Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SRH TOTAL RETURN FUND INC	618,768	$8,582	3.5%	$12.05	—	COM	101507101
—	CENTRAL SECS CORP	210,770	$7,961	3.3%	$33.14	—	COM	155123102
—	EATON VANCE TX ADV GLBL DIV	449,511	$7,687	3.2%	$15.70	—	COM	27828S101
—	SPROTT FOCUS TR INC	837,041	$6,696	2.7%	$7.73	—	COM	85208J109
—	LIBERTY ALL-STAR GROWTH FD I	1,011,052	$5,422	2.2%	$5.09	—	COM	529900102
—	NUVEEN S&P 500 BUY-WRITE INC	393,571	$5,050	2.1%	$13.19	—	COM	6706ER101
—	LIBERTY ALL STAR EQUITY FD	659,722	$4,226	1.7%	$6.21	—	SH BEN INT	530158104
—	EATON VANCE LTD DURATION INC	436,704	$4,184	1.7%	$9.37	—	COM	27828H105
—	EATON VANCE TAX ADVT DIV INC	175,395	$3,903	1.6%	$22.30	—	COM	27828G107
—	PIMCO DYNAMIC INCOME OPRNTS	316,056	$3,876	1.6%	$12.72	—	COM BEN SHS	69355M107
—	NUVEEN FLOATING RATE INCOME	465,317	$3,825	1.6%	$8.30	—	COM	67072T108
—	GABELLI DIVID & INCOME TR	176,375	$3,817	1.6%	$24.48	—	COM	36242H104
—	CALAMOS STRATEGIC TOTAL RETU	252,444	$3,779	1.6%	$14.97	—	COM SH BEN INT	128125101
—	ALLSPRING INCOME OPPORTUNIT	567,127	$3,727	1.5%	$7.07	—	INC OPPTY FD	94987B105
—	BLACKROCK ENHANCED EQUITY DI	467,273	$3,593	1.5%	$8.19	—	COM	09251A104
—	ALLSPRING MULTI SECTOR INCOM	371,274	$3,527	1.4%	$9.43	—	COM	94987D101
—	FIRST TR ENHANCED EQUITY INC	191,154	$3,492	1.4%	$17.77	—	COM	337318109
—	EATON VANCE TAX-MANAGED BUY-	281,978	$3,477	1.4%	$12.42	—	COM	27828Y108
—	EATON VANCE TAX-MANAGED GLOB	444,056	$3,428	1.4%	$7.73	—	COM	27829F108
—	PIMCO INCOME STRATEGY FD II	463,132	$3,377	1.4%	$7.13	—	COM	72201J104
—	HIGHLAND GLOBAL ALLOCATION F	424,917	$3,340	1.4%	$9.04	—	COM	43010T104
—	NUVEEN DOW 30 DYNMC OVERWRT	237,225	$3,321	1.4%	$14.98	—	SHS	67075F105
—	NUVEEN PFD & INCOME OPPORTUN	472,136	$3,192	1.3%	$6.83	—	COM	67073B106
—	ALLSPRING GLOBAL DIVIDEND OP	694,844	$3,087	1.3%	$4.43	—	COM	94987C103
—	EATON VANCE TAX-MANAGED GLOB	390,455	$3,034	1.2%	$7.79	—	COM	27829C105
—	BLACKROCK ENHANCD CAP & INM	159,246	$3,026	1.2%	$19.00	—	COM	09256A109
—	PGIM SHORT DUR HIG YLD OPP F	195,683	$2,956	1.2%	$14.94	—	COM	69355J104
—	ROYCE MICRO-CAP TR INC	310,633	$2,870	1.2%	$8.76	—	COM	780915104
—	EUROPEAN EQUITY FD INC	326,171	$2,863	1.2%	$9.38	—	COM	298768102
