Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SRH TOTAL RETURN FUND INC	635,982	$9,254	3.7%	$12.32	—	COM	101507101
—	SPROTT FOCUS TR INC	995,343	$7,466	3.0%	$7.73	—	COM	85208J109
—	LIBERTY ALL-STAR GROWTH FD I	1,313,319	$7,013	2.8%	$5.18	—	COM	529900102
—	NUVEEN NASDAQ 100 DYNAMIC OV	234,152	$5,958	2.4%	$23.95	—	COM SHS	670699107
—	NUVEEN S&P 500 BUY-WRITE INC	426,207	$5,858	2.4%	$13.25	—	COM	6706ER101
—	GENERAL AMERN INVS CO INC	108,528	$5,396	2.2%	$44.81	—	COM	368802104
—	ROYCE MICRO-CAP TR INC	574,290	$5,278	2.1%	$9.04	—	COM	780915104
—	LIBERTY ALL STAR EQUITY FD	751,159	$5,108	2.1%	$6.80	—	SH BEN INT	530158104
—	EATON VANCE TAX-MANAGED BUY-	369,575	$5,052	2.0%	$12.56	—	COM	27828Y108
—	EATON VANCE TX ADV GLBL DIV	257,575	$4,793	1.9%	$15.70	—	COM	27828S101
—	HIGHLAND GLOBAL ALLOCATION F	614,264	$4,625	1.9%	$8.58	—	COM	43010T104
—	BLACKROCK ENHANCD CAP & INM	227,627	$4,550	1.8%	$19.23	—	COM	09256A109
—	ALLSPRING MULTI SECTOR INCOM	492,903	$4,459	1.8%	$9.42	—	COM	94987D101
—	EATON VANCE TAX ADVT DIV INC	178,135	$4,149	1.7%	$22.66	—	COM	27828G107
—	ALLSPRING INCOME OPPORTUNIT	618,812	$4,129	1.7%	$7.03	—	INC OPPTY FD	94987B105
—	PGIM SHORT DUR HIG YLD OPP F	256,343	$3,930	1.6%	$15.05	—	COM	69355J104
—	NUVEEN S&P 500 DYNAMIC OVERW	223,364	$3,714	1.5%	$15.67	—	COM	6706EW100
—	EATON VANCE TAX MNGED BUY WR	261,714	$3,695	1.5%	$13.08	—	COM	27828X100
—	BLACKROCK ENHANCED EQUITY DI	446,818	$3,651	1.5%	$8.18	—	COM	09251A104
—	EUROPEAN EQUITY FD INC	375,603	$3,374	1.4%	$9.32	—	COM	298768102
—	EATON VANCE TAX-MANAGED GLOB	398,922	$3,371	1.4%	$7.75	—	COM	27829F108
—	FRANKLIN LTD DURATION INCOME	510,214	$3,235	1.3%	$6.30	—	COM	35472T101
—	FIRST TR ENHANCED EQUITY INC	159,671	$3,181	1.3%	$17.87	—	COM	337318109
—	VIRTUS GLOBAL MULTI-SECTOR I	413,933	$3,133	1.3%	$10.09	—	COM	92829B101
—	NUVEEN DOW 30 DYNMC OVERWRT	218,389	$3,121	1.3%	$14.89	—	SHS	67075F105
—	NUVEEN CORE EQUITY ALPHA FD	202,739	$3,109	1.3%	$14.21	—	COM	67090X107
—	EATON VANCE TAX-MANAGED GLOB	364,908	$3,018	1.2%	$7.81	—	COM	27829C105
—	TRI CONTL CORP	94,909	$2,939	1.2%	$29.24	—	COM	895436103
—	CENTRAL SECS CORP	63,707	$2,804	1.1%	$33.14	—	COM	155123102
—	EATON VANCE LTD DURATION INC	280,101	$2,728	1.1%	$9.37	—	COM	27828H105
—	ROYCE SMALL CAP TRUST INC	188,256	$2,724	1.1%	$14.20	—	COM	780910105
