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	932	222,364	SH		SOLE		176,759	0	45,605
ABERDEEN AUSTRALIA EQTY FD I	COM	003011103	77	14,810	SH		SOLE		14,810	0	0
ABERDEEN GLOBAL DYNAMIC DIVI	COM	00302M106	2,444	253,264	SH		SOLE		241,876	0	11,388
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	893	107,070	SH		SOLE		103,889	0	3,181
ADVENT CONVERTIBLE & INCOME	COM	00764C109	940	64,472	SH		SOLE		64,472	0	0
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	1,496	124,810	SH		SOLE		116,759	0	8,051
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	1,178	125,694	SH		SOLE		92,787	0	32,907
ALLIANZGI CONV INCOME FD II	COM	018825109	255	50,600	SH		SOLE		50,600	0	0
ALLIANZGI EQUITY & CONV INCO	COM	018829101	777	35,971	SH		SOLE		27,813	0	8,158
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	3,372	275,965	SH		SOLE		254,734	0	21,231
APOLLO SR FLOATING RATE FD I	COM	037636107	1,172	79,053	SH		SOLE		69,312	0	9,741
APOLLO TACTICAL INCOME FD IN	COM	037638103	3,590	236,961	SH		SOLE		221,605	0	15,356
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,596	174,247	SH		SOLE		161,393	0	12,854
BANCROFT FUND LTD	COM	059695106	224	9,490	SH		SOLE		9,490	0	0
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	916	85,218	SH		SOLE		81,404	0	3,814
BLACKROCK DEBT STRAT FD INC	COM NEW	09255R202	2,466	229,364	SH		SOLE		213,764	0	15,600
BLACKROCK ENH CAP & INC FD I	COM	09256A109	6,813	421,573	SH		SOLE		404,087	0	17,486
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	968	105,402	SH		SOLE		101,772	0	3,630
BLACKROCK ENHANCED GBL DIV T	COM	092501105	518	49,636	SH		SOLE		39,385	0	10,251
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	818	150,584	SH		SOLE		150,584	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	1,178	93,371	SH		SOLE		85,664	0	7,707
BLACKROCK FLOATING RATE INCO	COM	091941104	453	36,895	SH		SOLE		36,895	0	0
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	1,026	65,647	SH		SOLE		60,685	0	4,962
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	1,510	87,989	SH		SOLE		79,266	0	8,723
BNY MELLON ALCENTRA GLOBAL C	COM	05588N108	200	21,569	SH		SOLE		18,192	0	3,377
BNY MELLON HIGH YIELD STRATE	SH BEN INT	09660L105	1,610	526,285	SH		SOLE		510,036	0	16,249
BOULDER GROWTH & INCOME FD I	COM	101507101	6,136	547,883	SH		SOLE		519,870	0	28,013
BROOKFIELD REAL ASSETS INCOM	SHS BEN INT	112830104	1,230	54,440	SH		SOLE		49,084	0	5,356
CALAMOS GBL DYN INCOME FUND	COM	12811L107	268	34,295	SH		SOLE		34,295	0	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	1,505	118,354	SH		SOLE		105,089	0	13,265
CBRE CLARION GLOBAL REAL EST	COM	12504G100	229	29,000	SH		SOLE		29,000	0	0
CENTRAL SECS CORP	COM	155123102	6,339	201,876	SH		SOLE		183,161	0	18,715
CHINA FD INC	COM	169373107	832	42,857	SH		SOLE		36,965	0	5,892
CLOUGH GLOBAL DIVND AND INC	COM	18913Y103	1,899	175,042	SH		SOLE		171,174	0	3,868
CLOUGH GLOBAL EQUITY FD	COM	18914C100	513	44,580	SH		SOLE		36,700	0	7,880
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	554	60,616	SH		SOLE		58,333	0	2,283
COHEN & STEERS LTD DUR PFD I	COM	19248C105	558	21,803	SH		SOLE		21,394	0	409
COLUMBIA SELIGM PREM TECH GR	COM	19842X109	217	10,282	SH		SOLE		10,282	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	550	174,658	SH		SOLE		167,228	0	7,430
DELAWARE ENHANCED GBL DIV &	COM	246060107	304	30,795	SH		SOLE		30,795	0	0
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	1,084	52,356	SH		SOLE		47,081	0	5,275
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	429	46,356	SH		SOLE		42,434	0	3,922
EAGLE GRWTH & INCOME OPPTY F	COM SHS BEN IN	26958j105	316	19,831	SH		SOLE		19,831	0	0
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	294	19,345	SH		SOLE		5,156	0	14,189
