Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LIBERTY ALL STAR EQUITY FD	727,368	$4,277	2.8%	$5.66	—	SH BEN INT	530158104
—	NUVEEN TAX ADVANTAGED DIV GR	268,397	$4,106	2.7%	$15.39	—	COM	67073G105
—	TRI CONTL CORP	195,772	$3,931	2.6%	$19.33	—	COM	895436103
—	DENALI FD INC	188,215	$3,851	2.5%	$19.51	—	COM	24823A102
—	BLACKROCK LTD DURATION INC T	220,141	$3,775	2.5%	$17.14	—	COM SHS	09249W101
—	COHEN & STEERS DIV MJRS FDIN	215,268	$3,324	2.2%	$14.48	—	COM	19248G106
—	DELAWARE INVTS DIV & INCOME	342,680	$3,279	2.2%	$9.13	—	COM	245915103
—	GUGGENHEIM EQ WEIGHT ENHANC	171,436	$3,226	2.1%	$18.15	—	COM SH BEN INT	40167M106
—	EATON VANCE TAX ADVT DIV INC	163,762	$3,220	2.1%	$18.23	—	COM	27828G107
—	EATON VANCE TX ADV GLBL DIV	185,038	$3,103	2.0%	$16.66	—	COM	27828S101
—	CALAMOS STRATEGIC TOTL RETN	250,621	$2,787	1.8%	$10.08	—	COM SH BEN INT	128125101
—	BLACKSTONE GSO LNG SHRT CR I	153,712	$2,707	1.8%	$18.26	—	COM SHS BN INT	09257D102
—	FIRST TR HIGH INCOME L/S FD	148,157	$2,627	1.7%	$17.31	—	COM	33738E109
—	KKR INCOME OPPORTUNITIES FD	144,763	$2,585	1.7%	$17.87	—	COM	48249T106
—	BLACKROCK ENHANCED EQT DIV T	324,949	$2,580	1.7%	$7.76	—	COM	09251A104
—	PIMCO INCOME STRATEGY FUND I	242,171	$2,519	1.7%	$10.10	—	COM	72201J104
—	ING GLBL ADV & PREM OPP FUND	209,420	$2,505	1.6%	$11.92	—	COM	44982N109
—	ARES DYNAMIC CR ALLOCATION F	132,109	$2,394	1.6%	$18.05	—	COM	04014F102
—	PIMCO INCOME STRATEGY FUND	204,025	$2,393	1.6%	$11.31	—	COM	72201H108
—	SOURCE CAP INC	34,041	$2,338	1.5%	$65.95	—	COM	836144105
—	DELAWARE ENHANCED GBL DIV &	174,586	$2,147	1.4%	$11.94	—	COM	246060107
—	EUROPEAN EQUITY FUND	236,568	$2,143	1.4%	$7.98	—	COM	298768102
—	GABELLI DIVD & INCOME TR	91,571	$2,012	1.3%	$21.97	—	COM	36242H104
—	COHEN & STEERS LTD DUR PFD I	83,228	$1,981	1.3%	$22.63	—	COM	19248C105
—	CREDIT SUISSE ASSET MGMT INC	540,010	$1,949	1.3%	$3.60	—	COM	224916106
—	CENTRAL SECS CORP	85,863	$1,921	1.3%	$21.41	—	COM	155123102
—	COHEN & STEERS CLOSED END OP	143,059	$1,838	1.2%	$12.65	—	COM	19248P106
—	NUVEEN EQUITY PREM INCOME FD	145,381	$1,838	1.2%	$12.44	—	COM	6706ER101
—	EATON VANCE TX ADV GLB DIV O	74,063	$1,792	1.2%	$23.94	—	COM	27828U106
—	NUVEEN SR INCOME FD	246,865	$1,768	1.2%	$7.17	—	COM	67067Y104
—	EATON VANCE SR INCOME TR	243,266	$1,679	1.1%	$7.15	—	SH BEN INT	27826S103
—	ROYCE VALUE TR INC	105,817	$1,665	1.1%	$15.90	—	COM	780910105
—	BROOKFIELD MTG OPP INC FD IN	94,932	$1,597	1.0%	$16.62	—	COM	112792106
