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	1,055	248,118	SH		SOLE		170,727	0	77,391
ABERDEEN AUSTRALIA EQTY FD I	COM	003011103	80	14,810	SH		SOLE		14,810	0	0
ABERDEEN GLOBAL DYNAMIC DIVI	COM	00302M106	1,577	151,595	SH		SOLE		151,595	0	0
ABERDEEN GLOBAL PREMIER PPTY	COM SH BEN INT	00302L108	726	112,019	SH		SOLE		107,745	0	4,274
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	484	54,121	SH		SOLE		50,940	0	3,181
ADVENT CONVERTIBLE & INCOME	COM	00764C109	352	22,642	SH		SOLE		19,938	0	2,704
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	1,942	160,106	SH		SOLE		142,149	0	17,957
ALLIANZGI ART INTEL & TECH O	COM	01883M101	686	34,145	SH		SOLE		33,395	0	750
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	2,482	257,246	SH		SOLE		222,763	0	34,483
ALLIANZGI CONV INCOME FD	COM	018828103	168	29,300	SH		SOLE		29,137	0	163
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	2,192	168,609	SH		SOLE		158,676	0	9,933
APOLLO SR FLOATING RATE FD I	COM	037636107	752	49,659	SH		SOLE		42,016	0	7,643
APOLLO TACTICAL INCOME FD IN	COM	037638103	3,825	253,344	SH		SOLE		225,391	0	27,953
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	3,165	206,160	SH		SOLE		185,094	0	21,066
BARINGS GLOBAL SHORT DURATIO	COM	06760L100	223	12,726	SH		SOLE		11,872	0	854
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	769	68,703	SH		SOLE		65,607	0	3,096
BLACKROCK CR ALLCTN INC TR	COM	092508100	322	23,000	SH		SOLE		22,146	0	854
BLACKROCK DEBT STRAT FD INC	COM NEW	09255R202	1,813	161,835	SH		SOLE		145,198	0	16,637
BLACKROCK ENH CAP & INC FD I	COM	09256A109	6,917	401,009	SH		SOLE		379,317	0	21,692
BLACKROCK ENHANCED GBL DIV T	COM	092501105	383	34,885	SH		SOLE		34,885	0	0
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	152	25,890	SH		SOLE		25,890	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	259	19,265	SH		SOLE		13,629	0	5,636
BLACKROCK FLOATING RATE INCO	COM	091941104	567	44,057	SH		SOLE		42,572	0	1,485
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	289	17,657	SH		SOLE		17,657	0	0
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	2,544	157,439	SH		SOLE		151,725	0	5,714
BLACKSTONE GSO FLTING RTE FU	COM	09256U105	613	37,981	SH		SOLE		36,100	0	1,881
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	1,738	120,830	SH		SOLE		103,367	0	17,463
BNY MELLON ALCENTRA GLOBAL C	COM	05588N108	779	84,273	SH		SOLE		72,167	0	12,106
BNY MELLON HIGH YIELD STRATE	SH BEN INT	09660L105	1,600	515,986	SH		SOLE		482,861	0	33,125
BOULDER GROWTH & INCOME FD I	COM	101507101	4,758	403,573	SH		SOLE		375,364	0	28,209
BROOKFIELD REAL ASSETS INCOM	SHS BEN INT	112830104	2,518	117,960	SH		SOLE		97,413	0	20,547
CALAMOS CONV & HIGH INCOME F	COM SHS	12811P108	404	35,402	SH		SOLE		23,423	0	11,979
CALAMOS LNG SHR EQT DYNAMIC	COM	12812C106	1,114	56,825	SH		SOLE		55,326	0	1,499
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	953	70,053	SH		SOLE		70,053	0	0
CENTRAL SECS CORP	COM	155123102	5,799	175,181	SH		SOLE		157,274	0	17,907
