Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CENTRAL SECS CORP	211,722	$10,133	3.7%	$42.24	—	COM	155123102
—	ROYCE MICRO-CAP TR INC	1,021,723	$9,451	3.4%	$9.06	—	COM	780915104
—	ROYCE SMALL CAP TRUST INC	585,074	$8,805	3.2%	$14.65	—	COM	780910105
—	NUVEEN CORE EQUITY ALPHA FD	527,991	$8,352	3.0%	$15.51	—	COM	67090X107
—	EATON VANCE TAX MNGED BUY WR	538,006	$7,769	2.8%	$13.53	—	COM	27828X100
—	LIBERTY ALL-STAR GROWTH FD I	1,340,933	$7,335	2.7%	$5.13	—	COM	529900102
—	CALAMOS STRATEGIC TOTAL RETU	394,767	$7,201	2.6%	$16.59	—	COM SH BEN INT	128125101
—	NUVEEN DOW 30 DYNMC OVERWRT	459,536	$6,728	2.4%	$14.75	—	SHS	67075F105
—	GENERAL AMERN INVS CO INC	109,796	$6,153	2.2%	$50.37	—	COM	368802104
—	CALAMOS GBL DYN INCOME FUND	841,470	$6,000	2.2%	$7.06	—	COM	12811L107
—	BLACKROCK ENHANCED EQUITY DI	627,929	$5,582	2.0%	$8.60	—	COM	09251A104
—	LIBERTY ALL STAR EQUITY FD	803,925	$5,475	2.0%	$6.81	—	SH BEN INT	530158104
—	TRI CONTL CORP	162,350	$5,140	1.9%	$31.19	—	COM	895436103
—	EUROPEAN EQUITY FD INC	447,331	$4,576	1.7%	$9.38	—	COM	298768102
—	FRANKLIN LTD DURATION INCOME	672,153	$4,315	1.6%	$6.37	—	COM	35472T101
—	ALLSPRING INCOME OPPORTUNIT	587,142	$4,177	1.5%	$7.03	—	INC OPPTY FD	94987B105
—	SPECIAL OPPORTUNITIES FD INC	266,728	$4,132	1.5%	$14.86	—	COM	84741T104
—	EATON VANCE TAX-MANAGED GLOB	449,311	$3,887	1.4%	$8.41	—	COM	27829C105
—	FIRST TR ENHANCED EQUITY INC	179,995	$3,686	1.3%	$19.15	—	COM	337318109
—	NUVEEN MULTI ASSET INCOME FU	278,485	$3,549	1.3%	$12.34	—	COM	670750108
—	SPROTT FOCUS TR INC	459,701	$3,439	1.2%	$7.65	—	COM	85208J109
—	ABRDN TOTAL DYNAMIC DIVIDEND	374,808	$3,321	1.2%	$8.82	—	COM SH BEN INT	00326L100
—	BLACKROCK HEALTH SCIENCES TR	224,516	$3,224	1.2%	$14.36	—	COM	09250W107
—	BRANDYWINEGBL GBL INCM OPP F	382,468	$3,209	1.2%	$8.37	—	COM	10537L104
—	ALLSPRING MULTI SECTOR INCOM	315,553	$3,005	1.1%	$9.42	—	COM	94987D101
—	DOUBLELINE INCOME SOLUTIONS	244,126	$2,988	1.1%	$12.30	—	COM	258622109
—	NUVEEN GLOBAL HIGH INCOME FD	226,452	$2,951	1.1%	$12.97	—	SHS	67075G103
—	XAI MADISON EQUITY PREMIUM I	455,480	$2,876	1.0%	$6.48	—	COM	557437100
—	EATON VANCE TAX ADVT DIV INC	117,919	$2,842	1.0%	$23.06	—	COM	27828G107
—	EATON VANCE TAX-MANAGED BUY-	203,026	$2,816	1.0%	$13.40	—	COM	27828Y108
—	EATON VANCE RISK-MANAGED DIV	303,924	$2,747	1.0%	$8.73	—	COM	27829G106
—	WESTERN ASSET GBL HIGH INC F	414,977	$2,743	1.0%	$6.66	—	COM	95766B109
—	BARINGS GLOBAL SHORT DURATIO	174,609	$2,710	1.0%	$14.81	—	COM	06760L100
—	FLAHERTY & CRUMRINE DYNAMIC	130,860	$2,687	1.0%	$19.57	—	SHS	33848W106
—	PGIM SHORT DUR HIG YLD OPP F	158,365	$2,667	1.0%	$15.54	—	COM	69355J104
—	SABA CAPITAL INCOME & OPPORT	288,813	$2,654	1.0%	$8.69	—	COM NEW	880198205
