Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	38,550	$18,310	6.5%	$474.97	—	TR UNIT	78462F103
—	GABELLI DIVID & INCOME TR	367,756	$9,929	3.5%	$24.84	—	COM	36242H104
—	VIRTUS DIVIDEND INTEREST & P	541,477	$8,696	3.1%	$14.49	—	COM	92840R101
—	NUVEEN DOW 30 DYNMC OVERWRT	417,799	$7,424	2.6%	$16.50	—	SHS	67075F105
—	SOURCE CAP INC	153,371	$6,627	2.3%	$42.00	—	COM	836144105
—	APOLLO TACTICAL INCOME FD IN	335,610	$5,142	1.8%	$14.81	—	COM	037638103
—	DOUBLELINE INCOME SOLUTIONS	314,828	$5,075	1.8%	$17.81	—	COM	258622109
—	BLACKROCK ENHANCD CAP & INM	226,746	$5,016	1.8%	$19.71	—	COM	09256A109
—	NUVEEN S&P 500 BUY-WRITE INC	342,005	$5,010	1.8%	$12.83	—	COM	6706ER101
—	GENERAL AMERN INVS CO INC	109,736	$4,850	1.7%	$41.30	—	COM	368802104
—	BOULDER GROWTH & INCOME FD I	336,936	$4,788	1.7%	$12.31	—	COM	101507101
—	ROYCE MICRO-CAP TR INC	410,078	$4,736	1.7%	$9.44	—	COM	780915104
—	EATON VANCE TX ADV GLBL DIV	198,844	$4,520	1.6%	$22.73	—	COM	27828S101
—	NUVEEN S&P 500 DYNAMIC OVERW	242,503	$4,511	1.6%	$17.22	—	COM	6706EW100
—	ABERDEEN ASIA-PACIFIC INCOME	1,114,168	$4,256	1.5%	$3.94	—	COM	003009107
—	VIRTUS ALLIANZGI EQUITY & CO	136,748	$4,122	1.5%	$29.48	—	COM	92841M101
—	BARINGS GLOBAL SHORT DURATIO	233,217	$4,044	1.4%	$14.93	—	COM	06760L100
—	ADAMS DIVERSIFIED EQUITY FD	203,246	$3,945	1.4%	$18.29	—	COM	006212104
—	TRI CONTL CORP	113,218	$3,758	1.3%	$31.83	—	COM	895436103
—	BLACKSTONE STRATEGIC CREDIT	277,478	$3,743	1.3%	$12.93	—	COM SHS BEN IN	09257R101
—	NUVEEN PFD & INCOME OPPORTUN	369,687	$3,608	1.3%	$9.66	—	COM	67073B106
—	NUVEEN SR INCOME FD	576,916	$3,404	1.2%	$5.75	—	COM	67067Y104
—	ANGEL OAK FINL STRATEGIES IN	189,976	$3,241	1.1%	$16.93	—	COM BEN INT	03464A100
—	CENTRAL SECS CORP	70,955	$3,163	1.1%	$28.68	—	COM	155123102
—	NUVEEN PFD & INCM SECURTIES	323,298	$3,142	1.1%	$9.67	—	COM	67072C105
—	ARES DYNAMIC CR ALLOCATION F	188,779	$3,083	1.1%	$16.33	—	COM	04014F102
—	PUTNAM PREMIER INCOME TR	710,940	$3,036	1.1%	$4.46	—	SH BEN INT	746853100
—	NEW GERMANY FD INC	198,109	$2,934	1.0%	$15.20	—	COM	644465106
—	ABERDEEN GLOBAL DYNAMIC DIVI	240,129	$2,903	1.0%	$11.72	—	COM	00302M106
—	VIRTUS GLOBAL MULTI-SECTOR I	257,670	$2,876	1.0%	$11.71	—	COM	92829B101
—	PGIM GLOBAL HIGH YIELD FD FO	187,809	$2,834	1.0%	$15.21	—	COM	69346J106
—	CLOUGH GLOBAL OPPORTUNITIES	244,473	$2,601	0.9%	$10.64	—	SH BEN INT	18914E106
