Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	GABELLI DIVID & INCOME TR	426,237	$10,502	4.0%	$24.82	—	COM	36242H104
—	TRI CONTL CORP	336,694	$10,384	3.9%	$31.17	—	COM	895436103
—	GENERAL AMERN INVS CO INC	192,403	$8,171	3.1%	$41.80	—	COM	368802104
—	NUVEEN DOW 30 DYNMC OVERWRT	486,164	$8,075	3.0%	$16.51	—	SHS	67075F105
SPY	SPDR S&P 500 ETF TR	16,500	$7,452	2.8%	$474.97	—	TR UNIT	78462F103
—	SOURCE CAP INC	171,162	$7,189	2.7%	$42.00	—	COM	836144105
—	VIRTUS DIVIDEND INTEREST & P	461,580	$6,642	2.5%	$14.49	—	COM	92840R101
—	BLACKROCK ENHANCED EQUITY DI	562,196	$5,566	2.1%	$9.85	—	COM	09251A104
—	ROYCE MICRO-CAP TR INC	500,002	$5,260	2.0%	$9.64	—	COM	780915104
—	ADAMS DIVERSIFIED EQUITY FD	280,499	$5,172	1.9%	$18.33	—	COM	006212104
—	EATON VANCE TX ADV GLBL DIV	245,897	$5,061	1.9%	$22.32	—	COM	27828S101
—	NUVEEN S&P 500 DYNAMIC OVERW	266,218	$4,784	1.8%	$17.29	—	COM	6706EW100
—	APOLLO TACTICAL INCOME FD IN	287,935	$4,135	1.6%	$14.81	—	COM	037638103
—	DOUBLELINE INCOME SOLUTIONS	283,265	$4,113	1.5%	$17.81	—	COM	258622109
—	HIGHLAND GLOBAL ALLOCATION F	406,996	$4,009	1.5%	$9.26	—	COM	43010T104
—	ABERDEEN ASIA-PACIFIC INCOME	1,165,129	$3,938	1.5%	$3.91	—	COM	003009107
—	BARINGS GLOBAL SHORT DURATIO	249,476	$3,867	1.5%	$14.97	—	COM	06760L100
—	ABERDEEN GLOBAL DYNAMIC DIVI	333,820	$3,739	1.4%	$11.57	—	COM	00302M106
—	ALLSPRING GLOBAL DIVIDEND OP	642,215	$3,404	1.3%	$5.26	—	COM	94987C103
—	NUVEEN PFD & INCOME OPPORTUN	393,506	$3,376	1.3%	$9.59	—	COM	67073B106
—	VIRTUS GLOBAL MULTI-SECTOR I	331,336	$3,287	1.2%	$11.31	—	COM	92829B101
—	BLACKSTONE STRATEGIC CREDIT	244,622	$3,192	1.2%	$12.93	—	COM SHS BEN IN	09257R101
—	SPROTT FOCUS TR INC	341,137	$3,094	1.2%	$8.01	—	COM	85208J109
—	NUVEEN CR STRATEGIES INCOME	492,758	$3,045	1.1%	$6.44	—	COM SHS	67073D102
—	BLACKROCK CORPOR HI YLD FD I	280,183	$3,018	1.1%	$11.50	—	COM	09255P107
—	WESTERN ASSET EMERGING MKTS	281,080	$3,016	1.1%	$12.11	—	COM	95766A101
—	ARES DYNAMIC CR ALLOCATION F	206,575	$2,983	1.1%	$16.17	—	COM	04014F102
—	LMP CAP & INCOME FD INC	201,616	$2,948	1.1%	$14.07	—	COM	50208A102
—	NUVEEN PFD & INCM SECURTIES	335,649	$2,819	1.1%	$9.62	—	COM	67072C105
—	DELAWARE ENHANCED GLOBAL DIV	307,762	$2,779	1.0%	$9.89	—	COM	246060107
—	WESTERN ASSET GBL HIGH INC F	302,816	$2,565	1.0%	$10.18	—	COM	95766B109
—	BLACKSTONE LONG SHORT CR INC	187,686	$2,522	0.9%	$14.11	—	COM SHS BN INT	09257D102
XPHTX	PIONEER HIGH INCOME FUND INC	310,262	$2,519	0.9%	$8.56	—	COM	72369H106
—	EATON VANCE TAX-MANAGED GLOB	256,312	$2,489	0.9%	$9.87	—	COM	27829F108
—	NUVEEN SR INCOME FD	438,506	$2,486	0.9%	$5.75	—	COM	67067Y104
—	BNY MELLON HIGH YIELD STRATE	869,057	$2,416	0.9%	$2.98	—	SH BEN INT	09660L105
