Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SRH TOTAL RETURN FUND INC	655,209	$10,352	3.9%	$12.42	—	COM	101507101
—	SPROTT FOCUS TR INC	974,603	$7,504	2.8%	$7.73	—	COM	85208J109
—	NUVEEN NASDAQ 100 DYNAMIC OV	284,148	$7,241	2.7%	$24.22	—	COM SHS	670699107
—	LIBERTY ALL-STAR GROWTH FD I	1,255,941	$7,046	2.7%	$5.18	—	COM	529900102
—	BLACKROCK ENHANCD CAP & INM	339,551	$6,686	2.5%	$19.38	—	COM	09256A109
—	CENTRAL SECS CORP	139,353	$6,388	2.4%	$40.03	—	COM	155123102
—	CALAMOS GBL DYN INCOME FUND	845,993	$6,066	2.3%	$7.06	—	COM	12811L107
—	ROYCE MICRO-CAP TR INC	619,270	$5,951	2.2%	$9.08	—	COM	780915104
—	CALAMOS STRATEGIC TOTAL RETU	336,742	$5,842	2.2%	$16.34	—	COM SH BEN INT	128125101
—	TRI CONTL CORP	161,057	$5,321	2.0%	$30.80	—	COM	895436103
—	HIGHLAND GLOBAL ALLOCATION F	657,548	$5,168	1.9%	$8.53	—	COM	43010T104
—	EATON VANCE TAX ADVT DIV INC	206,646	$5,102	1.9%	$22.94	—	COM	27828G107
—	EATON VANCE TAX MNGED BUY WR	325,946	$4,703	1.8%	$13.35	—	COM	27828X100
—	NUVEEN S&P 500 BUY-WRITE INC	321,732	$4,488	1.7%	$13.25	—	COM	6706ER101
—	ALLSPRING INCOME OPPORTUNIT	622,241	$4,469	1.7%	$7.03	—	INC OPPTY FD	94987B105
—	ALLSPRING MULTI SECTOR INCOM	462,891	$4,465	1.7%	$9.42	—	COM	94987D101
—	ADAMS DIVERSIFIED EQUITY FD	206,202	$4,446	1.7%	$21.56	—	COM	006212104
—	EATON VANCE TAX-MANAGED BUY-	301,302	$4,158	1.6%	$12.56	—	COM	27828Y108
—	NUVEEN S&P 500 DYNAMIC OVERW	237,733	$4,054	1.5%	$15.76	—	COM	6706EW100
—	PGIM SHORT DUR HIG YLD OPP F	236,595	$3,956	1.5%	$15.05	—	COM	69355J104
—	EATON VANCE TX ADV GLBL DIV	197,963	$3,848	1.5%	$15.70	—	COM	27828S101
—	LIBERTY ALL STAR EQUITY FD	510,094	$3,622	1.4%	$6.80	—	SH BEN INT	530158104
—	GABELLI EQUITY TR INC	652,653	$3,583	1.4%	$5.41	—	COM	362397101
—	EUROPEAN EQUITY FD INC	379,304	$3,558	1.3%	$9.32	—	COM	298768102
—	NUVEEN DOW 30 DYNMC OVERWRT	212,033	$3,213	1.2%	$14.89	—	SHS	67075F105
—	EATON VANCE TAX-MANAGED GLOB	356,589	$3,109	1.2%	$7.75	—	COM	27829F108
—	EATON VANCE TAX-MANAGED DIVE	210,520	$3,084	1.2%	$13.27	—	COM	27828N102
—	MFS CHARTER INCOME TR	448,297	$2,945	1.1%	$6.30	—	SH BEN INT	552727109
—	ABRDN INCOME CREDIT STRATEGI	444,149	$2,940	1.1%	$6.62	—	COM	003057106
—	SWISS HELVETIA FD INC	327,809	$2,934	1.1%	$8.02	—	COM	870875101
—	VIRTUS GLOBAL MULTI-SECTOR I	347,269	$2,811	1.1%	$10.09	—	COM	92829B101
