Shaker Financial Services, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CALAMOS STRATEGIC TOTAL RETU	497,014	$9,587	3.3%	$17.14	—	COM SH BEN INT	128125101
—	ROYCE MICRO-CAP TR INC	909,058	$9,445	3.2%	$9.06	—	COM	780915104
—	NUVEEN CORE EQUITY ALPHA FD	540,238	$8,669	3.0%	$15.52	—	COM	67090X107
—	LIBERTY ALL STAR EQUITY FD	1,307,623	$8,290	2.8%	$6.63	—	SH BEN INT	530158104
—	EATON VANCE TAX MNGED BUY WR	493,646	$7,405	2.5%	$13.53	—	COM	27828X100
—	LIBERTY ALL-STAR GROWTH FD I	1,314,729	$7,297	2.5%	$5.13	—	COM	529900102
—	CENTRAL SECS CORP	132,905	$6,827	2.3%	$42.24	—	COM	155123102
—	CALAMOS GBL DYN INCOME FUND	824,490	$6,217	2.1%	$7.06	—	COM	12811L107
—	SPECIAL OPPORTUNITIES FD INC	354,678	$5,498	1.9%	$15.02	—	COM	84741T104
—	ADAMS DIVERSIFIED EQUITY FD	237,032	$5,286	1.8%	$22.30	—	COM	006212104
—	FIRST TR ENHANCED EQUITY INC	245,347	$5,280	1.8%	$19.78	—	COM	337318109
—	NUVEEN DOW 30 DYNMC OVERWRT	324,768	$4,936	1.7%	$14.75	—	SHS	67075F105
—	EUROPEAN EQUITY FD INC	445,553	$4,830	1.7%	$9.38	—	COM	298768102
—	ROYCE SMALL CAP TRUST INC	289,696	$4,673	1.6%	$14.65	—	COM	780910105
—	EATON VANCE TAX-MANAGED BUY-	322,604	$4,597	1.6%	$13.71	—	COM	27828Y108
—	DOUBLELINE YIELD OPPORTUNITI	294,710	$4,444	1.5%	$15.22	—	COM	25862D105
—	FRANKLIN LTD DURATION INCOME	693,377	$4,417	1.5%	$6.37	—	COM	35472T101
—	DOUBLELINE INCOME SOLUTIONS	340,673	$4,183	1.4%	$12.29	—	COM	258622109
—	SABA CAPITAL INCOME & OPPORT	448,104	$4,087	1.4%	$8.84	—	COM NEW	880198205
—	SPROTT FOCUS TR INC	474,364	$3,942	1.4%	$7.67	—	COM	85208J109
—	SRH TOTAL RETURN FUND INC	208,391	$3,784	1.3%	$16.37	—	COM	101507101
—	WESTERN ASSET GBL HIGH INC F	553,533	$3,692	1.3%	$6.66	—	COM	95766B109
—	ALLSPRING INCOME OPPORTUNIT	504,003	$3,560	1.2%	$7.03	—	INC OPPTY FD	94987B105
—	ALLSPRING MULTI SECTOR INCOM	366,566	$3,540	1.2%	$9.45	—	COM	94987D101
—	EATON VANCE TX ADV GLBL DIV	163,373	$3,452	1.2%	$20.36	—	COM	27828S101
—	BLACKROCK CORPOR HI YLD FD I	362,415	$3,443	1.2%	$9.50	—	COM	09255P107
—	NUVEEN NASDAQ 100 DYNAMIC OV	120,498	$3,367	1.2%	$27.94	—	COM SHS	670699107
—	BLACKROCK ENHANCED EQUITY DI	368,492	$3,357	1.2%	$8.60	—	COM	09251A104
—	XAI MADISON EQUITY PREMIUM I	534,836	$3,332	1.1%	$6.45	—	COM	557437100
—	EATON VANCE RISK-MANAGED DIV	365,998	$3,290	1.1%	$8.78	—	COM	27829G106
—	PGIM SHORT DUR HIG YLD OPP F	189,467	$3,168	1.1%	$15.73	—	COM	69355J104
SPY	SPDR S&P 500 ETF TR	4,682	$3,127	1.1%	$657.26	—	TR UNIT	78462F103
—	ABRDN LIFE SCIENCES INVESTOR	197,804	$3,068	1.1%	$15.07	—	SH BEN INT	87911K100
—	BRANDYWINEGBL GBL INCM OPP F	349,974	$3,066	1.1%	$8.37	—	COM	10537L104
—	NUVEEN S&P 500 BUY-WRITE INC	199,227	$2,933	1.0%	$14.15	—	COM	6706ER101
—	COLUMBIA SELIGM PREM TECH GR	80,622	$2,848	1.0%	$35.01	—	COM	19842X109