—	JOHN HANCOCK HEDGED EQUITY &	199,186	$2,589	0.9%	$12.96	—	COM	47804L102
—	WESTERN ASSET GBL HIGH INC F	254,248	$2,570	0.9%	$10.51	—	COM	95766B109
—	BLACKROCK ENHANCED INTL DIV	406,587	$2,553	0.9%	$6.21	—	COM BENE INTER	092524107
—	NUVEEN CR STRATEGIES INCOME	387,850	$2,517	0.9%	$6.51	—	COM SHS	67073D102
—	DELAWARE ENHANCED GLOBAL DIV	243,714	$2,474	0.9%	$10.12	—	COM	246060107
—	LMP CAP & INCOME FD INC	156,987	$2,386	0.8%	$13.91	—	COM	50208A102
—	NUVEEN NASDAQ 100 DYNAMIC OV	76,139	$2,334	0.8%	$28.61	—	COM SHS	670699107
—	FIRST TR ENHANCED EQUITY INC	105,859	$2,254	0.8%	$19.91	—	COM	337318109
—	FRANKLIN UNVL TR	264,873	$2,241	0.8%	$7.05	—	SH BEN INT	355145103
—	WESTERN ASSET EMERGING MKTS	171,107	$2,190	0.8%	$12.99	—	COM	95766A101
—	PGIM HIGH YIELD BOND FUND IN	134,445	$2,158	0.8%	$15.58	—	COM	69346H100
—	HIGHLAND GLOBAL ALLOCATION F	234,076	$2,123	0.7%	$8.83	—	COM	43010T104
—	NUVEEN FLOATING RATE INCOME	206,650	$2,102	0.7%	$9.92	—	COM	67072T108
—	BLACKROCK FLOATING RATE INCO	154,753	$2,078	0.7%	$12.72	—	COM	09255X100
—	NUVEEN FLOATING RATE INCOME	201,076	$2,037	0.7%	$9.70	—	COM SHS	6706EN100
—	LIBERTY ALL STAR EQUITY FD	242,702	$2,034	0.7%	$8.38	—	SH BEN INT	530158104
—	EUROPEAN EQUITY FD INC	192,773	$1,999	0.7%	$9.91	—	COM	298768102
—	FIRST TR DYNAMIC EUROPE EQUI	148,629	$1,974	0.7%	$12.93	—	COM SHS	33740d107
—	LAZARD GLOBAL TOTAL RETURN &	96,645	$1,953	0.7%	$20.03	—	COM	52106W103
—	BNY MELLON HIGH YIELD STRATE	615,614	$1,884	0.7%	$3.06	—	SH BEN INT	09660L105
—	KKR INCOME OPPORTUNITIES FD	111,233	$1,882	0.7%	$16.05	—	COM	48249T106
—	ALLIANCEBERNSTEIN GLOBAL HIG	150,357	$1,824	0.6%	$11.71	—	COM	01879R106
—	WESTERN ASSET DIVERSIFIED IN	98,200	$1,798	0.6%	$18.31	—	COM SHS BEN INT	95790K109
—	PUTNAM MASTER INTER INCOME T	453,789	$1,792	0.6%	$4.19	—	SH BEN INT	746909100
—	ROYCE VALUE TR INC	91,480	$1,792	0.6%	$16.31	—	COM	780910105
—	DOUBLELINE YIELD OPPORTUNITI	95,247	$1,781	0.6%	$18.70	—	COM	25862D105
—	SWISS HELVETIA FD INC	172,410	$1,714	0.6%	$9.00	—	COM	870875101
—	WESTERN ASSET HIGH INCOME FD	231,361	$1,657	0.6%	$7.16	—	COM	95766J102
—	NUVEEN SHORT DURATION CR OPP	108,042	$1,601	0.6%	$14.64	—	COM	67074X107
—	BLACKROCK CORPOR HI YLD FD I	129,600	$1,599	0.6%	$12.34	—	COM	09255P107
—	NUVEEN MULTI ASSET INCOME FU	84,942	$1,584	0.6%	$18.65	—	COM	670750108