—	SOURCE CAP INC	60,101	$2,676	1.0%	$44.07	—	COM	836144105
—	FRANKLIN LTD DURATION INCOME	394,864	$2,634	1.0%	$6.30	—	COM	35472T101
—	PGIM HIGH YIELD BOND FUND IN	179,608	$2,504	0.9%	$12.29	—	COM	69346H100
—	NEW GERMANY FD INC	270,180	$2,413	0.9%	$12.57	—	COM	644465106
—	FIRST TR ENHANCED EQUITY INC	117,985	$2,400	0.9%	$17.87	—	COM	337318109
—	BRANDYWINEGBL GBL INCM OPP F	260,281	$2,322	0.9%	$8.35	—	COM	10537L104
—	PGIM GLOBAL HIGH YIELD FD FO	179,919	$2,299	0.9%	$11.66	—	COM	69346J106
—	FIRST TR INTER DURATN PFD &	116,642	$2,278	0.9%	$16.40	—	COM	33718W103
—	COLUMBIA SELIGM PREM TECH GR	67,232	$2,252	0.8%	$33.40	—	COM	19842X109
—	HANCOCK JOHN PREM DIVID FD	166,484	$2,201	0.8%	$10.68	—	COM SH BEN INT	41013T105
—	DOUBLELINE OPPORTUNISTIC CR	136,515	$2,160	0.8%	$15.36	—	COM	258623107
—	HANCOCK JOHN FINL OPPTYS FD	59,654	$1,978	0.7%	$30.19	—	SH BEN INT NEW	409735206
—	JOHN HANCOCK HEDGED EQUITY &	178,607	$1,959	0.7%	$10.31	—	COM	47804L102
—	HANCOCK JOHN INVT TR II	138,470	$1,947	0.7%	$12.74	—	COM	410142103
—	BLACKROCK ENHANCED EQUITY DI	221,193	$1,913	0.7%	$8.18	—	COM	09251A104
—	ROYCE SMALL CAP TRUST INC	120,571	$1,893	0.7%	$14.20	—	COM	780910105
—	WESTERN ASSET HIGH YIELD DEF	144,578	$1,806	0.7%	$11.87	—	COM	95768B107
—	ALLSPRING GLOBAL DIVIDEND OP	342,780	$1,762	0.7%	$4.47	—	COM	94987C103
—	COHEN & STEERS SELECT PFD &	81,753	$1,753	0.7%	$20.78	—	COM	19248Y107
—	BLACKROCK SCIENCE & TECHNOLO	46,823	$1,659	0.6%	$36.69	—	SHS	09258G104
—	NUVEEN FLOATING RATE INCOME	177,054	$1,562	0.6%	$8.82	—	COM	67072T108
—	GABELLI DIVID & INCOME TR	58,652	$1,434	0.5%	$24.46	—	COM	36242H104
—	BANCROFT FD LTD	83,989	$1,408	0.5%	$17.97	—	COM	059695106
—	COHEN & STEERS LTD DURATION	64,122	$1,395	0.5%	$19.14	—	COM	19248C105
—	MFS MULTIMARKET INCOME TR	286,096	$1,393	0.5%	$4.62	—	SH BEN INT	552737108
—	PIMCO GLOBAL STOCKSPLS INCM	164,393	$1,391	0.5%	$7.54	—	COM	722011103
—	TAIWAN FD INC	30,981	$1,361	0.5%	$27.77	—	COM	874036106
XHNWX	PIONEER DIVERSIFIED HIGH INC	106,990	$1,316	0.5%	$11.81	—	COM	723653101
—	ANGEL OAK FINL STRATEGIES IN	98,803	$1,306	0.5%	$12.50	—	COM BEN INT	03464A100
—	EATON VANCE ENHANCED EQUITY	60,090	$1,304	0.5%	$18.87	—	COM	278277108
—	SABA CAPITAL INCOME & OPPORT	153,213	$1,304	0.5%	$8.51	—	COM NEW	880198205