—	VIRTUS GLOBAL MULTI-SECTOR I	360,250	$2,821	1.2%	$10.61	—	COM	92829B101
—	NUVEEN S&P 500 DYNAMIC OVERW	186,657	$2,807	1.2%	$15.52	—	COM	6706EW100
—	NUVEEN NASDAQ 100 DYNAMIC OV	120,804	$2,797	1.1%	$23.36	—	COM SHS	670699107
—	NEW GERMANY FD INC	305,996	$2,692	1.1%	$12.77	—	COM	644465106
—	CALAMOS GBL DYN INCOME FUND	461,495	$2,686	1.1%	$5.79	—	COM	12811L107
—	ADVENT CONV & INCOME FD	227,821	$2,593	1.1%	$11.02	—	COM	00764C109
—	HANCOCK JOHN INVT TR II	194,481	$2,517	1.0%	$12.68	—	COM	410142103
—	EATON VANCE TAX MNGED BUY WR	189,674	$2,462	1.0%	$12.83	—	COM	27828X100
—	GABELLI EQUITY TR INC	480,414	$2,441	1.0%	$5.08	—	COM	362397101
—	GENERAL AMERN INVS CO INC	55,335	$2,377	1.0%	$41.32	—	COM	368802104
—	SWISS HELVETIA FD INC	288,658	$2,367	1.0%	$8.00	—	COM	870875101
—	SPECIAL OPPORTUNITIES FD INC	197,348	$2,341	1.0%	$11.15	—	COM	84741T104
—	FIRST TR INTER DURATN PFD &	142,178	$2,338	1.0%	$15.70	—	COM	33718W103
—	JOHN HANCOCK HEDGED EQUITY &	222,476	$2,236	0.9%	$10.31	—	COM	47804L102
—	PIMCO INCOME STRATEGY FD	250,269	$2,133	0.9%	$8.29	—	COM	72201H108
—	TEMPLETON EMERGING MKTS INCO	389,206	$1,985	0.8%	$4.99	—	COM	880192109
—	SOURCE CAP INC	49,119	$1,983	0.8%	$38.46	—	COM	836144105
—	MFS CHARTER INCOME TR	304,925	$1,970	0.8%	$6.23	—	SH BEN INT	552727109
—	FIRST TR HIGH INCOME LONG /	161,735	$1,955	0.8%	$11.87	—	COM	33738E109
—	EATON VANCE ENHANCED EQUITY	99,220	$1,857	0.8%	$16.47	—	COM	278277108
—	ABRDN GLOBAL DYNAMIC DIVIDEN	191,435	$1,800	0.7%	$10.96	—	COM	00302M106
—	EATON VANCE TAX-MANAGED DIVE	146,778	$1,789	0.7%	$11.95	—	COM	27828N102
—	PGIM HIGH YIELD BOND FUND IN	143,483	$1,782	0.7%	$12.01	—	COM	69346H100
—	RIVERNORTH DOUBLELINE STRATE	209,934	$1,755	0.7%	$8.56	—	COM	76882G107
—	CALAMOS LNG SHR EQT DYNAMIC	119,433	$1,742	0.7%	$16.63	—	COM	12812C106
—	BLACKROCK LTD DURATION INCOM	123,586	$1,728	0.7%	$12.88	—	COM SHS	09249W101
XHNWX	PIONEER DIVERSIFIED HIGH INC	154,822	$1,675	0.7%	$11.54	—	COM	723653101
—	ABRDN INCOME CREDIT STRATEGI	241,241	$1,661	0.7%	$6.89	—	COM	003057106
—	EATON VANCE RISK-MANAGED DIV	209,559	$1,643	0.7%	$7.70	—	COM	27829G106
—	EATON VANCE ENHANCED EQUITY	97,484	$1,616	0.7%	$16.58	—	COM	278274105
—	FRANKLIN LTD DURATION INCOME	254,920	$1,586	0.7%	$6.33	—	COM	35472T101
