH BEN INT	59318T109
—	BLACKROCK DEBT STRAT FD INC	10,672	$43	0.0%	$4.26	—	COM	09255R103