—	HANCOCK JOHN INVT TR II	203,489	$2,706	1.1%	$12.74	—	COM	410142103
—	PGIM HIGH YIELD BOND FUND IN	208,631	$2,687	1.1%	$12.29	—	COM	69346H100
—	EATON VANCE TAX-MANAGED DIVE	190,304	$2,674	1.1%	$13.12	—	COM	27828N102
—	SWISS HELVETIA FD INC	323,974	$2,614	1.1%	$8.00	—	COM	870875101
—	MFS CHARTER INCOME TR	413,834	$2,595	1.0%	$6.27	—	SH BEN INT	552727109
—	HANCOCK JOHN PREM DIVID FD	212,585	$2,504	1.0%	$10.68	—	COM SH BEN INT	41013T105
—	CALAMOS STRATEGIC TOTAL RETU	143,153	$2,411	1.0%	$14.97	—	COM SH BEN INT	128125101
—	ALLSPRING GLOBAL DIVIDEND OP	481,655	$2,400	1.0%	$4.47	—	COM	94987C103
—	PGIM GLOBAL HIGH YIELD FD FO	193,465	$2,298	0.9%	$11.66	—	COM	69346J106
—	NEW GERMANY FD INC	280,683	$2,283	0.9%	$12.57	—	COM	644465106
SPY	SPDR S&P 500 ETF TR	4,125	$2,251	0.9%	$540.21	—	TR UNIT	78462F103
—	DOUBLELINE OPPORTUNISTIC CR	144,101	$2,213	0.9%	$15.36	—	COM	258623107
—	BRANDYWINEGBL GBL INCM OPP F	243,615	$2,031	0.8%	$8.31	—	COM	10537L104
—	JOHN HANCOCK HEDGED EQUITY &	190,950	$1,984	0.8%	$10.31	—	COM	47804L102
—	EATON VANCE RISK-MANAGED DIV	209,915	$1,843	0.7%	$7.94	—	COM	27829G106
—	ABRDN GLOBAL DYNAMIC DIVIDEN	188,767	$1,842	0.7%	$10.94	—	COM	00302M106
—	PIMCO GLOBAL STOCKSPLS INCM	231,174	$1,761	0.7%	$7.54	—	COM	722011103
—	FIRST TR INTER DURATN PFD &	95,142	$1,748	0.7%	$15.70	—	COM	33718W103
—	COHEN & STEERS LTD DURATION	84,927	$1,690	0.7%	$19.14	—	COM	19248C105
—	TEMPLETON EMERGING MKTS INCO	315,666	$1,683	0.7%	$5.04	—	COM	880192109
—	FLAHERTY & CRUMRINE DYNAMIC	79,008	$1,517	0.6%	$18.06	—	SHS	33848W106
—	LMP CAP & INCOME FD INC	92,584	$1,440	0.6%	$15.55	—	COM	50208A102
—	CLOUGH GLOBAL OPPORTUNITIES	265,485	$1,428	0.6%	$5.19	—	SH BEN INT	18914E106
—	EATON VANCE ENHANCED EQUITY	73,314	$1,424	0.6%	$17.94	—	COM	278274105
—	WESTERN ASSET EMERGING MKTS	147,021	$1,379	0.6%	$9.39	—	COM	95766A101
—	INVESCO HIGH INCOME TR II	130,324	$1,378	0.6%	$12.40	—	COM	46131F101
XTEAX	ECOFIN SUSTAINABLE AND SOCIA	118,883	$1,368	0.6%	$11.95	—	COM SH BEN INT	27901F109
—	TAIWAN FD INC	30,981	$1,361	0.6%	$27.77	—	COM	874036106
—	RIVERNORTH CAP AND INCM FD I	86,778	$1,333	0.5%	$15.86	—	COM	76882B108
—	WESTERN ASSET HIGH YIELD DEF	109,635	$1,285	0.5%	$11.67	—	COM	95768B107
—	MFS MULTIMARKET INCOME TR	252,857	$1,183	0.5%	$4.59	—	SH BEN INT	552737108
