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 ASIA PACIFIC INCOM	COM	003009107	3,035	621,939	SH		SOLE		536,484	0	85,455
ABERDEEN INCOME CR STRATEGIE	COM	003057106	3,408	242,928	SH		SOLE		227,183	0	15,745
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	440	29,284	SH		SOLE		29,284	0	0
ADVENT CLAY CONV SEC INC FD	COM	007639107	3,127	522,089	SH		SOLE		486,638	0	35,451
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	1,077	67,829	SH		SOLE		64,841	0	2,988
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	765	91,805	SH		SOLE		88,291	0	3,514
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	2,060	226,423	SH		SOLE		196,035	0	30,388
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	5,699	436,735	SH		SOLE		401,968	0	34,767
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	2,522	233,476	SH		SOLE		212,016	0	21,460
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	257	27,118	SH		SOLE		27,118	0	0
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,230	141,557	SH		SOLE		136,948	0	4,609
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	255	15,500	SH		SOLE		15,500	0	0
BANCROFT FUND LTD	COM	059695106	402	18,487	SH		SOLE		16,258	0	2,229
BLACKROCK 2022 GBL INCM OPP	COM	09258P104	355	36,236	SH		SOLE		36,236	0	0
BLACKROCK CORE BD TR	SHS BEN INT	09249E101	288	20,500	SH		SOLE		18,217	0	2,283
BLACKROCK CR ALLCTN INC TR	COM	092508100	542	40,664	SH		SOLE		37,422	0	3,242
BLACKROCK ENH CAP & INC FD I	COM	09256A109	982	59,932	SH		SOLE		55,956	0	3,976
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	3,143	340,545	SH		SOLE		333,678	0	6,867
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	1,245	190,886	SH		SOLE		184,340	0	6,546
BLACKROCK FLOAT RATE OME STR	COM	09255X100	674	48,844	SH		SOLE		42,049	0	6,795
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	2,212	121,886	SH		SOLE		105,597	0	16,289
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	2,018	126,741	SH		SOLE		119,656	0	7,085
BOULDER GROWTH & INCOME FD I	COM	101507101	1,651	148,863	SH		SOLE		144,633	0	4,230
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	7,995	661,843	SH		SOLE		623,453	0	38,390
CENTRAL SECS CORP	COM	155123102	8,748	319,279	SH		SOLE		302,729	0	16,550
CHINA FD INC	COM	169373107	580	26,811	SH		SOLE		22,731	0	4,080
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,576	144,811	SH		SOLE		142,389	0	2,422
COHEN & STEERS GLOBAL INC BL	COM	19248M103	301	30,516	SH		SOLE		22,670	0	7,846
COHEN & STEERS LTD DUR PFD I	COM	19248C105	2,274	87,217	SH		SOLE		85,774	0	1,443
CREDIT SUISSE ASSET MGMT INC	COM	224916106	1,765	533,302	SH		SOLE		490,926	0	42,376
DELAWARE INVTS DIV & INCOME	COM	245915103	7,975	743,254	SH		SOLE		710,022	0	33,232
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	1,733	195,798	SH		SOLE		165,716	0	30,082
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	661	53,142	SH		SOLE		53,142	0	0
DOUBLELINE INCOME SOLUTIONS	COM	258622109	4,076	201,900	SH		SOLE		182,846	0	19,054
DREYFUS ALCENTRA GBL CR INCO	COM	26189A105	1,293	137,508	SH		SOLE		116,139	0	21,369
DREYFUS HIGH YIELD STRATEGIE	SH BEN INT	26200S101	1,921	575,265	SH		SOLE		530,123	0	45,142
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	1,263	142,700	SH		SOLE		135,747	0	6,953
EAGLE GRWTH & INCOME OPPTY F	COM SHS BEN IN	26958j105	2,173	130,955	SH		SOLE		126,578	0	4,377
