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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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 DYNAMIC DIVI	COM	00302M106	4,439	429,278	SH		SOLE		409,577	0	19,701
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	1,104	125,764	SH		SOLE		96,573	0	29,191
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	4,155	249,246	SH		SOLE		228,652	0	20,594
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	1,941	123,848	SH		SOLE		113,225	0	10,623
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	3,265	354,898	SH		SOLE		304,487	0	50,411
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	564	43,073	SH		SOLE		36,755	0	6,318
APOLLO SR FLOATING RATE FD I	COM	037636107	645	40,389	SH		SOLE		37,180	0	3,209
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,002	128,910	SH		SOLE		120,239	0	8,671
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,365	152,259	SH		SOLE		127,827	0	24,432
BLACKROCK 2022 GBL INCM OPP	COM	09258P104	1,637	182,891	SH		SOLE		168,358	0	14,533
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	373	35,502	SH		SOLE		33,101	0	2,401
BLACKROCK DEBT STRAT FD INC	COM NEW	09255R202	1,996	179,151	SH		SOLE		147,675	0	31,476
BLACKROCK ENH CAP & INC FD I	COM	09256A109	1,797	104,498	SH		SOLE		96,989	0	7,509
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	269	28,314	SH		SOLE		24,744	0	3,570
BLACKROCK ENHANCED GBL DIV T	COM	092501105	2,773	252,346	SH		SOLE		245,304	0	7,042
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	207	36,210	SH		SOLE		32,420	0	3,790
BLACKROCK FLOAT RATE OME STR	COM	09255X100	896	64,975	SH		SOLE		64,975	0	0
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	2,969	199,368	SH		SOLE		184,483	0	14,885
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	2,272	134,259	SH		SOLE		128,594	0	5,665
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	1,189	74,332	SH		SOLE		71,128	0	3,204
BOULDER GROWTH & INCOME FD I	COM	101507101	9,777	872,190	SH		SOLE		827,872	0	44,318
CBRE CLARION GLOBAL REAL EST	COM	12504G100	199	27,300	SH		SOLE		27,300	0	0
CENTRAL SECS CORP	COM	155123102	8,910	302,050	SH		SOLE		284,454	0	17,596
CHINA FD INC	COM	169373107	826	42,145	SH		SOLE		32,209	0	9,936
CLOUGH GLOBAL DIVND AND INC	COM	18913Y103	2,414	199,864	SH		SOLE		198,556	0	1,308
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	108	10,000	SH		SOLE		10,000	0	0
COHEN & STEERS GLOBAL INC BL	COM	19248M103	1,574	168,884	SH		SOLE		166,754	0	2,130
COHEN & STEERS LTD DUR PFD I	COM	19248C105	357	15,000	SH		SOLE		8,656	0	6,344
CREDIT SUISSE ASSET MGMT INC	COM	224916106	342	107,859	SH		SOLE		94,104	0	13,755
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	1,492	166,193	SH		SOLE		139,306	0	26,887
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	289	22,973	SH		SOLE		17,981	0	4,992
DREYFUS ALCENTRA GBL CR INCO	COM	26189A105	3,864	429,330	SH		SOLE		394,223	0	35,107
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	633	75,390	SH		SOLE		60,704	0	14,686
EAGLE GRWTH & INCOME OPPTY F	COM SHS BEN IN	26958j105	1,637	107,779	SH		SOLE		92,084	0	15,695
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	1,006	63,608	SH		SOLE		56,824	0	6,784
EATON VANCE LTD DUR INCOME F	COM	27828H105	4,320	340,662	SH		SOLE		313,179	0	27,483
EATON VANCE SH TM DR DIVR IN	COM	27828V104	1,369	106,078	SH		SOLE		96,091	0	9,987
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	346	24,611	SH		SOLE		24,611	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	2,258	350,069	SH		SOLE		343,061	0	7,008
