Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LIBERTY ALL-STAR GROWTH FD I	967,880	$4,994	3.2%	$5.19	—	COM	529900102
—	NUVEEN TX ADV TOTAL RET STRG	357,507	$4,751	3.0%	$13.60	—	COM	67090H102
—	EATON VANCE TX ADV GLBL DIV	287,166	$4,643	3.0%	$16.36	—	COM	27828S101
—	DENALI FD INC	201,151	$4,544	2.9%	$19.73	—	COM	24823A102
—	DOUBLELINE INCOME SOLUTIONS	204,968	$4,079	2.6%	$20.10	—	COM	258622109
—	LIBERTY ALL STAR EQUITY FD	664,744	$3,975	2.5%	$5.70	—	SH BEN INT	530158104
—	TRI CONTL CORP	167,125	$3,578	2.3%	$19.45	—	COM	895436103
—	CALAMOS STRATEGIC TOTL RETN	310,336	$3,550	2.3%	$11.44	—	COM SH BEN INT	128125101
—	ZWEIG FD	222,322	$3,437	2.2%	$15.46	—	COM NEW	989834205
—	EATON VANCE LTD DUR INCOME F	214,783	$3,033	1.9%	$14.68	—	COM	27828H105
—	EATON VANCE RISK MNGD DIV EQ	282,563	$3,012	1.9%	$10.66	—	COM	27829G106
—	FIRST TR DIVIDEND INCOME FD	324,104	$3,001	1.9%	$8.88	—	COM	33731L100
—	BLACKROCK GLOBAL OPP EQTY TR	215,489	$2,829	1.8%	$14.35	—	COM	092501105
—	DELAWARE ENHANCED GBL DIV &	244,143	$2,751	1.8%	$12.06	—	COM	246060107
—	VOYA GLBL EQTY DIV & PREM OP	329,354	$2,740	1.8%	$8.32	—	COM	92912T100
—	BLACKROCK LTD DURATION INC T	171,527	$2,696	1.7%	$16.71	—	COM SHS	09249W101
—	GABELLI EQUITY TR INC	416,450	$2,694	1.7%	$6.47	—	COM	362397101
—	EUROPEAN EQUITY FUND	294,998	$2,428	1.6%	$8.16	—	COM	298768102
—	ALLIANZGI NFJ DIVID INT & PR	146,360	$2,342	1.5%	$16.00	—	COM	01883A107
—	WESTERN ASSET GLB HI INCOME	210,323	$2,335	1.5%	$11.10	—	COM	95766B109
—	SPECIAL OPPORTUNITIES FD INC	150,733	$2,317	1.5%	$16.74	—	COM	84741T104
—	EATON VANCE TXMGD GL BUYWR O	200,398	$2,208	1.4%	$11.02	—	COM	27829C105
—	ROYCE FOCUS TR	298,331	$2,169	1.4%	$7.40	—	COM	78080N108
—	CENTRAL SECS CORP	95,449	$2,097	1.3%	$21.64	—	COM	155123102
—	PIMCO INCOME STRATEGY FUND I	206,444	$2,025	1.3%	$10.05	—	COM	72201J104
—	NUVEEN TAX ADVANTAGED DIV GR	121,402	$1,961	1.3%	$15.45	—	COM	67073G105
—	NUVEEN S&P 500 BUY-WRITE INC	161,674	$1,958	1.3%	$12.11	—	COM	6706ER101
—	ALLIANCEBERNSTEIN GBL HGH IN	154,370	$1,919	1.2%	$12.43	—	COM	01879R106
—	DUFF & PHELPS UTIL CORP BD T	193,546	$1,899	1.2%	$9.89	—	COM	26432K108
—	ABERDEEN GLOBAL INCOME FD IN	185,948	$1,787	1.1%	$9.82	—	COM	003013109
—	WESTERN ASSET GLB PTNRS INCO	169,300	$1,659	1.1%	$10.71	—	COM	95766G108
XHNWX	PIONEER DIV HIGH INCOME TRUS	91,987	$1,633	1.0%	$17.75	—	COM	723653101
—	AVENUE INCOME CR STRATEGIES	107,719	$1,628	1.0%	$17.31	—	COM	05358E106
