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	1,329	280,295	SH		SOLE		242,532	0	37,763
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	102	11,940	SH		SOLE		11,940	0	0
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	7,033	476,173	SH		SOLE		444,816	0	31,357
ADVENT CLAY CONV SEC INC FD	COM	007639107	2,698	481,859	SH		SOLE		442,990	0	38,869
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	740	49,083	SH		SOLE		48,745	0	338
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	798	100,711	SH		SOLE		100,711	0	0
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	190	16,000	SH		SOLE		16,000	0	0
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	1,807	196,021	SH		SOLE		154,655	0	41,366
ALLIANZGI EQUITY & CONV INCO	COM	018829101	465	22,490	SH		SOLE		21,769	0	721
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	3,599	283,419	SH		SOLE		238,156	0	45,263
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	3,657	348,274	SH		SOLE		326,366	0	21,908
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	1,356	151,650	SH		SOLE		128,429	0	23,221
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,563	163,217	SH		SOLE		158,608	0	4,609
BANCROFT FUND LTD	COM	059695106	800	38,112	SH		SOLE		34,696	0	3,416
BLACKROCK 2022 GBL INCM OPP	COM	09258P104	614	64,731	SH		SOLE		61,334	0	3,397
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	2,323	266,111	SH		SOLE		259,518	0	6,593
BLACKROCK ENHANCED GBL DIV T	COM	092501105	1,526	131,898	SH		SOLE		114,725	0	17,173
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	810	133,000	SH		SOLE		130,746	0	2,254
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	2,473	164,005	SH		SOLE		145,829	0	18,176
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	3,936	234,454	SH		SOLE		201,035	0	33,419
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	794	49,073	SH		SOLE		47,561	0	1,512
BOULDER GROWTH & INCOME FD I	COM	101507101	2,839	263,351	SH		SOLE		254,659	0	8,692
BROOKFIELD REAL ASSETS INCOM	SHS BEN INT	112830104	1,937	88,966	SH		SOLE		76,827	0	12,139
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	3,151	266,359	SH		SOLE		258,909	0	7,450
CENTRAL SECS CORP	COM	155123102	7,747	290,596	SH		SOLE		272,839	0	17,757
CHINA FD INC	COM	169373107	948	42,811	SH		SOLE		32,875	0	9,936
CLOUGH GLOBAL EQUITY FD	COM	18914C100	3,204	286,114	SH		SOLE		276,767	0	9,347
COHEN & STEERS GLOBAL INC BL	COM	19248M103	320	35,044	SH		SOLE		35,044	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	409	128,162	SH		SOLE		111,243	0	16,919
DELAWARE ENHANCED GBL DIV &	COM	246060107	187	16,200	SH		SOLE		16,200	0	0
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	1,554	176,961	SH		SOLE		149,387	0	27,574
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	528	43,074	SH		SOLE		38,082	0	4,992
DOUBLELINE INCOME SOLUTIONS	COM	258622109	2,517	125,333	SH		SOLE		114,697	0	10,636
DREYFUS HIGH YIELD STRATEGIE	SH BEN INT	26200S101	2,202	690,304	SH		SOLE		575,828	0	114,476
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	1,526	177,852	SH		SOLE		143,370	0	34,482
EAGLE GRWTH & INCOME OPPTY F	COM SHS BEN IN	26958j105	2,868	190,795	SH		SOLE		182,765	0	8,030
EATON VANCE ENHANCED EQ INC	COM	278274105	249	17,862	SH		SOLE		17,862	0	0
EATON VANCE LTD DUR INCOME F	COM	27828H105	4,677	359,229	SH		SOLE		320,871	0	38,358
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	1,143	127,177	SH		SOLE		117,463	0	9,714
EATON VANCE SH TM DR DIVR IN	COM	27828V104	1,509	110,604	SH		SOLE		96,246	0	14,358
EATON VANCE TAX ADVT DIV INC	COM	27828G107	1,032	47,117	SH		SOLE		45,751	0	1,366
EATON VANCE TX ADV GLBL DIV	COM	27828S101	2,703	161,781	SH		SOLE		146,152	0	15,629
EUROPEAN EQUITY FUND	COM	298768102	2,143	221,599	SH		SOLE		205,503	0	16,096
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	1,229	107,888	SH		SOLE		97,088	0	10,800
FIRST TR ENHANCED EQTY INC F	COM	337318109	2,039	138,053	SH		SOLE		120,595	0	17,458
FIRST TR HIGH INCOME L/S FD	COM	33738E109	574	38,146	SH		SOLE		35,448	0	2,698
FIRST TR SR FLG RTE INCM FD	COM	33733U108	143	10,822	SH		SOLE		10,822	0	0
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	548	58,541	SH		SOLE		32,338	0	26,203
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	4,107	336,619	SH		SOLE		300,113	0	36,506
FRANKLIN UNVL TR	SH BEN INT	355145103	124	18,392	SH		SOLE		15,905	0	2,487
GABELLI DIVD & INCOME TR	COM	36242H104	3,947	178,580	SH		SOLE		161,995	0	16,585
GABELLI GLB SML & MD CP VAL	COM	36249W104	1,530	127,898	SH		SOLE		111,848	0	16,050
GENERAL AMERN INVS INC	COM	368802104	6,783	202,655	SH		SOLE		186,382	0	16,273