—	ALLSPRING INCOME OPPORTUNIT	171,459	$1,571	0.6%	$8.45	—	INC OPPTY FD	94987B105
—	FIRST TR SR FLTG RATE INCOME	129,012	$1,556	0.5%	$12.12	—	COM	33733U108
—	LIBERTY ALL-STAR GROWTH FD I	166,130	$1,495	0.5%	$8.63	—	COM	529900102
—	BLACKSTONE LONG SHORT CR INC	99,499	$1,463	0.5%	$14.70	—	COM SHS BN INT	09257D102
—	CLOUGH GLOBAL DIVID & INCOME	132,366	$1,419	0.5%	$10.72	—	COM	18913Y103
—	TEMPLETON GLOBAL INCOME FD	262,644	$1,363	0.5%	$5.39	—	COM	880198106
—	DELAWARE INVTS DIVID & INCOM	115,226	$1,348	0.5%	$11.31	—	COM	245915103
—	SPROTT FOCUS TR INC	155,762	$1,340	0.5%	$6.76	—	COM	85208J109
—	EATON VANCE SR INCOME TR	193,457	$1,304	0.5%	$6.74	—	SH BEN INT	27826S103
—	NUVEEN GLOBAL HIGH INCOME FD	80,434	$1,277	0.5%	$15.87	—	SHS	67075G103
—	INVESCO HIGH INCOME TR II	87,962	$1,263	0.4%	$14.47	—	COM	46131F101
—	BLACKROCK ENHANCED GLOBAL DI	100,865	$1,229	0.4%	$11.65	—	COM	092501105
—	NUVEEN EMERGING MKTS DEBT 20	160,590	$1,216	0.4%	$7.55	—	COM	67077P101
—	RIVERNORTH SPECIALTY FIN COR	62,470	$1,199	0.4%	$19.19	—	COM	76882B108
—	NUVEEN REAL ASSET INCOME & G	73,862	$1,191	0.4%	$16.12	—	COM	67074Y105
—	VOYA GLBL ADV & PREM OPP FD	114,539	$1,188	0.4%	$10.37	—	COM	92912R104
—	FIRST TR HIGH INCOME LONG /	73,704	$1,149	0.4%	$14.88	—	COM	33738E109
—	CALAMOS LNG SHR EQT DYNAMIC	55,373	$1,079	0.4%	$18.62	—	COM	12812C106
—	VOYA ASIA PAC HIGH DIV EQT I	123,494	$1,002	0.4%	$8.16	—	COM	92912J102
—	ABERDEEN INCOME CR STRATEGIE	96,939	$987	0.3%	$10.18	—	COM	003057106
—	WESTERN ASSET HIGH INCOME OP	189,706	$986	0.3%	$5.09	—	COM	95766K109
—	NUVEEN CORE EQUITY ALPHA FD	52,714	$979	0.3%	$18.57	—	COM	67090X107
—	BANCROFT FD LTD	36,561	$966	0.3%	$29.94	—	COM	059695106
—	CLOUGH GLOBAL EQUITY FD	73,302	$963	0.3%	$13.14	—	COM	18914C100
—	HANCOCK JOHN INVT TR	145,632	$945	0.3%	$6.49	—	TAX ADV GLB SH	41013P749
—	THORNBURG INCM BUILDER OPP T	48,000	$896	0.3%	$18.67	—	COM	885213108
—	NEW IRELAND FD INC	80,115	$894	0.3%	$9.23	—	COM	645673104
—	TAIWAN FD INC	23,574	$886	0.3%	$25.21	—	COM	874036106
—	MORGAN STANLEY EMERGING MKTS	159,760	$875	0.3%	$5.48	—	COM	617477104
—	APOLLO SR FLOATING RATE FD I	53,349	$859	0.3%	$15.67	—	COM	037636107
—	DOUBLELINE OPPORTUNISTIC CR	44,541	$854	0.3%	$19.34	—	COM	258623107
—	RIVERNORTH OPPORTUNITIES FD	53,473	$853	0.3%	$15.95	—	COM	76881y109
—	SABA CAPITAL INCOME & OPRNT	187,593	$848	0.3%	$4.70	—	SHARES	78518H103