—	BLACKSTONE GSO LNG SHRT CR I	102,496	$1,592	1.0%	$18.26	—	COM SHS BN INT	09257D102
—	FIRST TR HIGH INCOME L/S FD	98,247	$1,572	1.0%	$17.31	—	COM	33738E109
—	JOHN HANCOCK HDG EQ & INC FD	96,312	$1,572	1.0%	$17.00	—	COM	47804L102
—	BLACKROCK ENH CAP & INC FD I	111,634	$1,560	1.0%	$13.97	—	COM	09256A109
—	FIRST TR ABERDEEN GLBL OPP F	128,847	$1,551	1.0%	$12.04	—	COM SHS	337319107
—	MADISON CVRED CALL & EQ STR	186,891	$1,521	1.0%	$8.40	—	COM	557437100
—	SOURCE CAP INC	21,182	$1,513	1.0%	$66.74	—	COM	836144105
—	KKR INCOME OPPORTUNITIES FD	91,276	$1,477	0.9%	$16.46	—	COM	48249T106
—	LAZARD WORLD DIVID & INCOME	111,167	$1,456	0.9%	$13.10	—	COM	521076109
—	DELAWARE INVTS DIV & INCOME	144,994	$1,428	0.9%	$9.85	—	COM	245915103
—	ABERDEEN ASIA PACIFIC INCOM	244,998	$1,360	0.9%	$5.55	—	COM	003009107
—	WELLS FARGO ADVANTAGE INCOME	152,340	$1,354	0.9%	$9.53	—	COM SHS	94987B105
—	GUGGENHEIM ENHNCD EQTY INCM	152,612	$1,319	0.8%	$8.64	—	COM	40167B100
—	ARES DYNAMIC CR ALLOCATION F	79,677	$1,260	0.8%	$17.90	—	COM	04014F102
—	CREDIT SUISSE ASSET MGMT INC	368,742	$1,213	0.8%	$3.56	—	COM	224916106
—	CLOUGH GLOBAL ALLOCATION FD	80,652	$1,191	0.8%	$15.00	—	COM	18913Y103
—	CLOUGH GLOBAL OPPORTUNITIES	90,350	$1,158	0.7%	$12.98	—	SH BEN INT	18914E106
—	FRANKLIN UNVL TR	158,494	$1,125	0.7%	$6.89	—	SH BEN INT	355145103
—	MADISON STRTG SECTOR PREM FD	93,653	$1,112	0.7%	$12.42	—	COM	558268108
—	APOLLO TACTICAL INCOME FD IN	68,629	$1,095	0.7%	$17.63	—	COM	037638103
—	WESTERN ASSET HIGH INCM OPP	186,052	$999	0.6%	$5.37	—	COM	95766K109
—	BLACKROCK DEBT STRAT FD INC	266,686	$992	0.6%	$3.90	—	COM	09255R103
—	GUGGENHEIM ENHANCED EQUITY S	54,766	$971	0.6%	$17.73	—	COM	40167K100
—	ROYCE GLOBAL VALUE TR INC	115,017	$925	0.6%	$9.11	—	COM	78081T104
—	VIRTUS GLOBAL MULTI-SEC INC	57,460	$911	0.6%	$16.31	—	COM	92829B101
—	NUVEEN GLOBAL EQUITY INCOME	64,438	$838	0.5%	$13.36	—	COM	6706EH103
—	INVESCO HIGH INCOME TR II	54,359	$816	0.5%	$15.84	—	COM	46131F101
—	NUVEEN FLEXIBLE INVT INCOME	49,598	$812	0.5%	$16.76	—	COM	67075B104
—	ROYCE VALUE TR INC	54,322	$778	0.5%	$15.00	—	COM	780910105
—	ALPINE TOTAL DYNAMIC DIVID F	90,015	$764	0.5%	$8.49	—	COM SH BEN INT N	021060207
—	WELLS FARGO ADV GLB DIV OPP	98,433	$737	0.5%	$7.49	—	COM	94987C103
—	NUVEEN DIVERSIFIED DIV INCM	62,441	$735	0.5%	$11.77	—	COM	6706EP105
—	WESTERN ASSET HIGH INCM FD I	85,700	$712	0.5%	$8.31	—	COM	95766J102
—	BLACKROCK CR ALLCTN INC TR	52,710	$681	0.4%	$13.40	—	COM	092508100