—	SOURCE CAPITAL	60,873	$2,640	1.0%	$42.55	—	COM SHS OF BEN I	836144303
—	HANCOCK JOHN INVT TR II	183,223	$2,537	0.9%	$13.15	—	COM	410142103
—	CLOUGH GLOBAL DIVID & INCOME	453,041	$2,480	0.9%	$5.47	—	COM	18913Y103
—	VIRTUS EQUITY & CONV INCM FD	101,493	$2,426	0.9%	$22.79	—	COM	92841M101
—	JOHN HANCOCK DIVERSIFIED INC	224,964	$2,380	0.9%	$10.28	—	COM	47804L102
—	EATON VANCE TAX-ADVANTAGED G	86,048	$2,340	0.8%	$26.19	—	COM	27828U106
—	VIRTUS GLOBAL MULTI-SECTOR I	297,936	$2,336	0.8%	$9.69	—	COM	92829B101
—	BLACKROCK ENHANCED INTL DIV	388,987	$2,252	0.8%	$5.59	—	COM BENE INTER	092524107
—	MFS CHARTER INCOME TR	341,354	$2,171	0.8%	$6.30	—	SH BEN INT	552727109
—	EATON VANCE LIMITED DURATION	209,404	$2,148	0.8%	$9.64	—	COM	27828H105
—	ANGEL OAK FINL STRATEGIES IN	163,730	$2,125	0.8%	$12.65	—	COM BEN INT	03464A100
—	WESTERN ASSET HIGH INCOM FD	454,438	$1,972	0.7%	$4.36	—	COM	95766J102
XXCHNXX	CHINA FD INC	132,112	$1,967	0.7%	$15.66	—	COM	169373107
—	ALLIANCEBERNSTEIN GLOBAL HIG	177,884	$1,962	0.7%	$10.76	—	COM	01879R106
—	TAIWAN FD INC	42,901	$1,922	0.7%	$30.68	—	COM	874036106
—	CALAMOS GLOBAL TOTAL RETURN	159,279	$1,865	0.7%	$10.97	—	COM SH BEN INT	128118106
—	ROYCE GLOBAL TRUST INC	154,766	$1,862	0.7%	$11.12	—	COM	78081T104
—	COHEN & STEERS LTD DURATION	85,631	$1,797	0.7%	$19.51	—	COM	19248C105
—	ABRDN INCOME CREDIT STRATEGI	303,546	$1,791	0.6%	$6.34	—	COM	003057106
—	COHEN & STEERS SELECT PFD &	87,569	$1,764	0.6%	$20.63	—	COM	19248Y107
—	BLACKSTONE STRATEGIC CRED 20	140,782	$1,706	0.6%	$12.23	—	COM SHS BEN IN	09257R101
—	FIRST TR SR FLTG RATE INCOME	166,080	$1,687	0.6%	$10.26	—	COM	33733U108
—	WESTERN ASSET EMERGING MKTS	162,921	$1,658	0.6%	$9.53	—	COM	95766A101
—	COHEN & STEERS QUALITY INCOM	125,826	$1,567	0.6%	$12.54	—	COM	19247L106
—	INVESCO HIGH INCOME TR II	140,102	$1,532	0.6%	$11.39	—	COM	46131F101
—	ARES DYNAMIC CR ALLOCATION F	106,790	$1,519	0.6%	$14.17	—	COM	04014F102
—	NEW GERMANY FD INC	122,622	$1,464	0.5%	$12.00	—	COM	644465106
—	FIRST TR INTER DURATN PFD &	77,756	$1,463	0.5%	$16.65	—	COM	33718W103
—	FIRST TR HIGH YIELD OPPRT 20	93,043	$1,382	0.5%	$14.42	—	COM	33741Q107
—	BLACKROCK SCIENCE & TECHNOLO	36,014	$1,375	0.5%	$37.81	—	SHS	09258G104
—	DOUBLELINE YIELD OPPORTUNITI	83,413	$1,300	0.5%	$15.59	—	COM	25862D105
—	NUVEEN S&P 500 DYNAMIC OVERW	71,075	$1,272	0.5%	$17.89	—	COM	6706EW100
—	TEMPLETON EMERGING MKTS INCO	207,185	$1,243	0.5%	$6.00	—	COM	880192109
—	VOYA ASIA PAC HIGH DIV EQT I	173,883	$1,224	0.4%	$7.88	—	COM	92912J102
—	SRH TOTAL RETURN FUND INC	69,216	$1,224	0.4%	$12.78	—	COM	101507101
—	COHEN & STEERS TAX ADVAN PFD	61,281	$1,213	0.4%	$19.38	—	COM	19249X108
