Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LIBERTY ALL STAR EQUITY FD	801,249	$4,816	2.9%	$5.70	—	SH BEN INT	530158104
—	TRI CONTL CORP	211,582	$4,439	2.7%	$19.45	—	COM	895436103
—	CLOUGH GLOBAL OPPORTUNITIES	328,048	$4,265	2.6%	$12.98	—	SH BEN INT	18914E106
—	DENALI FD INC	196,474	$4,216	2.6%	$19.59	—	COM	24823A102
—	GENERAL AMERN INVS INC	113,927	$4,195	2.6%	$35.99	—	COM	368802104
—	COHEN & STEERS TOTAL RETURN	334,656	$4,148	2.5%	$12.39	—	COM	19247R103
—	EATON VANCE TAX ADVT DIV INC	182,585	$3,780	2.3%	$18.48	—	COM	27828G107
—	EATON VANCE TX ADV GLBL DIV	193,647	$3,404	2.1%	$16.70	—	COM	27828S101
—	GABELLI DIVD & INCOME TR	140,711	$3,082	1.9%	$21.95	—	COM	36242H104
—	DELAWARE ENHANCED GBL DIV &	236,034	$3,000	1.8%	$12.14	—	COM	246060107
—	SOURCE CAP INC	42,403	$2,967	1.8%	$66.74	—	COM	836144105
—	EATON VANCE TAX MNGD GBL DV	255,843	$2,653	1.6%	$10.37	—	COM	27829F108
—	BLACKSTONE GSO LNG SHRT CR I	149,332	$2,648	1.6%	$18.26	—	COM SHS BN INT	09257D102
—	NUVEEN EQUITY PREM INCOME FD	199,349	$2,613	1.6%	$12.62	—	COM	6706ER101
—	EUROPEAN EQUITY FUND	286,457	$2,581	1.6%	$8.16	—	COM	298768102
—	VOYA GLBL ADV & PREM OPP FD	207,643	$2,560	1.6%	$12.33	—	COM	92912R104
—	BLACKROCK LTD DURATION INC T	135,511	$2,343	1.4%	$17.14	—	COM SHS	09249W101
—	CENTRAL SECS CORP	96,324	$2,259	1.4%	$21.63	—	COM	155123102
—	ARES DYNAMIC CR ALLOCATION F	123,912	$2,256	1.4%	$18.05	—	COM	04014F102
—	KKR INCOME OPPORTUNITIES FD	116,624	$2,175	1.3%	$17.87	—	COM	48249T106
—	NUVEEN CORE EQUITY ALPHA FUN	119,378	$2,169	1.3%	$18.17	—	COM	67090X107
—	CREDIT SUISSE ASSET MGMT INC	593,407	$2,166	1.3%	$3.60	—	COM	224916106
—	FIRST TR HIGH INCOME L/S FD	118,049	$2,143	1.3%	$17.31	—	COM	33738E109
—	BLACKROCK CORPOR HI YLD FD I	174,287	$2,142	1.3%	$12.27	—	COM	09255P107
—	AVENUE INCOME CR STRATEGIES	117,315	$2,109	1.3%	$17.66	—	COM	05358E106
—	ADAMS EXPRESS CO	152,353	$2,095	1.3%	$13.10	—	COM	006212104
—	SPECIAL OPPORTUNITIES FD INC	124,129	$2,073	1.3%	$16.80	—	COM	84741T104
—	NEW GERMANY FD INC	110,555	$2,064	1.3%	$18.49	—	COM	644465106
—	MFS CHARTER INCOME TR	215,476	$1,991	1.2%	$9.24	—	SH BEN INT	552727109
—	NUVEEN SR INCOME FD	268,665	$1,894	1.2%	$7.16	—	COM	67067Y104
—	EATON VANCE ENH EQTY INC FD	136,908	$1,843	1.1%	$13.46	—	COM	278277108
—	PIMCO INCOME STRATEGY FUND I	156,678	$1,733	1.1%	$10.10	—	COM	72201J104
—	EATON VANCE SR INCOME TR	237,866	$1,620	1.0%	$7.15	—	SH BEN INT	27826S103
—	FRANKLIN UNVL TR	208,895	$1,573	1.0%	$6.87	—	SH BEN INT	355145103
—	ROYCE FOCUS TR	179,485	$1,535	0.9%	$7.58	—	COM	78080N108
—	COHEN & STEERS CLOSED END OP	111,642	$1,509	0.9%	$12.65	—	COM	19248P106
—	WELLS FARGO ADVANTAGE INCOME	155,857	$1,490	0.9%	$9.56	—	COM SHS	94987B105
—	WESTERN ASSET GLB PTNRS INCO	130,357	$1,457	0.9%	$11.09	—	COM	95766G108