—	MORGAN STANLEY CHINA A SH FD	41,487	$847	0.3%	$21.25	—	COM	617468103
XPHTX	PIONEER HIGH INCOME FUND INC	85,734	$832	0.3%	$9.70	—	COM	72369H106
—	TEMPLETON DRAGON FD INC	48,867	$831	0.3%	$21.24	—	COM	88018T101
—	WESTERN ASSET HIGH YIELD DEF	52,013	$820	0.3%	$15.77	—	COM	95768B107
—	PRINCIPAL REAL ESTATE INCOME	49,871	$787	0.3%	$14.50	—	SHS BEN INT	74255X104
—	CREDIT SUISSE HIGH YIELD BD	292,686	$723	0.3%	$2.43	—	SH BEN INT	22544F103
XXCHNXX	CHINA FD INC	39,226	$717	0.3%	$23.19	—	COM	169373107
—	FRANKLIN LTD DURATION INCOME	77,865	$708	0.3%	$9.09	—	COM	35472T101
—	CBRE GBL REAL ESTATE INC FD	70,690	$692	0.2%	$8.11	—	COM	12504G100
—	BLACKROCK INNOVATION AND GRW	47,000	$683	0.2%	$14.53	—	SHS BEN INT	09260Q108
—	VIRTUS ALLIANZGI CONVERTIBLE	132,511	$676	0.2%	$4.98	—	COM	92838U108
—	NEUBERGER BERMAN NEXT GENERA	38,000	$657	0.2%	$17.29	—	COMMON STOCK	64133Q108
—	BLACKROCK GLOBAL FLOATING RA	45,431	$636	0.2%	$12.59	—	COM	091941104
XPHDX	PIONEER FLOATING RATE FUND I	54,470	$632	0.2%	$11.46	—	COM	72369J102
—	EATON VANCE TAX ADVT DIV INC	18,550	$553	0.2%	$26.16	—	COM	27828G107
—	MACQUARIE / FIRST TR GLOBAL	55,830	$539	0.2%	$9.69	—	COM	55607W100
—	BLACKROCK DEBT STRATEGIES FD	46,066	$539	0.2%	$10.62	—	COM NEW	09255R202
—	NUVEEN CORE PLUS IMPACT FUND	27,303	$500	0.2%	$18.31	—	COM BEN INT	67080D103
—	COHEN & STEERS TAX ADVAN PFD	20,500	$493	0.2%	$24.05	—	COM	19249X108
—	VOYA EMERGING MKTS HIGH DIVI	68,990	$490	0.2%	$6.87	—	COM	92912P108
—	ABERDEEN TOTAL DYNAMIC DIVD	47,503	$485	0.2%	$9.26	—	COM SH BEN INT	00326L100
—	FIRST TR ENERGY INFRASTRCTR	35,853	$485	0.2%	$13.64	—	COM	33738C103
—	WESTERN ASSET GLOBAL CORP DE	27,667	$484	0.2%	$17.64	—	COM	95790C107
—	INVESCO SR INCOME TR	109,600	$475	0.2%	$4.25	—	COM	46131H107
—	PGIM SHORT DUR HIG YLD OPP F	25,700	$474	0.2%	$18.44	—	COM	69355J104
—	EATON VANCE TAX-MANAGED GLOB	42,389	$452	0.2%	$10.66	—	COM	27829F108
—	GABELLI EQUITY TR INC	61,098	$439	0.2%	$6.90	—	COM	362397101
—	VIRTUS ALLIANZGI CONVERTIBLE	72,719	$424	0.1%	$5.66	—	COM	92838X102
XHNWX	PIONEER DIVERSIFIED HIGH INC	27,488	$421	0.1%	$15.05	—	COM	723653101
—	ELLSWORTH GROWTH & INCOME FD	33,789	$418	0.1%	$13.36	—	COM	289074106
—	CENTRAL & EASTERN EUROPE FD	15,163	$400	0.1%	$26.38	—	COM	153436100
—	GABELLI GLOBAL SMALL & MID C	23,963	$381	0.1%	$15.98	—	COM	36249W104