EATON VANCE ENHANCED EQ INC	COM	278274105	640	44,096	SH		SOLE		44,096	0	0
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	2,425	148,695	SH		SOLE		140,143	0	8,552
EATON VANCE LTD DUR INCOME F	COM	27828H105	3,643	266,861	SH		SOLE		246,580	0	20,281
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	1,097	113,889	SH		SOLE		111,987	0	1,902
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	1,180	81,697	SH		SOLE		67,212	0	14,485
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	936	143,499	SH		SOLE		130,667	0	12,832
EATON VANCE TX ADV GLBL DIV	COM	27828S101	3,050	175,973	SH		SOLE		164,262	0	11,711
EUROPEAN EQUITY FUND	COM	298768102	2,308	233,797	SH		SOLE		221,409	0	12,388
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	1,271	108,988	SH		SOLE		101,384	0	7,604
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740d107	511	27,134	SH		SOLE		26,238	0	896
FIRST TR HIGH INCOME L/S FD	COM	33738E109	2,440	147,315	SH		SOLE		139,208	0	8,107
FIRST TR SR FLG RTE INCM FD	COM	33733U108	340	26,318	SH		SOLE		26,318	0	0
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	1,357	148,621	SH		SOLE		125,454	0	23,167
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	1,955	151,874	SH		SOLE		141,389	0	10,485
GABELLI DIVD & INCOME TR	COM	36242H104	9,536	407,365	SH		SOLE		380,926	0	26,439
GABELLI GLB SML & MD CP VAL	COM	36249W104	1,186	93,116	SH		SOLE		84,047	0	9,069
GENERAL AMERN INVS INC	COM	368802104	4,762	138,422	SH		SOLE		132,017	0	6,405
GUGGENHEIM CR ALLOCATION FD	COM	40168G108	760	34,659	SH		SOLE		34,659	0	0
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	241	27,100	SH		SOLE		27,100	0	0
HANCOCK JOHN INVS TR	COM	410142103	625	35,709	SH		SOLE		33,920	0	1,789
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	294	15,693	SH		SOLE		12,615	0	3,078
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	537	75,149	SH		SOLE		69,838	0	5,311
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,937	165,406	SH		SOLE		158,090	0	7,316
INVESCO HIGH INCOME 2023 TAR	COM	46135X108	235	24,000	SH		SOLE		24,000	0	0
IVY HIGH INC OPPORTUNITIES F	COM	465893105	2,935	194,142	SH		SOLE		183,066	0	11,076
KKR INCOME OPPORTUNITIES FD	COM	48249T106	1,225	76,353	SH		SOLE		70,408	0	5,945
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	2,802	155,672	SH		SOLE		143,283	0	12,389
LAZARD WORLD DIVID & INCOME	COM	521076109	557	47,933	SH		SOLE		47,933	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	770	122,234	SH		SOLE		118,263	0	3,971
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	513	92,629	SH		SOLE		82,770	0	9,859
LMP CAP & INCOME FD INC	COM	50208A102	1,328	95,217	SH		SOLE		84,258	0	10,959
MACQUARIE GLBL INFRA TOTL RE	COM	55608D101	267	10,344	SH		SOLE		9,697	0	647
MADISON CVRED CALL & EQ STR	COM	557437100	2,224	288,083	SH		SOLE		279,532	0	8,551
MADISON STRTG SECTOR PREM FD	COM	558268108	148	12,647	SH		SOLE		3,855	0	8,792
MFS INTER INCOME TR	SH BEN INT	55273C107	144	34,660	SH		SOLE		34,660	0	0
MORGAN STANLEY CHINA A SH FD	COM	617468103	636	27,204	SH		SOLE		25,435	0	1,769
MORGAN STANLEY EMER MKTS DEB	COM	61744H105	528	52,919	SH		SOLE		44,759	0	8,160
MORGAN STANLEY EMER MKTS FD	COM	61744G107	226	12,642	SH		SOLE		12,642	0	0
NEW GERMANY FD INC	COM	644465106	3,644	187,448	SH		SOLE		181,630	0	5,818
NEW IRELAND FUND INC	COM	645673104	589	47,037	SH		SOLE		44,472	0	2,565
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	2,313	158,411	SH		SOLE		152,100	0	6,311
