Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LIBERTY ALL STAR EQUITY FD	758,032	$4,419	2.9%	$5.70	—	SH BEN INT	530158104
—	DENALI FD INC	192,048	$4,169	2.7%	$19.59	—	COM	24823A102
—	TRI CONTL CORP	188,382	$3,932	2.5%	$19.45	—	COM	895436103
—	BLACKROCK LTD DURATION INC T	240,861	$3,895	2.5%	$16.71	—	COM SHS	09249W101
—	NUVEEN CORE EQUITY ALPHA FUN	205,728	$3,532	2.3%	$17.75	—	COM	67090X107
—	LIBERTY ALL-STAR GROWTH FD I	685,069	$3,494	2.3%	$5.20	—	COM	529900102
—	CLOUGH GLOBAL OPPORTUNITIES	281,534	$3,359	2.2%	$12.98	—	SH BEN INT	18914E106
—	GENERAL AMERN INVS INC	90,007	$3,336	2.2%	$35.99	—	COM	368802104
—	AVENUE INCOME CR STRATEGIES	196,302	$3,298	2.1%	$17.31	—	COM	05358E106
—	BLACKROCK GLOBAL OPP EQTY TR	226,501	$3,196	2.1%	$14.35	—	COM	092501105
—	COHEN & STEERS TOTAL RETURN	260,880	$3,118	2.0%	$12.39	—	COM	19247R103
—	NUVEEN TX ADV TOTAL RET STRG	199,027	$2,757	1.8%	$13.85	—	COM	67090H102
—	DELAWARE ENHANCED GBL DIV &	222,103	$2,670	1.7%	$12.14	—	COM	246060107
—	CREDIT SUISSE ASSET MGMT INC	775,004	$2,651	1.7%	$3.56	—	COM	224916106
—	EATON VANCE TAX ADVT DIV INC	128,567	$2,596	1.7%	$18.48	—	COM	27828G107
—	SOURCE CAP INC	39,073	$2,539	1.6%	$66.74	—	COM	836144105
—	BLACKSTONE GSO LNG SHRT CR I	150,683	$2,516	1.6%	$18.26	—	COM SHS BN INT	09257D102
—	EUROPEAN EQUITY FUND	302,558	$2,484	1.6%	$8.16	—	COM	298768102
—	ARES DYNAMIC CR ALLOCATION F	144,970	$2,470	1.6%	$17.90	—	COM	04014F102
—	FIRST TR DIVIDEND INCOME FD	271,108	$2,454	1.6%	$8.81	—	COM	33731L100
—	SPECIAL OPPORTUNITIES FD INC	147,057	$2,451	1.6%	$16.78	—	COM	84741T104
—	MFS CHARTER INCOME TR	273,464	$2,423	1.6%	$9.16	—	SH BEN INT	552727109
—	BLACKSTONE GSO STRATEGIC CR	142,973	$2,399	1.6%	$17.31	—	COM SHS BEN IN	09257R101
—	NUVEEN TAX ADVANTAGED DIV GR	154,796	$2,395	1.6%	$15.45	—	COM	67073G105
—	ADAMS EXPRESS CO	158,549	$2,210	1.4%	$13.14	—	COM	006212104
—	EATON VANCE LTD DUR INCOME F	147,060	$2,144	1.4%	$14.94	—	COM	27828H105
—	NUVEEN EQUITY PREM & GROWTH	151,255	$2,127	1.4%	$14.26	—	COM	6706EW100
—	CENTRAL SECS CORP	91,211	$2,096	1.4%	$21.63	—	COM	155123102
—	INVESCO HIGH INCOME TR II	134,112	$2,087	1.4%	$15.84	—	COM	46131F101
—	DELAWARE INVTS DIV & INCOME	210,487	$2,073	1.3%	$9.85	—	COM	245915103
—	FIRST TR HIGH INCOME L/S FD	114,354	$1,954	1.3%	$17.31	—	COM	33738E109
—	NUVEEN SR INCOME FD	287,920	$1,926	1.2%	$7.13	—	COM	67067Y104