—	INVESCO HIGH INCOME TR II	93,818	$1,550	1.0%	$16.08	—	COM	46131F101
—	GENERAL AMERN INVS INC	43,402	$1,529	1.0%	$34.63	—	COM	368802104
—	NEW GERMANY FD INC	78,355	$1,525	1.0%	$18.42	—	COM	644465106
—	BLACKROCK FLOAT RATE OME STR	104,319	$1,520	1.0%	$14.79	—	COM	09255X100
—	NUVEEN EQUITY PREM ADV FD	118,038	$1,498	1.0%	$12.67	—	COM	6706ET107
—	EATON VANCE LTD DUR INCOME F	97,409	$1,485	1.0%	$15.30	—	COM	27828H105
—	BROOKFIELD GLOBL LISTED INFR	68,565	$1,466	1.0%	$20.86	—	COM SHS	11273Q109
—	FRANKLIN UNVL TR	202,438	$1,456	1.0%	$6.85	—	SH BEN INT	355145103
—	WESTERN ASSET GLB PTNRS INCO	125,360	$1,374	0.9%	$11.08	—	COM	95766G108
—	ZWEIG FD	85,613	$1,300	0.9%	$12.81	—	COM NEW	989834205
—	ROYCE FOCUS TR	161,478	$1,285	0.8%	$7.47	—	COM	78080N108
—	INVESCO DYNAMIC CR OPP FD	97,443	$1,261	0.8%	$12.89	—	COM	46132R104
—	BLACKROCK DIVID INCOME TR	93,745	$1,223	0.8%	$12.50	—	SHS	09250D109
—	CALAMOS GBL DYN INCOME FUND	135,271	$1,217	0.8%	$9.00	—	COM	12811L107
—	AVENUE INCOME CR STRATEGIES	68,909	$1,213	0.8%	$17.43	—	COM	05358E106
—	ADAMS EXPRESS CO	93,172	$1,209	0.8%	$12.69	—	COM	006212104
—	ALLIANZGI EQUITY & CONV INCO	61,383	$1,194	0.8%	$19.45	—	COM	018829101
—	FIRST TR DIVIDEND INCOME FD	135,284	$1,181	0.8%	$8.54	—	COM	33731L100
—	ROYCE MICRO-CAP TR INC	95,651	$1,171	0.8%	$12.24	—	COM	780915104
—	IVY HIGH INC OPPORTUNITIES F	58,818	$1,075	0.7%	$18.09	—	COM	465893105
—	BLACKSTONE GSO STRATEGIC CR	60,649	$1,075	0.7%	$17.72	—	COM SHS BEN IN	09257R101
—	ING GLOBAL EQTY DIV & PREM O	110,162	$1,013	0.7%	$8.98	—	COM	45684E107
—	CLOUGH GLOBAL OPPORTUNITIES	73,364	$935	0.6%	$12.92	—	SH BEN INT	18914E106
—	NUVEEN QUALITY PFD INC FD 3	111,755	$935	0.6%	$8.41	—	COM	67072W101
—	DWS MULTI MKT INCOME TR	92,126	$876	0.6%	$9.39	—	SHS	23338L108
—	WESTERN ASSET MGD HI INCM FD	148,472	$851	0.6%	$5.84	—	COM	95766L107
—	APOLLO TACTICAL INCOME FD IN	47,626	$850	0.6%	$17.91	—	COM	037638103
—	DWS STRATEGIC INCOME TR	64,368	$826	0.5%	$12.99	—	SHS	23338N104
—	ELLSWORTH FUND LTD	94,296	$811	0.5%	$7.69	—	COM	289074106
—	MADISON CVRED CALL & EQ STR	97,647	$808	0.5%	$8.13	—	COM	557437100
—	DWS HIGH INCOME TR	85,862	$807	0.5%	$9.20	—	SHS NEW	23337C208
—	FIRST TR ABERDEEN GLBL OPP F	57,574	$803	0.5%	$13.95	—	COM SHS	337319107
—	GABELLI GLOBL UTIL & INCOME	38,832	$772	0.5%	$19.49	—	COM SH BEN INT	36242L105
—	FIRST TR INTER DUR PFD & IN	34,539	$765	0.5%	$21.26	—	COM	33718W103