—	MORGAN STANLEY EMERGING MKTS	228,932	$1,200	0.4%	$5.11	—	COM	617477104
—	EATON VANCE ENHANCED EQUITY	49,165	$1,190	0.4%	$21.18	—	COM	278277108
—	LAZARD GLOBAL TOTAL RETURN &	70,478	$1,184	0.4%	$15.65	—	COM	52106W103
—	ELLSWORTH GROWTH & INCOME FD	108,007	$1,107	0.4%	$8.37	—	COM	289074106
—	XAI OCTAGN FLT RAT & ALT INM	194,429	$1,107	0.4%	$5.69	—	COM	98400T106
—	NUVEEN S&P 500 BUY-WRITE INC	77,595	$1,106	0.4%	$13.25	—	COM	6706ER101
—	ABRDN ASIA PACIFIC INCOME FU	68,831	$1,096	0.4%	$15.19	—	COM NEW	003009867
—	MFS MULTIMARKET INCOME TR	225,381	$1,059	0.4%	$4.63	—	SH BEN INT	552737108
—	VIRTUS TOTAL RETURN FD INC	169,755	$1,058	0.4%	$5.68	—	COM	92835W107
—	EATON VANCE SHORT DURATION D	91,716	$1,012	0.4%	$10.76	—	COM	27828V104
—	BLACKROCK ENHANCED GLOBAL DI	88,166	$1,001	0.4%	$11.13	—	COM	092501105
—	BLACKSTONE LONG SHORT CR INC	79,194	$983	0.4%	$12.52	—	COM SHS BN INT	09257D102
—	TEMPLETON DRAGON FD INC	97,348	$973	0.4%	$11.62	—	COM	88018T101
—	JAPAN SMALLER CAPITALIZATION	97,575	$941	0.3%	$8.31	—	COM	47109U104
—	CREDIT SUISSE ASSET MGMT INC	306,376	$907	0.3%	$2.92	—	COM	224916106
—	TOTAL RETURN SECURITIES FUND	140,360	$890	0.3%	$7.37	—	COM	870875101
—	TEMPLETON EMERGING MKTS FD	56,592	$826	0.3%	$13.33	—	COM	880191101
—	WESTERN ASSET HIGH INCOME OP	199,744	$802	0.3%	$4.02	—	COM	95766K109
—	MEXICO EQUITY & INCOME FD	75,982	$796	0.3%	$7.99	—	COM	592834105
—	ALLSPRING GLOBAL DIVIDEND OP	145,159	$791	0.3%	$5.15	—	COM	94987C103
—	NUVEEN REAL ESTATE INCOME FD	98,228	$781	0.3%	$8.33	—	COM	67071B108
—	BNY MELLON HIGH YIELD STRATE	297,741	$774	0.3%	$2.58	—	SH BEN INT	09660L105
—	NUVEEN FLOATING RATE INCOME	86,857	$743	0.3%	$8.82	—	COM	67072T108
—	SABA CAPITAL INCOME & OPRNT	82,220	$663	0.2%	$7.54	—	SHS NEW	78518H202
—	BLACKROCK ESG CAP ALLC TERM	38,270	$615	0.2%	$16.06	—	SHS BEN INT	09262F100
—	KKR INCOME OPPORTUNITIES FD	48,059	$604	0.2%	$12.34	—	COM	48249T106
—	RIVERNORTH CAP AND INCM FD I	40,112	$584	0.2%	$15.44	—	COM	76882B108
—	HANCOCK JOHN TAX-ADVANTAGED	23,443	$548	0.2%	$23.39	—	COM	41013V100
—	FRANKLIN UNVL TR	70,883	$540	0.2%	$7.22	—	SH BEN INT	355145103
—	EATON VANCE TX ADV GLBL DIV	25,505	$534	0.2%	$16.18	—	COM	27828S101
XJEQX	ABRDN JAPAN EQUITY FUND INC	68,757	$518	0.2%	$6.41	—	COM	00306J109
—	BROOKFIELD REAL ASSETS INCOM	38,743	$518	0.2%	$13.01	—	SHS BEN INT	112830104
—	MORGAN STANLEY CHINA A SH FD	36,845	$508	0.2%	$19.12	—	COM	617468103
—	EATON VANCE ENHANCED EQUITY	23,958	$501	0.2%	$18.54	—	COM	278274105
—	VOYA EMERGING MKTS HIGH DIVI	80,607	$479	0.2%	$6.38	—	COM	92912P108
—	ABRDN EMERGING MARKETS EX CH	80,502	$478	0.2%	$6.21	—	COM	00301W105
—	WESTERN ASSET HIGH YIELD DEF	39,201	$473	0.2%	$11.86	—	COM	95768B107