EATON VANCE FLTING RATE INC	COM	278279104	709	53,667	SH		SOLE		38,232	0	15,435
EATON VANCE LTD DUR INCOME F	COM	27828H105	3,783	302,646	SH		SOLE		267,236	0	35,410
EATON VANCE SH TM DR DIVR IN	COM	27828V104	430	33,043	SH		SOLE		32,319	0	724
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	361	27,715	SH		SOLE		27,715	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	272	44,517	SH		SOLE		44,517	0	0
EATON VANCE TAX MNGD GBL DV	COM	27829F108	485	59,000	SH		SOLE		59,000	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	847	51,486	SH		SOLE		51,025	0	461
EATON VANCE TXMGD GL BUYWR O	COM	27829C105	1,128	116,773	SH		SOLE		111,654	0	5,119
ELLSWORTH GRWTH AND INCOME L	COM	289074106	400	38,154	SH		SOLE		29,232	0	8,922
EUROPEAN EQUITY FUND	COM	298768102	1,849	207,738	SH		SOLE		206,242	0	1,496
FIRST TR HIGH INCOME L/S FD	COM	33738E109	370	24,409	SH		SOLE		22,763	0	1,646
FIRST TR INTER DUR PFD & IN	COM	33718W103	748	31,645	SH		SOLE		30,565	0	1,080
FIRST TR SR FLG RTE INCM FD	COM	33733U108	1,429	119,107	SH		SOLE		96,141	0	22,966
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	707	79,930	SH		SOLE		68,949	0	10,981
FLAHERTY & CRUMRINE DYN PFD	SHS	33848W106	1,040	39,831	SH		SOLE		38,389	0	1,442
FRANKLIN LTD DURATION INC TR	COM	35472T101	1,395	149,854	SH		SOLE		143,509	0	6,345
FRANKLIN UNVL TR	SH BEN INT	355145103	758	100,545	SH		SOLE		93,833	0	6,712
GABELLI CONV&INCOM SECS FD I	COM	36240B109	465	87,496	SH		SOLE		87,496	0	0
GABELLI DIVD & INCOME TR	COM	36242H104	6,591	306,431	SH		SOLE		280,833	0	25,598
GABELLI GLB SML & MD CP VAL	COM	36249W104	1,831	164,554	SH		SOLE		154,049	0	10,505
GENERAL AMERN INVS INC	COM	368802104	4,394	120,872	SH		SOLE		115,719	0	5,153
HANCOCK JOHN INCOME SECS TR	COM	410123103	202	13,923	SH		SOLE		13,923	0	0
HANCOCK JOHN INV TRUST	TAX ADV GLB SH	41013P749	934	136,689	SH		SOLE		127,219	0	9,470
HANCOCK JOHN INVS TR	COM	410142103	1,910	112,197	SH		SOLE		108,736	0	3,461
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	1,130	177,744	SH		SOLE		172,433	0	5,311
INVESCO HIGH INCOME 2023 TAR	COM	46135X108	1,237	119,017	SH		SOLE		93,260	0	25,757
INVESCO HIGH INCOME TR II	COM	46131F101	410	28,601	SH		SOLE		19,736	0	8,865
INVESCO SR INCOME TR	COM	46131H107	729	173,668	SH		SOLE		165,825	0	7,843
IVY HIGH INC OPPORTUNITIES F	COM	465893105	2,904	211,793	SH		SOLE		199,783	0	12,010
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	2,530	182,818	SH		SOLE		161,543	0	21,275
KKR INCOME OPPORTUNITIES FD	COM	48249T106	451	28,973	SH		SOLE		27,935	0	1,038
LAZARD WORLD DIVID & INCOME	COM	521076109	113	12,100	SH		SOLE		12,100	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	785	122,694	SH		SOLE		111,888	0	10,806
LMP CAP & INCOME FD INC	COM	50208A102	456	32,295	SH		SOLE		30,347	0	1,948
MADISON CVRED CALL & EQ STR	COM	557437100	939	146,723	SH		SOLE		132,849	0	13,874
MFS CHARTER INCOME TR	SH BEN INT	552727109	1,345	161,802	SH		SOLE		146,162	0	15,640
MFS INTER INCOME TR	SH BEN INT	55273C107	739	193,519	SH		SOLE		176,641	0	16,878
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	125	48,097	SH		SOLE		48,097	0	0
MORGAN STANLEY CHINA A SH FD	COM	617468103	527	25,758	SH		SOLE		24,236	0	1,522
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	1,019	84,434	SH		SOLE		79,108	0	5,326
NEW GERMANY FD INC	COM	644465106	2,056	148,358	SH		SOLE		141,668	0	6,690
NEW IRELAND FUND INC	COM	645673104	844	98,544	SH		SOLE		76,059	0	22,485
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	5,584	389,651	SH		SOLE		365,290	0	24,361
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	662	88,522	SH		SOLE		85,377	0	3,145
