Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CENTRAL SECS CORP	180,813	$8,129	3.2%	$41.28	—	COM	155123102
—	GENERAL AMERN INVS CO INC	158,628	$7,990	3.1%	$50.37	—	COM	368802104
—	ROYCE MICRO-CAP TR INC	907,197	$7,648	3.0%	$9.04	—	COM	780915104
—	EATON VANCE TAX MNGED BUY WR	553,541	$7,556	2.9%	$13.53	—	COM	27828X100
—	LIBERTY ALL-STAR GROWTH FD I	1,486,164	$7,267	2.8%	$5.13	—	COM	529900102
—	EATON VANCE TAX ADVT DIV INC	288,572	$6,715	2.6%	$23.06	—	COM	27828G107
—	CALAMOS STRATEGIC TOTAL RETU	361,493	$5,849	2.3%	$16.44	—	COM SH BEN INT	128125101
—	NUVEEN NASDAQ 100 DYNAMIC OV	220,010	$5,346	2.1%	$24.24	—	COM SHS	670699107
—	NUVEEN CORE EQUITY ALPHA FD	347,176	$5,161	2.0%	$15.34	—	COM	67090X107
—	SRH TOTAL RETURN FUND INC	280,886	$4,845	1.9%	$12.78	—	COM	101507101
—	CALAMOS GBL DYN INCOME FUND	739,541	$4,726	1.8%	$7.05	—	COM	12811L107
—	EATON VANCE RISK-MANAGED DIV	519,255	$4,393	1.7%	$8.73	—	COM	27829G106
—	ROYCE SMALL CAP TRUST INC	284,397	$4,050	1.6%	$14.23	—	COM	780910105
—	NUVEEN DOW 30 DYNMC OVERWRT	270,147	$3,998	1.6%	$14.83	—	SHS	67075F105
—	ADAMS DIVERSIFIED EQUITY FD	207,446	$3,939	1.5%	$20.82	—	COM	006212104
—	ALLSPRING INCOME OPPORTUNIT	563,140	$3,885	1.5%	$7.03	—	INC OPPTY FD	94987B105
—	EUROPEAN EQUITY FD INC	392,572	$3,572	1.4%	$9.27	—	COM	298768102
—	FRANKLIN LTD DURATION INCOME	548,672	$3,544	1.4%	$6.36	—	COM	35472T101
—	NUVEEN MULTI ASSET INCOME FU	286,041	$3,495	1.4%	$12.34	—	COM	670750108
—	NUVEEN CORE PLUS IMPACT FUND	307,381	$3,313	1.3%	$11.09	—	COM BEN INT	67080D103
—	ALLSPRING MULTI SECTOR INCOM	333,567	$3,101	1.2%	$9.42	—	COM	94987D101
—	GABELLI DIVID & INCOME TR	125,316	$3,024	1.2%	$24.29	—	COM	36242H104
—	EATON VANCE TX ADV GLBL DIV	163,513	$2,979	1.2%	$16.18	—	COM	27828S101
—	BLACKROCK ENHANCED LARGE CAP	153,671	$2,838	1.1%	$18.94	—	COM	09256A109
—	NUVEEN S&P 500 BUY-WRITE INC	209,352	$2,817	1.1%	$13.25	—	COM	6706ER101
—	EATON VANCE TAX-MANAGED GLOB	339,687	$2,802	1.1%	$8.33	—	COM	27829C105
SPY	SPDR S&P 500 ETF TR	5,000	$2,801	1.1%	$579.17	—	TR UNIT	78462F103
—	TRI CONTL CORP	90,287	$2,769	1.1%	$30.82	—	COM	895436103
—	BLACKROCK TECH AND PRIVATE E	434,069	$2,717	1.1%	$6.47	—	SHS BEN INT	09260Q108
—	WESTERN ASSET HIGH INCOM FD	609,954	$2,572	1.0%	$4.36	—	COM	95766J102