—	NEW GERMANY FD INC	208,788	$2,386	0.9%	$15.01	—	COM	644465106
—	EUROPEAN EQUITY FD INC	255,231	$2,340	0.9%	$9.73	—	COM	298768102
—	CALAMOS STRATEGIC TOTAL RETU	133,388	$2,338	0.9%	$17.74	—	COM SH BEN INT	128125101
—	BOULDER GROWTH & INCOME FD I	155,034	$2,299	0.9%	$12.31	—	COM	101507101
—	BLACKROCK ENHANCED INTL DIV	376,684	$2,166	0.8%	$6.21	—	COM BENE INTER	092524107
—	NUVEEN MULTI ASSET INCOME FU	133,670	$2,165	0.8%	$17.75	—	COM	670750108
—	CENTRAL SECS CORP	49,929	$2,067	0.8%	$28.68	—	COM	155123102
—	ROYCE VALUE TR INC	121,516	$2,065	0.8%	$16.48	—	COM	780910105
—	WESTERN ASSET HIGH INCOME OP	444,753	$1,988	0.7%	$4.74	—	COM	95766K109
—	VOYA GLBL ADV & PREM OPP FD	195,153	$1,889	0.7%	$10.09	—	COM	92912R104
—	ALLSPRING INCOME OPPORTUNIT	238,962	$1,888	0.7%	$8.29	—	INC OPPTY FD	94987B105
—	PUTNAM PREMIER INCOME TR	457,897	$1,827	0.7%	$4.46	—	SH BEN INT	746853100
—	ABERDEEN TOTAL DYNAMIC DIVD	189,250	$1,819	0.7%	$9.52	—	COM SH BEN INT	00326L100
—	BLACKROCK DEBT STRATEGIES FD	174,334	$1,817	0.7%	$10.48	—	COM NEW	09255R202
—	NUVEEN SHORT DURATION CR OPP	125,807	$1,790	0.7%	$14.58	—	COM	67074X107
—	NUVEEN REAL ASSET INCOME & G	116,404	$1,779	0.7%	$15.82	—	COM	67074Y105
—	ALLSPRING MULTI SECTOR INCOM	169,978	$1,769	0.7%	$10.41	—	COM	94987D101
—	CALAMOS LNG SHR EQT DYNAMIC	86,806	$1,768	0.7%	$19.25	—	COM	12812C106
—	EATON VANCE FLTING RATE INC	127,063	$1,680	0.6%	$13.22	—	COM	278279104
—	MFS MULTIMARKET INCOME TR	315,656	$1,676	0.6%	$5.31	—	SH BEN INT	552737108
—	FIRST TR HIGH INCOME LONG /	124,077	$1,670	0.6%	$14.30	—	COM	33738E109
—	TEMPLETON GLOBAL INCOME FD	332,057	$1,670	0.6%	$5.31	—	COM	880198106
—	PUTNAM MASTER INTER INCOME T	466,342	$1,670	0.6%	$4.17	—	SH BEN INT	746909100
—	APOLLO SR FLOATING RATE FD I	112,613	$1,646	0.6%	$15.11	—	COM	037636107
—	BLACKROCK MULTI SECTOR INC T	94,051	$1,550	0.6%	$16.48	—	COM	09258A107
—	PIMCO DYNAMIC INCOME OPRNTS	90,890	$1,544	0.6%	$16.99	—	COM BEN SHS	69355M107
—	EATON VANCE SR INCOME TR	237,484	$1,510	0.6%	$6.67	—	SH BEN INT	27826S103
—	SWISS HELVETIA FD INC	161,009	$1,485	0.6%	$9.00	—	COM	870875101
—	VOYA ASIA PAC HIGH DIV EQT I	174,635	$1,420	0.5%	$8.15	—	COM	92912J102
—	WESTERN ASSET HIGH YIELD DEF	99,897	$1,387	0.5%	$14.86	—	COM	95768B107
—	DOUBLELINE OPPORTUNISTIC CR	82,243	$1,378	0.5%	$18.15	—	COM	258623107
—	WESTERN ASSET DIVERSIFIED IN	84,133	$1,364	0.5%	$18.31	—	COM SHS BEN INT	95790K109
—	PGIM HIGH YIELD BOND FUND IN	93,925	$1,348	0.5%	$15.58	—	COM	69346H100
—	COLUMBIA SELIGM PREM TECH GR	41,679	$1,338	0.5%	$32.10	—	COM	19842X109
—	BLACKROCK ENHANCD CAP & INM	61,550	$1,285	0.5%	$19.71	—	COM	09256A109
—	BLACKROCK LTD DURATION INCOM	86,037	$1,234	0.5%	$14.34	—	COM SHS	09249W101
