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	2,618	605,933	SH		SOLE		565,802	0	40,131
ABERDEEN GLOBAL DYNAMIC DIVI	COM	00302M106	4,789	467,184	SH		SOLE		440,626	0	26,558
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	999	126,163	SH		SOLE		121,781	0	4,382
ABERDEEN INCOME CR STRATEGIE	COM	003057106	1,591	115,241	SH		SOLE		104,983	0	10,258
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	2,862	327,086	SH		SOLE		279,370	0	47,716
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	6,846	443,946	SH		SOLE		415,740	0	28,206
ADVENT CLAY CONV SEC INC FD	COM	007639107	1,893	338,705	SH		SOLE		315,218	0	23,487
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	255	32,972	SH		SOLE		29,175	0	3,797
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	2,808	303,525	SH		SOLE		264,897	0	38,628
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	4,949	392,171	SH		SOLE		344,039	0	48,132
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,663	170,728	SH		SOLE		160,054	0	10,674
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	435	27,036	SH		SOLE		26,870	0	166
BANCROFT FUND LTD	COM	059695106	686	31,365	SH		SOLE		27,949	0	3,416
BLACKROCK 2022 GBL INCM OPP	COM	09258P104	958	107,033	SH		SOLE		102,843	0	4,190
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	188	18,000	SH		SOLE		18,000	0	0
BLACKROCK ENH CAP & INC FD I	COM	09256A109	466	28,758	SH		SOLE		28,758	0	0
BLACKROCK ENHANCED GBL DIV T	COM	092501105	4,044	363,689	SH		SOLE		342,584	0	21,105
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	2,655	462,617	SH		SOLE		446,283	0	16,334
BLACKROCK FLOAT RATE OME STR	COM	09255X100	448	32,254	SH		SOLE		32,254	0	0
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	2,600	174,881	SH		SOLE		151,767	0	23,114
BOULDER GROWTH & INCOME FD I	COM	101507101	8,938	869,426	SH		SOLE		811,941	0	57,485
CBRE CLARION GLOBAL REAL EST	COM	12504G100	160	21,200	SH		SOLE		21,200	0	0
CENTRAL SECS CORP	COM	155123102	8,489	304,716	SH		SOLE		287,137	0	17,579
CHINA FD INC	COM	169373107	895	42,811	SH		SOLE		32,875	0	9,936
CLOUGH GLOBAL DIVND AND INC	COM	18913Y103	308	24,766	SH		SOLE		24,766	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	462	42,040	SH		SOLE		42,040	0	0
COHEN & STEERS QUALITY RLTY	COM	19247L106	144	12,000	SH		SOLE		12,000	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	571	180,576	SH		SOLE		159,080	0	21,496
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	1,480	168,037	SH		SOLE		141,150	0	26,887
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	497	40,615	SH		SOLE		35,623	0	4,992
DREYFUS ALCENTRA GBL CR INCO	COM	26189A105	3,816	416,120	SH		SOLE		375,422	0	40,698
DREYFUS HIGH YIELD STRATEGIE	SH BEN INT	26200S101	2,320	736,452	SH		SOLE		627,272	0	109,180
EAGLE GRWTH & INCOME OPPTY F	COM SHS BEN IN	26958j105	2,126	138,203	SH		SOLE		134,807	0	3,396
EATON VANCE LTD DUR INCOME F	COM	27828H105	5,194	412,867	SH		SOLE		373,312	0	39,555
EATON VANCE SH TM DR DIVR IN	COM	27828V104	1,614	123,967	SH		SOLE		116,630	0	7,337
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	2,764	433,194	SH		SOLE		417,300	0	15,894
EATON VANCE TAX ADV BD OPT S	COM SH BEN INT	27829M103	770	84,207	SH		SOLE		69,329	0	14,878
EUROPEAN EQUITY FUND	COM	298768102	2,210	235,311	SH		SOLE		217,880	0	17,431
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	2,019	201,319	SH		SOLE		176,281	0	25,038
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740d107	3,123	193,516	SH		SOLE		181,696	0	11,820
FIRST TR HIGH INCOME L/S FD	COM	33738E109	3,772	256,050	SH		SOLE		226,891	0	29,159
FIRST TR SR FLG RTE INCM FD	COM	33733U108	689	53,649	SH		SOLE		46,401	0	7,248
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	665	71,707	SH		SOLE		45,504	0	26,203
FRANKLIN UNVL TR	SH BEN INT	355145103	926	138,616	SH		SOLE		120,676	0	17,940
GABELLI DIVD & INCOME TR	COM	36242H104	2,967	131,502	SH		SOLE		125,833	0	5,669
GABELLI GLB SML & MD CP VAL	COM	36249W104	1,922	158,603	SH		SOLE		142,953	0	15,650
GENERAL AMERN INVS INC	COM	368802104	9,788	285,206	SH		SOLE		265,354	0	19,852
HANCOCK JOHN INVS TR	COM	410142103	1,227	76,905	SH		SOLE		74,057	0	2,848
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	1,237	52,911	SH		SOLE		51,133	0	1,778
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	683	103,532	SH		SOLE		98,221	0	5,311
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,443	124,178	SH		SOLE		119,675	0	4,503
INVESCO HIGH INCOME TR II	COM	46131F101	178	13,230	SH		SOLE		11,850	0	1,380