—	JOHN HANCOCK DIVERSIFIED INC	244,857	$2,547	1.0%	$10.28	—	COM	47804L102
—	VIRTUS GLOBAL MULTI-SECTOR I	312,741	$2,420	0.9%	$9.69	—	COM	92829B101
—	BLACKROCK ENHANCED EQUITY DI	275,312	$2,368	0.9%	$8.24	—	COM	09251A104
—	SPROTT FOCUS TR INC	317,148	$2,350	0.9%	$7.73	—	COM	85208J109
—	XAI MADISON EQUITY PREMIUM I	358,126	$2,264	0.9%	$6.53	—	COM	557437100
—	NUVEEN GLOBAL HIGH INCOME FD	171,164	$2,256	0.9%	$12.96	—	SHS	67075G103
—	SABA CAPITAL INCOME & OPPORT	252,519	$2,197	0.9%	$8.62	—	COM NEW	880198205
—	LIBERTY ALL STAR EQUITY FD	320,223	$2,097	0.8%	$6.80	—	SH BEN INT	530158104
—	BRANDYWINEGBL GBL INCM OPP F	248,860	$2,096	0.8%	$8.36	—	COM	10537L104
—	CALAMOS GLOBAL TOTAL RETURN	199,765	$2,064	0.8%	$10.97	—	COM SH BEN INT	128118106
—	VIRTUS DIVIDEND INTEREST & P	167,884	$2,036	0.8%	$12.13	—	COM	92840R101
—	HANCOCK JOHN INVT TR II	146,399	$1,987	0.8%	$12.98	—	COM	410142103
—	MFS CHARTER INCOME TR	314,201	$1,970	0.8%	$6.30	—	SH BEN INT	552727109
—	EATON VANCE LIMITED DURATION	195,810	$1,954	0.8%	$9.60	—	COM	27828H105
—	WESTERN ASSET EMERGING MKTS	195,763	$1,954	0.8%	$9.53	—	COM	95766A101
—	PGIM SHORT DUR HIG YLD OPP F	117,697	$1,940	0.8%	$15.09	—	COM	69355J104
—	COHEN & STEERS LTD DURATION	93,085	$1,895	0.7%	$19.51	—	COM	19248C105
—	WESTERN ASSET HIGH YIELD DEF	154,820	$1,848	0.7%	$11.86	—	COM	95768B107
—	ANGEL OAK FINL STRATEGIES IN	133,384	$1,798	0.7%	$12.57	—	COM BEN INT	03464A100
—	FIRST TR ENHANCED EQUITY INC	91,456	$1,767	0.7%	$17.87	—	COM	337318109
—	FIRST TR HIGH YIELD OPPRT 20	119,808	$1,731	0.7%	$14.42	—	COM	33741Q107
—	WESTERN ASSET GBL HIGH INC F	256,935	$1,711	0.7%	$6.69	—	COM	95766B109
—	FIRST TR SR FLTG RATE INCOME	167,587	$1,699	0.7%	$10.26	—	COM	33733U108
—	ALLIANCEBERNSTEIN GLOBAL HIG	157,981	$1,695	0.7%	$10.73	—	COM	01879R106
XPHTX	PIONEER HIGH INCOME FUND INC	214,755	$1,662	0.6%	$7.60	—	COM	72369H106
—	INVESCO HIGH INCOME TR II	149,862	$1,587	0.6%	$11.39	—	COM	46131F101
—	HANCOCK JOHN PREM DIVID FD	120,416	$1,575	0.6%	$10.68	—	COM SH BEN INT	41013T105
—	EATON VANCE ENHANCED EQUITY	83,649	$1,569	0.6%	$18.54	—	COM	278274105
—	PIMCO GLOBAL STOCKSPLS INCM	187,947	$1,537	0.6%	$7.85	—	COM	722011103
—	BLACKSTONE STRATEGIC CRED 20	124,791	$1,507	0.6%	$12.24	—	COM SHS BEN IN	09257R101
