Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SRH TOTAL RETURN FUND INC	651,268	$7,998	3.5%	$12.00	—	COM	101507101
—	GABELLI DIVID & INCOME TR	379,996	$7,900	3.5%	$24.48	—	COM	36242H104
—	ROYCE VALUE TR INC	529,857	$7,190	3.1%	$13.20	—	COM	780910105
—	SOURCE CAP INC	155,302	$5,869	2.6%	$38.46	—	COM	836144105
—	CENTRAL SECS CORP	167,552	$5,828	2.5%	$32.33	—	COM	155123102
—	FIRST TR ENHANCED EQUITY INC	352,707	$5,827	2.5%	$15.50	—	COM	337318109
—	EATON VANCE TX ADV GLBL DIV	336,305	$5,431	2.4%	$15.71	—	COM	27828S101
—	EATON VANCE TAX-MANAGED GLOB	546,632	$4,417	1.9%	$7.79	—	COM	27829C105
—	BLACKROCK DEBT STRATEGIES FD	438,950	$4,174	1.8%	$9.67	—	COM NEW	09255R202
—	GENERAL AMERN INVS CO INC	106,408	$4,140	1.8%	$41.29	—	COM	368802104
—	SPROTT FOCUS TR INC	502,647	$4,069	1.8%	$7.68	—	COM	85208J109
—	ADAMS DIVERSIFIED EQUITY FD	260,839	$4,056	1.8%	$17.11	—	COM	006212104
—	EATON VANCE TAX-MANAGED GLOB	502,704	$3,926	1.7%	$7.76	—	COM	27829F108
—	NUVEEN DOW 30 DYNMC OVERWRT	262,625	$3,925	1.7%	$15.51	—	SHS	67075F105
—	LIBERTY ALL-STAR GROWTH FD I	639,186	$3,375	1.5%	$5.06	—	COM	529900102
XPHTX	PIONEER HIGH INCOME FUND INC	494,963	$3,310	1.4%	$7.52	—	COM	72369H106
—	ALLSPRING INCOME OPPORTUNIT	505,148	$3,215	1.4%	$7.18	—	INC OPPTY FD	94987B105
—	VOYA GLBL ADV & PREM OPP FD	372,304	$3,179	1.4%	$9.46	—	COM	92912R104
—	EATON VANCE SR FLTNG RTE TR	266,923	$3,024	1.3%	$11.94	—	COM	27828Q105
—	VIRTUS GLOBAL MULTI-SECTOR I	382,917	$2,968	1.3%	$10.85	—	COM	92829B101
—	CALAMOS LNG SHR EQT DYNAMIC	191,983	$2,966	1.3%	$16.83	—	COM	12812C106
—	CALAMOS GBL DYN INCOME FUND	462,858	$2,768	1.2%	$5.78	—	COM	12811L107
—	EATON VANCE TAX ADVT DIV INC	122,320	$2,766	1.2%	$22.52	—	COM	27828G107
—	NUVEEN SR INCOME FD	592,354	$2,757	1.2%	$5.46	—	COM	67067Y104
—	ABRDN GLOBAL DYNAMIC DIVIDEN	291,551	$2,720	1.2%	$11.30	—	COM	00302M106
—	HIGHLAND GLOBAL ALLOCATION F	291,751	$2,637	1.2%	$9.29	—	COM	43010T104
—	RIVERNORTH DOUBLELINE STRATE	305,510	$2,615	1.1%	$8.56	—	COM	76882G107
—	FRANKLIN LTD DURATION INCOME	419,427	$2,592	1.1%	$6.33	—	COM	35472T101
—	RIVERNORTH OPPORTUNITIES FD	227,746	$2,587	1.1%	$11.36	—	COM	76881Y109
XHNWX	PIONEER DIVERSIFIED HIGH INC	238,785	$2,417	1.1%	$11.54	—	COM	723653101