CHINA FD INC	COM	169373107	652	30,934	SH		SOLE		28,514	0	2,420
CLOUGH GLOBAL DIVND AND INC	COM	18913Y103	1,175	107,330	SH		SOLE		99,113	0	8,217
CLOUGH GLOBAL EQUITY FD	COM	18914C100	125	10,367	SH		SOLE		10,367	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	784	83,015	SH		SOLE		60,188	0	22,827
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	412	15,723	SH		SOLE		15,723	0	0
COHEN & STEERS LTD DUR PFD I	COM	19248C105	210	7,997	SH		SOLE		7,884	0	113
CREDIT SUISSE ASSET MGMT INC	COM	224916106	87	27,055	SH		SOLE		27,055	0	0
CREDIT SUISSE HIGH YLD BND F	SH BEN INT	22544F103	495	197,962	SH		SOLE		188,081	0	9,881
DOUBLELINE INCOME SOLUTIONS	COM	258622109	1,189	60,191	SH		SOLE		50,367	0	9,824
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	1,004	48,653	SH		SOLE		43,982	0	4,671
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	490	53,574	SH		SOLE		48,225	0	5,349
DUFF & PHELPS UTLITY AND INF	COM	26433C105	327	21,539	SH		SOLE		21,539	0	0
EATON VANCE FLTING RATE INC	COM	278279104	507	36,922	SH		SOLE		27,041	0	9,881
EATON VANCE LTD DUR INCOME F	COM	27828H105	2,703	204,017	SH		SOLE		171,652	0	32,365
EATON VANCE SH TM DR DIVR IN	COM	27828V104	1,008	74,631	SH		SOLE		72,587	0	2,044
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	932	145,361	SH		SOLE		139,802	0	5,559
EATON VANCE TAX MNGD GBL DV	COM	27829F108	790	90,000	SH		SOLE		90,000	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	1,171	64,989	SH		SOLE		58,384	0	6,605
EATON VANCE TXMGD GL BUYWR O	COM	27829C105	229	22,043	SH		SOLE		22,043	0	0
EUROPEAN EQUITY FUND	COM	298768102	2,078	221,514	SH		SOLE		218,791	0	2,723
FIRST TR DYNAMIC EUROPE EQT	COM SHS	33740d107	1,212	81,159	SH		SOLE		76,359	0	4,800
FIRST TR ENHANCED EQTY INC F	COM	337318109	325	18,851	SH		SOLE		17,642	0	1,209
FIRST TR HIGH INCOME L/S FD	COM	33738E109	265	16,808	SH		SOLE		16,808	0	0
FIRST TR INTER DUR PFD & IN	COM	33718W103	2,917	123,671	SH		SOLE		113,643	0	10,028
FIRST TR SR FLG RTE INCM FD	COM	33733U108	1,209	96,356	SH		SOLE		81,132	0	15,224
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	539	58,608	SH		SOLE		56,525	0	2,083
FIRST TR/ABERDEEN EMERG OPT	COM	33731K102	147	10,296	SH		SOLE		10,296	0	0
FLAHERTY & CRUMRINE DYN PFD	SHS	33848W106	391	14,607	SH		SOLE		13,165	0	1,442
FRANKLIN LTD DURATION INC TR	COM	35472T101	725	75,632	SH		SOLE		75,632	0	0
GABELLI DIVD & INCOME TR	COM	36242H104	4,494	204,743	SH		SOLE		197,197	0	7,546
GABELLI GLB SML & MD CP VAL	COM	36249W104	1,123	94,871	SH		SOLE		93,882	0	989
GAMCO NAT RES GOLD & INCOME	SH BEN INT	36465E101	172	28,800	SH		SOLE		28,800	0	0
GENERAL AMERN INVS INC	COM	368802104	462	12,254	SH		SOLE		10,985	0	1,269
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	1,911	237,089	SH		SOLE		226,852	0	10,237
HANCOCK JOHN INCOME SECS TR	COM	410123103	293	19,769	SH		SOLE		19,769	0	0
HANCOCK JOHN INVS TR	COM	410142103	2,384	134,237	SH		SOLE		116,350	0	17,887
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	926	139,830	SH		SOLE		137,109	0	2,721
INSIGHT SELECT INCOME FD	COM	45781W109	658	32,831	SH		SOLE		31,463	0	1,368