—	DOUBLELINE INCOME SOLUTIONS	35,650	$756	0.5%	$21.10	—	COM	258622109
—	WELLS FARGO ADV GLB DIV OPP	95,283	$750	0.5%	$7.24	—	COM	94987C103
—	NUVEEN QUALITY PFD INCOME FD	90,130	$726	0.5%	$8.08	—	COM	67071S101
—	BLACKROCK DEBT STRAT FD INC	176,500	$724	0.5%	$4.04	—	COM	09255R103
—	HANCOCK JOHN FINL OPPTYS FD	29,897	$720	0.5%	$21.80	—	SH BEN INT NEW	409735206
—	SWISS HELVETIA FD INC	49,561	$713	0.5%	$14.39	—	COM	870875101
—	HANCOCK JOHN PFD INCOME FD I	39,214	$679	0.4%	$16.83	—	COM	41021P103
—	LAZARD WORLD DIVID & INCOME	47,583	$663	0.4%	$13.93	—	COM	521076109
—	COHEN & STEERS SLT PFD INCM	26,035	$649	0.4%	$24.93	—	COM	19248Y107
—	WESTERN ASSET HGH YLD DFNDFD	35,200	$629	0.4%	$17.70	—	COM	95768B107
—	BLACKROCK DEFINED OPPRTY CR	45,261	$624	0.4%	$14.02	—	COM	09255Q105
—	MEXICO EQUITY & INCOME FD	42,095	$611	0.4%	$15.38	—	COM	592834105
—	JAPAN SMALLER CAPTLZTN FD IN	68,743	$602	0.4%	$8.67	—	COM	47109U104
—	EATON VANCE SH TM DR DIVR IN	38,130	$579	0.4%	$15.18	—	COM	27828V104
—	PIMCO DYNAMIC INCOME FD	18,843	$571	0.4%	$30.30	—	SHS	72201Y101
—	NEW IRELAND FUND INC	38,535	$554	0.4%	$11.61	—	COM	645673104
—	WELLS FARGO ADVANTAGE UTILS	44,045	$554	0.4%	$12.23	—	COM	94987E109
—	JPMORGAN CHINA REGION FD INC	36,508	$520	0.3%	$15.15	—	COM	48126T104
—	ING PRIME RATE TR	89,430	$519	0.3%	$5.80	—	SH BEN INT	44977W106
—	LMP REAL ESTATE INCOME FD IN	47,415	$512	0.3%	$10.05	—	COM	50208C108
—	WESTERN ASSET PREMIER BD FD	35,191	$512	0.3%	$14.55	—	SHS BEN INT	957664105
—	MORGAN STANLEY EM MKTS DM DE	38,935	$511	0.3%	$13.12	—	COM	617477104
—	HANCOCK JOHN TAX-ADV DIV INC	24,567	$489	0.3%	$19.90	—	COM	41013V100
—	ADVENT CLAYMORE CV SECS & IN	25,813	$480	0.3%	$18.60	—	COM	00764C109
—	ING INTL HIGH DIVD EQTY INC	52,127	$478	0.3%	$9.17	—	COM	45684Q100
—	ING RISK MANAGED NAT RES FD	44,097	$466	0.3%	$10.69	—	COM	449810100
—	NUVEEN SHT DUR CR OPP FD	25,210	$466	0.3%	$18.83	—	COM	67074X107
—	MORGAN STANLEY ASIA PAC FD I	28,069	$462	0.3%	$15.67	—	COM	61744U106
—	FIRST TR ENHANCED EQTY INC F	33,021	$441	0.3%	$13.36	—	COM	337318109
—	NUVEEN EQTY PRM OPPORTUNITYF	34,556	$435	0.3%	$12.32	—	COM	6706EM102
—	NUVEEN FLOATING RATE INCOME	34,843	$417	0.3%	$12.55	—	COM	67072T108
—	GUGGENHEIM ENHANCED EQUITY S	21,649	$405	0.3%	$18.71	—	COM	40167K100
—	DWS HIGH INCOME OPPORT FD IN	27,361	$400	0.3%	$14.41	—	COM NEW	23339M204
—	ALLIANCEBERNSTEIN INCOME FUN	54,500	$400	0.3%	$7.34	—	COM	01881E101