—	SABA CAPITAL INCOME & OPRNT	193,307	$1,500	0.6%	$7.54	—	SHS NEW	78518H202
—	BARINGS GLOBAL SHORT DURATIO	98,488	$1,499	0.6%	$14.26	—	COM	06760L100
—	FLAHERTY & CRUMRINE DYNAMIC	73,872	$1,495	0.6%	$18.83	—	SHS	33848W106
—	ABRDN ASIA PACIFIC INCOME FU	95,011	$1,492	0.6%	$15.19	—	COM NEW	003009867
—	MFS MULTIMARKET INCOME TR	309,055	$1,437	0.6%	$4.63	—	SH BEN INT	552737108
—	TAIWAN FD INC	43,272	$1,437	0.6%	$30.68	—	COM	874036106
—	ABRDN GLOBAL INFRA INCOME FU	76,829	$1,413	0.5%	$17.95	—	COM SHS BEN INT	00326W106
—	VIRTUS EQUITY & CONV INCM FD	63,582	$1,407	0.5%	$22.13	—	COM	92841M101
—	COHEN & STEERS QUALITY INCOM	107,500	$1,350	0.5%	$12.56	—	COM	19247L106
—	COHEN & STEERS SELECT PFD &	67,543	$1,350	0.5%	$20.78	—	COM	19248Y107
—	CLOUGH GLOBAL OPPORTUNITIES	263,762	$1,290	0.5%	$5.17	—	SH BEN INT	18914E106
—	ELLSWORTH GROWTH & INCOME FD	141,706	$1,287	0.5%	$8.37	—	COM	289074106
—	FIRST TR INTER DURATN PFD &	69,925	$1,286	0.5%	$16.40	—	COM	33718W103
—	COHEN & STEERS TAX ADVAN PFD	65,822	$1,280	0.5%	$19.38	—	COM	19249X108
—	DOUBLELINE OPPORTUNISTIC CR	78,007	$1,219	0.5%	$15.36	—	COM	258623107
XPHDX	PIONEER FLOATING RATE FUND I	128,727	$1,219	0.5%	$9.88	—	COM	72369J102
—	BLACKROCK ENHANCED INTL DIV	211,141	$1,185	0.5%	$5.43	—	COM BENE INTER	092524107
—	ROYCE GLOBAL TRUST INC	112,439	$1,181	0.5%	$10.78	—	COM	78081T104
—	LAZARD GLOBAL TOTAL RETURN &	75,389	$1,162	0.5%	$15.65	—	COM	52106W103
—	SPECIAL OPPORTUNITIES FD INC	77,098	$1,158	0.5%	$13.31	—	COM	84741T104
—	SOURCE CAPITAL	26,591	$1,104	0.4%	$41.51	—	COM SHS OF BEN I	836144303
—	ABRDN INCOME CREDIT STRATEGI	183,751	$1,082	0.4%	$6.62	—	COM	003057106
—	VOYA ASIA PAC HIGH DIV EQT I	174,882	$1,079	0.4%	$7.88	—	COM	92912J102
—	VOYA GLBL EQTY DIV & PREM OP	185,978	$1,073	0.4%	$5.48	—	COM	92912T100
—	EATON VANCE TAX-ADVANTAGED G	41,701	$1,025	0.4%	$25.13	—	COM	27828U106
—	DOUBLELINE INCOME SOLUTIONS	79,596	$1,004	0.4%	$12.42	—	COM	258622109
—	EATON VANCE TAX-MANAGED BUY-	73,618	$972	0.4%	$12.56	—	COM	27828Y108
—	BLACKSTONE LONG SHORT CR INC	77,174	$953	0.4%	$12.53	—	COM SHS BN INT	09257D102
—	NUVEEN FLOATING RATE INCOME	104,157	$891	0.3%	$8.82	—	COM	67072T108
—	VIRTUS TOTAL RETURN FD INC	147,623	$881	0.3%	$5.60	—	COM	92835W107