—	EATON VANCE ENHANCED EQUITY	146,035	$2,395	1.0%	$16.40	—	COM	278277108
—	BLACKROCK CORPOR HI YLD FD I	266,593	$2,325	1.0%	$8.72	—	COM	09255P107
—	SWISS HELVETIA FD INC	285,163	$2,261	1.0%	$7.99	—	COM	870875101
—	SPECIAL OPPORTUNITIES FD INC	206,268	$2,257	1.0%	$11.14	—	COM	84741T104
—	EUROPEAN EQUITY FD INC	261,954	$2,213	1.0%	$9.63	—	COM	298768102
—	BLACKSTONE LONG SHORT CR INC	198,461	$2,165	0.9%	$13.40	—	COM SHS BN INT	09257D102
—	FIRST TR HIGH YIELD OPPRT 20	151,336	$2,113	0.9%	$14.36	—	COM	33741Q107
—	EATON VANCE FLTING RATE INC	183,046	$2,107	0.9%	$12.69	—	COM	278279104
—	CLOUGH GLOBAL OPPORTUNITIES	409,868	$2,004	0.9%	$5.09	—	SH BEN INT	18914E106
—	NUVEEN PFD & INCOME SECS FD	307,060	$1,996	0.9%	$8.68	—	COM	67072C105
—	NEW GERMANY FD INC	214,163	$1,947	0.9%	$14.50	—	COM	644465106
—	EATON VANCE RISK-MANAGED DIV	242,493	$1,928	0.8%	$7.50	—	COM	27829G106
—	APOLLO TACTICAL INCOME FD IN	157,022	$1,903	0.8%	$13.31	—	COM	037638103
—	BANCROFT FD LTD	109,308	$1,857	0.8%	$20.24	—	COM	059695106
—	FIRST TR HIGH INCOME LONG /	161,107	$1,829	0.8%	$13.26	—	COM	33738E109
—	BLACKROCK FLOATING RATE INC	158,807	$1,780	0.8%	$11.55	—	COM	091941104
—	HANCOCK JOHN INVT TR II	138,083	$1,752	0.8%	$12.63	—	COM	410142103
—	EATON VANCE TAX MNGED BUY WR	131,846	$1,721	0.8%	$13.05	—	COM	27828X100
—	NUVEEN MULTI ASSET INCOME FU	132,257	$1,543	0.7%	$12.52	—	COM	670750108
—	ABRDN TOTAL DYNAMIC DIVIDEND	185,738	$1,501	0.7%	$8.17	—	COM SH BEN INT	00326L100
—	FIRST TR INTER DURATN PFD &	93,683	$1,478	0.6%	$15.78	—	COM	33718W103
—	DOUBLELINE INCOME SOLUTIONS	128,658	$1,463	0.6%	$12.12	—	COM	258622109
—	VIRTUS DIVIDEND INTEREST & P	121,179	$1,425	0.6%	$13.45	—	COM	92840R101
—	FIRST TR SR FLTG RATE INCOME	141,517	$1,408	0.6%	$9.95	—	COM	33733U108
—	BARINGS GLOBAL SHORT DURATIO	104,240	$1,355	0.6%	$14.67	—	COM	06760L100
—	PIMCO INCOME STRATEGY FD	163,881	$1,345	0.6%	$8.13	—	COM	72201H108
—	TEMPLETON DRAGON FD INC	126,192	$1,336	0.6%	$14.04	—	COM	88018T101
—	PGIM HIGH YIELD BOND FUND IN	108,505	$1,324	0.6%	$11.94	—	COM	69346H100
—	BLACKROCK FLOATING RATE INCO	111,444	$1,304	0.6%	$11.66	—	COM	09255X100
—	BNY MELLON HIGH YIELD STRATE	589,612	$1,288	0.6%	$2.77	—	SH BEN INT	09660L105