—	INVESCO HIGH INCOME TR II	98,394	$1,215	0.5%	$14.24	—	COM	46131F101
XPHDX	PIONEER FLOATING RATE FUND I	114,757	$1,202	0.5%	$10.94	—	COM	72369J102
—	COHEN & STEERS CLOSED-END OP	92,077	$1,190	0.4%	$12.92	—	COM	19248P106
XHNWX	PIONEER DIVERSIFIED HIGH INC	92,343	$1,188	0.4%	$13.51	—	COM	723653101
—	NUVEEN EMERGING MKTS DEBT 20	169,301	$1,185	0.4%	$7.52	—	COM	67077P101
—	TAIWAN FD INC	35,350	$1,163	0.4%	$27.77	—	COM	874036106
—	CLOUGH GLOBAL DIVID & INCOME	120,925	$1,113	0.4%	$10.72	—	COM	18913Y103
—	NUVEEN FLOATING RATE INCOME	110,493	$1,106	0.4%	$9.92	—	COM	67072T108
—	CLOUGH GLOBAL OPPORTUNITIES	113,808	$1,071	0.4%	$10.64	—	SH BEN INT	18914E106
—	KKR INCOME OPPORTUNITIES FD	72,818	$1,051	0.4%	$16.05	—	COM	48249T106
—	BANCROFT FD LTD	42,804	$975	0.4%	$28.90	—	COM	059695106
—	NUVEEN S&P 500 BUY-WRITE INC	68,308	$973	0.4%	$12.83	—	COM	6706ER101
—	MORGAN STANLEY EMERGING MKTS	171,573	$856	0.3%	$5.44	—	COM	617477104
—	CREDIT SUISSE HIGH YIELD BD	391,228	$853	0.3%	$2.37	—	SH BEN INT	22544F103
—	BLACKROCK ESG CAP ALLC TR	47,897	$798	0.3%	$16.66	—	SHS BEN INT	09262F100
—	BLACKROCK ENHANCED GLOBAL DI	70,156	$793	0.3%	$11.65	—	COM	092501105
—	EATON VANCE SR FLTNG RTE TR	58,740	$788	0.3%	$13.42	—	COM	27828Q105
—	TEMPLETON DRAGON FD INC	57,586	$771	0.3%	$20.05	—	COM	88018T101
—	NEUBERGER BERMAN NEXT GENERA	55,000	$767	0.3%	$16.26	—	COMMON STOCK	64133Q108
—	RIVERNORTH DOUBLELINE STRATE	60,997	$760	0.3%	$12.46	—	COM	76882G107
—	DOUBLELINE YIELD OPPORTUNITI	45,315	$759	0.3%	$18.70	—	COM	25862D105
—	BLACKSTONE SENIOR FLOATNG RA	49,088	$750	0.3%	$15.28	—	COM	09256U105
—	VIRTUS ALLIANZGI EQUITY & CO	27,348	$742	0.3%	$29.48	—	COM	92841M101
—	MORGAN STANLEY CHINA A SH FD	43,744	$715	0.3%	$20.99	—	COM	617468103
—	ROYCE GLOBAL VALUE TR INC	61,913	$703	0.3%	$12.46	—	COM	78081T104
—	WESTERN ASSET HIGH INCOME FD	114,984	$692	0.3%	$7.16	—	COM	95766J102
—	BLACKROCK GLOBAL FLOATING RA	52,436	$669	0.3%	$12.61	—	COM	091941104
—	TEKLA HEALTHCARE OPPORTUNITI	29,868	$665	0.3%	$22.26	—	SHS	879105104
—	MACQUARIE / FIRST TR GLOBAL	62,866	$638	0.2%	$9.74	—	COM	55607W100
—	EATON VANCE LTD DURATION INC	52,018	$609	0.2%	$11.71	—	COM	27828H105
—	THORNBURG INCM BUILDER OPP T	35,256	$603	0.2%	$18.67	—	COM	885213108
—	TEKLA HEALTHCARE INVS	29,000	$602	0.2%	$20.76	—	SH BEN INT	87911J103
—	HANCOCK JOHN PFD INCOME FD I	30,729	$585	0.2%	$19.04	—	COM	41013X106
—	ELLSWORTH GROWTH & INCOME FD	55,040	$583	0.2%	$12.29	—	COM	289074106
—	NUVEEN REAL ESTATE INCOME FD	49,008	$579	0.2%	$11.12	—	COM	67071B108
—	VIRTUS ALLIANZGI ARTIFICIAL	25,872	$566	0.2%	$21.88	—	COM	92838Y100
XXCHNXX	CHINA FD INC	37,586	$555	0.2%	$23.19	—	COM	169373107