XPHTX	PIONEER HIGH INCOME FUND INC	155,045	$1,166	0.5%	$7.53	—	COM	72369H106
—	HANCOCK JOHN FINL OPPTYS FD	40,840	$1,144	0.5%	$28.83	—	SH BEN INT NEW	409735206
—	PUTNAM PREMIER INCOME TR	317,023	$1,143	0.5%	$3.61	—	SH BEN INT	746853100
—	BARINGS GLOBAL SHORT DURATIO	78,444	$1,142	0.5%	$13.37	—	COM	06760L100
—	VOYA GLBL EQTY DIV & PREM OP	218,985	$1,126	0.5%	$5.13	—	COM	92912T100
—	VOYA ASIA PAC HIGH DIV EQT I	172,356	$1,093	0.4%	$8.01	—	COM	92912J102
—	BANCROFT FD LTD	67,889	$1,064	0.4%	$18.26	—	COM	059695106
—	ANGEL OAK FINL STRATEGIES IN	84,071	$1,040	0.4%	$12.37	—	COM BEN INT	03464A100
—	EATON VANCE ENHANCED EQUITY	47,610	$1,037	0.4%	$18.13	—	COM	278277108
—	COLUMBIA SELIGM PREM TECH GR	30,064	$1,001	0.4%	$33.29	—	COM	19842X109
—	BLACKROCK SCIENCE & TECHNOLO	26,332	$992	0.4%	$37.66	—	SHS	09258G104
—	SABA CAPITAL INCOME & OPRNT	134,511	$947	0.4%	$7.43	—	SHS NEW	78518H202
XPHDX	PIONEER FLOATING RATE FUND I	96,815	$935	0.4%	$9.99	—	COM	72369J102
XXINSIXX	INSIGHT SELECT INCOME FD	57,308	$935	0.4%	$16.32	—	COM	45781W109
—	GABELLI GLOBAL SMALL & MID C	81,994	$926	0.4%	$11.71	—	COM	36249W104
—	ELLSWORTH GROWTH & INCOME FD	111,018	$915	0.4%	$8.13	—	COM	289074106
—	BLACKROCK ENHANCED INTL DIV	163,838	$914	0.4%	$5.46	—	COM BENE INTER	092524107
—	VOYA GLBL ADV & PREM OPP FD	101,617	$899	0.4%	$8.94	—	COM	92912R104
—	NUVEEN GLOBAL HIGH INCOME FD	65,322	$844	0.3%	$12.91	—	SHS	67075G103
—	BROOKFIELD REAL ASSETS INCOM	65,654	$838	0.3%	$12.80	—	SHS BEN INT	112830104
—	BLACKSTONE SENI FLTN RAT 202	59,606	$835	0.3%	$14.01	—	COM	09256U105
—	MEXICO EQUITY & INCOME FD	84,204	$808	0.3%	$7.98	—	COM	592834105
—	WESTERN ASSET INVESTMENT GRA	66,426	$806	0.3%	$12.13	—	COM	95766T100
XHNWX	PIONEER DIVERSIFIED HIGH INC	68,962	$805	0.3%	$11.54	—	COM	723653101
—	TEMPLETON DRAGON FD INC	99,946	$802	0.3%	$12.38	—	COM	88018T101
—	PUTNAM MASTER INTER INCOME T	237,727	$772	0.3%	$3.26	—	SH BEN INT	746909100
—	SPECIAL OPPORTUNITIES FD INC	58,923	$771	0.3%	$11.15	—	COM	84741T104
XXCHNXX	CHINA FD INC	75,695	$766	0.3%	$16.75	—	COM	169373107
—	FIRST TR HIGH YIELD OPPRT 20	53,169	$761	0.3%	$14.15	—	COM	33741Q107
—	COHEN & STEERS SELECT PFD &	37,426	$740	0.3%	$19.99	—	COM	19248Y107
—	BLACKROCK LTD DURATION INCOM	52,574	$734	0.3%	$12.88	—	COM SHS	09249W101