EATON VANCE TAX ADV BD OPT S	COM SH BEN INT	27829M103	793	90,207	SH		SOLE		75,329	0	14,878
EATON VANCE TX ADV GLBL DIV	COM	27828S101	705	39,384	SH		SOLE		25,095	0	14,289
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	194	15,147	SH		SOLE		15,147	0	0
EUROPEAN EQUITY FUND	COM	298768102	2,399	255,475	SH		SOLE		238,606	0	16,869
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	1,664	173,141	SH		SOLE		151,581	0	21,560
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740d107	1,871	118,573	SH		SOLE		114,583	0	3,990
FIRST TR ENHANCED EQTY INC F	COM	337318109	2,369	148,032	SH		SOLE		130,752	0	17,280
FIRST TR HIGH INCOME L/S FD	COM	33738E109	1,967	133,339	SH		SOLE		126,252	0	7,087
FIRST TR INTER DUR PFD & IN	COM	33718W103	212	9,842	SH		SOLE		9,842	0	0
FIRST TR SR FLG RTE INCM FD	COM	33733U108	906	71,243	SH		SOLE		65,037	0	6,206
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	633	68,098	SH		SOLE		46,379	0	21,719
FRANKLIN UNVL TR	SH BEN INT	355145103	1,493	224,442	SH		SOLE		196,732	0	27,710
GABELLI DIVD & INCOME TR	COM	36242H104	5,548	232,115	SH		SOLE		212,428	0	19,687
GABELLI EQUITY TR INC	COM	362397101	2,285	352,700	SH		SOLE		345,819	0	6,881
GABELLI GLB SML & MD CP VAL	COM	36249W104	1,393	114,243	SH		SOLE		108,408	0	5,835
GENERAL AMERN INVS INC	COM	368802104	6,551	177,205	SH		SOLE		158,796	0	18,409
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	370	42,100	SH		SOLE		33,316	0	8,784
HANCOCK JOHN INV TRUST	TAX ADV GLB SH	41013P749	1,014	136,657	SH		SOLE		105,096	0	31,561
HANCOCK JOHN INVS TR	COM	410142103	1,127	70,034	SH		SOLE		64,113	0	5,921
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	705	30,231	SH		SOLE		29,755	0	476
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	757	117,835	SH		SOLE		112,524	0	5,311
INVESCO DYNAMIC CR OPP FD	COM	46132R104	941	82,045	SH		SOLE		78,725	0	3,320
INVESCO SR INCOME TR	COM	46131H107	340	79,179	SH		SOLE		77,433	0	1,746
IVY HIGH INC OPPORTUNITIES F	COM	465893105	4,061	284,771	SH		SOLE		253,287	0	31,484
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	1,317	83,555	SH		SOLE		78,230	0	5,325
KKR INCOME OPPORTUNITIES FD	COM	48249T106	1,518	92,480	SH		SOLE		68,181	0	24,299
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	1,612	90,792	SH		SOLE		84,875	0	5,917
LAZARD WORLD DIVID & INCOME	COM	521076109	554	53,096	SH		SOLE		47,327	0	5,769
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	113	17,781	SH		SOLE		17,781	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	184	23,944	SH		SOLE		23,602	0	342
MADISON STRTG SECTOR PREM FD	COM	558268108	732	61,545	SH		SOLE		61,545	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	146	18,850	SH		SOLE		16,712	0	2,138
MORGAN STANLEY CHINA A SH FD	COM	617468103	614	28,584	SH		SOLE		27,062	0	1,522
MORGAN STANLEY EMER MKTS FD	COM	61744G107	279	17,892	SH		SOLE		17,892	0	0
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	3,191	291,387	SH		SOLE		264,151	0	27,236
NEW GERMANY FD INC	COM	644465106	3,117	171,244	SH		SOLE		164,161	0	7,083
NEW IRELAND FUND INC	COM	645673104	1,311	124,137	SH		SOLE		101,652	0	22,485
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	187	11,965	SH		SOLE		11,965	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	291	36,563	SH		SOLE		35,172	0	1,391
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	380	34,841	SH		SOLE		27,034	0	7,807
