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

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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 INCOME	COM	003009107	1,279	378,321	SH		SOLE		368,830	0	9,491
ABERDEEN AUSTRALIA EQUITY FD	COM	003011103	58	14,810	SH		SOLE		14,810	0	0
ABERDEEN GLOBAL DYNAMIC DIVI	COM	00302M106	501	68,322	SH		SOLE		68,322	0	0
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	346	63,893	SH		SOLE		56,920	0	6,973
ABERDEEN GLOBAL PREMIER PPTY	COM SH BEN INT	00302L108	385	90,729	SH		SOLE		85,101	0	5,628
ABERDEEN INCOME CR STRATEGIE	COM	003057106	235	31,940	SH		SOLE		30,672	0	1,268
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	785	62,386	SH		SOLE		57,682	0	4,704
ALLIANCEBERNSTEIN GLOBAL HIG	COM	01879R106	267	28,859	SH		SOLE		28,138	0	721
ALLIANZGI ARTIFICIAL INTELLI	COM	01883M101	1,585	99,044	SH		SOLE		96,981	0	2,063
ALLIANZGI CON INCM 2024 TARG	COM	01883H102	418	54,458	SH		SOLE		52,697	0	1,761
ALLIANZGI CONV INCOME FD	COM	018828103	56	15,000	SH		SOLE		5,881	0	9,119
ALLIANZGI CONV INCOME FD II	COM	018825109	308	92,407	SH		SOLE		78,566	0	13,841
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	1,534	159,633	SH		SOLE		148,682	0	10,951
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,185	192,891	SH		SOLE		186,458	0	6,433
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	1,807	167,508	SH		SOLE		161,630	0	5,878
BARINGS GLOBAL SHORT DURATIO	COM	06760L100	426	38,300	SH		SOLE		33,855	0	4,445
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	772	87,771	SH		SOLE		85,727	0	2,044
BLACKROCK CR ALLOCATION INCO	COM	092508100	346	29,700	SH		SOLE		22,798	0	6,902
BLACKROCK DEBT STRATEGIES FD	COM NEW	09255R202	1,089	128,928	SH		SOLE		122,996	0	5,932
BLACKROCK ENH CAP & INC FD I	COM	09256A109	904	69,596	SH		SOLE		69,592	0	4
BLACKROCK ENHANCED EQUITY DI	COM	09251A104	3,132	479,665	SH		SOLE		460,942	0	18,723
BLACKROCK FLOATING RATE INCO	COM	091941104	344	35,074	SH		SOLE		33,610	0	1,464
BLACKROCK FLOATING RATE INCO	COM	09255X100	1,044	104,339	SH		SOLE		100,063	0	4,276
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	1,752	138,797	SH		SOLE		135,660	0	3,137
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	2,220	183,943	SH		SOLE		178,173	0	5,770
BLACKSTONE GSO FLTING RTE FU	COM	09256U105	1,418	120,795	SH		SOLE		118,730	0	2,065
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	461	43,714	SH		SOLE		38,645	0	5,069
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	1,285	123,400	SH		SOLE		112,775	0	10,625
BNY MELLON ALCENTRA GLOBAL C	COM	05588N108	116	18,248	SH		SOLE		18,248	0	0
BNY MELLON HIGH YIELD STRATE	SH BEN INT	09660L105	1,143	503,596	SH		SOLE		485,780	0	17,816
BNY MELLON MUN BD INFRASTRUC	COM SHS	09662W109	728	58,760	SH		SOLE		52,868	0	5,892
BOULDER GROWTH & INCOME FD I	COM	101507101	840	91,259	SH		SOLE		88,696	0	2,563
BROOKFIELD REAL ASSETS INCOM	SHS BEN INT	112830104	411	27,989	SH		SOLE		26,950	0	1,039
CALAMOS CONV & HIGH INCOME F	COM SHS	12811P108	919	103,985	SH		SOLE		100,222	0	3,763
CALAMOS CONV OPP AND INC FD	SH BEN INT	128117108	227	27,168	SH		SOLE		26,091	0	1,077
CALAMOS GBL DYN INCOME FUND	COM	12811L107	1,062	185,018	SH		SOLE		181,288	0	3,730
