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	351	90,721	SH		SOLE		83,053	0	7,668
ABERDEEN GLOBAL DYNAMIC DIVI	COM	00302M106	2,342	275,260	SH		SOLE		261,606	0	13,654
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	849	119,192	SH		SOLE		117,571	0	1,621
ABERDEEN INCOME CR STRATEGIE	COM	003057106	1,944	185,458	SH		SOLE		155,988	0	29,470
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	672	93,137	SH		SOLE		93,137	0	0
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	561	44,437	SH		SOLE		42,357	0	2,080
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	3,396	425,527	SH		SOLE		371,436	0	54,091
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	378	35,412	SH		SOLE		33,215	0	2,197
APOLLO SR FLOATING RATE FD I	COM	037636107	270	18,753	SH		SOLE		15,736	0	3,017
APOLLO TACTICAL INCOME FD IN	COM	037638103	3,069	222,862	SH		SOLE		199,605	0	23,257
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	3,604	261,184	SH		SOLE		236,254	0	24,930
BLACKROCK 2022 GBL INCM OPP	COM	09258P104	89	10,700	SH		SOLE		10,700	0	0
BLACKROCK DEBT STRAT FD INC	COM NEW	09255R202	538	55,102	SH		SOLE		51,806	0	3,296
BLACKROCK ENH CAP & INC FD I	COM	09256A109	2,496	177,252	SH		SOLE		170,872	0	6,380
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	4,397	565,886	SH		SOLE		510,669	0	55,217
BLACKROCK ENHANCED GBL DIV T	COM	092501105	358	38,156	SH		SOLE		38,156	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	636	53,479	SH		SOLE		53,479	0	0
BLACKROCK FLOATING RATE INCO	COM	091941104	675	58,449	SH		SOLE		54,750	0	3,699
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	784	58,667	SH		SOLE		56,884	0	1,783
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	2,903	188,987	SH		SOLE		173,727	0	15,260
BLACKSTONE GSO FLTING RTE FU	COM	09256U105	934	60,916	SH		SOLE		43,496	0	17,420
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	2,290	166,650	SH		SOLE		149,739	0	16,911
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	1,878	139,443	SH		SOLE		130,379	0	9,064
BOULDER GROWTH & INCOME FD I	COM	101507101	1,423	136,428	SH		SOLE		130,706	0	5,722
BROOKFIELD REAL ASSETS INCOM	SHS BEN INT	112830104	3,699	193,969	SH		SOLE		173,485	0	20,484
CALAMOS CONV & HIGH INCOME F	COM SHS	12811P108	1,600	170,215	SH		SOLE		137,329	0	32,886
CALAMOS CONV OPP AND INC FD	SH BEN INT	128117108	189	21,323	SH		SOLE		20,753	0	570
CALAMOS GBL DYN INCOME FUND	COM	12811L107	165	25,200	SH		SOLE		25,200	0	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	3,253	307,210	SH		SOLE		295,552	0	11,658
CENTRAL SECS CORP	COM	155123102	6,642	267,491	SH		SOLE		250,480	0	17,011
CHINA FD INC	COM	169373107	712	42,145	SH		SOLE		32,209	0	9,936
CLOUGH GLOBAL DIVND AND INC	COM	18913Y103	2,384	238,209	SH		SOLE		229,460	0	8,749
CLOUGH GLOBAL EQUITY FD	COM	18914C100	121	11,188	SH		SOLE		11,188	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	639	77,588	SH		SOLE		71,295	0	6,293
COHEN & STEERS REIT & PFD IN	COM	19247X100	456	25,602	SH		SOLE		25,602	0	0
COLUMBIA SELIGM PREM TECH GR	COM	19842X109	235	14,000	SH		SOLE		10,178	0	3,822
CREDIT SUISSE ASSET MGMT INC	COM	224916106	617	222,774	SH		SOLE		190,278	0	32,496
CREDIT SUISSE HIGH YLD BND F	SH BEN INT	22544F103	35	16,000	SH		SOLE		16,000	0	0
DELAWARE ENHANCED GBL DIV &	COM	246060107	364	41,800	SH		SOLE		28,838	0	12,962
DOUBLELINE INCOME SOLUTIONS	COM	258622109	3,562	205,554	SH		SOLE		188,841	0	16,713