XXCHNXX	CHINA FD INC	68,192	$876	0.3%	$16.39	—	COM	169373107
XHNWX	PIONEER DIVERSIFIED HIGH INC	72,607	$867	0.3%	$11.83	—	COM	723653101
—	RIVERNORTH CAP AND INCM FD I	56,084	$853	0.3%	$15.44	—	COM	76882B108
—	BROOKFIELD REAL ASSETS INCOM	64,469	$848	0.3%	$13.01	—	SHS BEN INT	112830104
—	VIRTUS DIVERSIFIED INCM & CO	42,344	$847	0.3%	$21.19	—	COM	92840N100
—	EATON VANCE ENHANCED EQUITY	39,500	$833	0.3%	$20.44	—	COM	278277108
—	SWISS HELVETIA FD INC	86,088	$794	0.3%	$8.02	—	COM	870875101
—	TEMPLETON DRAGON FD INC	81,665	$792	0.3%	$11.93	—	COM	88018T101
—	COLUMBIA SELIGM PREM TECH GR	27,993	$783	0.3%	$33.40	—	COM	19842X109
—	ARES DYNAMIC CR ALLOCATION F	53,298	$753	0.3%	$14.12	—	COM	04014F102
—	LMP CAP & INCOME FD INC	43,788	$703	0.3%	$17.04	—	COM	50208A102
XJPIX	NUVEEN PFD SECS & INC OPPTY	34,732	$689	0.3%	$19.73	—	COM	67075A106
—	RIVERNORTH OPPORTUNITIES FD	56,974	$672	0.3%	$11.49	—	COM	76881Y109
—	BLACKSTONE SENI FLTN RAT 202	47,185	$667	0.3%	$14.08	—	COM	09256U105
—	MEXICO EQUITY & INCOME FD	75,982	$663	0.3%	$7.99	—	COM	592834105
—	TEMPLETON EMERGING MKTS FD	50,515	$649	0.3%	$13.17	—	COM	880191101
—	WESTERN ASSET DIVERSIFIED IN	42,886	$626	0.2%	$14.35	—	COM SHS BEN INT	95790K109
—	HIGHLAND GLOBAL ALLOCATION F	72,983	$608	0.2%	$8.51	—	COM	43010T104
—	CREDIT SUISSE ASSET MGMT INC	209,133	$606	0.2%	$2.90	—	COM	224916106
—	BNY MELLON HIGH YIELD STRATE	227,235	$583	0.2%	$2.57	—	SH BEN INT	09660L105
—	JAPAN SMALLER CAPITALIZATION	66,876	$561	0.2%	$7.70	—	COM	47109U104
—	WSTRN AST GLBL CORP OPP FD I	47,496	$556	0.2%	$11.33	—	COM	95790C107
—	NUVEEN REAL ESTATE INCOME FD	65,228	$544	0.2%	$8.53	—	COM	67071B108
—	MORGAN STANLEY CHINA A SH FD	36,845	$482	0.2%	$19.12	—	COM	617468103
—	KKR INCOME OPPORTUNITIES FD	38,342	$471	0.2%	$12.29	—	COM	48249T106
—	MORGAN STANLEY EMERGING MKTS	90,649	$448	0.2%	$4.92	—	COM	617477104
XJEQX	ABRDN JAPAN EQUITY FUND INC	68,757	$447	0.2%	$6.41	—	COM	00306J109
—	VOYA INFRASTRUCTURE INDLS &	41,494	$439	0.2%	$10.23	—	COM	92912X101
—	BLACKROCK MULTI SECTOR INC T	30,260	$438	0.2%	$15.20	—	COM	09258A107
—	BLACKROCK CAP ALLOCATION TER	30,216	$435	0.2%	$15.03	—	COM	09260U109
XTEAX	TORTOISE SUSTAINABLE & SOCIA	37,671	$428	0.2%	$11.78	—	COM SH BEN INT	27901F109