—	EATON VANCE TAX-MANAGED GLOB	312,070	$2,824	1.0%	$8.41	—	COM	27829C105
—	EATON VANCE TAX-ADVANTAGED G	97,146	$2,677	0.9%	$26.35	—	COM	27828U106
—	TAIWAN FD INC	49,438	$2,676	0.9%	$33.78	—	COM	874036106
—	BLACKROCK HEALTH SCIENCES TE	184,069	$2,654	0.9%	$14.42	—	COM SHS	09260E105
—	VIRTUS EQUITY & CONV INCM FD	105,374	$2,646	0.9%	$22.88	—	COM	92841M101
—	JOHN HANCOCK DIVERSIFIED INC	247,175	$2,632	0.9%	$10.31	—	COM	47804L102
—	ABRDN TOTAL DYNAMIC DIVIDEND	276,523	$2,616	0.9%	$8.82	—	COM SH BEN INT	00326L100
—	CALAMOS GLOBAL TOTAL RETURN	214,332	$2,581	0.9%	$11.24	—	COM SH BEN INT	128118106
—	ABRDN INCOME CREDIT STRATEGI	442,146	$2,564	0.9%	$6.17	—	COM	003057106
—	EATON VANCE ENHANCED EQUITY	106,542	$2,550	0.9%	$22.66	—	COM	278277108
—	VIRTUS GLOBAL MULTI-SECTOR I	310,852	$2,469	0.8%	$9.62	—	COM	92829B101
—	EATON VANCE LIMITED DURATION	242,714	$2,464	0.8%	$9.71	—	COM	27828H105
—	HANCOCK JOHN INVT TR II	174,761	$2,445	0.8%	$13.15	—	COM	410142103
XXCHNXX	CHINA FD INC	132,112	$2,439	0.8%	$15.66	—	COM	169373107
—	WESTERN ASSET HIGH INCOM FD	550,959	$2,424	0.8%	$4.36	—	COM	95766J102
—	MFS CHARTER INCOME TR	376,312	$2,416	0.8%	$6.31	—	SH BEN INT	552727109
—	BLACKROCK ENHANCED GLOBAL DI	178,470	$2,065	0.7%	$11.35	—	COM	092501105
—	EATON VANCE TAX ADVT DIV INC	81,549	$1,994	0.7%	$23.06	—	COM	27828G107
—	ROYCE GLOBAL TRUST INC	153,815	$1,992	0.7%	$11.12	—	COM	78081T104
—	ANGEL OAK FINL STRATEGIES IN	144,976	$1,901	0.7%	$12.65	—	COM BEN INT	03464A100
—	NUVEEN GLOBAL HIGH INCOME FD	138,919	$1,893	0.6%	$12.97	—	SHS	67075G103
—	CLOUGH GLOBAL OPPORTUNITIES	327,298	$1,866	0.6%	$5.70	—	SH BEN INT	18914E106
—	TEMPLETON DRAGON FD INC	157,589	$1,836	0.6%	$11.63	—	COM	88018T101
—	COHEN & STEERS LTD DURATION	84,484	$1,831	0.6%	$19.51	—	COM	19248C105
—	TOTAL RETURN SECURITIES FUND	298,862	$1,817	0.6%	$6.68	—	COM	870875101
—	BLACKSTONE STRATEGIC CRED 20	140,584	$1,711	0.6%	$12.23	—	COM SHS BEN IN	09257R101
—	WESTERN ASSET EMERGING MKTS	160,177	$1,669	0.6%	$9.53	—	COM	95766A101
—	FIRST TR HIGH YIELD OPPRT 20	111,350	$1,613	0.6%	$14.43	—	COM	33741Q107
—	NUVEEN CORE PLUS IMPACT FUND	143,452	$1,595	0.5%	$11.12	—	COM BEN INT	67080D103
—	NEW GERMANY FD INC	133,400	$1,542	0.5%	$11.96	—	COM	644465106
—	NUVEEN S&P 500 DYNAMIC OVERW	85,118	$1,518	0.5%	$17.88	—	COM	6706EW100
—	FLAHERTY & CRUMRINE DYNAMIC	69,440	$1,503	0.5%	$19.57	—	SHS	33848W106
—	COHEN & STEERS CLOSED-END OP	113,506	$1,480	0.5%	$12.99	—	COM	19248P106
—	COHEN & STEERS SELECT PFD &	71,013	$1,476	0.5%	$20.63	—	COM	19248Y107
—	ALLIANCEBERNSTEIN GLOBAL HIG	131,484	$1,474	0.5%	$10.76	—	COM	01879R106
—	FIRST TR INTER DURATN PFD &	73,260	$1,403	0.5%	$16.65	—	COM	33718W103