—	BLACKROCK MULTI-SECTOR INC T	40,272	$675	0.4%	$16.88	—	COM	09258A107
—	EATON VANCE SR INCOME TR	107,926	$673	0.4%	$7.15	—	SH BEN INT	27826S103
—	MFS INTERMEDIATE HIGH INC FD	252,521	$672	0.4%	$2.80	—	SH BEN INT	59318T109
—	ADVENT CLAYMORE CV SECS & IN	41,057	$671	0.4%	$16.34	—	COM	00764C109
—	LAZARD GLB TTL RET&INCM FD I	41,553	$657	0.4%	$16.71	—	COM	52106W103
—	JPMORGAN CHINA REGION FD INC	37,708	$638	0.4%	$15.20	—	COM	48126T104
—	ADVENT CLAY CONV SEC INC FD	100,738	$635	0.4%	$7.07	—	COM	007639107
—	COHEN & STEERS LTD DUR PFD I	26,163	$593	0.4%	$22.67	—	COM	19248C105
—	PUTNAM PREMIER INCOME TR	112,765	$592	0.4%	$5.25	—	SH BEN INT	746853100
—	CALAMOS GBL DYN INCOME FUND	64,001	$591	0.4%	$9.23	—	COM	12811L107
—	DEUTSCHE MULTI-MKT INCOME TR	68,846	$587	0.4%	$8.86	—	SHS	25160E102
—	EATON VANCE TAX ADVT DIV INC	27,893	$580	0.4%	$18.48	—	COM	27828G107
—	ELLSWORTH FUND LTD	66,318	$578	0.4%	$7.69	—	COM	289074106
—	DREYFUS HIGH YIELD STRATEGIE	154,606	$558	0.4%	$3.61	—	SH BEN INT	26200S101
—	NUVEEN SR INCOME FD	85,150	$558	0.4%	$7.13	—	COM	67067Y104
—	NUVEEN QUALITY PFD INCOME FD	67,204	$542	0.3%	$8.16	—	COM	67071S101
—	BLACKROCK ENHANCED EQT DIV T	64,691	$525	0.3%	$8.12	—	COM	09251A104
XJPIX	NUVEEN PFD & INCOME TERM FD	22,450	$504	0.3%	$22.45	—	COM	67075A106
—	WESTERN ASSET MGD HI INCM FD	97,481	$498	0.3%	$5.81	—	COM	95766L107
—	NEW IRELAND FUND INC	38,232	$482	0.3%	$12.25	—	COM	645673104
—	EATON VANCE TAX-ADV BD & OPT	37,129	$471	0.3%	$12.69	—	COM SH BEN INT	27829M103
—	WELLS FARGO ADVANTAGE MULTI	34,530	$471	0.3%	$14.49	—	COM SHS	94987D101
—	HANCOCK JOHN FINL OPPTYS FD	19,382	$457	0.3%	$22.75	—	SH BEN INT NEW	409735206
—	INVESCO DYNAMIC CR OPP FD	37,998	$450	0.3%	$12.89	—	COM	46132R104
—	FIRST TR STRATEGIC HIGH INC	29,255	$424	0.3%	$14.81	—	COM SHS NEW	337353304
—	WESTERN ASSET HGH YLD DFNDFD	25,871	$408	0.3%	$17.58	—	COM	95768B107
—	MFS INTER INCOME TR	81,092	$388	0.2%	$5.07	—	SH BEN INT	55273C107
—	BLACKSTONE GSO STRATEGIC CR	22,709	$374	0.2%	$17.31	—	COM SHS BEN IN	09257R101
—	MANAGED HIGH YIELD PLUS FD I	204,678	$368	0.2%	$2.11	—	COM	561911108
—	EATON VANCE SH TM DR DIVR IN	25,375	$359	0.2%	$15.16	—	COM	27828V104
—	BLACKROCK FLOAT RATE OME STR	26,622	$356	0.2%	$14.79	—	COM	09255X100
—	EATON VANCE TX MGD DIV EQ IN	31,555	$352	0.2%	$11.57	—	COM	27828N102
—	VOYA ASIA PAC DIVID EQUITY I	30,324	$347	0.2%	$13.12	—	COM	92912J102
—	FRANKLIN LTD DURATION INC TR	28,080	$342	0.2%	$12.73	—	COM	35472T101