—	NUVEEN PFD & INCOME OPPORTUN	53,000	$422	0.2%	$8.01	—	COM	67073B106
—	PUTNAM MASTER INTER INCOME T	120,489	$400	0.2%	$3.26	—	SH BEN INT	746909100
—	EATON VANCE SHORT DURATION D	35,921	$394	0.2%	$10.34	—	COM	27828V104
—	ABRDN GLOBAL DYNAMIC DIVIDEN	38,497	$383	0.1%	$10.94	—	COM	00302M106
—	ABRDN EMERGING MARKETS EX CH	68,502	$340	0.1%	$6.26	—	COM	00301W105
—	VIRTUS ARTIFICIAL INTELLIGEN	16,301	$336	0.1%	$21.39	—	COM	92838Y100
—	CLOUGH GLOBAL EQUITY FD	52,580	$331	0.1%	$6.67	—	COM	18914C100
—	NYLI CBRE GBL INFR MEGTRNDS	24,781	$330	0.1%	$12.17	—	COM	56064Q107
—	HANCOCK JOHN INCOME SECS TR	28,876	$327	0.1%	$11.21	—	COM	410123103
—	ABRDN AUSTRALIA EQUITY FD IN	75,045	$302	0.1%	$4.55	—	COM	003011103
—	ABRDN LIFE SCIENCES INVESTOR	23,430	$297	0.1%	$12.69	—	SH BEN INT	87911K100
—	BLACKROCK SCIENCE & TECHNOLO	8,717	$288	0.1%	$36.69	—	SHS	09258G104
—	BLACKROCK ENHANCED GLOBAL DI	26,311	$285	0.1%	$10.61	—	COM	092501105
—	BLACKROCK MUN TARGET TERM TR	12,998	$277	0.1%	$20.82	—	COM SHS BEN IN	09257P105
QQQ	INVESCO QQQ TR	582	$273	0.1%	$321.40	—	UNIT SER 1	46090E103
—	GABELLI GLOBAL SMALL & MID C	22,742	$273	0.1%	$11.71	—	COM	36249W104
—	FRANKLIN UNVL TR	34,313	$258	0.1%	$6.80	—	SH BEN INT	355145103
—	VIRTUS CONVERTIBLE & INC FD	21,783	$252	0.1%	$11.56	—	COM NEW	92838U801
—	VOYA EMERGING MKTS HIGH DIVI	47,114	$252	0.1%	$6.69	—	COM	92912P108
—	ADVENT CONV & INCOME FD	20,421	$235	0.1%	$11.53	—	COM	00764C109
—	ALLSPRING GLOBAL DIVIDEND OP	44,135	$227	0.1%	$4.47	—	COM	94987C103
—	NEUBERGER BERMAN NEXT GENERA	18,418	$226	0.1%	$12.83	—	COMMON STOCK	64133Q108
CMG	CHIPOTLE MEXICAN GRILL INC	4,350	$218	0.1%	$61.90	-12.1%	COM	169656105
—	MEXICO FD INC	14,588	$208	0.1%	$15.05	—	COM	592835102
—	WESTERN ASSET INVT GRADE OPP	12,212	$203	0.1%	$16.31	—	COM	95790A101
—	ABRDN TOTAL DYNAMIC DIVIDEND	23,571	$198	0.1%	$8.18	—	COM SH BEN INT	00326L100
—	BLACKROCK CR ALLOCATION INCO	18,000	$193	0.1%	$10.72	—	COM	092508100
—	VOYA GLBL ADV & PREM OPP FD	19,534	$192	0.1%	$8.94	—	COM	92912R104
—	GABELLI HLTHCARE & WELLNESS	15,337	$155	0.1%	$10.08	—	SHS	36246K103
—	NEW GERMANY FD INC	11,017	$108	0.0%	$12.57	—	COM	644465106
—	MFS GOVT MKTS INCOME TR	24,286	$77	0.0%	$3.07	—	SH BEN INT	552939100
—	MFS INTER INCOME TR	20,370	$55	0.0%	$2.68	—	SH BEN INT	55273C107