CALAMOS LNG SHR EQT DYNAMIC	COM	12812C106	2,240	155,111	SH		SOLE		147,162	0	7,949
CBRE CLARION GLOBAL REAL EST	COM	12504G100	328	62,589	SH		SOLE		59,382	0	3,207
CENTRAL SECS CORP	COM	155123102	789	30,568	SH		SOLE		30,079	0	489
CHINA FD INC	COM	169373107	630	34,134	SH		SOLE		31,714	0	2,420
CLOUGH GLOBAL DIVND AND INC	COM	18913Y103	959	114,608	SH		SOLE		108,685	0	5,923
CLOUGH GLOBAL EQUITY FD	COM	18914C100	581	65,594	SH		SOLE		60,684	0	4,910
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	793	110,533	SH		SOLE		105,569	0	4,964
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	577	30,630	SH		SOLE		30,394	0	236
COHEN & STEERS REIT & PFD &I	COM	19247X100	526	32,625	SH		SOLE		31,849	0	776
CREDIT SUISSE ASSET MGMT INC	COM	224916106	429	179,450	SH		SOLE		166,272	0	13,178
CREDIT SUISSE HIGH YLD BND F	SH BEN INT	22544F103	705	385,160	SH		SOLE		369,070	0	16,090
DELAWARE ENHANCED GBL DIV &	COM	246060107	870	116,720	SH		SOLE		114,043	0	2,677
DOUBLELINE INCOME SOLUTIONS	COM	258622109	564	42,289	SH		SOLE		42,244	0	45
EATON VANCE ENH EQTY INC FD	COM	278277108	261	18,793	SH		SOLE		16,685	0	2,108
EATON VANCE ENHANCED EQ INC	COM	278274105	1,091	90,130	SH		SOLE		88,861	0	1,269
EATON VANCE FLTING RATE INC	COM	278279104	385	37,526	SH		SOLE		37,494	0	32
EATON VANCE HIGH INCOME 2021	COM SH BEN INT	27829W101	537	60,981	SH		SOLE		56,899	0	4,082
EATON VANCE LTD DUR INCOME F	COM	27828H105	1,408	133,163	SH		SOLE		130,165	0	2,998
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	252	30,290	SH		SOLE		30,290	0	0
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	116	11,761	SH		SOLE		11,761	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	346	75,072	SH		SOLE		73,229	0	1,843
EATON VANCE TX ADV GLBL DIV	COM	27828S101	4,006	335,234	SH		SOLE		325,035	0	10,199
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	442	47,450	SH		SOLE		43,663	0	3,787
EATON VANCE TXMGD GL BUYWR O	COM	27829C105	3,438	460,811	SH		SOLE		458,214	0	2,597
ELLSWORTH GROWTH & INCOME FD	COM	289074106	1,073	125,091	SH		SOLE		121,919	0	3,172
EUROPEAN EQUITY FUND	COM	298768102	834	117,916	SH		SOLE		115,193	0	2,723
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	297	33,781	SH		SOLE		33,781	0	0
FIRST TR HIGH INCOME L/S FD	COM	33738E109	235	19,325	SH		SOLE		19,325	0	0
FIRST TR SR FLG RTE INCM FD	COM	33733U108	630	66,252	SH		SOLE		63,015	0	3,237
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	375	51,093	SH		SOLE		46,540	0	4,553
FIRST TR/ABERDEEN EMERG OPT	COM	33731K102	234	23,588	SH		SOLE		23,588	0	0
FRANKLIN LTD DURATION INCOME	COM	35472T101	560	71,314	SH		SOLE		71,314	0	0
FRANKLIN UNVL TR	SH BEN INT	355145103	913	149,478	SH		SOLE		145,473	0	4,005
GABELLI DIVID & INCOME TR	COM	36242H104	1,490	100,627	SH		SOLE		99,350	0	1,277
GAMCO NAT RES GOLD & INCOME	SH BEN INT	36465E101	102	26,233	SH		SOLE		26,233	0	0
GENERAL AMERN INVS INC	COM	368802104	310	11,308	SH		SOLE		10,454	0	854
GUGGENHEIM CR ALLOCATION FD	COM	40168G108	257	17,224	SH		SOLE		17,224	0	0
GUGGENHEIM ENHANCED EQUITY I	COM	40167B100	1,477	298,963	SH		SOLE		289,905	0	9,058
HANCOCK JOHN INVS TR	COM	410142103	1,649	131,048	SH		SOLE		125,403	0	5,645
HANCOCK JOHN INVT TR	TAX ADV GLB SH	41013P749	488	97,483	SH		SOLE		95,622	0	1,861
HANCOCK JOHN TAX-ADVANTAGED	COM	41013V100	227	12,878	SH		SOLE		12,878	0	0