—	EATON VANCE TX MGD DIV EQ IN	164,807	$1,880	1.2%	$11.57	—	COM	27828N102
—	EATON VANCE TX ADV GLBL DIV	103,991	$1,770	1.1%	$16.70	—	COM	27828S101
—	MADISON CVRED CALL & EQ STR	205,037	$1,722	1.1%	$8.40	—	COM	557437100
—	PIMCO INCOME STRATEGY FUND I	162,296	$1,709	1.1%	$10.12	—	COM	72201J104
—	FRANKLIN UNVL TR	241,952	$1,699	1.1%	$6.89	—	SH BEN INT	355145103
—	DUFF & PHELPS UTIL CORP BD T	170,481	$1,669	1.1%	$9.90	—	COM	26432K108
—	CLOUGH GLOBAL ALLOCATION FD	115,491	$1,653	1.1%	$15.00	—	COM	18913Y103
—	NUVEEN GLOBAL EQUITY INCOME	119,267	$1,593	1.0%	$13.36	—	COM	6706EH103
—	MADISON STRTG SECTOR PREM FD	128,102	$1,587	1.0%	$12.42	—	COM	558268108
—	WELLS FARGO ADVANTAGE INCOME	166,443	$1,506	1.0%	$9.53	—	COM SHS	94987B105
—	WESTERN ASSET HGH YLD DFNDFD	88,853	$1,476	1.0%	$17.58	—	COM	95768B107
—	APOLLO TACTICAL INCOME FD IN	84,555	$1,463	0.9%	$17.63	—	COM	037638103
—	NUVEEN QUALITY PFD INCOME FD	177,221	$1,444	0.9%	$8.16	—	COM	67071S101
—	PRUDENTIAL SHT DURATION HG Y	77,014	$1,288	0.8%	$17.12	—	COM	74442F107
—	WESTERN ASSET GLB PTNRS INCO	120,091	$1,249	0.8%	$11.09	—	COM	95766G108
—	INVESCO DYNAMIC CR OPP FD	99,865	$1,233	0.8%	$12.89	—	COM	46132R104
—	DEUTSCHE MULTI-MKT INCOME TR	138,860	$1,230	0.8%	$8.86	—	SHS	25160E102
—	HANCOCK JOHN PFD INCOME FD I	67,610	$1,184	0.8%	$17.26	—	COM	41021P103
—	EATON VANCE TX ADV GLB DIV O	47,636	$1,177	0.8%	$24.06	—	COM	27828U106
—	EATON VANCE SR INCOME TR	165,459	$1,077	0.7%	$7.15	—	SH BEN INT	27826S103
—	ROYCE FOCUS TR	128,659	$1,013	0.7%	$7.58	—	COM	78080N108
—	ROYCE GLOBAL VALUE TR INC	111,765	$973	0.6%	$9.14	—	COM	78081T104
—	EATON VANCE TAX MNGED BUY WR	61,042	$954	0.6%	$15.97	—	COM	27828X100
—	WESTERN ASSET MGD HI INCM FD	168,801	$933	0.6%	$5.81	—	COM	95766L107
—	NUVEEN QUALITY PFD INC FD 3	109,255	$914	0.6%	$8.41	—	COM	67072W101
—	BLACKROCK DEBT STRAT FD INC	238,199	$910	0.6%	$3.92	—	COM	09255R103
—	ADVENT CLAY CONV SEC INC FD	133,549	$907	0.6%	$7.07	—	COM	007639107
—	NUVEEN EQUITY PREM ADV FD	69,121	$903	0.6%	$12.94	—	COM	6706ET107
—	IVY HIGH INC OPPORTUNITIES F	52,196	$902	0.6%	$18.09	—	COM	465893105
—	MFS INTER INCOME TR	175,449	$879	0.6%	$5.07	—	SH BEN INT	55273C107
—	DEUTSCHE STRATEGIC INCOME TR	68,184	$828	0.5%	$12.14	—	SHS	25160F109
—	ELLSWORTH FUND LTD	93,396	$808	0.5%	$7.69	—	COM	289074106
—	BLACKROCK FLOAT RATE OME STR	57,281	$805	0.5%	$14.79	—	COM	09255X100
