Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SRH TOTAL RETURN FUND INC	726,726	$11,642	4.5%	$12.78	—	COM	101507101
—	CENTRAL SECS CORP	167,641	$7,659	2.9%	$40.99	—	COM	155123102
—	ROYCE MICRO-CAP TR INC	734,786	$7,164	2.7%	$9.18	—	COM	780915104
—	LIBERTY ALL-STAR GROWTH FD I	1,239,683	$7,125	2.7%	$5.18	—	COM	529900102
—	CALAMOS STRATEGIC TOTAL RETU	360,621	$6,424	2.5%	$16.44	—	COM SH BEN INT	128125101
SPY	SPDR S&P 500 ETF TR	9,454	$5,564	2.1%	$579.17	—	TR UNIT	78462F103
—	TRI CONTL CORP	164,067	$5,199	2.0%	$30.82	—	COM	895436103
—	CALAMOS GBL DYN INCOME FUND	721,031	$4,903	1.9%	$7.06	—	COM	12811L107
—	NUVEEN NASDAQ 100 DYNAMIC OV	178,663	$4,833	1.9%	$24.22	—	COM SHS	670699107
—	HIGHLAND GLOBAL ALLOCATION F	667,027	$4,542	1.7%	$8.51	—	COM	43010T104
—	EATON VANCE TX ADV GLBL DIV	244,573	$4,459	1.7%	$16.18	—	COM	27828S101
—	ALLSPRING INCOME OPPORTUNIT	635,994	$4,416	1.7%	$7.03	—	INC OPPTY FD	94987B105
—	EATON VANCE TAX ADVT DIV INC	181,673	$4,369	1.7%	$22.94	—	COM	27828G107
—	NUVEEN S&P 500 DYNAMIC OVERW	245,444	$4,357	1.7%	$15.82	—	COM	6706EW100
—	BLACKROCK ENHANCED EQUITY DI	487,926	$4,040	1.5%	$8.24	—	COM	09251A104
—	PGIM SHORT DUR HIG YLD OPP F	244,735	$3,971	1.5%	$15.09	—	COM	69355J104
—	ALLSPRING MULTI SECTOR INCOM	376,291	$3,487	1.3%	$9.42	—	COM	94987D101
—	EATON VANCE TAX MNGED BUY WR	219,102	$3,287	1.3%	$13.35	—	COM	27828X100
—	ABRDN ASIA PACIFIC INCOME FU	219,257	$3,255	1.2%	$15.19	—	COM NEW	003009867
—	NUVEEN CORE EQUITY ALPHA FD	197,446	$3,139	1.2%	$15.71	—	COM	67090X107
—	EATON VANCE TAX-MANAGED GLOB	367,624	$3,095	1.2%	$8.33	—	COM	27829C105
—	NUVEEN S&P 500 BUY-WRITE INC	214,868	$3,006	1.2%	$13.25	—	COM	6706ER101
—	ADAMS DIVERSIFIED EQUITY FD	147,864	$2,987	1.1%	$21.56	—	COM	006212104
—	FRANKLIN LTD DURATION INCOME	441,873	$2,930	1.1%	$6.33	—	COM	35472T101
—	EATON VANCE TAX-MANAGED GLOB	357,913	$2,924	1.1%	$7.75	—	COM	27829F108
—	LIBERTY ALL STAR EQUITY FD	409,094	$2,875	1.1%	$6.80	—	SH BEN INT	530158104
—	EATON VANCE TAX-MANAGED BUY-	192,501	$2,774	1.1%	$12.56	—	COM	27828Y108
—	SPROTT FOCUS TR INC	375,210	$2,745	1.1%	$7.73	—	COM	85208J109
—	EATON VANCE RISK-MANAGED DIV	282,970	$2,634	1.0%	$8.96	—	COM	27829G106
—	JOHN HANCOCK HEDGED EQUITY &	249,606	$2,548	1.0%	$10.28	—	COM	47804L102
—	EUROPEAN EQUITY FD INC	301,459	$2,495	1.0%	$9.32	—	COM	298768102
—	FIRST TR ENHANCED EQUITY INC	119,142	$2,467	0.9%	$17.87	—	COM	337318109
—	GABELLI DIVID & INCOME TR	102,082	$2,465	0.9%	$24.33	—	COM	36242H104
—	NUVEEN MULTI ASSET INCOME FU	193,247	$2,327	0.9%	$12.40	—	COM	670750108