—	NUVEEN REAL ESTATE INCOME FD	29,615	$380	0.1%	$10.67	—	COM	67071B108
—	BLACKROCK SCIENCE & TECHNOLO	7,258	$363	0.1%	$52.17	—	SHS	09258G104
—	FIRST TR SPECIALTY FIN & FIN	86,527	$354	0.1%	$4.01	—	COM BEN INTR	33733G109
—	MAINSTAY CBRE GBL INFRSTR ME	18,300	$353	0.1%	$19.29	—	COM	56064Q107
—	VOYA GLBL EQTY DIV & PREM OP	56,763	$352	0.1%	$5.99	—	COM	92912T100
—	NEUBERGER BERMAN REAL ESTATE	64,365	$339	0.1%	$5.27	—	COM	64190A103
—	JAPAN SMALLER CAPITALIZATION	40,727	$321	0.1%	$8.98	—	COM	47109U104
—	CALAMOS GBL DYN INCOME FUND	31,052	$310	0.1%	$9.57	—	COM	12811L107
—	CALAMOS STRATEGIC TOTAL RETU	16,011	$309	0.1%	$19.30	—	COM SH BEN INT	128125101
—	NUVEEN PFD & INCOME 2022 TER	12,450	$306	0.1%	$25.01	—	COM	67075T105
—	TEMPLETON EMERGING MKTS INCO	41,051	$299	0.1%	$7.28	—	COM	880192109
—	BLACKROCK ENHANCED EQUITY DI	29,685	$299	0.1%	$8.96	—	COM	09251A104
—	ALLSPRING GLOBAL DIVIDEND OP	49,895	$294	0.1%	$4.84	—	COM	94987C103
—	CREDIT SUISSE ASSET MGMT INC	79,823	$274	0.1%	$3.43	—	COM	224916106
—	NEUBERGER BERMAN HIGH YIELD	21,700	$270	0.1%	$12.44	—	COM	64128C106
—	ROYCE GLOBAL VALUE TR INC	20,469	$269	0.1%	$14.70	—	COM	78081T104
—	ABERDEEN AUSTRALIA EQUITY FD	43,736	$265	0.1%	$5.05	—	COM	003011103
XAWPX	ABERDEEN GLOBAL PREMIER PPTY	37,066	$254	0.1%	$6.55	—	COM SH BEN INT	00302L108
—	NUVEEN MORTGAGE AND INCOME F	11,628	$244	0.1%	$20.87	—	COM	670735109
—	VOYA INFRASTRUCTURE INDLS &	19,783	$239	0.1%	$12.08	—	COM	92912X101
—	CALAMOS GLOBAL TOTAL RETURN	15,507	$238	0.1%	$15.35	—	COM SH BEN INT	128118106
ADBE	ADOBE SYSTEMS INCORPORATED	400	$227	0.1%	$515.47	+21.3%	COM	00724F101
—	KOREA FD INC	5,877	$202	0.1%	$44.59	—	COM NEW	500634209
—	WESTERN ASSET MTG DEFINED OP	11,583	$176	0.1%	$15.19	—	COM	95790B109
—	ABERDEEN EMRG MRKTS EQT INM	21,688	$172	0.1%	$8.64	—	COM	00301W105
—	HERZFELD CARIBBEAN BASIN FD	30,299	$168	0.1%	$6.43	—	COM	42804T106
—	TEMPLETON EMERGING MKTS FD	10,276	$165	0.1%	$19.10	—	COM	880191101
—	SPECIAL OPPORTUNITIES FD INC	10,457	$162	0.1%	$15.49	—	COM	84741T104
XEGFX	BLACKROCK ENHANCED GOVT FD I	12,759	$160	0.1%	$13.09	—	COM	09255K108
—	GABELLI CONV & INC SECS FD I	20,355	$140	0.0%	$6.21	—	COM	36240B109
—	MFS CHARTER INCOME TR	14,300	$122	0.0%	$8.61	—	SH BEN INT	552727109
XJEQX	ABERDEEN JAPAN EQUITY FD INC	14,700	$120	0.0%	$8.30	—	COM	00306J109
—	NUVEEN MULTI-MKT INCOME FD	10,349	$78	0.0%	$7.49	—	COM	67075J107