—	WESTERN ASSET EMERGING MKTS	121,531	$1,247	0.5%	$9.39	—	COM	95766A101
—	CLOUGH GLOBAL OPPORTUNITIES	228,299	$1,244	0.5%	$5.19	—	SH BEN INT	18914E106
—	MORGAN STANLEY EMERGING MKTS	231,346	$1,197	0.5%	$4.92	—	COM	617477104
—	WESTERN ASSET HIGH INCOM FD	262,159	$1,195	0.5%	$4.54	—	COM	95766J102
—	NUVEEN CORE PLUS IMPACT FUND	99,133	$1,187	0.4%	$11.97	—	COM BEN INT	67080D103
—	VOYA ASIA PAC HIGH DIV EQT I	170,474	$1,168	0.4%	$8.01	—	COM	92912J102
XPHTX	PIONEER HIGH INCOME FUND INC	143,928	$1,151	0.4%	$7.53	—	COM	72369H106
—	NUVEEN GLOBAL HIGH INCOME FD	83,975	$1,132	0.4%	$13.04	—	SHS	67075G103
—	VIRTUS TOTAL RETURN FD INC	181,877	$1,128	0.4%	$5.52	—	COM	92835W107
—	BLACKSTONE STRATEGIC CRED 20	88,935	$1,096	0.4%	$12.32	—	COM SHS BEN IN	09257R101
—	VIRTUS DIVERSIFIED INCM & CO	50,876	$1,092	0.4%	$21.36	—	COM	92840N100
—	BARINGS GLOBAL SHORT DURATIO	70,940	$1,083	0.4%	$13.37	—	COM	06760L100
—	WESTERN ASSET GBL HIGH INC F	153,175	$1,073	0.4%	$6.97	—	COM	95766B109
SPY	SPDR S&P 500 ETF TR	1,829	$1,054	0.4%	$540.21	—	TR UNIT	78462F103
—	RIVERNORTH DOUBLELINE STRATE	114,248	$1,037	0.4%	$8.73	—	COM	76882G107
—	NUVEEN MULTI ASSET INCOME FU	76,571	$1,012	0.4%	$12.94	—	COM	670750108
—	INVESCO HIGH INCOME TR II	87,155	$1,004	0.4%	$12.40	—	COM	46131F101
—	ELLSWORTH GROWTH & INCOME FD	111,265	$1,000	0.4%	$8.13	—	COM	289074106
—	PUTNAM PREMIER INCOME TR	262,306	$985	0.4%	$3.61	—	SH BEN INT	746853100
XXINSIXX	INSIGHT SELECT INCOME FD	55,091	$972	0.4%	$16.32	—	COM	45781W109
—	FLAHERTY & CRUMRINE DYNAMIC	44,315	$953	0.4%	$18.06	—	SHS	33848W106
—	EATON VANCE LTD DURATION INC	90,252	$949	0.4%	$9.37	—	COM	27828H105
XPHDX	PIONEER FLOATING RATE FUND I	94,788	$938	0.4%	$9.99	—	COM	72369J102
—	BLACKROCK ENHANCED INTL DIV	156,083	$905	0.3%	$5.46	—	COM BENE INTER	092524107
—	SPECIAL OPPORTUNITIES FD INC	63,636	$885	0.3%	$11.35	—	COM	84741T104
—	ABRDN GLOBAL DYNAMIC DIVIDEN	82,364	$875	0.3%	$10.94	—	COM	00302M106
—	BROOKFIELD REAL ASSETS INCOM	63,190	$866	0.3%	$12.80	—	SHS BEN INT	112830104
—	TEMPLETON DRAGON FD INC	94,495	$866	0.3%	$12.38	—	COM	88018T101
—	WESTERN ASSET INVESTMENT GRA	65,981	$852	0.3%	$12.13	—	COM	95766T100
—	TEMPLETON EMERGING MKTS INCO	141,100	$823	0.3%	$5.04	—	COM	880192109
XXCHNXX	CHINA FD INC	62,892	$801	0.3%	$16.75	—	COM	169373107