—	COHEN & STEERS LTD DURATION	71,129	$1,269	0.6%	$18.27	—	COM	19248C105
—	VOYA ASIA PAC HIGH DIV EQT I	189,779	$1,216	0.5%	$8.01	—	COM	92912J102
—	BLACKROCK ENHANCED INTL DIV	221,501	$1,196	0.5%	$6.04	—	COM BENE INTER	092524107
—	PIMCO INCOME STRATEGY FD II	163,305	$1,181	0.5%	$7.02	—	COM	72201J104
—	LMP CAP & INCOME FD INC	90,960	$1,142	0.5%	$12.39	—	COM	50208A102
—	LIBERTY ALL STAR EQUITY FD	175,100	$1,086	0.5%	$5.73	—	SH BEN INT	530158104
—	NUVEEN PFD & INCOME OPPORTUN	161,308	$1,069	0.5%	$6.96	—	COM	67073B106
—	MFS MULTIMARKET INCOME TR	232,284	$1,055	0.5%	$5.08	—	SH BEN INT	552737108
—	PIMCO DYNAMIC INCOME OPRNTS	84,828	$1,052	0.5%	$14.12	—	COM BEN SHS	69355M107
—	NUVEEN REAL ASSET INCOME & G	83,842	$994	0.4%	$14.77	—	COM	67074Y105
—	INVESCO HIGH INCOME TR II	94,343	$991	0.4%	$13.80	—	COM	46131F101
—	ROYCE GLOBAL VALUE TR INC	109,591	$986	0.4%	$9.85	—	COM	78081T104
—	DOUBLELINE OPPORTUNISTIC CR	69,478	$985	0.4%	$14.18	—	COM	258623107
—	CREDIT SUISSE ASSET MGMT INC	379,201	$975	0.4%	$2.56	—	COM	224916106
—	NUVEEN SHORT DURATION CR OPP	81,747	$968	0.4%	$14.58	—	COM	67074X107
—	ADVENT CONV & INCOME FD	83,420	$964	0.4%	$10.90	—	COM	00764C109
—	PUTNAM PREMIER INCOME TR	264,695	$949	0.4%	$3.84	—	SH BEN INT	746853100
—	NUVEEN CORE EQUITY ALPHA FD	75,609	$946	0.4%	$12.51	—	COM	67090X107
—	TEKLA HEALTHCARE OPPORTUNITI	50,367	$945	0.4%	$21.16	—	SHS	879105104
—	TEKLA LIFE SCIENCES INVS	66,528	$927	0.4%	$14.74	—	SH BEN INT	87911K100
—	TAIWAN FD INC	33,921	$915	0.4%	$27.77	—	COM	874036106
—	MEXICO EQUITY & INCOME FD	88,775	$894	0.4%	$7.98	—	COM	592834105
XTEAX	ECOFIN SUSTAINABLE AND SOCIA	68,389	$887	0.4%	$12.94	—	COM SH BEN INT	27901F109
—	BLACKSTONE SENI FLTN RAT 202	68,398	$867	0.4%	$14.29	—	COM	09256U105
—	PUTNAM MASTER INTER INCOME T	270,565	$866	0.4%	$3.39	—	SH BEN INT	746909100
—	WESTERN ASSET EMERGING MKTS	99,449	$861	0.4%	$8.85	—	COM	95766A101
—	FIRST TR SPECIALTY FIN & FIN	264,448	$830	0.4%	$3.15	—	COM BEN INTR	33733G109
—	NUVEEN S&P 500 DYNAMIC OVERW	51,817	$819	0.4%	$15.80	—	COM	6706EW100
—	NUVEEN S&P 500 BUY-WRITE INC	62,500	$818	0.4%	$13.09	—	COM	6706ER101
—	TRI CONTL CORP	30,678	$815	0.4%	$25.63	—	COM	895436103
