Shaker Financial Services 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	1,171	136,270	SH		SOLE		133,159	0	3,111
ABERDEEN GTR CHINA FD INC	COM	003031101	147	12,812	SH		SOLE		12,812	0	0
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	5,387	376,993	SH		SOLE		355,606	0	21,387
ADVENT CLAY CONV SEC INC FD	COM	007639107	626	100,474	SH		SOLE		96,513	0	3,961
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	1,819	140,603	SH		SOLE		128,671	0	11,932
ALLIANZGI EQUITY & CONV INCO	COM	018829101	1,378	69,765	SH		SOLE		68,440	0	1,325
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	3,118	238,234	SH		SOLE		234,279	0	3,955
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	603	58,913	SH		SOLE		53,938	0	4,975
APOLLO SR FLOATING RATE FD I	COM	037636107	1,186	70,327	SH		SOLE		65,662	0	4,665
APOLLO TACTICAL INCOME FD IN	COM	037638103	369	22,682	SH		SOLE		22,381	0	301
AVENUE INCOME CR STRATEGIES	COM	05358E106	439	31,572	SH		SOLE		30,979	0	593
BANCROFT FUND LTD	COM	059695106	568	26,215	SH		SOLE		22,298	0	3,917
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	688	62,737	SH		SOLE		59,579	0	3,158
BLACKROCK CR ALLCTN INC TR	COM	092508100	333	24,792	SH		SOLE		21,623	0	3,169
BLACKROCK DEBT STRAT FD INC	COM NEW	09255R202	177	15,350	SH		SOLE		3,857	0	11,493
BLACKROCK ENH CAP & INC FD I	COM	09256A109	667	44,789	SH		SOLE		44,789	0	0
BLACKROCK ENHANCED GBL DIV T	COM	092501105	396	29,890	SH		SOLE		27,366	0	2,524
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	1,200	191,023	SH		SOLE		190,292	0	731
BLACKROCK FLOAT RATE OME STR	COM	09255X100	233	16,560	SH		SOLE		16,560	0	0
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	1,307	82,844	SH		SOLE		78,095	0	4,749
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	253	13,965	SH		SOLE		12,088	0	1,877
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	3,205	198,589	SH		SOLE		190,883	0	7,706
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	2,582	162,181	SH		SOLE		157,440	0	4,741
BOULDER GROWTH & INCOME FD I	COM	101507101	4,283	441,062	SH		SOLE		404,447	0	36,615
BROOKFIELD REAL ASSETS INCOM	SHS BEN INT	112830104	454	19,594	SH		SOLE		17,964	0	1,630
CALAMOS DYNAMIC CONV & INCOM	COM	12811V105	492	24,581	SH		SOLE		24,074	0	507
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	1,983	168,909	SH		SOLE		167,986	0	923
CENTRAL SECS CORP	COM	155123102	6,731	269,991	SH		SOLE		254,610	0	15,381
CLOUGH GLOBAL DIVND AND INC	COM	18913Y103	628	46,947	SH		SOLE		46,947	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914C100	738	58,516	SH		SOLE		56,328	0	2,188
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,506	142,116	SH		SOLE		126,896	0	15,220
COHEN & STEERS QUALITY RLTY	COM	19247L106	301	23,936	SH		SOLE		20,249	0	3,687
CREDIT SUISSE ASSET MGMT INC	COM	224916106	1,198	355,362	SH		SOLE		317,062	0	38,300
DELAWARE ENHANCED GBL DIV &	COM	246060107	593	52,011	SH		SOLE		52,011	0	0
DELAWARE INVTS DIV & INCOME	COM	245915103	3,527	337,465	SH		SOLE		317,169	0	20,296
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	2,018	229,285	SH		SOLE		194,465	0	34,820
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	801	64,685	SH		SOLE		64,685	0	0
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	2,428	264,167	SH		SOLE		251,388	0	12,779
EAGLE GRWTH & INCOME OPPTY F	COM SHS BEN IN	26958j105	1,848	107,238	SH		SOLE		101,148	0	6,090
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	3,933	234,396	SH		SOLE		220,693	0	13,703
EATON VANCE LTD DUR INCOME F	COM	27828H105	1,841	130,540	SH		SOLE		121,412	0	9,128
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	1,566	167,176	SH		SOLE		134,794	0	32,382
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	1,372	206,363	SH		SOLE		176,672	0	29,691
EUROPEAN EQUITY FUND	COM	298768102	2,536	276,557	SH		SOLE		258,488	0	18,069
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	989	84,919	SH		SOLE		74,046	0	10,873
FIRST TR ENHANCED EQTY INC F	COM	337318109	466	31,824	SH		SOLE		31,824	0	0
FIRST TR SR FLG RTE INCM FD	COM	33733U108	153	11,462	SH		SOLE		11,462	0	0
FRANKLIN UNVL TR	SH BEN INT	355145103	223	31,153	SH		SOLE		31,153	0	0
GABELLI DIVD & INCOME TR	COM	36242H104	4,586	210,196	SH		SOLE		201,893	0	8,303
GABELLI GLB SML & MD CP VAL	COM	36249W104	770	62,279	SH		SOLE		60,283	0	1,996
GENERAL AMERN INVS INC	COM	368802104	6,164	179,456	SH		SOLE		169,911	0	9,545