—	NEUBERGER BERMAN HIGH YIELD	196,162	$1,514	0.6%	$7.72	—	COM	64128C106
—	VIRTUS ARTIFICIAL INTELLIGEN	81,204	$1,422	0.6%	$17.05	—	COM	92838Y100
—	INVESCO HIGH INCOME TR II	136,396	$1,417	0.6%	$12.54	—	COM	46131F101
—	PIMCO GLOBAL STOCKSPLS INCM	178,457	$1,343	0.6%	$7.37	—	COM	722011103
—	CLOUGH GLOBAL OPPORTUNITIES	277,858	$1,306	0.5%	$5.09	—	SH BEN INT	18914E106
—	BARINGS GLOBAL SHORT DURATIO	94,154	$1,275	0.5%	$13.26	—	COM	06760L100
—	BRANDYWINEGBL GBL INCM OPP F	151,059	$1,262	0.5%	$8.19	—	COM	10537L104
—	FIRST TR HIGH YIELD OPPRT 20	89,144	$1,242	0.5%	$14.12	—	COM	33741Q107
—	BNY MELLON HIGH YIELD STRATE	532,357	$1,227	0.5%	$2.77	—	SH BEN INT	09660L105
—	TAIWAN FD INC	33,272	$1,152	0.5%	$27.77	—	COM	874036106
—	HANCOCK JOHN PREM DIVID FD	107,421	$1,144	0.5%	$9.62	—	COM SH BEN INT	41013T105
—	VOYA ASIA PAC HIGH DIV EQT I	184,982	$1,141	0.5%	$8.01	—	COM	92912J102
—	BLACKROCK INNOVATION AND GRW	148,344	$1,087	0.4%	$7.33	—	SHS BEN INT	09260Q108
—	BANCROFT FD LTD	66,966	$1,070	0.4%	$20.24	—	COM	059695106
—	ALLIANCEBERNSTEIN GLOBAL HIG	104,730	$1,068	0.4%	$10.20	—	COM	01879R106
—	TRI CONTL CORP	36,464	$1,051	0.4%	$26.63	—	COM	895436103
—	BLACKROCK ENHANCED INTL DIV	197,370	$1,040	0.4%	$5.41	—	COM BENE INTER	092524107
—	WESTERN ASSET HIGH YIELD DEF	81,934	$991	0.4%	$11.58	—	COM	95768B107
—	MFS MULTIMARKET INCOME TR	215,627	$981	0.4%	$4.58	—	SH BEN INT	552737108
—	MEXICO EQUITY & INCOME FD	84,204	$968	0.4%	$7.98	—	COM	592834105
—	BLACKSTONE SENI FLTN RAT 202	68,413	$921	0.4%	$14.14	—	COM	09256U105
XPHDX	PIONEER FLOATING RATE FUND I	93,683	$868	0.4%	$10.04	—	COM	72369J102
—	FLAHERTY & CRUMRINE DYNAMIC	48,432	$860	0.4%	$17.38	—	SHS	33848W106
—	ROYCE VALUE TR INC	59,018	$859	0.4%	$13.18	—	COM	780910105
—	ABRDN LIFE SCIENCES INVESTOR	61,683	$840	0.3%	$14.69	—	SH BEN INT	87911K100
—	NEUBERGER BERMAN NEXT GENERA	74,249	$812	0.3%	$10.93	—	COMMON STOCK	64133Q108
—	BLACKSTONE LONG SHORT CR INC	68,753	$794	0.3%	$13.26	—	COM SHS BN INT	09257D102
—	COHEN & STEERS LTD DURATION	42,010	$774	0.3%	$18.27	—	COM	19248C105
—	BROOKFIELD REAL ASSETS INCOM	60,142	$770	0.3%	$12.81	—	SHS BEN INT	112830104
—	CALAMOS GLOBAL TOTAL RETURN	80,650	$739	0.3%	$8.98	—	COM SH BEN INT	128118106