—	VOYA ASIA PAC HIGH DIV EQT I	181,933	$1,364	0.5%	$7.87	—	COM	92912J102
—	ALLSPRING GLOBAL DIVIDEND OP	228,138	$1,321	0.5%	$5.38	—	COM	94987C103
—	NUVEEN MULTI ASSET INCOME FU	99,145	$1,315	0.5%	$12.34	—	COM	670750108
—	HANCOCK JOHN PREM DIVID FD	98,453	$1,313	0.5%	$12.77	—	COM SH BEN INT	41013T105
—	INVESCO HIGH INCOME TR II	112,225	$1,259	0.4%	$11.39	—	COM	46131F101
—	ELLSWORTH GROWTH & INCOME FD	99,201	$1,151	0.4%	$8.37	—	COM	289074106
—	BLACKSTONE LONG SHORT CR INC	93,773	$1,125	0.4%	$12.44	—	COM SHS BN INT	09257D102
—	MFS MULTIMARKET INCOME TR	234,726	$1,122	0.4%	$4.63	—	SH BEN INT	552737108
—	TEMPLETON EMERGING MKTS FD	65,894	$1,103	0.4%	$13.81	—	COM	880191101
—	COHEN & STEERS TAX ADVAN PFD	54,006	$1,102	0.4%	$19.38	—	COM	19249X108
—	JAPAN SMALLER CAPITALIZATION	97,575	$1,028	0.4%	$8.31	—	COM	47109U104
—	COHEN & STEERS QUALITY INCOM	78,354	$977	0.3%	$12.54	—	COM	19247L106
—	BLACKROCK TECH AND PRIVATE E	143,998	$965	0.3%	$6.70	—	SHS BEN INT	09260Q108
—	TEMPLETON EMERGING MKTS INCO	152,347	$945	0.3%	$6.00	—	COM	880192109
—	GABELLI DIVID & INCOME TR	34,581	$938	0.3%	$27.13	—	COM	36242H104
—	MEXICO EQUITY & INCOME FD	75,982	$902	0.3%	$7.99	—	COM	592834105
—	WESTERN ASSET HIGH INCOME OP	210,902	$817	0.3%	$4.01	—	COM	95766K109
—	BANCROFT FD LTD	35,042	$767	0.3%	$21.88	—	COM	059695106
—	EATON VANCE SR FLTNG RTE TR	64,463	$737	0.3%	$11.83	—	COM	27828Q105
—	KKR INCOME OPPORTUNITIES FD	58,344	$735	0.3%	$12.39	—	COM	48249T106
—	WESTERN ASSET INVESTMENT GRA	57,081	$735	0.3%	$12.91	—	COM	95766T100
—	NUVEEN FLOATING RATE INCOME	86,681	$716	0.2%	$8.82	—	COM	67072T108
—	BLACKROCK ENHANCED INTL DIV	121,540	$699	0.2%	$5.59	—	COM BENE INTER	092524107
—	MORGAN STANLEY EMKT DBT FD I	91,212	$688	0.2%	$7.54	—	COM	61744H105
—	EATON VANCE TAX-MANAGED GLOB	69,139	$629	0.2%	$8.89	—	COM	27829F108
—	VIRTUS DIVIDEND INTEREST & P	47,721	$621	0.2%	$12.70	—	COM	92840R101
—	ADVENT CONV & INCOME FD	48,110	$615	0.2%	$12.79	—	COM	00764C109
—	MORGAN STANLEY CHINA A SH FD	36,845	$613	0.2%	$19.12	—	COM	617468103
—	ABRDN EMERGING MARKETS EX CH	94,331	$611	0.2%	$6.25	—	COM	00301W105
—	CLOUGH GLOBAL EQUITY FD	77,207	$588	0.2%	$6.90	—	COM	18914C100
—	BROOKFIELD REAL ASSETS INCOM	42,435	$567	0.2%	$13.04	—	SHS BEN INT	112830104
—	RIVERNORTH CAP AND INCM FD I	37,955	$559	0.2%	$15.44	—	COM	76882B108
—	PIMCO GLOBAL STOCKSPLS INCM	62,625	$540	0.2%	$8.21	—	COM	722011103
—	EATON VANCE ENHANCED EQUITY	24,965	$524	0.2%	$18.64	—	COM	278274105
—	RIVERNORTH DOUBLELINE STRATE	60,471	$516	0.2%	$8.54	—	COM	76882G107
—	VIRTUS CONVERTIBLE & INCOME	34,319	$515	0.2%	$15.00	—	COM NEW	92838X805
—	VOYA EMERGING MKTS HIGH DIVI	80,607	$505	0.2%	$6.38	—	COM	92912P108
—	WESTERN ASSET HIGH YIELD OPP	41,825	$493	0.2%	$11.86	—	COM	95768B107