—	DEUTSCHE HIGH INCOME TR	87,247	$780	0.5%	$8.94	—	SHS	25155R100
—	WELLS FARGO ADVANTAGE MULTI	55,185	$770	0.5%	$14.49	—	COM SHS	94987D101
—	BROOKFIELD GLOBL LISTED INFR	32,456	$756	0.5%	$23.29	—	COM SHS	11273Q109
—	BLACKROCK CR ALLCTN INC TR	56,352	$750	0.5%	$13.40	—	COM	092508100
—	JAPAN SMALLER CAPTLZTN FD IN	70,808	$686	0.4%	$8.73	—	COM	47109U104
—	DOUBLELINE INCOME SOLUTIONS	31,403	$680	0.4%	$21.22	—	COM	258622109
—	GUGGENHEIM EQ WEIGHT ENHANC	32,130	$634	0.4%	$18.15	—	COM SH BEN INT	40167M106
—	NEW IRELAND FUND INC	49,599	$628	0.4%	$12.25	—	COM	645673104
—	BLACKROCK INTL GRWTH & INC T	82,060	$618	0.4%	$7.53	—	COM BENE INTER	092524107
—	EATON VANCE SH TM DR DIVR IN	40,121	$589	0.4%	$15.16	—	COM	27828V104
—	EATON VANCE FLTING RATE INC	39,426	$574	0.4%	$15.08	—	COM	278279104
—	MFS INTERMEDIATE HIGH INC FD	207,702	$565	0.4%	$2.83	—	SH BEN INT	59318T109
—	VOYA ASIA PAC DIVID EQUITY I	44,048	$557	0.4%	$13.12	—	COM	92912J102
—	NUVEEN QUALITY PFD INCOME FD	63,775	$555	0.4%	$8.85	—	COM	67072C105
—	JPMORGAN CHINA REGION FD INC	36,508	$555	0.4%	$15.15	—	COM	48126T104
—	SWISS HELVETIA FD INC	40,909	$553	0.4%	$14.39	—	COM	870875101
—	JOHN HANCOCK HDG EQ & INC FD	29,126	$509	0.3%	$18.56	—	COM	47804L102
—	CLOUGH GLOBAL EQUITY FD	35,007	$502	0.3%	$14.92	—	COM	18914C100
—	LMP CORPORATE LN FD INC	42,917	$496	0.3%	$12.28	—	COM	50208B100
—	FIRST TR ENHANCED EQTY INC F	33,910	$485	0.3%	$14.30	—	COM	337318109
—	MANAGED HIGH YIELD PLUS FD I	230,999	$460	0.3%	$2.11	—	COM	561911108
—	DOW 30SM ENHANCED PREM & INC	33,135	$442	0.3%	$13.71	—	COM	260537105
—	LAZARD GLB TTL RET&INCM FD I	24,063	$418	0.3%	$17.37	—	COM	52106W103
—	PUTMAN HIGH INCOME SEC FUND	49,314	$410	0.3%	$8.70	—	SHS BEN INT	746779107
—	ALPINE TOTAL DYNAMIC DIVID F	48,000	$408	0.3%	$8.50	—	COM SH BEN INT N	021060207
—	ABERDEEN GLOBAL INCOME FD IN	35,781	$383	0.2%	$10.70	—	COM	003013109
—	VIRTUS GLOBAL MULTI-SEC INC	21,810	$372	0.2%	$17.06	—	COM	92829B101
—	GABELLI GLOBL UTIL & INCOME	17,990	$345	0.2%	$19.49	—	COM SH BEN INT	36242L105
—	ROYCE VALUE TR INC	23,365	$339	0.2%	$15.90	—	COM	780910105
—	TEMPLETON EMERG MKTS INCOME	25,989	$331	0.2%	$13.70	—	COM	880192109
—	MORGAN STANLEY ASIA PAC FD I	19,364	$316	0.2%	$15.67	—	COM	61744U106
—	BLACKROCK ENERGY & RES TR	13,024	$312	0.2%	$23.96	—	COM	09250U101
—	NUVEEN FLEXIBLE INVT INCOME	17,388	$304	0.2%	$17.48	—	COM	67075B104
—	BLACKROCK CORPOR HI YLD FD I	25,321	$300	0.2%	$12.27	—	COM	09255P107