XPHDX	PIONEER FLOATING RATE FUND I	90,613	$788	0.3%	$10.11	—	COM	72369J102
—	BLACKROCK ENHANCED EQUITY DI	87,249	$749	0.3%	$8.59	—	COM	09251A104
—	NEUBERGER BERMAN NEXT GENERA	69,479	$723	0.3%	$14.85	—	COMMON STOCK	64133Q108
—	ROYCE MICRO-CAP TR INC	78,929	$692	0.3%	$9.17	—	COM	780915104
—	ALLSPRING GLOBAL DIVIDEND OP	152,498	$687	0.3%	$4.47	—	COM	94987C103
—	PGIM GLOBAL HIGH YIELD FD FO	60,109	$659	0.3%	$10.95	—	COM	69346J106
—	NUVEEN FLOATING RATE INCOME	80,629	$652	0.3%	$8.14	—	COM SHS	6706EN100
—	WESTERN ASSET DIVERSIFIED IN	47,841	$643	0.3%	$12.58	—	COM SHS BEN INT	95790K109
—	PRINCIPAL REAL ESTATE INCOME	65,729	$622	0.3%	$9.91	—	SHS BEN INT	74255X104
—	ANGEL OAK FINL STRATEGIES IN	49,910	$615	0.3%	$12.33	—	COM BEN INT	03464A100
—	CALAMOS STRATEGIC TOTAL RETU	43,693	$612	0.3%	$14.33	—	COM SH BEN INT	128125101
—	LAZARD GLOBAL TOTAL RETURN &	39,518	$610	0.3%	$15.43	—	COM	52106W103
—	TEMPLETON GLOBAL INCOME FD	135,377	$596	0.3%	$4.33	—	COM	880198106
—	MORGAN STANLEY CHINA A SH FD	40,884	$587	0.3%	$20.99	—	COM	617468103
—	INVESCO SR INCOME TR	159,000	$585	0.3%	$3.68	—	COM	46131H107
—	HANCOCK JOHN INVT TR	117,825	$579	0.3%	$4.86	—	TAX ADV GLB SH	41013P749
—	NUVEEN TAXABLE MUNICPAL INM	34,918	$566	0.2%	$16.20	—	COM	67074C103
—	EATON VANCE ENHANCED EQUITY	37,040	$564	0.2%	$15.22	—	COM	278274105
—	FRANKLIN UNVL TR	77,324	$551	0.2%	$6.62	—	SH BEN INT	355145103
—	EATON VANCE LTD DURATION INC	55,627	$548	0.2%	$9.32	—	COM	27828H105
XXCHNXX	CHINA FD INC	42,398	$542	0.2%	$22.01	—	COM	169373107
—	JAPAN SMALLER CAPITALIZATION	75,633	$523	0.2%	$7.70	—	COM	47109U104
—	HANCOCK JOHN PFD INCOME FD	32,352	$518	0.2%	$16.17	—	SH BEN INT	41013W108
—	BRANDYWINEGBL GBL INCM OPP F	63,167	$508	0.2%	$8.04	—	COM	10537L104
—	CLOUGH GLOBAL EQUITY FD	82,471	$500	0.2%	$6.75	—	COM	18914C100
—	CLOUGH GLOBAL DIVID & INCOME	77,731	$449	0.2%	$9.65	—	COM	18913Y103
—	NUVEEN GLOBAL HIGH INCOME FD	39,042	$436	0.2%	$11.16	—	SHS	67075G103
—	VOYA EMERGING MKTS HIGH DIVI	78,608	$422	0.2%	$6.69	—	COM	92912P108
—	MEXICO FD INC	24,124	$411	0.2%	$14.74	—	COM	592835102
—	ARES DYNAMIC CR ALLOCATION F	34,290	$410	0.2%	$15.53	—	COM	04014F102
—	NUVEEN CORE PLUS IMPACT FUND	39,157	$403	0.2%	$10.30	—	COM BEN INT	67080D103