—	HIGH INCOME SECS FD	77,415	$492	0.2%	$6.35	—	SHS BEN INT	42968F108
—	SABA CAPITAL INCOME & OPRNT	60,563	$471	0.2%	$7.54	—	SHS NEW	78518H202
—	VIRTUS TOTAL RETURN FD INC	70,424	$454	0.2%	$5.68	—	COM	92835W107
—	HANCOCK JOHN TAX-ADVANTAGED	18,095	$449	0.2%	$23.39	—	COM	41013V100
—	WESTERN ASSET INVT GRADE OPP	26,623	$446	0.2%	$16.48	—	COM	95790A101
—	DOUBLELINE OPPORTUNISTIC CR	28,537	$445	0.2%	$15.39	—	COM	258623107
—	CLOUGH GLOBAL DIVID & INCOME	74,184	$441	0.2%	$5.47	—	COM	18913Y103
—	TRI CONTL CORP	12,682	$431	0.1%	$31.19	—	COM	895436103
—	SOURCE CAPITAL	9,251	$416	0.1%	$42.55	—	COM SHS OF BEN I	836144303
—	NUVEEN REAL ESTATE INCOME FD	49,501	$413	0.1%	$8.33	—	COM	67071B108
—	WSTRN AST GLBL CORP OPP FD I	33,791	$407	0.1%	$11.35	—	COM	95790C107
—	ABRDN AUSTRALIA EQUITY FD IN	87,045	$400	0.1%	$4.54	—	COM	003011103
—	PGIM GLOBAL HIGH YIELD FD FO	29,654	$382	0.1%	$12.88	—	COM	69346J106
—	BLACKROCK CR ALLOCATION INCO	33,000	$365	0.1%	$10.87	—	COM	092508100
—	EATON VANCE SR INCOME TR	65,061	$357	0.1%	$5.68	—	SH BEN INT	27826S103
QQQ	INVESCO QQQ TR	582	$350	0.1%	$321.40	—	UNIT SER 1	46090E103
—	INVESCO SR INCOME TR	98,000	$339	0.1%	$3.46	—	COM	46131H107
—	BNY MELLON HIGH YIELD STRATE	122,193	$316	0.1%	$2.58	—	SH BEN INT	09660L105
—	EATON VANCE SHORT DURATION D	27,687	$313	0.1%	$10.76	—	COM	27828V104
—	VIRTUS ARTIFICIAL INTELLIGEN	12,670	$304	0.1%	$24.03	—	COM	92838Y100
—	LMP CAP & INCOME FD INC	19,000	$297	0.1%	$15.65	—	COM	50208A102
—	MEXICO FD INC	14,588	$287	0.1%	$15.05	—	COM	592835102
—	BLACKROCK INCOME TR INC	24,402	$274	0.1%	$11.24	—	COM NEW	09247F209
—	NEUBERGER BERMAN REAL ESTATE	79,680	$257	0.1%	$3.23	—	COM	64190A103
—	VOYA GLBL ADV & PREM OPP FD	24,428	$242	0.1%	$9.92	—	COM	92912R104
—	KOREA FD INC	7,900	$242	0.1%	$30.59	—	COM NEW	500634209
—	BLACKROCK CORE BD TR	24,200	$241	0.1%	$9.94	—	SHS BEN INT	09249E101
—	MFS INTER INCOME TR	86,350	$231	0.1%	$2.68	—	SH BEN INT	55273C107
—	BLACKROCK CAP ALLOCATION TER	15,500	$229	0.1%	$14.79	—	COM	09260U109
—	BLACKROCK ENHANCED LARGE CAP	9,611	$221	0.1%	$18.94	—	COM	09256A109
XJEQX	ABRDN JAPAN EQUITY FUND INC	25,008	$214	0.1%	$6.41	—	COM	00306J109
—	HANCOCK JOHN INCOME SECS TR	13,397	$156	0.1%	$11.21	—	COM	410123103
—	CREDIT SUISSE ASSET MGMT INC	52,336	$153	0.1%	$2.92	—	COM	224916106
—	EATON VANCE FLTING RATE INC	12,800	$151	0.1%	$11.77	—	COM	278279104
—	PRINCIPAL REAL ESTATE INCOME	13,629	$143	0.0%	$10.46	—	SHS BEN INT	74255X104
—	PUTNAM PREMIER INCOME TR	34,366	$127	0.0%	$3.69	—	SH BEN INT	746853100
—	FRANKLIN UNVL TR	15,756	$127	0.0%	$7.22	—	SH BEN INT	355145103
—	GABELLI CONV & INC SECS FD I	27,426	$113	0.0%	$4.02	—	COM	36240B109
—	BLACKROCK INCOME TR INC	24,402	$0	0.0%	—	—	RIGHT 10/20/2025	09247F118