—	FIRST TR ENERGY INFRASTRCTR	35,853	$546	0.2%	$13.64	—	COM	33738C103
—	MFS CHARTER INCOME TR	73,722	$541	0.2%	$7.59	—	SH BEN INT	552727109
—	VIRTUS ALLIANZGI CONVERTIBLE	121,673	$527	0.2%	$4.98	—	COM	92838U108
—	TEMPLETON EMERGING MKTS INCO	75,886	$520	0.2%	$7.09	—	COM	880192109
—	JOHN HANCOCK HEDGED EQUITY &	38,228	$497	0.2%	$12.96	—	COM	47804L102
—	BLACKROCK INNOVATION AND GRW	42,500	$484	0.2%	$14.53	—	SHS BEN INT	09260Q108
—	VOYA EMERGING MKTS HIGH DIVI	68,904	$462	0.2%	$6.87	—	COM	92912P108
—	MAINSTAY CBRE GBL INFRSTR ME	23,969	$454	0.2%	$19.21	—	COM	56064Q107
—	NUVEEN CORE PLUS IMPACT FUND	29,412	$442	0.2%	$18.08	—	COM BEN INT	67080D103
—	JAPAN SMALLER CAPITALIZATION	56,523	$405	0.2%	$8.47	—	COM	47109U104
—	EATON VANCE SHORT DURATION D	31,345	$362	0.1%	$11.55	—	COM	27828V104
—	FIRST TR HIGH YIELD OPPRT 20	20,016	$348	0.1%	$17.39	—	COM	33741Q107
—	DELAWARE INVTS DIVID & INCOM	31,723	$344	0.1%	$11.31	—	COM	245915103
—	KOREA FD INC	11,069	$333	0.1%	$37.79	—	COM NEW	500634209
—	VOYA INFRASTRUCTURE INDLS &	28,521	$332	0.1%	$11.95	—	COM	92912X101
—	CALAMOS DYNAMIC CONV & INCOM	12,500	$321	0.1%	$25.68	—	COM	12811V105
—	SABA CAPITAL INCOME & OPRNT	69,739	$315	0.1%	$4.70	—	SHARES	78518H103
—	VOYA GLBL EQTY DIV & PREM OP	52,813	$309	0.1%	$5.99	—	COM	92912T100
—	LIBERTY ALL-STAR GROWTH FD I	39,623	$299	0.1%	$8.63	—	COM	529900102
XDCFX	BNY MELLON ALCENTRA GLOBAL C	34,951	$297	0.1%	$8.50	—	COM	05588N108
—	BLACKROCK FLOATING RATE INCO	22,157	$288	0.1%	$12.72	—	COM	09255X100
—	COHEN & STEERS SELECT PFD &	12,454	$287	0.1%	$23.04	—	COM	19248Y107
XJEQX	ABERDEEN JAPAN EQUITY FD INC	40,078	$279	0.1%	$7.45	—	COM	00306J109
—	TEKLA LIFE SCIENCES INVS	16,284	$269	0.1%	$16.52	—	SH BEN INT	87911K100
—	PGIM GLOBAL HIGH YIELD FD FO	19,900	$266	0.1%	$15.21	—	COM	69346J106
—	TEMPLETON EMERGING MKTS FD	18,212	$250	0.1%	$16.76	—	COM	880191101
—	COHEN & STEERS TAX ADVAN PFD	10,000	$220	0.1%	$24.05	—	COM	19249X108
—	LAZARD GLOBAL TOTAL RETURN &	11,314	$203	0.1%	$20.03	—	COM	52106W103
—	CENTRAL & EASTERN EUROPE FD	15,117	$202	0.1%	$26.38	—	COM	153436100
—	PGIM SHORT DUR HIG YLD OPP F	11,368	$190	0.1%	$18.44	—	COM	69355J104
—	ABERDEEN AUSTRALIA EQUITY FD	28,173	$177	0.1%	$5.05	—	COM	003011103
—	PIMCO INCOME STRATEGY FD II	19,528	$170	0.1%	$8.71	—	COM	72201J104
—	ABERDEEN EMRG MRKTS EQT INM	21,688	$147	0.1%	$8.64	—	COM	00301W105
—	FIRST TR SPECIALTY FIN & FIN	34,533	$144	0.1%	$4.01	—	COM BEN INTR	33733G109
—	NEW IRELAND FD INC	13,643	$126	0.0%	$9.23	—	COM	645673104
—	FRANKLIN LTD DURATION INCOME	16,400	$124	0.0%	$9.09	—	COM	35472T101
—	FIRST TR / ABERDEEN GLOBAL O	12,326	$92	0.0%	$7.46	—	COM SHS	337319107
—	CREDIT SUISSE ASSET MGMT INC	27,692	$84	0.0%	$3.43	—	COM	224916106