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	1,608	192,853	SH		SOLE		190,327	0	2,526
HANCOCK JOHN INVS TR	COM	410142103	513	30,885	SH		SOLE		30,138	0	747
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	1,222	56,350	SH		SOLE		54,572	0	1,778
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	640	89,032	SH		SOLE		83,721	0	5,311
INVESCO DYNAMIC CR OPP FD	COM	46132R104	2,669	227,537	SH		SOLE		216,295	0	11,242
INVESCO SR INCOME TR	COM	46131H107	238	54,000	SH		SOLE		52,254	0	1,746
IVY HIGH INC OPPORTUNITIES F	COM	465893105	4,238	298,860	SH		SOLE		268,993	0	29,867
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	1,769	107,614	SH		SOLE		97,003	0	10,611
KKR INCOME OPPORTUNITIES FD	COM	48249T106	2,870	180,740	SH		SOLE		157,296	0	23,444
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	1,206	67,664	SH		SOLE		67,165	0	499
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	1,263	205,981	SH		SOLE		175,175	0	30,806
LMP CAP & INCOME FD INC	COM	50208A102	1,021	80,927	SH		SOLE		69,968	0	10,959
MADISON CVRED CALL & EQ STR	COM	557437100	2,328	320,688	SH		SOLE		310,803	0	9,885
MADISON STRTG SECTOR PREM FD	COM	558268108	357	31,815	SH		SOLE		24,875	0	6,940
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	191	33,021	SH		SOLE		33,021	0	0
MORGAN STANLEY EMER MKTS DEB	COM	61744H105	581	61,919	SH		SOLE		48,545	0	13,374
MORGAN STANLEY EMER MKTS FD	COM	61744G107	330	17,892	SH		SOLE		17,892	0	0
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	1,775	159,301	SH		SOLE		137,629	0	21,672
NEW GERMANY FD INC	COM	644465106	3,621	185,403	SH		SOLE		178,032	0	7,371
NEW IRELAND FUND INC	COM	645673104	932	77,369	SH		SOLE		64,452	0	12,917
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	674	46,154	SH		SOLE		43,262	0	2,892
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	251	31,641	SH		SOLE		30,250	0	1,391
NUVEEN EMERGING MKTS DEBT 20	COM	67077P101	256	28,509	SH		SOLE		25,692	0	2,817
NUVEEN FLOATING RATE INCOME	COM	67072T108	294	27,000	SH		SOLE		8,684	0	18,316
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	1,574	97,612	SH		SOLE		80,852	0	16,760
NUVEEN PFD & INCOME TERM FD	COM	67075A106	260	10,970	SH		SOLE		7,666	0	3,304
NUVEEN SR INCOME FD	COM	67067Y104	940	143,444	SH		SOLE		127,949	0	15,495
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	2,230	136,244	SH		SOLE		134,324	0	1,920
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	7,474	574,449	SH		SOLE		533,795	0	40,654
PIONEER DIV HIGH INCOME TRUS	COM	723653101	4,843	321,126	SH		SOLE		292,764	0	28,362
PIONEER FLOATING RATE TR	COM	72369J102	2,664	228,695	SH		SOLE		191,556	0	37,139
PIONEER HIGH INCOME TR	COM	72369H106	2,775	295,509	SH		SOLE		281,059	0	14,450
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	864	51,623	SH		SOLE		49,262	0	2,361
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	1,132	81,529	SH		SOLE		72,669	0	8,860
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	1,638	115,917	SH		SOLE		110,579	0	5,338
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	941	52,841	SH		SOLE		37,478	0	15,363
ROYCE MICRO-CAP TR INC	COM	780915104	5,522	589,987	SH		SOLE		555,610	0	34,377
SOURCE CAP INC	COM	836144105	6,843	171,531	SH		SOLE		163,182	0	8,349
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	6,530	442,915	SH		SOLE		427,331	0	15,584
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	935	36,515	SH		SOLE		33,506	0	3,009
SWISS HELVETIA FD INC	COM	870875101	380	31,011	SH		SOLE		30,577	0	434
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	557	25,870	SH		SOLE		24,818	0	1,052
TEMPLETON DRAGON FD INC	COM	88018T101	664	29,854	SH		SOLE		29,854	0	0
THL CR SR LN FD	COM	87244R103	1,559	90,615	SH		SOLE		90,615	0	0
TRI CONTL CORP	COM	895436103	5,364	203,887	SH		SOLE		189,298	0	14,589
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	477	44,439	SH		SOLE		27,316	0	17,123
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	362	37,668	SH		SOLE		37,668	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	1,548	141,848	SH		SOLE		135,003	0	6,845
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	2,270	310,999	SH		SOLE		267,500	0	43,499
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	2,211	274,977	SH		SOLE		256,468	0	18,509
WESTERN ASSET EMRG MKT DEBT	COM	95766A101	336	23,106	SH		SOLE		23,106	0	0
WESTERN ASSET GLB HI INCOME	COM	95766B109	4,160	442,131	SH		SOLE		410,867	0	31,264
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	250	14,964	SH		SOLE		14,964	0	0
WESTERN ASSET HIGH INCM FD I	COM	95766J102	2,719	414,432	SH		SOLE		394,121	0	20,311
XAI OCTAGON FLOATNG RATE ALT	COM	98400T106	107	11,300	SH		SOLE		11,300	0	0