—	BLACKROCK FLOAT RATE OME STR	98,219	$1,439	0.9%	$14.79	—	COM	09255X100
—	BLACKSTONE GSO STRATEGIC CR	79,153	$1,407	0.9%	$17.74	—	COM SHS BEN IN	09257R101
—	FIRST TR DIVIDEND INCOME FD	147,599	$1,384	0.8%	$8.61	—	COM	33731L100
—	GUGGENHEIM EQ WEIGHT ENHANC	67,856	$1,359	0.8%	$18.15	—	COM SH BEN INT	40167M106
—	INVESCO DYNAMIC CR OPP FD	100,465	$1,301	0.8%	$12.89	—	COM	46132R104
—	WESTERN ASSET HGH YLD DFNDFD	72,384	$1,296	0.8%	$17.81	—	COM	95768B107
—	INVESCO HIGH INCOME TR II	72,607	$1,244	0.8%	$16.08	—	COM	46131F101
—	DWS MULTI MKT INCOME TR	126,162	$1,195	0.7%	$9.41	—	SHS	23338L108
—	HANCOCK JOHN PFD INCOME FD I	64,383	$1,153	0.7%	$17.25	—	COM	41021P103
—	EATON VANCE LTD DUR INCOME F	73,474	$1,145	0.7%	$15.30	—	COM	27828H105
—	ADVENT CLAYMORE CV SECS & IN	59,002	$1,112	0.7%	$18.74	—	COM	00764C109
—	LIBERTY ALL-STAR GROWTH FD I	203,273	$1,102	0.7%	$5.42	—	COM	529900102
—	IVY HIGH INC OPPORTUNITIES F	59,075	$1,093	0.7%	$18.09	—	COM	465893105
—	EATON VANCE TX MGD DIV EQ IN	90,226	$1,056	0.6%	$11.70	—	COM	27828N102
—	EATON VANCE TX ADV GLB DIV O	40,364	$1,046	0.6%	$23.94	—	COM	27828U106
—	CLOUGH GLOBAL ALLOCATION FD	66,586	$1,032	0.6%	$15.50	—	COM	18913Y103
—	NUVEEN EQUITY PREM & GROWTH	71,157	$1,030	0.6%	$14.48	—	COM	6706EW100
—	ALLIANZGI EQUITY & CONV INCO	49,540	$1,001	0.6%	$19.45	—	COM	018829101
—	ALLIANCEBERNSTEIN GBL HGH IN	68,837	$989	0.6%	$14.37	—	COM	01879R106
—	EATON VANCE TAX MNGED BUY WR	61,731	$986	0.6%	$15.97	—	COM	27828X100
—	NUVEEN QUALITY PFD INC FD 3	111,755	$970	0.6%	$8.41	—	COM	67072W101
—	COHEN & STEERS LTD DUR PFD I	37,890	$965	0.6%	$22.63	—	COM	19248C105
—	NUVEEN QUALITY PFD INCOME FD	112,900	$961	0.6%	$8.16	—	COM	67071S101
—	BLACKROCK GLOBAL OPP EQTY TR	63,212	$951	0.6%	$14.97	—	COM	092501105
—	HANCOCK JOHN TAX-ADV DIV INC	45,242	$947	0.6%	$20.37	—	COM	41013V100
—	EATON VANCE FLTING RATE INC	61,926	$934	0.6%	$15.08	—	COM	278279104
—	DWS HIGH INCOME TR	96,532	$908	0.6%	$9.22	—	SHS NEW	23337C208
—	WESTERN ASSET MGD HI INCM FD	151,389	$878	0.5%	$5.84	—	COM	95766L107
—	DWS STRATEGIC INCOME TR	66,751	$858	0.5%	$12.98	—	SHS	23338N104
—	EATON VANCE RISK MNGD DIV EQ	74,189	$856	0.5%	$11.54	—	COM	27829G106
—	APOLLO TACTICAL INCOME FD IN	46,600	$855	0.5%	$17.91	—	COM	037638103
—	ELLSWORTH FUND LTD	94,296	$833	0.5%	$7.69	—	COM	289074106
—	WELLS FARGO ADVANTAGE UTILS	62,755	$815	0.5%	$12.46	—	COM	94987E109
—	MADISON STRTG SECTOR PREM FD	63,102	$808	0.5%	$12.46	—	COM	558268108
—	PIMCO INCOME STRATEGY FUND	63,842	$788	0.5%	$11.31	—	COM	72201H108
—	NEW IRELAND FUND INC	56,435	$769	0.5%	$12.25	—	COM	645673104
—	SWISS HELVETIA FD INC	51,124	$745	0.5%	$14.39	—	COM	870875101
—	COHEN & STEERS GLOBAL INC BL	57,665	$732	0.4%	$12.69	—	COM	19248M103