—	COHEN & STEERS REIT & PFD IN	16,950	$322	0.2%	$19.00	—	COM	19247X100
—	HANCOCK JOHN INVS TR	17,784	$315	0.2%	$17.71	—	COM	410142103
—	COHEN & STEERS QUALITY RLTY	25,500	$311	0.2%	$12.20	—	COM	19247L106
—	NEUBERGER BERMAN HGH YLD FD	23,835	$293	0.2%	$13.46	—	COM	64128C106
—	CBRE CLARION GLOBAL REAL EST	32,140	$289	0.2%	$8.99	—	COM	12504G100
—	FIRST TR INTER DUR PFD & IN	12,514	$284	0.2%	$22.69	—	COM	33718W103
—	CLOUGH GLOBAL EQUITY FD	19,373	$281	0.2%	$14.92	—	COM	18914C100
—	JAPAN SMALLER CAPTLZTN FD IN	30,612	$275	0.2%	$8.73	—	COM	47109U104
—	HANCOCK JOHN PREMUIM DIV FD	18,750	$258	0.2%	$13.76	—	COM SH BEN INT	41013T105
—	PIMCO DYNAMIC CR INCOME FD	12,157	$251	0.2%	$20.65	—	COM SHS	72202D106
—	MEXICO EQUITY & INCOME FD	19,554	$247	0.2%	$14.71	—	COM	592834105
—	COHEN & STEERS INFRASTRUCTUR	10,664	$242	0.2%	$22.69	—	COM	19248A109
—	ADVENT CLAYMORE ENH GRW & IN	26,506	$236	0.2%	$9.90	—	COM	00765E104
—	DEUTSCHE STRATEGIC INCOME TR	19,691	$228	0.1%	$12.14	—	SHS	25160F109
—	LMP CAP & INCOME FD INC	13,127	$220	0.1%	$16.76	—	COM	50208A102
—	EATON VANCE ENHANCED EQ INC	15,052	$208	0.1%	$13.82	—	COM	278274105
—	IVY HIGH INC OPPORTUNITIES F	12,955	$205	0.1%	$18.09	—	COM	465893105
—	PRUDENTIAL GLB SHT DUR HG YL	12,763	$203	0.1%	$15.91	—	COM	74433A109
—	GABELLI GLOBL UTIL & INCOME	10,390	$202	0.1%	$19.49	—	COM SH BEN INT	36242L105
—	CREDIT SUISSE HIGH YLD BND F	68,629	$192	0.1%	$2.80	—	SH BEN INT	22544F103
—	TEMPLETON EMERG MKTS INCOME	16,445	$186	0.1%	$13.70	—	COM	880192109
—	ASIA PAC FD INC	16,001	$180	0.1%	$10.19	—	COM	044901106
—	NEUBERGER BERMAN RE ES SEC F	33,000	$175	0.1%	$4.95	—	COM	64190A103
—	EATON VANCE ENH EQTY INC FD	12,054	$167	0.1%	$13.85	—	COM	278277108
—	DEUTSCHE HIGH INCOME TR	18,800	$164	0.1%	$8.94	—	SHS	25155R100
—	VOYA GLBL ADV & PREM OPP FD	13,055	$150	0.1%	$11.49	—	COM	92912R104
—	BLACKROCK FLOATING RATE INCO	11,380	$146	0.1%	$12.83	—	COM	091941104
—	LATIN AMERN DISCOVERY FD INC	12,947	$144	0.1%	$13.50	—	COM	51828C106
—	MFS CHARTER INCOME TR	14,400	$132	0.1%	$9.16	—	SH BEN INT	552727109
—	PUTMAN HIGH INCOME SEC FUND	15,747	$128	0.1%	$8.70	—	SHS BEN INT	746779107
—	MORGAN STANLEY EM MKTS DM DE	11,300	$119	0.1%	$10.53	—	COM	617477104
—	ROYCE MICRO-CAP TR INC	11,000	$111	0.1%	$10.09	—	COM	780915104
—	ALPINE GLOBAL DYNAMIC DIVD F	11,055	$109	0.1%	$9.88	—	COM NEW	02082E205
XJEQX	ABERDEEN JAPAN EQUITY FD INC	13,946	$94	0.1%	$7.13	—	COM	00306J109
—	VOYA RISK MANAGED NAT RES FD	10,346	$86	0.1%	$8.31	—	COM	92913C106