Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NUVEEN TAX ADVANTAGED DIV GR	230,526	$3,610	2.5%	$15.41	—	COM	67073G105
—	EATON VANCE TAX ADVT DIV INC	175,534	$3,339	2.3%	$18.23	—	COM	27828G107
—	DENALI FD INC	164,964	$3,172	2.2%	$19.38	—	COM	24823A102
—	CALAMOS STRATEGIC TOTL RETN	278,288	$3,031	2.1%	$10.08	—	COM SH BEN INT	128125101
—	GUGGENHEIM EQ WEIGHT ENHANC	159,925	$3,021	2.1%	$18.10	—	COM SH BEN INT	40167M106
—	LIBERTY ALL STAR EQUITY FD	481,931	$2,877	2.0%	$5.55	—	SH BEN INT	530158104
—	ZWEIG FD	178,868	$2,658	1.8%	$12.81	—	COM NEW	989834205
—	NUVEEN CORE EQUITY ALPHA FUN	153,992	$2,615	1.8%	$15.55	—	COM	67090X107
—	DELAWARE INVTS DIV & INCOME	271,944	$2,554	1.8%	$9.02	—	COM	245915103
—	BLACKROCK LTD DURATION INC T	143,556	$2,458	1.7%	$17.13	—	COM SHS	09249W101
—	PIMCO INCOME STRATEGY FUND	207,711	$2,349	1.6%	$11.31	—	COM	72201H108
—	CENTRAL SECS CORP	106,959	$2,323	1.6%	$21.41	—	COM	155123102
—	COHEN & STEERS DIV MJRS FDIN	157,697	$2,299	1.6%	$14.13	—	COM	19248G106
—	CLOUGH GLOBAL OPPORTUNITIES	172,561	$2,255	1.6%	$12.92	—	SH BEN INT	18914E106
—	ARES DYNAMIC CR ALLOCATION F	123,696	$2,224	1.5%	$18.04	—	COM	04014F102
—	WELLS FARGO ADV GLB DIV OPP	302,214	$2,191	1.5%	$7.24	—	COM	94987C103
—	ING GLBL ADV & PREM OPP FUND	181,582	$2,135	1.5%	$11.91	—	COM	44982N109
—	BLACKSTONE GSO LNG SHRT CR I	117,339	$2,097	1.5%	$18.46	—	COM SHS BN INT	09257D102
—	FIRST TR HIGH INCOME L/S FD	121,279	$2,088	1.5%	$17.22	—	COM	33738E109
—	ROYCE VALUE TR INC	120,881	$1,935	1.3%	$15.90	—	COM	780910105
—	EATON VANCE TX ADV GLBL DIV	113,575	$1,924	1.3%	$16.60	—	COM	27828S101
—	COLUMBIA SELIGM PREM TECH GR	129,930	$1,870	1.3%	$14.39	—	COM	19842X109
—	DWS MULTI MKT INCOME TR	188,762	$1,772	1.2%	$9.39	—	SHS	23338L108
—	COHEN & STEERS LTD DUR PFD I	77,629	$1,756	1.2%	$22.54	—	COM	19248C105
—	EATON VANCE LTD DUR INCOME F	114,464	$1,751	1.2%	$15.30	—	COM	27828H105
—	TRI CONTL CORP	85,274	$1,704	1.2%	$18.36	—	COM	895436103
—	CLOUGH GLOBAL ALLOCATION FD	106,123	$1,632	1.1%	$15.26	—	COM	18913Y103
—	CREDIT SUISSE ASSET MGMT INC	453,753	$1,615	1.1%	$3.60	—	COM	224916106
—	WESTERN ASSET GLB PTNRS INCO	147,845	$1,601	1.1%	$11.08	—	COM	95766G108
—	DELAWARE ENHANCED GBL DIV &	130,291	$1,592	1.1%	$11.82	—	COM	246060107