—	LAZARD WORLD DIVID & INCOME	46,791	$711	0.4%	$13.93	—	COM	521076109
—	JAPAN SMALLER CAPTLZTN FD IN	74,901	$708	0.4%	$8.73	—	COM	47109U104
—	VOYA GLBL EQTY DIV & PREM OP	72,984	$708	0.4%	$9.70	—	COM	92912T100
—	JOHN HANCOCK HDG EQ & INC FD	36,795	$683	0.4%	$18.56	—	COM	47804L102
—	ALLIANCEBERNSTEIN INCOME FUN	90,402	$680	0.4%	$7.41	—	COM	01881E101
—	BLACKROCK DIVID INCOME TR	50,126	$673	0.4%	$12.50	—	SHS	09250D109
—	NUVEEN TAX ADVANTAGED DIV GR	40,569	$661	0.4%	$15.39	—	COM	67073G105
—	MEXICO EQUITY & INCOME FD	41,006	$660	0.4%	$15.38	—	COM	592834105
—	ROYCE GLOBAL VALUE TR INC	69,325	$652	0.4%	$9.40	—	COM	78081T104
—	MORGAN STANLEY EM MKTS DM DE	47,787	$637	0.4%	$13.16	—	COM	617477104
—	ZWEIG FD	39,308	$615	0.4%	$12.81	—	COM NEW	989834205
—	ROYCE VALUE TR INC	37,898	$606	0.4%	$15.90	—	COM	780910105
—	EATON VANCE SH TM DR DIVR IN	38,130	$585	0.4%	$15.18	—	COM	27828V104
—	DWS HIGH INCOME OPPORT FD IN	39,464	$583	0.4%	$14.52	—	COM NEW	23339M204
—	LMP CORPORATE LN FD INC	48,211	$579	0.4%	$12.28	—	COM	50208B100
—	DOUBLELINE INCOME SOLUTIONS	24,848	$558	0.3%	$21.10	—	COM	258622109
—	JPMORGAN CHINA REGION FD INC	36,508	$554	0.3%	$15.15	—	COM	48126T104
—	EATON VANCE SR FLTNG RTE TR	37,160	$553	0.3%	$14.88	—	COM	27828Q105
—	HELIOS STRATEGIC INCOME FD I	79,932	$551	0.3%	$6.89	—	COM NEW	42328A203
—	GABELLI GLOBL UTIL & INCOME	24,834	$518	0.3%	$19.49	—	COM SH BEN INT	36242L105
—	WELLS FARGO ADVANTAGE MULTI	31,693	$472	0.3%	$14.89	—	COM SHS	94987D101
—	BLACKROCK DEBT STRAT FD INC	111,891	$459	0.3%	$4.04	—	COM	09255R103
—	BLACKROCK MULTI-SECTOR INC T	24,674	$456	0.3%	$17.23	—	COM	09258A107
—	PRUDENTIAL SHT DURATION HG Y	24,254	$436	0.3%	$17.98	—	COM	74442F107
—	STRATEGIC GLOBAL INCOME FD	45,636	$427	0.3%	$9.39	—	COM	862719101
—	DOW 30SM ENHANCED PREM & INC	30,710	$422	0.3%	$13.74	—	COM	260537105
—	PUTMAN HIGH INCOME SEC FUND	48,217	$420	0.3%	$8.71	—	SHS BEN INT	746779107
—	LMP REAL ESTATE INCOME FD IN	36,052	$415	0.3%	$10.05	—	COM	50208C108
—	MANAGED HIGH YIELD PLUS FD I	193,331	$412	0.3%	$2.13	—	COM	561911108
—	VOYA ASIA PAC DIVID EQUITY I	29,648	$396	0.2%	$13.36	—	COM	92912J102
—	HANCOCK JOHN PFD INCOME FD	18,297	$377	0.2%	$18.37	—	SH BEN INT	41013W108
—	BLACKROCK ECOSOLUTIONS INVT	44,325	$366	0.2%	$8.26	—	COM SH	092546100
—	EATON VANCE FLTG RATE INCOM	20,082	$362	0.2%	$18.28	—	COM SHS BEN INT	278284104
—	ADVENT CLAY CONV SEC INC FD	42,939	$329	0.2%	$7.66	—	COM	007639107
—	TEMPLETON EMERG MKTS INCOME	23,626	$326	0.2%	$13.80	—	COM	880192109
—	MORGAN STANLEY ASIA PAC FD I	19,364	$324	0.2%	$15.67	—	COM	61744U106
—	MFS INTERMEDIATE HIGH INC FD	106,535	$313	0.2%	$2.94	—	SH BEN INT	59318T109
—	NUVEEN DIVERSIFIED DIV INCM	25,332	$311	0.2%	$11.84	—	COM	6706EP105