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,784	157,140	SH		SOLE		150,165	0	6,975
INVESCO HIGH INCOME 2023 TAR	COM	46135X108	400	37,927	SH		SOLE		21,947	0	15,980
INVESCO HIGH INCOME TR II	COM	46131F101	886	62,040	SH		SOLE		60,661	0	1,379
INVESCO SR INCOME TR	COM	46131H107	785	183,002	SH		SOLE		165,339	0	17,663
IVY HIGH INC OPPORTUNITIES F	COM	465893105	2,213	159,215	SH		SOLE		155,211	0	4,004
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	386	25,900	SH		SOLE		16,011	0	9,889
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	493	72,864	SH		SOLE		66,527	0	6,337
LMP CAP & INCOME FD INC	COM	50208A102	825	53,115	SH		SOLE		44,006	0	9,109
MACQUARIE FT TR GB INF UT DI	COM	55607W100	125	11,695	SH		SOLE		8,255	0	3,440
MADISON CVRED CALL & EQ STR	COM	557437100	685	103,266	SH		SOLE		91,409	0	11,857
MFS CHARTER INCOME TR	SH BEN INT	552727109	1,966	233,439	SH		SOLE		210,131	0	23,308
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	179	39,086	SH		SOLE		30,169	0	8,917
MFS INTER INCOME TR	SH BEN INT	55273C107	636	167,422	SH		SOLE		164,148	0	3,274
MORGAN STANLEY CHINA A SH FD	COM	617468103	252	11,590	SH		SOLE		10,068	0	1,522
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	653	52,840	SH		SOLE		49,088	0	3,752
NEW GERMANY FD INC	COM	644465106	2,098	133,816	SH		SOLE		130,246	0	3,570
NEW IRELAND FUND INC	COM	645673104	269	27,187	SH		SOLE		23,882	0	3,305
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	5,584	381,923	SH		SOLE		361,822	0	20,101
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	724	66,466	SH		SOLE		63,432	0	3,034
NUVEEN DOW 30 DYN OVERWRITE	SHS	67075F105	3,811	215,792	SH		SOLE		200,107	0	15,685
NUVEEN EMERGING MKTS DEBT 20	COM	67077P101	136	15,250	SH		SOLE		13,661	0	1,589
NUVEEN FLOATING RATE INCOME	COM	67072T108	190	18,596	SH		SOLE		14,980	0	3,616
NUVEEN FLTNG RTE INCM OPP FD	COM SHS	6706EN100	615	61,576	SH		SOLE		58,169	0	3,407
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	699	42,669	SH		SOLE		34,011	0	8,658
NUVEEN HIGH INCOME 2020 TARG	COM	67075L102	324	33,163	SH		SOLE		30,737	0	2,426
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	436	18,114	SH		SOLE		16,416	0	1,698
NUVEEN PFD & INCM OPPORTNYS	COM	67073B106	798	76,260	SH		SOLE		71,550	0	4,710
NUVEEN PFD & INCM SECURTIES	COM	67072C105	1,365	136,060	SH		SOLE		119,999	0	16,061
NUVEEN PFD & INCOME TERM FD	COM	67075A106	452	17,500	SH		SOLE		16,457	0	1,043
NUVEEN REAL ASSET INM AND GW	COM	67074Y105	322	17,517	SH		SOLE		16,602	0	915
NUVEEN REAL ESTATE INCOME FD	COM	67071B108	184	17,366	SH		SOLE		17,366	0	0
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	487	29,560	SH		SOLE		28,659	0	901
NUVEEN SHT DUR CR OPP FD	COM	67074X107	838	55,164	SH		SOLE		48,608	0	6,556
NUVEEN SR INCOME FD	COM	67067Y104	395	66,321	SH		SOLE		62,576	0	3,745
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	4,845	279,748	SH		SOLE		258,111	0	21,637
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	7,302	604,958	SH		SOLE		573,431	0	31,527