NUVEEN CR OPPORTUNITIES 2022	COM	67075U102	1,147	120,900	SH		SOLE		112,977	0	7,923
NUVEEN EMERGING MKTS DEBT 20	COM	67077P101	124	13,142	SH		SOLE		13,142	0	0
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	1,246	73,663	SH		SOLE		72,515	0	1,148
NUVEEN PFD & INCOME TERM FD	COM	67075A106	314	12,685	SH		SOLE		12,685	0	0
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	321	22,520	SH		SOLE		22,520	0	0
NUVEEN SHT DUR CR OPP FD	COM	67074X107	226	13,613	SH		SOLE		13,613	0	0
NUVEEN SR INCOME FD	COM	67067Y104	484	74,281	SH		SOLE		55,978	0	18,303
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	2,529	143,875	SH		SOLE		139,106	0	4,769
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	4,974	356,555	SH		SOLE		340,206	0	16,349
PIMCO DYNMIC CREDIT AND MRT	COM SHS	72202D106	2,889	128,757	SH		SOLE		118,398	0	10,359
PIONEER DIV HIGH INCOME TRUS	COM	723653101	2,412	153,167	SH		SOLE		149,702	0	3,465
PIONEER FLOATING RATE TR	COM	72369J102	1,987	173,198	SH		SOLE		163,156	0	10,042
PIONEER HIGH INCOME TR	COM	72369H106	1,525	157,033	SH		SOLE		154,360	0	2,673
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	980	57,030	SH		SOLE		54,669	0	2,361
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	771	53,539	SH		SOLE		48,385	0	5,154
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	913	61,806	SH		SOLE		58,176	0	3,630
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	1,496	81,377	SH		SOLE		81,377	0	0
RMR REAL ESTATE INCOME FUND	COM	76970B101	286	14,981	SH		SOLE		14,432	0	549
ROYCE GLOBAL VALUE TR INC	COM	78081T104	664	61,379	SH		SOLE		58,802	0	2,577
ROYCE MICRO-CAP TR INC	COM	780915104	5,639	597,398	SH		SOLE		566,104	0	31,294
SOURCE CAP INC	COM	836144105	7,168	175,866	SH		SOLE		168,229	0	7,637
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	5,097	342,507	SH		SOLE		333,442	0	9,065
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	944	36,515	SH		SOLE		35,683	0	832
SPROTT FOCUS TR INC	COM	85208J109	3,699	467,030	SH		SOLE		419,132	0	47,898
SWISS HELVETIA FD INC	COM	870875101	396	31,011	SH		SOLE		30,577	0	434
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	304	13,500	SH		SOLE		13,500	0	0
TEMPLETON GLOBAL INCOME FD	COM	880198106	396	61,357	SH		SOLE		59,542	0	1,815
THL CR SR LN FD	COM	87244R103	1,947	115,455	SH		SOLE		113,083	0	2,372
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	309	29,465	SH		SOLE		24,868	0	4,597
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	372	41,815	SH		SOLE		41,815	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	667	58,377	SH		SOLE		54,133	0	4,244
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	2,085	269,011	SH		SOLE		239,561	0	29,450
VOYA PRIME RATE TR	SH BEN INT	92913A100	120	23,757	SH		SOLE		23,757	0	0
WELLS FARGO GLOBAL DIVIDEND	COM	94987C103	680	114,666	SH		SOLE		104,876	0	9,790
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	1,665	198,189	SH		SOLE		185,680	0	12,509
WELLS FARGO MULTI SECTOR INC	COM	94987D101	870	66,639	SH		SOLE		61,580	0	5,059
WESTERN ASSET GLB HI INCOME	COM	95766B109	3,259	318,906	SH		SOLE		308,863	0	10,043
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	154	10,179	SH		SOLE		10,179	0	0
WESTERN ASSET HIGH INCM FD I	COM	95766J102	3,122	447,858	SH		SOLE		425,016	0	22,842
XAI OCTAGON FLOATNG RATE ALT	COM	98400T106	509	54,174	SH		SOLE		52,358	0	1,816