—	NUVEEN DIVER CURRENCY OPPOR	26,508	$283	0.2%	$10.68	—	COM	67090N109
—	NEUBERGER BERMAN HGH YLD FD	21,800	$281	0.2%	$13.57	—	COM	64128C106
—	APOLLO SR FLOATING RATE FD I	16,057	$275	0.2%	$17.93	—	COM	037636107
—	KKR INCOME OPPORTUNITIES FD	15,197	$263	0.2%	$17.87	—	COM	48249T106
—	HANCOCK JOHN TAX-ADV DIV INC	12,662	$261	0.2%	$20.37	—	COM	41013V100
—	BLACKROCK DIVID INCOME TR	19,764	$259	0.2%	$12.50	—	SHS	09250D109
—	BLACKROCK INCOME TR INC	40,433	$257	0.2%	$6.63	—	COM	09247F100
—	STRATEGIC GLOBAL INCOME FD	28,755	$254	0.2%	$9.39	—	COM	862719101
—	COHEN & STEERS CLOSED END OP	19,018	$248	0.2%	$12.65	—	COM	19248P106
—	MEXICO EQUITY & INCOME FD	14,737	$243	0.2%	$15.38	—	COM	592834105
—	ALPINE GLOBAL DYNAMIC DIVD F	23,281	$230	0.1%	$9.88	—	COM NEW	02082E205
—	FRANKLIN LTD DURATION INC TR	18,202	$225	0.1%	$13.03	—	COM	35472T101
—	ASIA PAC FD INC	18,601	$210	0.1%	$10.19	—	COM	044901106
—	NUVEEN INTER DURATION MN TMF	16,725	$209	0.1%	$12.50	—	COM	670671106
—	NUVEEN SHT DUR CR OPP FD	12,115	$207	0.1%	$18.83	—	COM	67074X107
—	BROOKFIELD MTG OPP INC FD IN	12,008	$204	0.1%	$16.99	—	COM	112792106
—	HANCOCK JOHN FINL OPPTYS FD	9,028	$201	0.1%	$21.80	—	SH BEN INT NEW	409735206
—	HANCOCK JOHN PFD INCOME FD I	10,020	$201	0.1%	$20.68	—	COM	41013X106
—	BROOKFIELD HIGH INCOME FD IN	21,093	$198	0.1%	$9.39	—	COM	11272P102
—	BLACKROCK MULTI-SECTOR INC T	10,138	$180	0.1%	$17.23	—	COM	09258A107
—	ADVENT CLAYMORE ENH GRW & IN	19,016	$180	0.1%	$10.30	—	COM	00765E104
—	WESTERN ASSET PREMIER BD FD	12,564	$180	0.1%	$14.33	—	SHS BEN INT	957664105
—	LATIN AMERN DISCOVERY FD INC	13,480	$177	0.1%	$13.50	—	COM	51828C106
—	PUTNAM MASTER INTER INCOME T	34,002	$171	0.1%	$5.03	—	SH BEN INT	746909100
—	WESTERN ASSET EMRG MKT INCM	14,253	$171	0.1%	$12.00	—	COM	95766E103
—	ASIA TIGERS FD INC	13,600	$161	0.1%	$12.06	—	COM	04516T105
—	FIRST TR STRATEGIC HIGH INC	10,263	$158	0.1%	$15.40	—	COM SHS NEW	337353304
—	WESTERN ASSET WORLDWIDE INCO	11,238	$138	0.1%	$12.28	—	COM	957668106
—	NEUBERGER BERMAN RE ES SEC F	27,988	$135	0.1%	$4.89	—	COM	64190A103
—	GABELLI GLB SML & MD CP VAL	13,218	$135	0.1%	$10.72	—	COM	36249W104
—	VOYA EMERGING MKTS HIGH DIVI	11,098	$131	0.1%	$12.77	—	COM	92912P108
XJEQX	ABERDEEN JAPAN EQUITY FD INC	13,946	$99	0.1%	$7.13	—	COM	00306J109
—	MFS MULTIMARKET INCOME TR	11,070	$71	0.0%	$6.53	—	SH BEN INT	552737108