—	SPECIAL OPPORTUNITIES FD INC	157,812	$2,309	0.9%	$13.31	—	COM	84741T104
—	COLUMBIA SELIGM PREM TECH GR	67,665	$2,162	0.8%	$33.40	—	COM	19842X109
—	NUVEEN GLOBAL HIGH INCOME FD	162,483	$2,086	0.8%	$12.94	—	SHS	67075G103
—	MFS CHARTER INCOME TR	314,069	$2,004	0.8%	$6.30	—	SH BEN INT	552727109
—	VIRTUS GLOBAL MULTI-SECTOR I	259,354	$1,981	0.8%	$10.09	—	COM	92829B101
—	ANGEL OAK FINL STRATEGIES IN	154,668	$1,964	0.8%	$12.57	—	COM BEN INT	03464A100
—	WESTERN ASSET HIGH YIELD DEF	161,521	$1,909	0.7%	$11.86	—	COM	95768B107
—	NUVEEN CORE PLUS IMPACT FUND	180,700	$1,899	0.7%	$11.31	—	COM BEN INT	67080D103
—	SWISS HELVETIA FD INC	252,561	$1,892	0.7%	$8.02	—	COM	870875101
—	EATON VANCE LTD DURATION INC	185,412	$1,811	0.7%	$9.58	—	COM	27828H105
—	BRANDYWINEGBL GBL INCM OPP F	225,387	$1,803	0.7%	$8.35	—	COM	10537L104
—	HANCOCK JOHN PREM DIVID FD	135,139	$1,722	0.7%	$10.68	—	COM SH BEN INT	41013T105
—	DOUBLELINE OPPORTUNISTIC CR	110,583	$1,714	0.7%	$15.36	—	COM	258623107
—	FIRST TR INTER DURATN PFD &	93,141	$1,690	0.6%	$16.40	—	COM	33718W103
—	TAIWAN FD INC	35,411	$1,648	0.6%	$30.12	—	COM	874036106
—	SABA CAPITAL INCOME & OPRNT	215,330	$1,641	0.6%	$7.54	—	SHS NEW	78518H202
—	SABA CAPITAL INCOME & OPPORT	179,109	$1,623	0.6%	$8.59	—	COM NEW	880198205
—	WESTERN ASSET EMERGING MKTS	167,885	$1,615	0.6%	$9.45	—	COM	95766A101
—	BLACKROCK ENHANCD CAP & INM	78,453	$1,577	0.6%	$19.38	—	COM	09256A109
—	EATON VANCE TAX-MANAGED DIVE	100,633	$1,504	0.6%	$13.27	—	COM	27828N102
—	FLAHERTY & CRUMRINE DYNAMIC	75,240	$1,500	0.6%	$18.83	—	SHS	33848W106
—	FIRST TR SR FLTG RATE INCOME	144,453	$1,495	0.6%	$10.28	—	COM	33733U108
—	ALLSPRING GLOBAL DIVIDEND OP	292,207	$1,487	0.6%	$4.47	—	COM	94987C103
XPHTX	PIONEER HIGH INCOME FUND INC	189,954	$1,472	0.6%	$7.58	—	COM	72369H106
—	NUVEEN DOW 30 DYNMC OVERWRT	96,529	$1,454	0.6%	$14.89	—	SHS	67075F105
—	HANCOCK JOHN INVT TR II	105,114	$1,438	0.6%	$12.74	—	COM	410142103
—	COHEN & STEERS LTD DURATION	70,608	$1,426	0.5%	$19.24	—	COM	19248C105
—	NEW GERMANY FD INC	178,169	$1,398	0.5%	$12.57	—	COM	644465106
—	PGIM HIGH YIELD BOND FUND IN	100,959	$1,392	0.5%	$12.29	—	COM	69346H100
—	COHEN & STEERS SELECT PFD &	67,668	$1,338	0.5%	$20.78	—	COM	19248Y107
—	XAI MADISON EQUITY PREMIUM I	193,217	$1,296	0.5%	$6.71	—	COM	557437100
—	CALAMOS GLOBAL TOTAL RETURN	113,152	$1,296	0.5%	$11.45	—	COM SH BEN INT	128118106
—	CLOUGH GLOBAL OPPORTUNITIES	246,878	$1,264	0.5%	$5.19	—	SH BEN INT	18914E106
—	MFS MULTIMARKET INCOME TR	269,501	$1,264	0.5%	$4.62	—	SH BEN INT	552737108
—	WESTERN ASSET DIVERSIFIED IN	83,036	$1,183	0.5%	$14.35	—	COM SHS BEN INT	95790K109