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	6,489	784,604	SH		SOLE		728,169	0	56,435
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	712	98,856	SH		SOLE		96,135	0	2,721
INVESCO DYNAMIC CR OPP FD	COM	46132R104	3,764	313,404	SH		SOLE		285,956	0	27,448
INVESCO SR INCOME TR	COM	46131H107	632	138,644	SH		SOLE		132,360	0	6,284
IVY HIGH INC OPPORTUNITIES F	COM	465893105	616	39,876	SH		SOLE		39,876	0	0
KKR INCOME OPPORTUNITIES FD	COM	48249T106	393	22,447	SH		SOLE		22,217	0	230
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	1,303	79,680	SH		SOLE		78,298	0	1,382
LAZARD WORLD DIVID & INCOME	COM	521076109	440	39,937	SH		SOLE		39,937	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	5,724	1,011,382	SH		SOLE		974,786	0	36,596
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	3,961	805,014	SH		SOLE		779,583	0	25,431
MADISON CVRED CALL & EQ STR	COM	557437100	1,198	152,947	SH		SOLE		150,762	0	2,185
MFS CHARTER INCOME TR	SH BEN INT	552727109	1,658	191,849	SH		SOLE		184,734	0	7,115
MORGAN STANLEY CHINA A SH FD	COM	617468103	338	15,111	SH		SOLE		15,111	0	0
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	2,319	195,056	SH		SOLE		166,987	0	28,069
NEW GERMANY FD INC	COM	644465106	3,143	188,992	SH		SOLE		182,844	0	6,148
NEW IRELAND FUND INC	COM	645673104	209	15,101	SH		SOLE		13,054	0	2,047
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	6,896	470,378	SH		SOLE		445,970	0	24,408
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	1,450	168,398	SH		SOLE		163,714	0	4,684
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	1,282	75,973	SH		SOLE		71,669	0	4,304
NUVEEN MULTI MKT INCOME FD	COM	67075J107	160	21,300	SH		SOLE		21,300	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075A106	973	39,584	SH		SOLE		38,495	0	1,089
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	1,104	71,907	SH		SOLE		68,732	0	3,175
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	717	44,573	SH		SOLE		42,513	0	2,060
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	4,143	321,182	SH		SOLE		298,988	0	22,194
PIONEER DIV HIGH INCOME TRUS	COM	723653101	2,815	171,564	SH		SOLE		163,476	0	8,088
PIONEER FLOATING RATE TR	COM	72369J102	1,340	112,645	SH		SOLE		112,045	0	600
PIONEER HIGH INCOME TR	COM	72369H106	3,152	318,690	SH		SOLE		312,063	0	6,627
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	979	65,904	SH		SOLE		59,815	0	6,089
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	4,875	319,221	SH		SOLE		289,577	0	29,644
PUTMAN HIGH INCOME SEC FUND	SHS BEN INT	746779107	274	31,206	SH		SOLE		31,206	0	0
RIVERNORTH OPPRTUNITIES FD I	COM	76881y109	929	46,535	SH		SOLE		43,564	0	2,971
ROYCE GLOBAL VALUE TR INC	COM	78081T104	231	24,029	SH		SOLE		24,029	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	4,113	475,462	SH		SOLE		463,579	0	11,883
ROYCE VALUE TR INC	COM	780910105	196	13,437	SH		SOLE		13,437	0	0
SOURCE CAP INC	COM	836144105	5,136	132,887	SH		SOLE		125,715	0	7,172
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	4,327	284,652	SH		SOLE		279,977	0	4,675
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	931	36,515	SH		SOLE		35,683	0	832
SPROTT FOCUS TR INC	COM	85208J109	1,403	190,370	SH		SOLE		165,608	0	24,762
TEMPLETON DRAGON FD INC	COM	88018T101	257	12,743	SH		SOLE		12,743	0	0
TEMPLETON EMERG MKTS INCOME	COM	880192109	377	33,570	SH		SOLE		33,570	0	0
THL CR SR LN FD	COM	87244R103	370	20,844	SH		SOLE		17,884	0	2,960
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	1,596	147,675	SH		SOLE		136,287	0	11,388
VOYA PRIME RATE TR	SH BEN INT	92913A100	545	101,224	SH		SOLE		63,424	0	37,800
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	2,131	248,986	SH		SOLE		240,892	0	8,094
WELLS FARGO MULTI SECTOR INC	COM	94987D101	471	35,257	SH		SOLE		34,042	0	1,215
WESTERN ASSET EMRG MKT DEBT	COM	95766A101	181	11,600	SH		SOLE		11,600	0	0
WESTERN ASSET GLB HI INCOME	COM	95766B109	3,398	337,778	SH		SOLE		311,743	0	26,035
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	631	35,422	SH		SOLE		34,398	0	1,024
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	1,219	79,783	SH		SOLE		77,753	0	2,030
WESTERN ASSET HIGH INCM FD I	COM	95766J102	3,538	492,095	SH		SOLE		466,093	0	26,002
WESTERN ASSET HIGH INCM OPP	COM	95766K109	576	113,547	SH		SOLE		89,158	0	24,389
WESTERN ASSET VAR RT STRG FD	COM	957667108	226	13,257	SH		SOLE		8,989	0	4,268