—	PIMCO INCOME STRATEGY FUND I	159,912	$1,591	1.1%	$9.95	—	COM	72201J104
—	PRUDENTIAL SHT DURATION HG Y	91,408	$1,590	1.1%	$17.88	—	COM	74442F107
—	BLACKROCK DIVID INCOME TR	112,379	$1,456	1.0%	$12.50	—	SHS	09250D109
—	EATON VANCE SR INCOME TR	207,652	$1,435	1.0%	$7.19	—	SH BEN INT	27826S103
—	BLACKROCK ENHANCED EQT DIV T	179,035	$1,422	1.0%	$7.61	—	COM	09251A104
—	EUROPEAN EQUITY FUND	156,278	$1,398	1.0%	$7.43	—	COM	298768102
—	INVESCO DYNAMIC CR OPP FD	103,070	$1,330	0.9%	$12.89	—	COM	46132R104
—	FRANKLIN UNVL TR	189,866	$1,318	0.9%	$6.83	—	SH BEN INT	355145103
—	INVESCO HIGH INCOME TR II	81,689	$1,313	0.9%	$16.02	—	COM	46131F101
—	NUVEEN EQUITY PREM INCOME FD	104,003	$1,305	0.9%	$12.36	—	COM	6706ER101
—	BLACKROCK FLOAT RATE OME STR	88,838	$1,298	0.9%	$14.83	—	COM	09255X100
—	FIRST TR DIVIDEND INCOME FD	146,381	$1,288	0.9%	$8.54	—	COM	33731L100
—	ALLIANZGI GLOBAL EQUITY & CO	83,743	$1,281	0.9%	$15.30	—	COM	01882W100
—	NEUBERGER BERMAN HGH YLD FD	96,302	$1,277	0.9%	$12.82	—	COM	64128C106
—	NUVEEN SR INCOME FD	174,786	$1,246	0.9%	$7.18	—	COM	67067Y104
—	BROOKFIELD MTG OPP INC FD IN	75,096	$1,244	0.9%	$16.57	—	COM	112792106
—	NUVEEN EQTY PRM OPPORTUNITYF	97,153	$1,229	0.9%	$12.32	—	COM	6706EM102
—	COHEN & STEERS CLOSED END OP	93,138	$1,171	0.8%	$12.54	—	COM	19248P106
—	ING GLOBAL EQTY DIV & PREM O	128,570	$1,151	0.8%	$8.98	—	COM	45684E107
—	H & Q LIFE SCIENCES INVS	52,133	$1,066	0.7%	$19.91	—	SH BEN INT	404053100
—	NUVEEN DIVERSIFIED DIV INCM	93,693	$1,056	0.7%	$11.41	—	COM	6706EP105
—	BLACKROCK CORPOR HI YLD FD V	85,562	$1,041	0.7%	$12.17	—	COM	09255P107
—	SOURCE CAP INC	15,502	$1,040	0.7%	$62.68	—	COM	836144105
—	SPECIAL OPPORTUNITIES FD INC	59,285	$1,035	0.7%	$17.22	—	COM	84741T104
—	GUGGENHEIM CR ALLOCATION FD	45,888	$1,032	0.7%	$22.49	—	COM	40168G108
—	NUVEEN QUALITY PFD INCOME FD	128,664	$989	0.7%	$8.08	—	COM	67071S101
—	WESTERN ASSET MGD HI INCM FD	172,414	$976	0.7%	$5.84	—	COM	95766L107
—	ADAMS EXPRESS CO	71,559	$935	0.7%	$12.61	—	COM	006212104
—	BLACKROCK DEFINED OPPRTY CR	67,430	$918	0.6%	$14.02	—	COM	09255Q105
—	HELIOS HIGH YIELD FD	93,437	$906	0.6%	$9.70	—	COM	42328Q109
—	FIRST TR INTER DUR PFD & IN	41,719	$887	0.6%	$21.26	—	COM	33718W103