—	ROYCE SMALL CAP TRUST INC	74,500	$1,177	0.5%	$14.20	—	COM	780910105
—	RIVERNORTH OPPORTUNITIES FD	101,071	$1,161	0.4%	$11.49	—	COM	76881Y109
—	BANCROFT FD LTD	65,394	$1,158	0.4%	$17.97	—	COM	059695106
—	ABRDN INCOME CREDIT STRATEGI	188,149	$1,138	0.4%	$6.62	—	COM	003057106
—	WESTERN ASSET HIGH INCOM FD	268,264	$1,129	0.4%	$4.53	—	COM	95766J102
—	PGIM GLOBAL HIGH YIELD FD FO	90,701	$1,125	0.4%	$11.66	—	COM	69346J106
—	GABELLI GLOBAL SMALL & MID C	95,751	$1,120	0.4%	$11.71	—	COM	36249W104
—	BLACKROCK ENHANCED INTL DIV	205,142	$1,089	0.4%	$5.42	—	COM BENE INTER	092524107
—	EATON VANCE TAX-ADVANTAGED G	42,950	$1,085	0.4%	$25.13	—	COM	27828U106
—	NEUBERGER BERMAN HIGH YIELD	144,512	$1,082	0.4%	$7.49	—	COM	64128C106
—	BLACKSTONE STRATEGIC CRED 20	85,547	$1,054	0.4%	$12.32	—	COM SHS BEN IN	09257R101
XPHDX	PIONEER FLOATING RATE FUND I	107,446	$1,040	0.4%	$9.96	—	COM	72369J102
—	ELLSWORTH GROWTH & INCOME FD	106,451	$1,032	0.4%	$8.13	—	COM	289074106
—	NUVEEN FLOATING RATE INCOME	115,292	$1,028	0.4%	$8.82	—	COM	67072T108
—	VOYA ASIA PAC HIGH DIV EQT I	162,620	$996	0.4%	$8.01	—	COM	92912J102
—	COHEN & STEERS TAX ADVAN PFD	51,720	$994	0.4%	$19.37	—	COM	19249X108
—	ROYCE GLOBAL TRUST INC	88,295	$947	0.4%	$10.86	—	COM	78081T104
—	HANCOCK JOHN FINL OPPTYS FD	26,308	$939	0.4%	$30.19	—	SH BEN INT NEW	409735206
—	CLOUGH GLOBAL EQUITY FD	140,053	$933	0.4%	$6.67	—	COM	18914C100
—	ABRDN HEALTHCARE OPPORTUNITI	48,500	$924	0.4%	$19.05	—	SHS	879105104
—	DOUBLELINE INCOME SOLUTIONS	73,076	$919	0.4%	$12.40	—	COM	258622109
—	RIVERNORTH CAP AND INCM FD I	59,021	$911	0.3%	$15.44	—	COM	76882B108
—	TEMPLETON DRAGON FD INC	106,847	$907	0.3%	$11.93	—	COM	88018T101
—	SOURCE CAP INC	18,038	$884	0.3%	$44.07	—	COM	836144105
—	BLACKSTONE LONG SHORT CR INC	68,984	$861	0.3%	$12.55	—	COM SHS BN INT	09257D102
—	TEMPLETON EMERGING MKTS INCO	164,074	$842	0.3%	$5.06	—	COM	880192109
XXCHNXX	CHINA FD INC	68,086	$822	0.3%	$16.39	—	COM	169373107
—	NYLI CBRE GBL INFR MEGTRNDS	67,422	$821	0.3%	$12.17	—	COM	56064Q107
—	VIRTUS DIVERSIFIED INCM & CO	36,953	$811	0.3%	$21.36	—	COM	92840N100
—	CBRE GBL REAL ESTATE INC FD	166,795	$802	0.3%	$4.81	—	COM	12504G100
—	BARINGS GLOBAL SHORT DURATIO	50,799	$790	0.3%	$13.37	—	COM	06760L100
—	WESTERN ASSET INVESTMENT GRA	60,108	$752	0.3%	$12.13	—	COM	95766T100
—	ABRDN GLOBAL INFRA INCOME FU	42,514	$748	0.3%	$17.59	—	COM SHS BEN INT	00326W106
—	PIMCO GLOBAL STOCKSPLS INCM	94,373	$739	0.3%	$7.54	—	COM	722011103
—	CALAMOS LNG SHR EQT DYNAMIC	49,239	$736	0.3%	$15.56	—	COM	12812C106
—	INVESCO HIGH INCOME TR II	66,039	$724	0.3%	$12.40	—	COM	46131F101