—	VIRTUS ARTIFICIAL INTELLIGEN	36,297	$797	0.3%	$21.97	—	COM	92838Y100
—	GABELLI GLOBAL SMALL & MID C	62,183	$772	0.3%	$11.71	—	COM	36249W104
—	MEXICO EQUITY & INCOME FD	77,758	$713	0.3%	$7.98	—	COM	592834105
—	SABA CAPITAL INCOME & OPRNT	93,657	$711	0.3%	$7.43	—	SHS NEW	78518H202
—	EATON VANCE FLTING RATE INC	54,752	$705	0.3%	$12.88	—	COM	278279104
—	BLACKROCK MULTI SECTOR INC T	44,841	$682	0.3%	$15.20	—	COM	09258A107
—	HANCOCK JOHN INCOME SECS TR	57,330	$666	0.3%	$11.21	—	COM	410123103
—	NUVEEN REAL ASSET INCOME & G	48,198	$665	0.3%	$13.80	—	COM	67074Y105
—	EATON VANCE RISK-MANAGED DIV	71,605	$659	0.2%	$7.94	—	COM	27829G106
—	EATON VANCE ENHANCED EQUITY	31,247	$632	0.2%	$17.94	—	COM	278274105
—	JAPAN SMALLER CAPITALIZATION	75,633	$625	0.2%	$7.70	—	COM	47109U104
—	TEMPLETON EMERGING MKTS FD	45,513	$616	0.2%	$13.31	—	COM	880191101
—	ROYCE GLOBAL TRUST INC	51,765	$600	0.2%	$10.96	—	COM	78081T104
—	FIRST TR SR FLTG RATE INCOME	57,300	$594	0.2%	$10.17	—	COM	33733U108
—	VIRTUS CONVERTIBLE & INC FD	190,638	$593	0.2%	$3.03	—	COM	92838U108
—	EATON VANCE TAX-ADVANTAGED G	21,739	$577	0.2%	$25.01	—	COM	27828U106
XJEQX	ABRDN JAPAN EQUITY FUND INC	85,799	$536	0.2%	$6.41	—	COM	00306J109
—	ABRDN ASIA PACIFIC INCOME FU	29,672	$516	0.2%	$17.40	—	COM NEW	003009867
—	DOUBLELINE INCOME SOLUTIONS	39,548	$513	0.2%	$12.26	—	COM	258622109
—	VOYA GLBL ADV & PREM OPP FD	53,435	$508	0.2%	$8.94	—	COM	92912R104
—	ADVENT CONV & INCOME FD	41,596	$488	0.2%	$11.74	—	COM	00764C109
—	MFS INTER INCOME TR	176,098	$479	0.2%	$2.68	—	SH BEN INT	55273C107
—	ABRDN TOTAL DYNAMIC DIVIDEND	52,542	$478	0.2%	$8.00	—	COM SH BEN INT	00326L100
—	EATON VANCE TAX-MANAGED GLOB	54,258	$471	0.2%	$7.81	—	COM	27829C105
—	NUVEEN PFD & INCOME OPPORTUN	57,000	$464	0.2%	$8.14	—	COM	67073B106
—	PUTNAM MASTER INTER INCOME T	135,196	$461	0.2%	$3.26	—	SH BEN INT	746909100
—	EATON VANCE SHORT DURATION D	39,473	$441	0.2%	$10.34	—	COM	27828V104
—	WESTERN ASSET DIVERSIFIED IN	27,338	$433	0.2%	$14.55	—	COM SHS BEN INT	95790K109
—	MORGAN STANLEY CHINA A SH FD	31,088	$421	0.2%	$20.52	—	COM	617468103
—	MFS GOVT MKTS INCOME TR	124,815	$413	0.2%	$3.07	—	SH BEN INT	552939100
—	BLACKROCK ENHANCED GLOBAL DI	36,275	$408	0.2%	$10.53	—	COM	092501105
—	COHEN & STEERS TAX ADVAN PFD	19,332	$407	0.2%	$19.61	—	COM	19249X108