PGIM GLOBAL HIGH YIELD FD IN	COM	69346J106	1,385	92,200	SH		SOLE		87,177	0	5,023
PIONEER DIV HIGH INCOME TRUS	COM	723653101	387	25,988	SH		SOLE		25,809	0	179
PIONEER HIGH INCOME TR	COM	72369H106	1,310	137,367	SH		SOLE		114,773	0	22,594
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	683	144,132	SH		SOLE		127,217	0	16,915
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	230	14,005	SH		SOLE		14,005	0	0
RIVERNORTH MARKETPLACE LENDI	COM	76882B108	218	11,990	SH		SOLE		10,977	0	1,013
RMR REAL ESTATE INCOME FUND	COM	76970B101	482	23,884	SH		SOLE		21,592	0	2,292
ROYCE MICRO-CAP TR INC	COM	780915104	2,751	322,142	SH		SOLE		304,711	0	17,431
ROYCE VALUE TR INC	COM	780910105	4,751	321,698	SH		SOLE		290,139	0	31,559
SOURCE CAP INC	COM	836144105	4,906	126,815	SH		SOLE		117,926	0	8,889
SPDR DOW JONES INDL AVRG ETF	UT SER 1	78467X109	6,085	21,345	SH		SOLE		20,257	0	1,088
SPDR S&P 500 ETF TR	TR UNIT	78462F103	27,413	85,172	SH		SOLE		77,946	0	7,226
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	2,898	196,730	SH		SOLE		188,367	0	8,363
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	657	25,708	SH		SOLE		22,379	0	3,329
SPROTT FOCUS TR INC	COM	85208J109	5,605	761,579	SH		SOLE		711,573	0	50,006
SWISS HELVETIA FD INC	COM	870875101	308	36,594	SH		SOLE		36,594	0	0
TAIWAN FD INC	COM	874036106	257	12,500	SH		SOLE		12,500	0	0
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	785	37,585	SH		SOLE		36,533	0	1,052
TEMPLETON DRAGON FD INC	COM	88018T101	641	32,981	SH		SOLE		32,981	0	0
THL CR SR LN FD	COM	87244R103	1,268	83,618	SH		SOLE		81,386	0	2,232
TORTOISE ESSENTIAL ASSETS IN	COM SH BEN INT	89148A103	937	57,154	SH		SOLE		56,054	0	1,100
TRI CONTL CORP	COM	895436103	1,936	68,640	SH		SOLE		60,295	0	8,345
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	1,276	102,115	SH		SOLE		98,581	0	3,534
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	96	11,247	SH		SOLE		11,247	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	214	20,381	SH		SOLE		17,794	0	2,587
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	201	32,402	SH		SOLE		32,402	0	0
VOYA PRIME RATE TR	SH BEN INT	92913A100	161	32,117	SH		SOLE		20,340	0	11,777
WELLS FARGO GLOBAL DIVIDEND	COM	94987C103	294	51,920	SH		SOLE		51,920	0	0
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	1,606	190,695	SH		SOLE		165,965	0	24,730
WELLS FARGO MULTI SECTOR INC	COM	94987D101	1,990	154,487	SH		SOLE		139,605	0	14,882
WESTERN ASSET CORPORATE LN F	COM	95790J102	317	31,999	SH		SOLE		31,593	0	406
WESTERN ASSET GLB HI INCOME	COM	95766B109	3,237	323,059	SH		SOLE		298,159	0	24,900
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	1,010	64,561	SH		SOLE		62,908	0	1,653
WESTERN ASSET HIGH INCM FD I	COM	95766J102	4,755	705,549	SH		SOLE		647,115	0	58,434
WESTERN ASSET HIGH INCM OPP	COM	95766K109	1,295	255,497	SH		SOLE		237,453	0	18,044
WESTERN ASSET PREMIER BD FD	SHS BEN INT	957664105	147	10,015	SH		SOLE		8,703	0	1,312
WESTERN ASSET VAR RT STRG FD	COM	957667108	454	27,181	SH		SOLE		27,151	0	30