—	BLACKROCK ENHANCED LARGE CAP	21,805	$466	0.2%	$18.94	—	COM	09256A109
—	CLOUGH GLOBAL EQUITY FD	63,000	$449	0.2%	$6.74	—	COM	18914C100
—	EATON VANCE SR FLTNG RTE TR	36,766	$446	0.2%	$12.12	—	COM	27828Q105
—	WESTERN ASSET INVT GRADE OPP	26,623	$443	0.2%	$16.48	—	COM	95790A101
—	NUVEEN PFD & INCOME OPPORTUN	54,700	$442	0.2%	$8.01	—	COM	67073B106
—	ABRDN LIFE SCIENCES INVESTOR	31,062	$398	0.1%	$12.72	—	SH BEN INT	87911K100
—	COLUMBIA SELIGM PREM TECH GR	12,989	$395	0.1%	$33.40	—	COM	19842X109
—	WSTRN AST GLBL CORP OPP FD I	32,873	$393	0.1%	$11.33	—	COM	95790C107
—	ABRDN AUSTRALIA EQUITY FD IN	87,045	$389	0.1%	$4.54	—	COM	003011103
—	DOUBLELINE OPPORTUNISTIC CR	25,219	$388	0.1%	$15.36	—	COM	258623107
—	PIMCO INCOME STRATEGY FD II	51,718	$386	0.1%	$7.46	—	COM	72201J104
—	RIVERNORTH DOUBLELINE STRATE	44,076	$377	0.1%	$8.55	—	COM	76882G107
—	RIVERNORTH OPPORTUNITIES FD	30,464	$373	0.1%	$11.49	—	COM	76881Y109
—	PGIM HIGH YIELD BOND FUND IN	26,223	$372	0.1%	$14.17	—	COM	69346H100
—	EATON VANCE TAX-MANAGED GLOB	41,840	$366	0.1%	$8.75	—	COM	27829F108
—	EATON VANCE SR INCOME TR	63,225	$360	0.1%	$5.69	—	SH BEN INT	27826S103
SPY	SPDR S&P 500 ETF TR	558	$351	0.1%	$579.17	—	TR UNIT	78462F103
QQQ	INVESCO QQQ TR	582	$321	0.1%	$321.40	—	UNIT SER 1	46090E103
—	PIMCO INCOME STRATEGY FD	37,026	$312	0.1%	$8.42	—	COM	72201H108
—	HANCOCK JOHN INCOME SECS TR	26,519	$299	0.1%	$11.21	—	COM	410123103
—	PIMCO GLOBAL STOCKSPLS INCM	33,752	$284	0.1%	$7.85	—	COM	722011103
—	HANCOCK JOHN PREM DIVID FD	21,096	$278	0.1%	$10.68	—	COM SH BEN INT	41013T105
—	MEXICO FD INC	14,588	$256	0.1%	$15.05	—	COM	592835102
CMG	CHIPOTLE MEXICAN GRILL INC	4,350	$244	0.1%	$61.90	-17.8%	COM	169656105
—	CALAMOS LNG SHR EQT DYNAMIC	12,739	$207	0.1%	$16.23	—	COM	12812C106
—	VIRTUS DIVIDEND INTEREST & P	16,578	$206	0.1%	$12.13	—	COM	92840R101
—	PUTNAM MASTER INTER INCOME T	60,890	$204	0.1%	$3.26	—	SH BEN INT	746909100
—	BLACKROCK CR ALLOCATION INCO	18,000	$197	0.1%	$10.72	—	COM	092508100
XTEAX	TORTOISE SUSTAINABLE & SOCIA	15,293	$187	0.1%	$11.78	—	COM SH BEN INT	27901F109
—	HIGH INCOME SECS FD	28,503	$181	0.1%	$6.35	—	SHS BEN INT	42968F108
—	COHEN & STEERS CLOSED-END OP	14,152	$179	0.1%	$12.62	—	COM	19248P106
—	VOYA INFRASTRUCTURE INDLS &	14,595	$171	0.1%	$10.23	—	COM	92912X101
—	VOYA GLBL EQTY DIV & PREM OP	28,987	$168	0.1%	$5.48	—	COM	92912T100
—	WESTERN ASSET INVESTMENT GRA	11,110	$145	0.1%	$13.04	—	COM	95766T100
—	NUVEEN CR STRATEGIES INCOME	24,452	$135	0.0%	$5.50	—	COM SHS	67073D102
—	CREDIT SUISSE HIGH YIELD BD	55,339	$118	0.0%	$2.13	—	SH BEN INT	22544F103
—	MFS INTER INCOME TR	25,050	$68	0.0%	$2.68	—	SH BEN INT	55273C107
—	GABELLI CONV & INC SECS FD I	10,493	$40	0.0%	$3.83	—	COM	36240B109