—	DOUBLELINE INCOME SOLUTIONS	59,529	$729	0.3%	$12.13	—	COM	258622109
—	VOYA GLBL EQTY DIV & PREM OP	142,215	$712	0.3%	$4.99	—	COM	92912T100
—	VIRTUS CONVERTIBLE & INCOME	204,996	$695	0.3%	$3.39	—	COM	92838X102
—	GABELLI CONV & INC SECS FD I	189,528	$682	0.3%	$3.60	—	COM	36240B109
—	VIRTUS DIVERSIFIED INCM & CO	32,456	$681	0.3%	$19.72	—	COM	92840N100
—	HANCOCK JOHN PFD INCOME FD I	47,653	$674	0.3%	$14.14	—	COM	41021P103
XTEAX	ECOFIN SUSTAINABLE AND SOCIA	56,282	$659	0.3%	$12.19	—	COM SH BEN INT	27901F109
—	ABRDN TOTAL DYNAMIC DIVIDEND	79,104	$642	0.3%	$7.98	—	COM SH BEN INT	00326L100
—	HANCOCK JOHN PFD INCOME FD	40,100	$638	0.3%	$15.81	—	SH BEN INT	41013W108
—	PGIM GLOBAL HIGH YIELD FD FO	53,687	$615	0.3%	$10.90	—	COM	69346J106
—	TEMPLETON DRAGON FD INC	73,271	$599	0.2%	$14.04	—	COM	88018T101
—	WESTERN ASSET HIGH INCOME OP	148,970	$575	0.2%	$4.13	—	COM	95766K109
—	JAPAN SMALLER CAPITALIZATION	75,633	$574	0.2%	$7.70	—	COM	47109U104
XXCHNXX	CHINA FD INC	52,069	$530	0.2%	$19.75	—	COM	169373107
—	NUVEEN TAXABLE MUNICPAL INM	33,550	$530	0.2%	$16.12	—	COM	67074C103
—	MORGAN STANLEY CHINA A SH FD	40,188	$512	0.2%	$20.99	—	COM	617468103
—	BLACKROCK ENHANCED GLOBAL DI	50,970	$506	0.2%	$9.92	—	COM	092501105
—	MEXICO FD INC	26,216	$500	0.2%	$15.05	—	COM	592835102
—	WESTERN ASSET GBL HIGH INC F	68,046	$492	0.2%	$6.85	—	COM	95766B109
XMFVX	MFS SPL VALUE TR	115,301	$472	0.2%	$4.05	—	SH BEN INT	55274E102
—	LAZARD GLOBAL TOTAL RETURN &	29,860	$457	0.2%	$14.78	—	COM	52106W103
—	FIRST TR SPECIALTY FIN & FIN	121,027	$433	0.2%	$3.27	—	COM BEN INTR	33733G109
—	COHEN & STEERS QUALITY INCOM	35,110	$430	0.2%	$12.24	—	COM	19247L106
—	WESTERN ASSET EMERGING MKTS	45,779	$422	0.2%	$8.79	—	COM	95766A101
—	EATON VANCE SHORT DURATION D	39,528	$410	0.2%	$9.93	—	COM	27828V104
—	INVESCO BD FD	26,695	$406	0.2%	$15.21	—	COM	46132L107
—	ANGEL OAK FINL STRATEGIES IN	33,246	$396	0.2%	$11.99	—	COM BEN INT	03464A100
—	VIRTUS TOTAL RETURN FD INC	70,725	$390	0.2%	$4.94	—	COM	92835W107
—	ABRDN EMRG MKTS EQTY INCM FD	72,353	$376	0.2%	$6.26	—	COM	00301W105
—	ADAMS DIVERSIFIED EQUITY FD	20,805	$368	0.2%	$17.11	—	COM	006212104
—	RIVERNORTH OPPORTUNITIES FD	33,153	$364	0.1%	$11.36	—	COM	76881Y109