—	DWS STRATEGIC INCOME TR	67,765	$880	0.6%	$12.99	—	SHS	23338N104
—	NEW GERMANY FD INC	44,093	$879	0.6%	$17.60	—	COM	644465106
—	ELLSWORTH FUND LTD	105,882	$867	0.6%	$7.69	—	COM	289074106
—	ADVENT CLAY CONV SEC INC FD	118,577	$863	0.6%	$6.96	—	COM	007639107
—	NASDAQ PREM INCM & GRW FD IN	47,614	$848	0.6%	$16.99	—	COM	63110R105
—	DUFF & PHELPS UTIL CORP BD T	79,825	$801	0.6%	$10.29	—	COM	26432K108
—	ING RISK MANAGED NAT RES FD	80,857	$793	0.6%	$10.69	—	COM	449810100
—	TEMPLETON DRAGON FD INC	30,599	$792	0.6%	$25.10	—	COM	88018T101
—	MEXICO EQUITY & INCOME FD	53,133	$791	0.6%	$15.38	—	COM	592834105
—	AVENUE INCOME CR STRATEGIES	43,781	$770	0.5%	$17.34	—	COM	05358E106
—	DWS HIGH INCOME TR	80,262	$734	0.5%	$9.18	—	SHS NEW	23337C208
—	DOUBLELINE INCOME SOLUTIONS	33,706	$711	0.5%	$21.09	—	COM	258622109
XPHDX	PIONEER FLOATING RATE TR	55,147	$701	0.5%	$12.84	—	COM	72369J102
—	WESTERN ASSET HGH YLD DFNDFD	39,261	$695	0.5%	$17.70	—	COM	95768B107
—	DWS HIGH INCOME OPPORT FD IN	46,718	$673	0.5%	$14.41	—	COM NEW	23339M204
—	WELLS FARGO ADVANTAGE INCOME	72,248	$663	0.5%	$9.26	—	COM SHS	94987B105
—	HANCOCK JOHN FINL OPPTYS FD	28,090	$662	0.5%	$21.65	—	SH BEN INT NEW	409735206
—	IVY HIGH INC OPPORTUNITIES F	36,600	$658	0.5%	$17.98	—	COM	465893105
—	NEW IRELAND FUND INC	49,944	$641	0.4%	$11.61	—	COM	645673104
—	NUVEEN QUALITY PFD INC FD 3	81,400	$639	0.4%	$8.42	—	COM	67072W101
—	ROYCE FOCUS TR	82,657	$630	0.4%	$7.01	—	COM	78080N108
—	MFS CHARTER INCOME TR	65,533	$593	0.4%	$9.21	—	SH BEN INT	552727109
—	LMP CORPORATE LN FD INC	47,508	$581	0.4%	$12.42	—	COM	50208B100
—	JPMORGAN CHINA REGION FD INC	36,508	$553	0.4%	$15.15	—	COM	48126T104
—	VIRTUS TOTAL RETURN FD	136,157	$535	0.4%	$3.88	—	COM	92829A103
—	GABELLI GLOBL UTIL & INCOME	25,840	$517	0.4%	$19.29	—	COM SH BEN INT	36242L105
—	NUVEEN SHT DUR CR OPP FD	26,710	$503	0.3%	$18.83	—	COM	67074X107
—	BLACKROCK INTL GRWTH & INC T	61,034	$496	0.3%	$8.13	—	COM BENE INTER	092524107
—	ING ASIA PAC HGH DIVID EQ IN	37,996	$484	0.3%	$13.59	—	COM	44983J107
—	STRATEGIC GLOBAL INCOME FD	53,239	$481	0.3%	$9.42	—	COM	862719101
—	LMP REAL ESTATE INCOME FD IN	47,555	$478	0.3%	$10.05	—	COM	50208C108