—	BLACKROCK MULTI-SECTOR INC T	22,206	$394	0.3%	$17.09	—	COM	09258A107
—	COLUMBIA SELIGM PREM TECH GR	24,785	$392	0.3%	$14.39	—	COM	19842X109
—	LMP CORPORATE LN FD INC	32,045	$389	0.3%	$12.42	—	COM	50208B100
—	HANCOCK JOHN PFD INCOME FD	19,015	$379	0.2%	$18.37	—	SH BEN INT	41013W108
—	ING ASIA PAC HGH DIVID EQ IN	29,648	$377	0.2%	$13.59	—	COM	44983J107
—	BLACKROCK CORPOR HI YLD FD V	30,232	$371	0.2%	$12.17	—	COM	09255P107
—	SPECIAL OPPORTUNITIES FD INC	22,667	$368	0.2%	$17.22	—	COM	84741T104
—	EATON VANCE FLTG RATE INCOM	20,082	$367	0.2%	$18.28	—	COM SHS BEN INT	278284104
—	MFS MULTIMARKET INCOME TR	55,763	$364	0.2%	$6.53	—	SH BEN INT	552737108
—	DREYFUS MUN BD INFRSTRCTR FD	30,816	$346	0.2%	$11.23	—	SHS	26203D101
—	PUTNAM PREMIER INCOME TR	60,000	$332	0.2%	$5.53	—	SH BEN INT	746853100
—	ING EMERGING MKTS HGH DIV EQ	24,100	$288	0.2%	$11.76	—	COM	45685X104
—	ALPINE TOTAL DYNAMIC DIVID F	32,331	$271	0.2%	$8.38	—	COM SH BEN INT N	021060207
—	MADISON STRTG SECTOR PREM FD	22,167	$270	0.2%	$11.82	—	COM	558268108
—	BROOKFIELD HIGH INCOME FD IN	26,446	$266	0.2%	$10.06	—	COM	11272P102
—	STONE HBR EMERG MKTS TL INC	14,286	$266	0.2%	$18.62	—	COM	86164W100
—	APOLLO SR FLOATING RATE FD I	14,249	$260	0.2%	$18.13	—	COM	037636107
—	FIRST TRUST SPECIALTY FINANC	31,681	$244	0.2%	$7.70	—	COM BEN INTR	33733G109
—	VIRTUS GLOBAL MULTI-SEC INC	13,515	$228	0.1%	$16.87	—	COM	92829B101
—	TEMPLETON DRAGON FD INC	9,106	$223	0.1%	$25.10	—	COM	88018T101
—	LATIN AMERN DISCOVERY FD INC	16,793	$216	0.1%	$13.50	—	COM	51828C106
—	NUVEEN PFD INCOME OPPRTNY FD	21,600	$201	0.1%	$8.93	—	COM	67073B106
—	FIRST TR STRATEGIC HIGH INC	12,595	$201	0.1%	$15.86	—	COM SHS NEW	337353304
—	BLACKROCK UTIL & INFRASTRCTU	10,500	$199	0.1%	$17.86	—	COM	09248D104
—	STRATEGIC GLOBAL INCOME FD	21,336	$197	0.1%	$9.42	—	COM	862719101
—	ASIA PAC FD INC	17,501	$181	0.1%	$10.10	—	COM	044901106
—	NUVEEN DIVERSIFIED DIV INCM	12,644	$148	0.1%	$11.41	—	COM	6706EP105
—	BLACKROCK GLOBAL OPP EQTY TR	10,076	$147	0.1%	$14.59	—	COM	092501105
—	JAPAN EQUITY FD INC	22,446	$146	0.1%	$6.69	—	COM	471057109
—	FRANKLIN TEMPLETON LTD DUR I	11,000	$144	0.1%	$13.00	—	COM	35472T101
—	GABELLI CONV&INCOM SECS FD I	20,548	$127	0.1%	$6.18	—	COM	36240B109
—	MFS INTERMEDIATE HIGH INC FD	31,561	$93	0.1%	$2.95	—	SH BEN INT	59318T109
—	NEUBERGER BERMAN RE ES SEC F	15,988	$75	0.0%	$4.80	—	COM	64190A103
—	MFS INTER INCOME TR	10,000	$52	0.0%	$5.75	—	SH BEN INT	55273C107