HERZFELD CARIBBEAN BASIN FD	COM	42804T106	525	151,091	SH		SOLE		148,370	0	2,721
HIGHLAND GLOBAL ALLOCATION F	COM	43010T104	913	209,912	SH		SOLE		207,547	0	2,365
INVESCO DYNAMIC CR OPPORTUNI	COM	46132R104	1,209	151,534	SH		SOLE		144,556	0	6,978
INVESCO HIGH INCOME TR II	COM	46131F101	299	27,920	SH		SOLE		27,499	0	421
INVESCO SR INCOME TR	COM	46131H107	218	67,572	SH		SOLE		64,460	0	3,112
IVY HIGH INCOME OPPORTUNITIE	COM	465893105	523	50,311	SH		SOLE		49,274	0	1,037
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	1,398	137,632	SH		SOLE		134,141	0	3,491
KKR INCOME OPPORTUNITIES FD	COM	48249T106	999	93,746	SH		SOLE		88,587	0	5,159
LAZARD GLOBAL TOTAL RETURN &	COM	52106W103	269	22,385	SH		SOLE		22,385	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	786	162,297	SH		SOLE		155,286	0	7,011
LMP CAP & INCOME FD INC	COM	50208A102	859	106,543	SH		SOLE		101,368	0	5,175
MADISON COVERED CALL & EQUIT	COM	557437100	767	151,648	SH		SOLE		147,859	0	3,789
MFS CHARTER INCOME TR	SH BEN INT	552727109	98	13,299	SH		SOLE		12,064	0	1,235
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	1,743	346,535	SH		SOLE		332,968	0	13,567
MORGAN STANLEY CHINA A SH FD	COM	617468103	326	18,013	SH		SOLE		16,491	0	1,522
MORGAN STANLEY EMERGING MKTS	COM	617477104	355	68,092	SH		SOLE		62,768	0	5,324
NEUBERGER BERMAN HIGH YIELD	COM	64128C106	671	77,262	SH		SOLE		75,636	0	1,626
NEW GERMANY FD INC	COM	644465106	1,585	136,514	SH		SOLE		131,802	0	4,712
NEW IRELAND FD INC	COM	645673104	322	52,111	SH		SOLE		47,534	0	4,577
NUVEEN CORE EQUITY ALPHA FD	COM	67090X107	4,118	384,144	SH		SOLE		371,090	0	13,054
NUVEEN DIVERSIFIED DIVID & I	COM	6706EP105	1,378	195,717	SH		SOLE		183,899	0	11,818
NUVEEN DOW 30 DYNAMIC OVERWR	SHS	67075F105	3,512	280,473	SH		SOLE		271,266	0	9,207
NUVEEN FLTNG RTE INCM OPP FD	COM SHS	6706EN100	394	53,066	SH		SOLE		51,663	0	1,403
NUVEEN MORTGAGE AND INCOME F	COM	670735109	270	16,431	SH		SOLE		16,431	0	0
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	3,147	165,653	SH		SOLE		161,416	0	4,237
NUVEEN PFD & INCM SECURTIES	COM	67072C105	1,887	259,925	SH		SOLE		241,102	0	18,823
NUVEEN PFD & INCOME OPPORTUN	COM	67073B106	657	89,525	SH		SOLE		83,963	0	5,562
NUVEEN PFD & INCOME TERM FD	COM	67075A106	383	21,048	SH		SOLE		18,887	0	2,161
NUVEEN REAL ASSET INCOME & G	COM	67074Y105	328	33,278	SH		SOLE		32,861	0	417
NUVEEN REAL ESTATE INCOME FD	COM	67071B108	388	57,152	SH		SOLE		57,152	0	0
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	3,630	359,415	SH		SOLE		348,154	0	11,261
NUVEEN S&P 500 DYNAMIC OVERW	COM	6706EW100	1,389	119,943	SH		SOLE		113,436	0	6,507
NUVEEN SHT DUR CR OPP FD	COM	67074X107	524	48,171	SH		SOLE		47,389	0	782
NUVEEN TAX-ADVANTAGED DIVID	COM	67073G105	3,236	287,644	SH		SOLE		277,237	0	10,407
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	3,814	540,961	SH		SOLE		518,566	0	22,395
PCM FD INC	COM	69323T101	113	14,200	SH		SOLE		9,319	0	4,881
PGIM GLOBAL HIGH YIELD FD FO	COM	69346J106	845	76,369	SH		SOLE		72,950	0	3,419
PIMCO DYNAMIC CR & MTG INC F	COM SHS	72202D106	606	36,000	SH		SOLE		36,000	0	0
PIMCO DYNAMIC INCOME FD	SHS	72201Y101	459	20,759	SH		SOLE		18,714	0	2,045
PIMCO GLOBAL STOCKSPLS INCM	COM	722011103	187	23,450	SH		SOLE		23,450	0	0