XHNWX	PIONEER DIVERSIFIED HIGH INC	60,364	$718	0.3%	$11.81	—	COM	723653101
—	FIRST TR HIGH YIELD OPPRT 20	49,387	$715	0.3%	$14.38	—	COM	33741Q107
—	VIRTUS TOTAL RETURN FD INC	121,089	$710	0.3%	$5.52	—	COM	92835W107
—	MORGAN STANLEY EMERGING MKTS	150,586	$709	0.3%	$4.92	—	COM	617477104
—	BLACKROCK HEALTH SCIENCES TE	48,817	$703	0.3%	$14.40	—	COM SHS	09260E105
—	ABRDN TOTAL DYNAMIC DIVIDEND	80,882	$688	0.3%	$8.18	—	COM SH BEN INT	00326L100
—	RIVERNORTH DOUBLELINE STRATE	82,132	$685	0.3%	$8.73	—	COM	76882G107
—	MEXICO EQUITY & INCOME FD	82,712	$664	0.3%	$7.99	—	COM	592834105
—	BLACKROCK SCIENCE & TECHNOLO	17,717	$648	0.2%	$36.69	—	SHS	09258G104
—	LMP CAP & INCOME FD INC	37,613	$647	0.2%	$17.20	—	COM	50208A102
—	ALLIANCEBERNSTEIN GLOBAL HIG	58,804	$631	0.2%	$10.73	—	COM	01879R106
—	ABRDN GLOBAL DYNAMIC DIVIDEN	63,013	$625	0.2%	$10.94	—	COM	00302M106
—	VOYA GLBL EQTY DIV & PREM OP	111,768	$611	0.2%	$5.29	—	COM	92912T100
—	TEMPLETON EMERGING MKTS FD	50,515	$604	0.2%	$13.17	—	COM	880191101
—	BLACKROCK INNOVATION AND GRW	79,490	$591	0.2%	$7.42	—	SHS BEN INT	09260Q108
—	NUVEEN REAL ASSET INCOME & G	47,330	$574	0.2%	$13.80	—	COM	67074Y105
—	WSTRN AST GLBL CORP OPP FD I	50,497	$572	0.2%	$11.33	—	COM	95790C107
—	BLACKROCK ENHANCED GLOBAL DI	53,084	$572	0.2%	$10.61	—	COM	092501105
—	PRINCIPAL REAL ESTATE INCOME	52,041	$514	0.2%	$10.37	—	SHS BEN INT	74255X104
—	JAPAN SMALLER CAPITALIZATION	66,876	$513	0.2%	$7.70	—	COM	47109U104
—	BLACKROCK MULTI SECTOR INC T	34,570	$505	0.2%	$15.20	—	COM	09258A107
—	LAZARD GLOBAL TOTAL RETURN &	31,145	$498	0.2%	$15.98	—	COM	52106W103
—	MORGAN STANLEY CHINA A SH FD	37,588	$468	0.2%	$19.12	—	COM	617468103
—	EATON VANCE FLTING RATE INC	35,985	$465	0.2%	$12.88	—	COM	278279104
—	EATON VANCE ENHANCED EQUITY	22,214	$461	0.2%	$17.94	—	COM	278274105
—	PUTNAM MASTER INTER INCOME T	135,437	$445	0.2%	$3.26	—	SH BEN INT	746909100
—	VOYA INFRASTRUCTURE INDLS &	43,450	$445	0.2%	$10.23	—	COM	92912X101
—	VOYA GLBL ADV & PREM OPP FD	47,227	$436	0.2%	$8.94	—	COM	92912R104
—	EATON VANCE SHORT DURATION D	37,291	$407	0.2%	$10.34	—	COM	27828V104
XJEQX	ABRDN JAPAN EQUITY FUND INC	68,399	$404	0.2%	$6.41	—	COM	00306J109
—	NUVEEN CR STRATEGIES INCOME	69,300	$394	0.2%	$5.48	—	COM SHS	67073D102
—	BLACKROCK CAP ALLOCATION TER	25,517	$387	0.1%	$15.15	—	COM	09260U109
—	FRANKLIN UNVL TR	51,188	$374	0.1%	$6.80	—	SH BEN INT	355145103
—	ABRDN EMRG MKTS EQTY INCM FD	69,779	$369	0.1%	$6.26	—	COM	00301W105
—	NUVEEN REAL ESTATE INCOME FD	42,228	$364	0.1%	$8.63	—	COM	67071B108