—	BLACKROCK DEBT STRAT FD INC	119,399	$476	0.3%	$4.01	—	COM	09255R103
—	MORGAN STANLEY ASIA PAC FD I	28,069	$465	0.3%	$15.67	—	COM	61744U106
—	NUVEEN MTG OPPORTUNITY TERM	20,022	$463	0.3%	$24.65	—	COM	670735109
—	TEMPLETON GLOBAL INCOME FD	58,133	$462	0.3%	$7.95	—	COM	880198106
—	NUVEEN REAL ASSET INC & GROW	26,874	$450	0.3%	$16.74	—	COM	67074Y105
—	BROOKFIELD GLOBL LISTED INFR	22,096	$437	0.3%	$19.78	—	COM SHS	11273Q109
—	DOUBLELINE OPPORTUNISTIC CR	19,117	$427	0.3%	$22.34	—	COM	258623107
—	EATON VANCE TAX MNGED BUY WR	28,264	$421	0.3%	$14.39	—	COM	27828X100
—	NUVEEN QUALITY PFD INCOME FD	50,726	$413	0.3%	$8.60	—	COM	67072C105
—	WESTERN ASSET EMRG MKT INCM	34,550	$409	0.3%	$12.31	—	COM	95766E103
—	FLAHERTY & CRUMRINE DYN PFD	19,500	$400	0.3%	$20.51	—	SHS	33848W106
—	NUVEEN EQUITY PREM ADV FD	31,120	$393	0.3%	$12.63	—	COM	6706ET107
—	NUVEEN FLOATING RATE INCOME	32,243	$384	0.3%	$12.60	—	COM	67072T108
—	FIRST TR STRATEGIC HIGH INC	23,886	$383	0.3%	$15.86	—	COM SHS NEW	337353304
—	BLACKROCK MULTI-SECTOR INC T	22,000	$376	0.3%	$17.09	—	COM	09258A107
—	CALAMOS CONV & HIGH INCOME F	26,552	$343	0.2%	$12.52	—	COM SHS	12811P108
—	BLACKROCK UTIL & INFRASTRCTU	19,149	$342	0.2%	$17.86	—	COM	09248D104
—	ABERDEEN GLOBAL INCOME FD IN	31,724	$330	0.2%	$10.98	—	COM	003013109
—	BLACKROCK ECOSOLUTIONS INVT	41,867	$329	0.2%	$7.99	—	COM SH	092546100
—	KKR INCOME OPPORTUNITIES FD	18,250	$328	0.2%	$17.97	—	COM	48249T106
—	ING EMERGING MKTS HGH DIV EQ	27,800	$327	0.2%	$11.76	—	COM	45685X104
—	MADISON CVRED CALL & EQ STR	39,845	$326	0.2%	$7.93	—	COM	557437100
—	GENERAL AMERN INVS INC	9,217	$324	0.2%	$32.39	—	COM	368802104
—	MANAGED HIGH YIELD PLUS FD I	158,050	$321	0.2%	$2.00	—	COM	561911108
—	APOLLO TACTICAL INCOME FD IN	17,664	$318	0.2%	$18.00	—	COM	037638103
—	JAPAN SMALLER CAPTLZTN FD IN	33,631	$308	0.2%	$8.57	—	COM	47109U104
—	BANCROFT FUND LTD	16,275	$303	0.2%	$17.89	—	COM	059695106
XEGFX	BLACKROCK ENHANCED GOVT FD I	21,328	$298	0.2%	$13.97	—	COM	09255K108
—	EATON VANCE TX ADV GLB DIV O	11,727	$287	0.2%	$22.57	—	COM	27828U106
—	EATON VANCE TX MGD DIV EQ IN	24,500	$268	0.2%	$10.15	—	COM	27828N102
—	EATON VANCE RISK MNGD DIV EQ	23,364	$263	0.2%	$11.26	—	COM	27829G106