INVESCO SR INCOME TR	COM	46131H107	342	79,854	SH		SOLE		78,108	0	1,746
IVY HIGH INC OPPORTUNITIES F	COM	465893105	3,805	265,559	SH		SOLE		236,548	0	29,011
LAZARD WORLD DIVID & INCOME	COM	521076109	545	52,630	SH		SOLE		49,370	0	3,260
LMP CAP & INCOME FD INC	COM	50208A102	675	52,495	SH		SOLE		48,622	0	3,873
MACQUARIE FT TR GB INF UT DI	COM	55607W100	141	13,063	SH		SOLE		13,063	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	2,795	375,171	SH		SOLE		336,978	0	38,193
MFS CHARTER INCOME TR	SH BEN INT	552727109	224	28,200	SH		SOLE		15,321	0	12,879
MFS INTER INCOME TR	SH BEN INT	55273C107	80	20,629	SH		SOLE		20,629	0	0
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	219	86,777	SH		SOLE		84,148	0	2,629
MORGAN STANLEY CHINA A SH FD	COM	617468103	681	29,500	SH		SOLE		27,978	0	1,522
MORGAN STANLEY EMER MKTS DEB	COM	61744H105	116	13,220	SH		SOLE		13,220	0	0
MORGAN STANLEY EMER MKTS FD	COM	61744G107	291	17,892	SH		SOLE		17,892	0	0
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	2,867	264,998	SH		SOLE		237,991	0	27,007
NEW GERMANY FD INC	COM	644465106	3,682	201,872	SH		SOLE		194,501	0	7,371
NEW IRELAND FUND INC	COM	645673104	986	84,416	SH		SOLE		71,499	0	12,917
NUVEEN CR OPPORTUNITIES 2022	COM	67075U102	122	12,897	SH		SOLE		12,897	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	299	37,641	SH		SOLE		36,250	0	1,391
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	279	23,900	SH		SOLE		23,900	0	0
NUVEEN FLOATING RATE INCOME	COM	67072T108	714	68,354	SH		SOLE		46,419	0	21,935
NUVEEN FLTNG RTE INCM OPP FD	COM SHS	6706EN100	234	22,520	SH		SOLE		22,520	0	0
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	1,584	102,612	SH		SOLE		85,852	0	16,760
NUVEEN PFD & INCM OPPORTNYS	COM	67073B106	168	18,000	SH		SOLE		16,146	0	1,854
NUVEEN PFD & INCM SECURTIES	COM	67072C105	467	53,004	SH		SOLE		53,004	0	0
NUVEEN REAL ESTATE INCOME FD	COM	67071B108	187	18,679	SH		SOLE		16,949	0	1,730
NUVEEN SR INCOME FD	COM	67067Y104	2,364	379,466	SH		SOLE		333,332	0	46,134
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	2,841	172,301	SH		SOLE		163,637	0	8,664
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	2,518	195,638	SH		SOLE		188,488	0	7,150
PIONEER DIV HIGH INCOME TRUS	COM	723653101	3,185	218,627	SH		SOLE		212,622	0	6,005
PIONEER FLOATING RATE TR	COM	72369J102	3,313	296,292	SH		SOLE		252,029	0	44,263
PIONEER HIGH INCOME TR	COM	72369H106	947	101,977	SH		SOLE		98,319	0	3,658
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	614	131,399	SH		SOLE		113,581	0	17,818
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	745	42,117	SH		SOLE		34,903	0	7,214
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,370	130,310	SH		SOLE		117,621	0	12,689
ROYCE MICRO-CAP TR INC	COM	780915104	5,346	535,168	SH		SOLE		508,230	0	26,938
SOURCE CAP INC	COM	836144105	8,951	225,177	SH		SOLE		209,646	0	15,531
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	6,701	446,144	SH		SOLE		421,779	0	24,365
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	931	36,515	SH		SOLE		33,506	0	3,009
SPROTT FOCUS TR INC	COM	85208J109	682	87,227	SH		SOLE		84,924	0	2,303
SWISS HELVETIA FD INC	COM	870875101	303	24,511	SH		SOLE		24,077	0	434
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	556	25,870	SH		SOLE		24,818	0	1,052
TEMPLETON DRAGON FD INC	COM	88018T101	636	29,854	SH		SOLE		29,854	0	0
TEMPLETON GLOBAL INCOME FD	COM	880198106	129	20,957	SH		SOLE		17,717	0	3,240
TRI CONTL CORP	COM	895436103	9,081	342,551	SH		SOLE		318,961	0	23,590
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	1,743	130,383	SH		SOLE		116,188	0	14,195
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	402	40,193	SH		SOLE		23,152	0	17,041
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	402	49,936	SH		SOLE		49,936	0	0
WELLS FARGO GLOBAL DIVIDEND	COM	94987C103	226	40,496	SH		SOLE		36,098	0	4,398
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	2,315	289,756	SH		SOLE		260,146	0	29,610
WELLS FARGO MULTI SECTOR INC	COM	94987D101	193	15,500	SH		SOLE		15,500	0	0
WESTERN ASSET GLB HI INCOME	COM	95766B109	2,625	287,805	SH		SOLE		278,242	0	9,563
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	369	25,313	SH		SOLE		19,345	0	5,968
WESTERN ASSET HIGH INCM FD I	COM	95766J102	1,780	276,432	SH		SOLE		261,616	0	14,816
WESTERN ASSET HIGH INCM OPP	COM	95766K109	230	47,626	SH		SOLE		43,628	0	3,998
XAI OCTAGON FLOATNG RATE ALT	COM	98400T106	1,702	186,233	SH		SOLE		161,363	0	24,870