—	PIMCO DYNAMIC INCOME OPRNTS	26,775	$364	0.1%	$13.59	—	COM BEN SHS	69355M107
—	BROOKFIELD REAL ASSETS INCOM	27,263	$363	0.1%	$12.80	—	SHS BEN INT	112830104
XXINSIXX	INSIGHT SELECT INCOME FD	20,585	$357	0.1%	$16.32	—	COM	45781W109
—	HANCOCK JOHN INCOME SECS TR	29,812	$334	0.1%	$11.21	—	COM	410123103
—	DOUBLELINE YIELD OPPORTUNITI	20,884	$331	0.1%	$15.83	—	COM	25862D105
—	GABELLI EQUITY TR INC	60,643	$326	0.1%	$5.41	—	COM	362397101
—	HANCOCK JOHN TAX-ADVANTAGED	14,000	$308	0.1%	$22.02	—	COM	41013V100
—	PUTNAM PREMIER INCOME TR	84,546	$303	0.1%	$3.61	—	SH BEN INT	746853100
XTEAX	TORTOISE SUSTAINABLE & SOCIA	24,799	$298	0.1%	$12.00	—	COM SH BEN INT	27901F109
QQQ	INVESCO QQQ TR	582	$298	0.1%	$321.40	—	UNIT SER 1	46090E103
—	VOYA EMERGING MKTS HIGH DIVI	57,692	$292	0.1%	$6.69	—	COM	92912P108
—	BLACKSTONE SENI FLTN RAT 202	20,177	$292	0.1%	$14.01	—	COM	09256U105
XJPIX	NUVEEN PFD SECS & INC OPPTY	14,873	$292	0.1%	$19.60	—	COM	67075A106
—	EATON VANCE ENHANCED EQUITY	11,691	$280	0.1%	$18.87	—	COM	278277108
—	BLACKROCK MUN TARGET TERM TR	13,143	$271	0.1%	$20.82	—	COM SHS BEN IN	09257P105
—	ABRDN AUSTRALIA EQUITY FD IN	62,545	$270	0.1%	$4.66	—	COM	003011103
—	CREDIT SUISSE ASSET MGMT INC	90,886	$263	0.1%	$2.89	—	COM	224916106
CMG	CHIPOTLE MEXICAN GRILL INC	4,350	$262	0.1%	$61.90	-2.6%	COM	169656105
—	BNY MELLON HIGH YIELD STRATE	96,600	$248	0.1%	$2.57	—	SH BEN INT	09660L105
—	MFS GOVT MKTS INCOME TR	77,660	$238	0.1%	$3.07	—	SH BEN INT	552939100
—	MEXICO FD INC	17,789	$235	0.1%	$15.05	—	COM	592835102
—	NEUBERGER BERMAN NEXT GENERA	18,418	$235	0.1%	$12.83	—	COMMON STOCK	64133Q108
—	CLOUGH GLOBAL DIVID & INCOME	42,382	$230	0.1%	$5.43	—	COM	18913Y103
—	VIRTUS ARTIFICIAL INTELLIGEN	9,193	$227	0.1%	$21.97	—	COM	92838Y100
—	WESTERN ASSET INVT GRADE OPP	12,298	$201	0.1%	$16.31	—	COM	95790A101
—	XAI OCTAGN FLT RAT & ALT INM	23,715	$157	0.1%	$6.64	—	COM	98400T106
—	VIRTUS CONVERTIBLE & INC FD	49,949	$156	0.1%	$3.03	—	COM	92838U108
—	WESTERN ASSET GBL HIGH INC F	20,742	$139	0.1%	$6.97	—	COM	95766B109
—	FIRST TR SPECIALTY FIN & FIN	31,134	$131	0.1%	$4.01	—	COM BEN INTR	33733G109
—	NUVEEN PFD & INCOME OPPORTUN	13,965	$110	0.0%	$8.14	—	COM	67073B106
—	MFS INTER INCOME TR	40,970	$109	0.0%	$2.68	—	SH BEN INT	55273C107
—	WESTERN ASSET HIGH INCOME OP	27,343	$107	0.0%	$4.07	—	COM	95766K109
—	BNY MELLON MUN BD INFRASTRUC	10,092	$105	0.0%	$10.39	—	COM SHS	09662W109
—	NUVEEN MULTI-MKT INCOME FD	10,782	$65	0.0%	$6.12	—	COM	67075J107
—	VIRTUS CONVERTIBLE & INCOME	17,563	$61	0.0%	$3.37	—	COM	92838X102
—	GABELLI CONV & INC SECS FD I	12,481	$48	0.0%	$3.67	—	COM	36240B109