—	HANCOCK JOHN PFD INCOME FD	14,387	$257	0.2%	$17.86	—	SH BEN INT	41013W108
—	PIMCO INCOME OPPORTUNITY FD	9,100	$257	0.2%	$28.24	—	COM	72202B100
—	HANCOCK JOHN INCOME SECS TR	17,079	$244	0.2%	$14.09	—	COM	410123103
—	LAZARD GLB TTL RET&INCM FD I	13,812	$243	0.2%	$16.34	—	COM	52106W103
—	AMERICAN INCOME FD INC	32,713	$240	0.2%	$7.35	—	COM	02672T109
—	WESTERN ASSET HIGH INCM OPP	39,695	$235	0.2%	$5.95	—	COM	95766K109
—	WELLS FARGO ADVANTAGE UTILS	19,493	$230	0.2%	$11.80	—	COM	94987E109
—	HELIOS HIGH INCOME FD INC	27,331	$225	0.2%	$8.20	—	COM NEW	42327X204
—	LATIN AMERN DISCOVERY FD INC	16,793	$219	0.2%	$13.50	—	COM	51828C106
XXCHNXX	CHINA FD INC	10,439	$217	0.2%	$19.99	—	COM	169373107
—	FIRST TR SR FLG RTE INCM FD	14,455	$210	0.1%	$14.53	—	COM	33733U108
XFEOX	FIRST TR/ABERDEEN EMERG OPT	11,641	$210	0.1%	$18.82	—	COM	33731K102
—	ALLIANCEBERNSTEIN GBL HGH IN	14,250	$203	0.1%	$15.03	—	COM	01879R106
—	APOLLO SR FLOATING RATE FD I	10,395	$188	0.1%	$18.09	—	COM	037636107
—	ASIA PAC FD INC	17,501	$184	0.1%	$10.10	—	COM	044901106
—	MADISON STRTG SECTOR PREM FD	14,526	$174	0.1%	$11.64	—	COM	558268108
—	COHEN & STEERS QUALITY RLTY	18,100	$172	0.1%	$9.50	—	COM	19247L106
—	HANCOCK JOHN PFD INCOME FD I	10,863	$169	0.1%	$15.56	—	COM	41021P103
—	DOW 30 PREMIUM & DIV INC FD	10,817	$168	0.1%	$15.53	—	COM	260582101
—	FIRST TRUST MORTGAGE INCM FD	10,588	$165	0.1%	$15.58	—	COM SHS	33734E103
—	NUVEEN PFD INCOME OPPRTNY FD	18,500	$164	0.1%	$8.86	—	COM	67073B106
—	WELLS FARGO ADVANTAGE MULTI	11,532	$162	0.1%	$14.47	—	COM SHS	94987D101
—	MFS INTER INCOME TR	30,390	$157	0.1%	$5.75	—	SH BEN INT	55273C107
—	JAPAN EQUITY FD INC	22,446	$157	0.1%	$6.69	—	COM	471057109
—	CALAMOS GLOBAL TOTAL RETURN	10,920	$153	0.1%	$14.01	—	COM SH BEN INT	128118106
—	ABERDEEN SINGAPORE FD INC	11,425	$146	0.1%	$12.78	—	COM	003244100
—	FRANKLIN TEMPLETON LTD DUR I	11,000	$143	0.1%	$13.00	—	COM	35472T101
—	ADVENT CLAYMORE ENH GRW & IN	12,909	$131	0.1%	$10.15	—	COM	00765E104
—	ABERDEEN ASIA PACIFIC INCOM	18,000	$104	0.1%	$6.20	—	COM	003009107
—	GUGGENHEIM ENHNCD EQTY INCM	11,506	$102	0.1%	$8.86	—	COM	40167B100
—	ALPINE GLOBAL DYNAMIC DIVD F	16,662	$70	0.0%	$4.20	—	COM	02082E106
—	NEUBERGER BERMAN RE ES SEC F	14,175	$62	0.0%	$4.81	—	COM	64190A103