—	VIRTUS CONVERTIBLE & INC FD	124,401	$378	0.2%	$3.04	—	COM	92838U108
—	VIRTUS DIVERSIFIED INCM & CO	19,199	$371	0.2%	$19.31	—	COM	92840N100
XJEQX	ABRDN JAPAN EQUITY FUND INC	66,473	$364	0.2%	$6.53	—	COM	00306J109
—	PGIM SHORT DUR HIG YLD OPP F	24,411	$362	0.2%	$14.82	—	COM	69355J104
—	VOYA GLBL EQTY DIV & PREM OP	70,300	$359	0.2%	$5.10	—	COM	92912T100
—	TEKLA HEALTHCARE INVS	19,000	$335	0.1%	$18.00	—	SH BEN INT	87911J103
—	TEMPLETON EMERGING MKTS FD	26,752	$313	0.1%	$14.71	—	COM	880191101
—	TEMPLETON EMERGING MKTS INCO	60,066	$305	0.1%	$6.31	—	COM	880192109
—	ELLSWORTH GROWTH & INCOME FD	36,782	$298	0.1%	$10.70	—	COM	289074106
—	NEUBERGER BERMAN REAL ESTATE	96,135	$296	0.1%	$3.08	—	COM	64190A103
—	KOREA FD INC	13,069	$287	0.1%	$35.37	—	COM NEW	500634209
XMFVX	MFS SPL VALUE TR	66,641	$281	0.1%	$4.18	—	SH BEN INT	55274E102
—	CALAMOS GLOBAL TOTAL RETURN	29,358	$276	0.1%	$8.90	—	COM SH BEN INT	128118106
—	BLACKROCK ENHANCED GLOBAL DI	27,181	$270	0.1%	$8.81	—	COM	092501105
—	ALLSPRING MULTI SECTOR INCOM	28,510	$261	0.1%	$9.15	—	COM	94987D101
XFDEX	FIRST TR DYNAMIC EUROPE EQUI	20,154	$257	0.1%	$9.54	—	COM SHS	33740D107
—	JOHN HANCOCK HEDGED EQUITY &	21,772	$253	0.1%	$11.50	—	COM	47804L102
—	WESTERN ASSET HIGH INCOME OP	64,380	$247	0.1%	$4.60	—	COM	95766K109
—	ABRDN AUSTRALIA EQUITY FD IN	54,594	$240	0.1%	$4.73	—	COM	003011103
—	ABRDN EMRG MKTS EQTY INCM FD	43,592	$234	0.1%	$6.99	—	COM	00301W105
—	THORNBURG INCM BUILDER OPP T	12,890	$201	0.1%	$15.87	—	COM	885213108
QQQ	INVESCO QQQ TR	626	$201	0.1%	$321.40	—	UNIT SER 1	46090E103
—	MACQUARIE / FIRST TR GLOBAL	22,469	$186	0.1%	$8.26	—	COM	55607W100
—	FIRST TR ENERGY INFRASTRCTR	11,670	$167	0.1%	$13.62	—	COM	33738C103
—	NUVEEN FLOATING RATE INCOME	18,473	$164	0.1%	$9.20	—	COM	67072T108
—	KKR INCOME OPPORTUNITIES FD	14,718	$162	0.1%	$13.30	—	COM	48249T106
—	HIGH INCOME SECS FD	20,400	$133	0.1%	$6.50	—	SHS BEN INT	42968F108
—	MFS CHARTER INCOME TR	20,736	$130	0.1%	$7.09	—	SH BEN INT	552727109
—	EATON VANCE SR INCOME TR	16,731	$90	0.0%	$6.67	—	SH BEN INT	27826S103
—	MFS INTER INCOME TR	32,000	$89	0.0%	$2.77	—	SH BEN INT	55273C107
—	VIRTUS TOTAL RETURN FD INC	12,000	$78	0.0%	$6.55	—	COM	92835W107