XJEQX	ABRDN JAPAN EQUITY FUND INC	60,813	$355	0.1%	$6.53	—	COM	00306J109
—	NUVEEN CR STRATEGIES INCOME	67,007	$350	0.1%	$5.18	—	COM SHS	67073D102
—	VOYA EMERGING MKTS HIGH DIVI	64,419	$349	0.1%	$6.69	—	COM	92912P108
XAWPX	ABRDN GLOBAL PREMIER PPTYS F	87,724	$344	0.1%	$3.92	—	COM SH BEN INT	00302L108
XPHTX	PIONEER HIGH INCOME FUND INC	47,036	$336	0.1%	$7.52	—	COM	72369H106
—	ABRDN ASIA PACIFIC INCOME FU	119,800	$325	0.1%	$2.59	—	COM	003009107
—	VIRTUS STONE HBR EMRG MKTS I	74,783	$322	0.1%	$4.31	—	COM	86164T107
—	ROYCE GLOBAL VALUE TR INC	32,938	$321	0.1%	$9.63	—	COM	78081T104
—	NUVEEN CORE PLUS IMPACT FUND	30,776	$310	0.1%	$9.53	—	COM BEN INT	67080D103
—	SABA CAPITAL INCOME & OPRNT	38,203	$302	0.1%	$7.91	—	SHS NEW	78518H202
—	KOREA FD INC	12,746	$298	0.1%	$35.37	—	COM NEW	500634209
—	ABRDN AUSTRALIA EQUITY FD IN	63,995	$284	0.1%	$4.66	—	COM	003011103
—	PUTNAM PREMIER INCOME TR	78,185	$281	0.1%	$3.84	—	SH BEN INT	746853100
—	TEMPLETON EMERGING MKTS FD	23,427	$274	0.1%	$14.71	—	COM	880191101
—	FIRST TR SR FLTG RATE INCOME	26,675	$269	0.1%	$9.96	—	COM	33733U108
QQQ	INVESCO QQQ TR	603	$247	0.1%	$321.40	—	UNIT SER 1	46090E103
—	HIGH INCOME SECS FD	37,567	$241	0.1%	$6.42	—	SHS BEN INT	42968F108
ADBE	ADOBE INC	400	$239	0.1%	$524.63	+9.9%	COM	00724F101
—	NUVEEN CORE EQUITY ALPHA FD	17,503	$237	0.1%	$12.73	—	COM	67090X107
—	MFS INTER INCOME TR	83,922	$225	0.1%	$2.68	—	SH BEN INT	55273C107
—	ABRDN HEALTHCARE INVESTORS	13,050	$222	0.1%	$18.00	—	SH BEN INT	87911J103
AAPL	APPLE INC	1,100	$212	0.1%	$182.81	0.0%	COM	037833100
—	CLOUGH GLOBAL EQUITY FD	35,296	$209	0.1%	$6.75	—	COM	18914C100
—	VIRTUS DIVIDEND INTEREST & P	16,274	$205	0.1%	$12.68	—	COM	92840R101
XDCFX	BNY MELLON ALCENTRA GLOBAL C	24,993	$205	0.1%	$7.62	—	COM	05588N108
—	GABELLI GLOBAL SMALL & MID C	13,662	$160	0.1%	$10.36	—	COM	36249W104
—	FRANKLIN UNVL TR	23,422	$156	0.1%	$6.62	—	SH BEN INT	355145103
—	BLACKROCK CR ALLOCATION INCO	14,500	$150	0.1%	$10.20	—	COM	092508100
—	TEMPLETON GLOBAL INCOME FD	31,499	$119	0.0%	$4.33	—	COM	880198106
—	PUTNAM MASTER INTER INCOME T	24,289	$78	0.0%	$3.36	—	SH BEN INT	746909100
—	VIRTUS CONVERTIBLE & INC FD	23,000	$69	0.0%	$3.04	—	COM	92838U108