—	NUVEEN CR STRATEGIES INCOME	128,694	$721	0.3%	$5.48	—	COM SHS	67073D102
—	MFS GOVT MKTS INCOME TR	224,188	$688	0.3%	$3.07	—	SH BEN INT	552939100
—	MORGAN STANLEY EMERGING MKTS	145,672	$684	0.3%	$4.76	—	COM	617477104
—	RIVERNORTH DOUBLELINE STRATE	78,128	$676	0.3%	$8.57	—	COM	76882G107
—	BLACKROCK INNOVATION AND GRW	92,062	$666	0.3%	$7.27	—	SHS BEN INT	09260Q108
—	GABELLI EQUITY TR INC	127,151	$661	0.3%	$5.08	—	COM	362397101
—	FIRST TR SR FLTG RATE INCOME	65,165	$657	0.3%	$10.17	—	COM	33733U108
—	ALLIANCEBERNSTEIN GLOBAL HIG	62,400	$654	0.3%	$10.30	—	COM	01879R106
—	VIRTUS TOTAL RETURN FD INC	116,983	$638	0.3%	$5.14	—	COM	92835W107
—	VIRTUS CONVERTIBLE & INCOME	187,955	$615	0.2%	$3.37	—	COM	92838X102
—	BNY MELLON HIGH YIELD STRATE	252,611	$609	0.2%	$2.77	—	SH BEN INT	09660L105
—	TEMPLETON EMERGING MKTS FD	47,427	$586	0.2%	$13.31	—	COM	880191101
—	ABRDN TOTAL DYNAMIC DIVIDEND	68,817	$579	0.2%	$8.00	—	COM SH BEN INT	00326L100
—	EATON VANCE TAX-ADVANTAGED G	22,527	$574	0.2%	$25.01	—	COM	27828U106
—	JAPAN SMALLER CAPITALIZATION	75,633	$573	0.2%	$7.70	—	COM	47109U104
—	WESTERN ASSET DIVERSIFIED IN	39,343	$573	0.2%	$14.55	—	COM SHS BEN INT	95790K109
XDCFX	BNY MELLON ALCENTRA GLOBAL C	64,369	$570	0.2%	$8.37	—	COM	05588N108
—	HANCOCK JOHN PFD INCOME FD	31,040	$519	0.2%	$16.13	—	SH BEN INT	41013W108
—	HANCOCK JOHN INCOME SECS TR	43,113	$470	0.2%	$11.07	—	COM	410123103
—	PIMCO INCOME STRATEGY FD	56,763	$467	0.2%	$8.29	—	COM	72201H108
—	VIRTUS DIVERSIFIED INCM & CO	21,409	$454	0.2%	$21.22	—	COM	92840N100
—	CALAMOS GBL DYN INCOME FUND	65,191	$447	0.2%	$5.79	—	COM	12811L107
—	COHEN & STEERS TAX ADVAN PFD	22,104	$439	0.2%	$19.61	—	COM	19249X108
—	DOUBLELINE INCOME SOLUTIONS	34,107	$427	0.2%	$12.14	—	COM	258622109
—	MEXICO FD INC	26,216	$419	0.2%	$15.05	—	COM	592835102
—	NUVEEN MULTI ASSET INCOME FU	32,804	$412	0.2%	$12.56	—	COM	670750108
—	MFS INTER INCOME TR	152,493	$406	0.2%	$2.67	—	SH BEN INT	55273C107
XJEQX	ABRDN JAPAN EQUITY FUND INC	68,399	$402	0.2%	$6.45	—	COM	00306J109
—	GABELLI DIVID & INCOME TR	17,200	$391	0.2%	$24.48	—	COM	36242H104
—	BLACKROCK MUN TARGET TERM TR	18,000	$375	0.2%	$20.82	—	COM SHS BEN IN	09257P105
—	EATON VANCE SHORT DURATION D	34,522	$373	0.2%	$10.22	—	COM	27828V104