NUVEEN FLOATING RATE INCOME	COM	67072T108	666	64,109	SH		SOLE		40,847	0	23,262
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	778	49,896	SH		SOLE		45,005	0	4,891
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	4,037	167,978	SH		SOLE		164,401	0	3,577
NUVEEN PFD & INCM OPPORTNYS	COM	67073B106	159	17,100	SH		SOLE		17,100	0	0
NUVEEN PFD & INCOME 2022 TER	COM	67075T105	233	10,200	SH		SOLE		10,200	0	0
NUVEEN PFD & INCOME TERM FD	COM	67075A106	229	10,104	SH		SOLE		3,884	0	6,220
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	953	56,366	SH		SOLE		52,591	0	3,775
NUVEEN SR INCOME FD	COM	67067Y104	2,994	485,994	SH		SOLE		427,049	0	58,945
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	988	55,744	SH		SOLE		51,750	0	3,994
PGIM GLOBAL SHORT DURATION H	COM	69346J106	962	69,394	SH		SOLE		53,277	0	16,117
PGIM SHORT DURATION HIGH YIE	COM	69346H100	1,110	78,523	SH		SOLE		76,005	0	2,518
PIONEER DIV HIGH INCOME TRUS	COM	723653101	1,889	129,202	SH		SOLE		122,329	0	6,873
PIONEER FLOATING RATE TR	COM	72369J102	3,240	293,758	SH		SOLE		252,207	0	41,551
PIONEER HIGH INCOME TR	COM	72369H106	927	100,131	SH		SOLE		99,466	0	665
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	339	19,645	SH		SOLE		19,645	0	0
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	536	118,487	SH		SOLE		114,929	0	3,558
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	268	15,837	SH		SOLE		15,837	0	0
RIVERNORTH OPPRTUNITIES FD I	COM	76881y109	230	12,263	SH		SOLE		12,263	0	0
RMR REAL ESTATE INCOME FUND	COM	76970B101	255	14,156	SH		SOLE		13,395	0	761
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,643	156,313	SH		SOLE		142,098	0	14,215
ROYCE MICRO-CAP TR INC	COM	780915104	328	32,104	SH		SOLE		17,028	0	15,076
SOURCE CAP INC	COM	836144105	10,286	255,882	SH		SOLE		238,292	0	17,590
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	6,514	433,433	SH		SOLE		408,906	0	24,527
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	6,162	834,958	SH		SOLE		768,820	0	66,138
SWISS HELVETIA FD INC	COM	870875101	226	26,511	SH		SOLE		26,077	0	434
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	599	25,870	SH		SOLE		24,818	0	1,052
TEMPLETON DRAGON FD INC	COM	88018T101	595	29,854	SH		SOLE		29,854	0	0
THL CR SR LN FD	COM	87244R103	708	42,566	SH		SOLE		39,494	0	3,072
TRI CONTL CORP	COM	895436103	9,553	342,780	SH		SOLE		325,362	0	17,418
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	1,878	142,068	SH		SOLE		128,964	0	13,104
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	369	38,661	SH		SOLE		24,684	0	13,977
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	403	49,936	SH		SOLE		49,936	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	1,095	95,685	SH		SOLE		93,498	0	2,187
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	2,044	279,221	SH		SOLE		276,582	0	2,639
VOYA INTL HIGH DIVID EQTY IN	COM	92912Y109	221	34,658	SH		SOLE		34,658	0	0
WELLS FARGO GLOBAL DIVIDEND	COM	94987C103	367	69,286	SH		SOLE		69,286	0	0
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	2,631	332,210	SH		SOLE		298,407	0	33,803
WELLS FARGO MULTI SECTOR INC	COM	94987D101	586	48,169	SH		SOLE		48,169	0	0
WESTERN ASSET GLB HI INCOME	COM	95766B109	2,514	276,012	SH		SOLE		269,449	0	6,563
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	520	32,127	SH		SOLE		25,417	0	6,710
WESTERN ASSET HIGH INCM FD I	COM	95766J102	2,211	348,715	SH		SOLE		297,948	0	50,767
WESTERN ASSET HIGH INCM OPP	COM	95766K109	850	178,591	SH		SOLE		160,661	0	17,930