—	CALAMOS STRATEGIC TOTL RETN	25,712	$309	0.2%	$10.08	—	COM SH BEN INT	128125101
—	VOYA EMERGING MKTS HIGH DIVI	23,648	$302	0.2%	$12.77	—	COM	92912P108
—	DUFF & PHELPS UTIL CORP BD T	28,462	$298	0.2%	$10.47	—	COM	26432K108
—	HANCOCK JOHN FINL OPPTYS FD	12,828	$297	0.2%	$21.80	—	SH BEN INT NEW	409735206
—	GABELLI MULTIMEDIA TR INC	29,560	$292	0.2%	$9.88	—	COM	36239Q109
—	NUVEEN EQUITY PREM ADV FD	21,192	$282	0.2%	$12.67	—	COM	6706ET107
—	NUVEEN SHT DUR CR OPP FD	15,115	$278	0.2%	$18.83	—	COM	67074X107
—	CLOUGH GLOBAL EQUITY FD	17,902	$277	0.2%	$15.47	—	COM	18914C100
—	BLACKROCK INCOME TR INC	40,433	$268	0.2%	$6.63	—	COM	09247F100
—	BANCROFT FUND LTD	13,261	$268	0.2%	$20.21	—	COM	059695106
—	ABERDEEN ASIA PACIFIC INCOM	40,000	$251	0.2%	$6.28	—	COM	003009107
—	ADVENT CLAYMORE ENH GRW & IN	24,179	$249	0.2%	$10.30	—	COM	00765E104
—	FRANKLIN TEMPLETON LTD DUR I	19,044	$249	0.2%	$13.03	—	COM	35472T101
—	HANCOCK JOHN INCOME SECS TR	17,021	$249	0.2%	$14.63	—	COM	410123103
—	HANCOCK JOHN PREMUIM DIV FD	18,097	$246	0.1%	$13.59	—	COM SH BEN INT	41013T105
—	NUVEEN QUALITY PFD INCOME FD	26,523	$240	0.1%	$9.05	—	COM	67072C105
—	TEMPLETON DRAGON FD INC	9,106	$235	0.1%	$25.10	—	COM	88018T101
—	APOLLO SR FLOATING RATE FD I	12,857	$232	0.1%	$18.13	—	COM	037636107
—	HANCOCK JOHN PFD INCOME FD I	11,220	$232	0.1%	$20.68	—	COM	41013X106
—	LATIN AMERN DISCOVERY FD INC	15,793	$217	0.1%	$13.50	—	COM	51828C106
—	NEUBERGER BERMAN HGH YLD FD	15,600	$216	0.1%	$13.85	—	COM	64128C106
—	BLACKROCK MUN TARGET TERM TR	10,600	$215	0.1%	$20.28	—	COM SHS BEN IN	09257P105
—	EATON VANCE TAX-ADV BD & OPT	15,218	$211	0.1%	$13.87	—	COM SH BEN INT	27829M103
—	FIRST TR ABERDEEN GLBL OPP F	13,997	$205	0.1%	$13.95	—	COM SHS	337319107
—	ASIA PAC FD INC	17,201	$190	0.1%	$10.10	—	COM	044901106
—	FIRST TRUST SPECIALTY FINANC	22,997	$187	0.1%	$7.70	—	COM BEN INTR	33733G109
—	ASIA TIGERS FD INC	13,600	$164	0.1%	$12.06	—	COM	04516T105
XJEQX	ABERDEEN JAPAN EQUITY FD INC	22,446	$160	0.1%	$7.13	—	COM	00306J109
—	BLACKROCK CR ALLCTN INC TR	10,977	$151	0.1%	$13.76	—	COM	092508100
—	GABELLI GLB SML & MD CP VAL	13,902	$149	0.1%	$10.72	—	COM	36249W104
—	DREYFUS MUN BD INFRSTRCTR FD	12,000	$142	0.1%	$11.23	—	SHS	26203D101
—	NEUBERGER BERMAN RE ES SEC F	27,988	$140	0.1%	$4.89	—	COM	64190A103
—	MFS INTER INCOME TR	22,484	$119	0.1%	$5.50	—	SH BEN INT	55273C107
—	MFS MULTIMARKET INCOME TR	16,070	$107	0.1%	$6.53	—	SH BEN INT	552737108
—	MORGAN STANLEY EMER MKTS DEB	10,455	$106	0.1%	$10.14	—	COM	61744H105
—	VIRTUS TOTAL RETURN FD	21,389	$103	0.1%	$4.82	—	COM	92829A103
—	VOYA PRIME RATE TR	17,430	$101	0.1%	$5.79	—	SH BEN INT	92913A100
—	WELLS FARGO ADV GLB DIV OPP	10,500	$89	0.1%	$7.24	—	COM	94987C103
—	GABELLI MULTIMEDIA TR INC	21,600	$3	0.0%	$0.14	—	RIGHT 07/18/2014	36239Q141