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	989	52,208	SH		SOLE		37,601	0	14,607
DREYFUS ALCENTRA GBL CR INCO	COM	26189A105	3,646	474,741	SH		SOLE		425,970	0	48,771
EAGLE PT CR CO LLC	COM	269808101	623	43,853	SH		SOLE		32,677	0	11,176
EATON VANCE ENHANCED EQ INC	COM	278274105	1,196	92,387	SH		SOLE		90,074	0	2,313
EATON VANCE HIGH INCOME 2021	COM SH BEN INT	27829W101	663	74,300	SH		SOLE		54,566	0	19,734
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	1,614	198,779	SH		SOLE		179,944	0	18,835
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	384	63,999	SH		SOLE		51,806	0	12,193
EATON VANCE TAX ADVT DIV INC	COM	27828G107	4,555	239,883	SH		SOLE		222,597	0	17,286
EATON VANCE TAX MNGD GBL DV	COM	27829F108	829	111,167	SH		SOLE		111,167	0	0
EATON VANCE TAX MNGED BUY WR	COM	27828X100	561	41,747	SH		SOLE		41,747	0	0
EATON VANCE TX ADV GLB DIV O	COM	27828U106	1,411	75,186	SH		SOLE		65,915	0	9,271
EATON VANCE TX ADV GLBL DIV	COM	27828S101	4,041	298,449	SH		SOLE		257,951	0	40,498
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	1,001	98,185	SH		SOLE		97,161	0	1,024
EATON VANCE TXMGD GL BUYWR O	COM	27829C105	803	84,290	SH		SOLE		73,756	0	10,534
ELLSWORTH GRWTH AND INCOME L	COM	289074106	93	10,865	SH		SOLE		10,865	0	0
EUROPEAN EQUITY FUND	COM	298768102	1,770	228,926	SH		SOLE		212,057	0	16,869
FIRST TR ENHANCED EQTY INC F	COM	337318109	2,522	195,187	SH		SOLE		173,849	0	21,338
FIRST TR SR FLG RTE INCM FD	COM	33733U108	682	60,901	SH		SOLE		51,702	0	9,199
FLAHERTY & CRUMRINE DYN PFD	SHS	33848W106	374	18,337	SH		SOLE		18,337	0	0
FRANKLIN LTD DURATION INC TR	COM	35472T101	702	77,778	SH		SOLE		73,516	0	4,262
GABELLI CONV&INCOM SECS FD I	COM	36240B109	737	167,886	SH		SOLE		167,886	0	0
GABELLI DIVD & INCOME TR	COM	36242H104	7,423	405,616	SH		SOLE		379,052	0	26,564
GABELLI EQUITY TR INC	COM	362397101	321	63,000	SH		SOLE		63,000	0	0
GENERAL AMERN INVS INC	COM	368802104	1,832	64,427	SH		SOLE		61,207	0	3,220
GUGGENHEIM CR ALLOCATION FD	COM	40168G108	867	47,130	SH		SOLE		44,838	0	2,292
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	1,671	246,507	SH		SOLE		219,039	0	27,468
HANCOCK JOHN INV TRUST	TAX ADV GLB SH	41013P749	81	12,180	SH		SOLE		12,180	0	0
HANCOCK JOHN INVS TR	COM	410142103	713	50,475	SH		SOLE		48,891	0	1,584
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	190	12,000	SH		SOLE		12,000	0	0
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	202	9,904	SH		SOLE		9,662	0	242
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	592	120,906	SH		SOLE		115,595	0	5,311
INVESCO SR INCOME TR	COM	46131H107	47	12,000	SH		SOLE		12,000	0	0
IVY HIGH INC OPPORTUNITIES F	COM	465893105	1,324	109,156	SH		SOLE		105,435	0	3,721
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	1,470	112,410	SH		SOLE		109,192	0	3,218
KKR INCOME OPPORTUNITIES FD	COM	48249T106	4,115	288,747	SH		SOLE		254,902	0	33,845
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	4,401	817,993	SH		SOLE		786,445	0	31,548
LMP CAP & INCOME FD INC	COM	50208A102	122	11,463	SH		SOLE		11,463	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	70	11,303	SH		SOLE		11,303	0	0
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	1,082	505,596	SH		SOLE		476,732	0	28,864
MFS SPL VALUE TR	SH BEN INT	55274E102	86	17,385	SH		SOLE		17,085	0	300
MORGAN STANLEY CHINA A SH FD	COM	617468103	470	25,758	SH		SOLE		24,236	0	1,522