NUVEEN FLOATING RATE INCOME	COM	67072T108	379	39,042	SH		SOLE		30,478	0	8,564
NUVEEN FLTNG RTE INCM OPP FD	COM SHS	6706EN100	1,056	110,651	SH		SOLE		103,430	0	7,221
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	1,356	87,118	SH		SOLE		71,499	0	15,619
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	1,340	60,484	SH		SOLE		57,654	0	2,830
NUVEEN PFD & INCM OPPORTNYS	COM	67073B106	321	31,962	SH		SOLE		30,374	0	1,588
NUVEEN PFD & INCM SECURTIES	COM	67072C105	158	16,000	SH		SOLE		13,348	0	2,652
NUVEEN REAL ASSET INM AND GW	COM	67074Y105	604	34,498	SH		SOLE		28,555	0	5,943
NUVEEN REAL ESTATE INCOME FD	COM	67071B108	286	26,045	SH		SOLE		22,757	0	3,288
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	3,380	258,626	SH		SOLE		239,996	0	18,630
NUVEEN SHT DUR CR OPP FD	COM	67074X107	1,662	110,937	SH		SOLE		107,967	0	2,970
NUVEEN SR INCOME FD	COM	67067Y104	547	94,727	SH		SOLE		60,634	0	34,093
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	6,661	398,122	SH		SOLE		371,658	0	26,464
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	8,751	775,826	SH		SOLE		726,290	0	49,536
PGIM GLOBAL HIGH YIELD FD IN	COM	69346J106	1,337	93,045	SH		SOLE		88,022	0	5,023
PIONEER DIV HIGH INCOME TRUS	COM	723653101	190	13,125	SH		SOLE		12,505	0	620
PIONEER FLOATING RATE TR	COM	72369J102	1,291	122,588	SH		SOLE		110,716	0	11,872
PIONEER HIGH INCOME TR	COM	72369H106	1,048	113,703	SH		SOLE		107,886	0	5,817
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	240	11,648	SH		SOLE		11,648	0	0
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	967	210,625	SH		SOLE		191,919	0	18,706
ROYCE GLOBAL VALUE TR INC	COM	78081T104	479	47,373	SH		SOLE		45,441	0	1,932
ROYCE MICRO-CAP TR INC	COM	780915104	3,875	481,966	SH		SOLE		456,986	0	24,980
ROYCE VALUE TR INC	COM	780910105	4,595	333,933	SH		SOLE		299,364	0	34,569
SOURCE CAP INC	COM	836144105	5,902	161,629	SH		SOLE		151,346	0	10,283
SPDR S&P 500 ETF TR	TR UNIT	78462F103	3,313	11,165	SH		SOLE		10,245	0	920
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	5,338	374,893	SH		SOLE		356,068	0	18,825
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	694	27,482	SH		SOLE		24,473	0	3,009
SPROTT FOCUS TR INC	COM	85208J109	4,245	629,802	SH		SOLE		594,229	0	35,573
SWISS HELVETIA FD INC	COM	870875101	264	32,894	SH		SOLE		32,894	0	0
TAIWAN FD INC	COM	874036106	231	12,500	SH		SOLE		12,500	0	0
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	826	45,029	SH		SOLE		43,977	0	1,052
TEMPLETON DRAGON FD INC	COM	88018T101	682	38,082	SH		SOLE		38,082	0	0
TEMPLETON GLOBAL INCOME FD	COM	880198106	1,391	226,498	SH		SOLE		212,597	0	13,901
THL CR SR LN FD	COM	87244R103	1,645	109,531	SH		SOLE		107,471	0	2,060
TRI CONTL CORP	COM	895436103	1,782	65,396	SH		SOLE		60,752	0	4,644
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	309	36,400	SH		SOLE		22,423	0	13,977
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	449	62,557	SH		SOLE		62,557	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	494	47,800	SH		SOLE		43,382	0	4,418
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	2,452	408,647	SH		SOLE		399,316	0	9,331
VOYA PRIME RATE TR	SH BEN INT	92913A100	810	172,052	SH		SOLE		137,049	0	35,003
WELLS FARGO MULTI SECTOR INC	COM	94987D101	2,113	171,119	SH		SOLE		160,582	0	10,537
WESTERN ASSET GLB HI INCOME	COM	95766B109	274	27,620	SH		SOLE		27,620	0	0
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	433	24,855	SH		SOLE		24,855	0	0
WESTERN ASSET HIGH INCM FD I	COM	95766J102	1,732	255,445	SH		SOLE		227,096	0	28,349
WESTERN ASSET HIGH INCM OPP	COM	95766K109	514	101,708	SH		SOLE		101,708	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	424	26,081	SH		SOLE		26,051	0	30