—	NUVEEN CR STRATEGIES INCOME	69,300	$401	0.2%	$5.48	—	COM SHS	67073D102
—	VIRTUS EQUITY & CONV INCM FD	17,425	$401	0.2%	$23.01	—	COM	92841M101
—	ABRDN EMRG MKTS EQTY INCM FD	69,779	$393	0.1%	$6.26	—	COM	00301W105
—	VIRTUS DIVIDEND INTEREST & P	29,789	$388	0.1%	$13.04	—	COM	92840R101
—	BLACKROCK MUN TARGET TERM TR	17,699	$383	0.1%	$20.82	—	COM SHS BEN IN	09257P105
—	MEXICO FD INC	24,216	$365	0.1%	$15.05	—	COM	592835102
—	VOYA EMERGING MKTS HIGH DIVI	61,192	$349	0.1%	$6.69	—	COM	92912P108
—	NUVEEN CORE EQUITY ALPHA FD	22,393	$344	0.1%	$14.21	—	COM	67090X107
—	VOYA GLBL EQTY DIV & PREM OP	59,559	$336	0.1%	$5.13	—	COM	92912T100
—	CALAMOS LNG SHR EQT DYNAMIC	21,188	$332	0.1%	$16.37	—	COM	12812C106
—	NEUBERGER BERMAN NEXT GENERA	25,432	$326	0.1%	$12.83	—	COMMON STOCK	64133Q108
—	CLOUGH GLOBAL EQUITY FD	46,990	$326	0.1%	$6.68	—	COM	18914C100
—	PRINCIPAL REAL ESTATE INCOME	29,173	$326	0.1%	$10.75	—	SHS BEN INT	74255X104
—	INDIA FD INC	16,500	$314	0.1%	$17.88	—	COM	454089103
—	BLACKSTONE SENI FLTN RAT 202	21,677	$306	0.1%	$14.01	—	COM	09256U105
—	FRANKLIN UNVL TR	40,146	$304	0.1%	$6.66	—	SH BEN INT	355145103
—	ABRDN AUSTRALIA EQUITY FD IN	63,995	$301	0.1%	$4.66	—	COM	003011103
QQQ	INVESCO QQQ TR	591	$289	0.1%	$321.40	—	UNIT SER 1	46090E103
—	BLACKROCK ESG CAP ALLC TERM	15,512	$275	0.1%	$17.74	—	SHS BEN INT	09262F100
CMG	CHIPOTLE MEXICAN GRILL INC	4,350	$251	0.1%	$61.90	-10.6%	COM	169656105
—	KOREA FD INC	10,672	$243	0.1%	$35.01	—	COM NEW	500634209
—	FIRST TR HIGH YIELD OPPRT 20	14,500	$219	0.1%	$14.15	—	COM	33741Q107
ADBE	ADOBE INC	400	$207	0.1%	$524.63	+4.5%	COM	00724F101
—	PIMCO INCOME STRATEGY FD	23,082	$200	0.1%	$8.29	—	COM	72201H108
—	BLACKSTONE LONG SHORT CR INC	15,084	$193	0.1%	$12.79	—	COM SHS BN INT	09257D102
—	FIRST TR SPECIALTY FIN & FIN	41,538	$169	0.1%	$4.01	—	COM BEN INTR	33733G109
—	VIRTUS CONVERTIBLE & INCOME	32,870	$115	0.0%	$3.37	—	COM	92838X102
—	WESTERN ASSET HIGH INCOME OP	25,310	$103	0.0%	$4.09	—	COM	95766K109
—	PIMCO INCOME STRATEGY FD II	12,825	$99	0.0%	$7.13	—	COM	72201J104
—	BLACKROCK INNOVATION AND GRW	10,153	$77	0.0%	$7.27	—	SHS BEN INT	09260Q108
—	NUVEEN MULTI-MKT INCOME FD	10,782	$69	0.0%	$6.12	—	COM	67075J107
—	GABELLI CONV & INC SECS FD I	14,109	$52	0.0%	$3.67	—	COM	36240B109