—	VIRTUS CONVERTIBLE & INC FD	126,982	$371	0.1%	$2.99	—	COM	92838U108
—	ABRDN EMRG MKTS EQTY INCM FD	69,779	$369	0.1%	$6.26	—	COM	00301W105
—	CLOUGH GLOBAL DIVID & INCOME	64,508	$368	0.1%	$5.67	—	COM	18913Y103
—	VOYA EMERGING MKTS HIGH DIVI	64,419	$347	0.1%	$6.69	—	COM	92912P108
—	MORGAN STANLEY CHINA A SH FD	29,101	$342	0.1%	$20.99	—	COM	617468103
—	GABELLI GLOBL UTIL & INCOME	23,511	$326	0.1%	$13.86	—	COM SH BEN INT	36242L105
—	WESTERN ASSET GBL HIGH INC F	45,184	$322	0.1%	$6.90	—	COM	95766B109
—	KOREA FD INC	13,161	$318	0.1%	$35.01	—	COM NEW	500634209
—	CLOUGH GLOBAL EQUITY FD	43,706	$305	0.1%	$6.66	—	COM	18914C100
—	FIRST TR HIGH INCOME LONG /	24,479	$302	0.1%	$11.87	—	COM	33738E109
—	BLACKROCK DEBT STRATEGIES FD	27,654	$300	0.1%	$10.84	—	COM NEW	09255R202
—	INDIA FD INC	16,500	$295	0.1%	$17.88	—	COM	454089103
QQQ	INVESCO QQQ TR	603	$289	0.1%	$321.40	—	UNIT SER 1	46090E103
—	ABRDN AUSTRALIA EQUITY FD IN	63,995	$277	0.1%	$4.66	—	COM	003011103
CMG	CHIPOTLE MEXICAN GRILL INC	4,350	$273	0.1%	$61.90	+0.4%	COM	169656105
—	FRANKLIN UNVL TR	38,813	$264	0.1%	$6.63	—	SH BEN INT	355145103
—	THORNBURG INCM BUILDER OPP T	15,622	$252	0.1%	$16.17	—	COM	885213108
—	CALAMOS LNG SHR EQT DYNAMIC	15,272	$233	0.1%	$16.63	—	COM	12812C106
—	ROYCE GLOBAL TRUST INC	20,866	$232	0.1%	$10.00	—	COM	78081T104
ADBE	ADOBE INC	400	$222	0.1%	$524.63	-7.7%	COM	00724F101
—	DOUBLELINE YIELD OPPORTUNITI	13,431	$212	0.1%	$15.92	—	COM	25862D105
—	BLACKROCK ENHANCED GLOBAL DI	19,697	$209	0.1%	$9.92	—	COM	092501105
—	SOURCE CAP INC	4,528	$200	0.1%	$38.46	—	COM	836144105
—	FIRST TR ABRDN GBL OPP INCM	30,069	$191	0.1%	$6.34	—	COM SHS	337319107
—	BLACKROCK HEALTH SCIENCES TE	12,000	$184	0.1%	$15.36	—	COM SHS	09260E105
—	GABELLI HLTHCARE & WELLNESS	16,647	$159	0.1%	$10.24	—	SHS	36246K103
—	PRINCIPAL REAL ESTATE INCOME	12,900	$132	0.1%	$10.21	—	SHS BEN INT	74255X104
—	PIMCO INCOME STRATEGY FD II	14,849	$108	0.0%	$7.13	—	COM	72201J104
—	WESTERN ASSET HIGH INCOM FD	24,000	$104	0.0%	$4.35	—	COM	95766J102
—	CBRE GBL REAL ESTATE INC FD	15,000	$76	0.0%	$5.04	—	COM	12504G100
—	NUVEEN MULTI-MKT INCOME FD	10,782	$65	0.0%	$6.12	—	COM	67075J107
—	NEUBERGER BERMAN REAL ESTATE	15,840	$53	0.0%	$3.37	—	COM	64190A103
—	FIRST TR SPECIALTY FIN & FIN	13,304	$52	0.0%	$3.89	—	COM BEN INTR	33733G109