PIMCO HIGH INCOME FD	COM SHS	722014107	453	92,444	SH		SOLE		92,444	0	0
PIMCO INCOME OPPORTUNITY FD	COM	72202B100	851	42,129	SH		SOLE		41,310	0	819
PIMCO INCOME STRATEGY FD	COM	72201H108	1,356	160,467	SH		SOLE		149,094	0	11,373
PIMCO INCOME STRATEGY FD II	COM	72201J104	1,012	133,494	SH		SOLE		129,570	0	3,924
PIONEER DIVERSIFIED HIGH INC	COM	723653101	192	18,282	SH		SOLE		18,103	0	179
PIONEER HIGH INCOME TR	COM	72369H106	441	68,742	SH		SOLE		67,327	0	1,415
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	337	27,859	SH		SOLE		27,254	0	605
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	207	45,660	SH		SOLE		42,350	0	3,310
RIVERNORTH / DOUBLELINE STRA	COM	76882G107	483	37,716	SH		SOLE		37,716	0	0
RIVERNORTH OPPORTUNITIES FD	COM	76881y109	278	22,350	SH		SOLE		22,350	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	2,267	407,737	SH		SOLE		380,544	0	27,193
ROYCE VALUE TR INC	COM	780910105	2,519	260,458	SH		SOLE		246,950	0	13,508
SOURCE CAP INC	COM	836144105	1,259	41,033	SH		SOLE		39,004	0	2,029
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	1,623	170,868	SH		SOLE		170,868	0	0
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	566	23,403	SH		SOLE		23,403	0	0
SPROTT FOCUS TR INC	COM	85208J109	2,921	579,481	SH		SOLE		571,379	0	8,102
SWISS HELVETIA FD INC	COM	870875101	300	43,189	SH		SOLE		43,189	0	0
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	762	42,783	SH		SOLE		41,731	0	1,052
TEKLA LIFE SCIENCES INVS	SH BEN INT	87911K100	240	16,036	SH		SOLE		14,684	0	1,352
TEKLA WORLD HEALTHCARE FD	BEN INT SHS	87911l108	244	21,400	SH		SOLE		20,727	0	673
TEMPLETON DRAGON FD INC	COM	88018T101	715	41,962	SH		SOLE		41,962	0	0
TEMPLETON EMERGING MKTS INCO	COM	880192109	112	15,000	SH		SOLE		15,000	0	0
TEMPLETON GLOBAL INCOME FD	COM	880198106	108	20,217	SH		SOLE		18,843	0	1,374
THL CR SR LN FD	COM	87244R103	788	68,128	SH		SOLE		65,943	0	2,185
TORTOISE ESSENTIAL ASSETS IN	COM SH BEN INT	89148A103	927	91,821	SH		SOLE		90,988	0	833
TRI CONTL CORP	COM	895436103	4,387	209,805	SH		SOLE		203,538	0	6,267
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	941	97,514	SH		SOLE		90,743	0	6,771
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	595	77,726	SH		SOLE		76,352	0	1,374
VOYA INFRASTRUCTURE INDLS &	COM	92912X101	139	17,101	SH		SOLE		17,101	0	0
VOYA INTL HIGH DIVID EQTY IN	COM	92912Y109	728	190,037	SH		SOLE		180,949	0	9,088
WELLS FARGO GLOBAL DIVIDEND	COM	94987C103	40	10,839	SH		SOLE		10,839	0	0
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	809	126,849	SH		SOLE		123,035	0	3,814
WELLS FARGO MULTI SECTOR INC	COM	94987D101	3,360	348,917	SH		SOLE		337,822	0	11,095
WESTERN ASSET CORPORATE LN F	COM	95790J102	102	14,405	SH		SOLE		14,026	0	379
WESTERN ASSET EMERGING MKTS	COM	95766A101	142	13,500	SH		SOLE		13,500	0	0
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	1,262	102,340	SH		SOLE		99,635	0	2,705
WESTERN ASSET HIGH INCM FD I	COM	95766J102	2,643	527,586	SH		SOLE		508,423	0	19,163
WESTERN ASSET PREMIER BD FD	SHS BEN INT	957664105	322	28,536	SH		SOLE		27,738	0	798
WESTERN ASSET VAR RT STRG FD	COM	957667108	528	38,217	SH		SOLE		37,516	0	701
XAI OCTAGON FLOATNG RATE ALT	COM	98400T106	119	26,403	SH		SOLE		26,403	0	0