NEW GERMANY FD INC	COM	644465106	1,837	157,032	SH		SOLE		151,469	0	5,563
NEW IRELAND FUND INC	COM	645673104	977	116,958	SH		SOLE		94,473	0	22,485
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	4,092	340,139	SH		SOLE		325,342	0	14,797
NUVEEN CR OPPORTUNITIES 2022	COM	67075U102	529	62,471	SH		SOLE		62,471	0	0
NUVEEN DOW 30 DYN OVERWRITE	SHS	67075F105	830	51,470	SH		SOLE		49,410	0	2,060
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	152	11,108	SH		SOLE		9,885	0	1,223
NUVEEN PFD & INCM OPPORTNYS	COM	67073B106	130	15,600	SH		SOLE		15,600	0	0
NUVEEN REAL ASSET INM AND GW	COM	67074Y105	198	14,500	SH		SOLE		12,186	0	2,314
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	1,295	107,302	SH		SOLE		102,897	0	4,405
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	398	28,322	SH		SOLE		24,353	0	3,969
NUVEEN SHT DUR CR OPP FD	COM	67074X107	1,136	79,286	SH		SOLE		79,182	0	104
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	5,093	380,082	SH		SOLE		345,342	0	34,740
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	5,932	584,437	SH		SOLE		550,239	0	34,198
PIMCO CORPORATE INCOME STRAT	COM	72200U100	593	39,856	SH		SOLE		35,111	0	4,745
PIMCO DYNMIC CREDIT AND MRT	COM SHS	72202D106	3,037	144,298	SH		SOLE		132,958	0	11,340
PIMCO INCOME STRATEGY FUND	COM	72201H108	2,496	229,642	SH		SOLE		210,771	0	18,871
PIMCO INCOME STRATEGY FUND I	COM	72201J104	3,700	388,242	SH		SOLE		333,757	0	54,485
PIONEER FLOATING RATE TR	COM	72369J102	2,975	302,387	SH		SOLE		260,843	0	41,544
PIONEER HIGH INCOME TR	COM	72369H106	359	45,037	SH		SOLE		42,697	0	2,340
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	273	58,128	SH		SOLE		58,128	0	0
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	743	45,726	SH		SOLE		27,907	0	17,819
ROYCE GLOBAL VALUE TR INC	COM	78081T104	163	18,327	SH		SOLE		10,824	0	7,503
ROYCE MICRO-CAP TR INC	COM	780915104	1,499	201,988	SH		SOLE		182,159	0	19,829
ROYCE VALUE TR INC	COM	780910105	2,587	219,250	SH		SOLE		194,442	0	24,808
SOURCE CAP INC	COM	836144105	994	30,531	SH		SOLE		28,611	0	1,920
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	5,054	426,878	SH		SOLE		402,106	0	24,772
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	835	33,482	SH		SOLE		30,473	0	3,009
SPROTT FOCUS TR INC	COM	85208J109	2,013	348,207	SH		SOLE		340,035	0	8,172
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	383	21,316	SH		SOLE		20,264	0	1,052
TEMPLETON DRAGON FD INC	COM	88018T101	457	26,854	SH		SOLE		26,854	0	0
TRI CONTL CORP	COM	895436103	1,687	71,740	SH		SOLE		66,464	0	5,276
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	1,305	117,799	SH		SOLE		102,167	0	15,632
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	310	36,400	SH		SOLE		22,423	0	13,977
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	364	49,936	SH		SOLE		49,936	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	1,812	196,967	SH		SOLE		185,617	0	11,350
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	893	152,378	SH		SOLE		145,249	0	7,129
WELLS FARGO MULTI SECTOR INC	COM	94987D101	822	74,150	SH		SOLE		68,548	0	5,602
WESTERN ASSET GLB HI INCOME	COM	95766B109	298	36,093	SH		SOLE		36,093	0	0
WESTERN ASSET HIGH INCM FD I	COM	95766J102	96	16,605	SH		SOLE		16,605	0	0
WESTERN ASSET HIGH INCM OPP	COM	95766K109	128	29,300	SH		SOLE		29,300	0	0
XAI OCTAGON FLOATNG RATE ALT	COM	98400T106	866	118,444	SH		SOLE		99,085	0	19,359