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 INCOME	COM	003009107	3,938	1,165,129	SH		SOLE		1,150,969	0	14,160
ABERDEEN AUSTRALIA EQUITY FD	COM	003011103	177	28,173	SH		SOLE		28,173	0	0
ABERDEEN EMRG MRKTS EQT INM	COM	00301W105	147	21,688	SH		SOLE		21,688	0	0
ABERDEEN GLOBAL DYNAMIC DIVI	COM	00302M106	3,739	333,820	SH		SOLE		331,721	0	2,099
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	279	40,078	SH		SOLE		40,078	0	0
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	1,819	189,250	SH		SOLE		186,118	0	3,132
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	5,172	280,499	SH		SOLE		278,256	0	2,243
ALLSPRING GLOBAL DIVIDEND OP	COM	94987C103	3,404	642,215	SH		SOLE		640,284	0	1,931
ALLSPRING INCOME OPPORTUNIT	INC OPPTY FD	94987B105	1,888	238,962	SH		SOLE		238,962	0	0
ALLSPRING MULTI SECTOR INCOM	COM	94987D101	1,769	169,978	SH		SOLE		169,016	0	962
APOLLO SR FLOATING RATE FD I	COM	037636107	1,646	112,613	SH		SOLE		111,433	0	1,180
APOLLO TACTICAL INCOME FD IN	COM	037638103	4,135	287,935	SH		SOLE		281,876	0	6,059
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,983	206,575	SH		SOLE		206,153	0	422
BANCROFT FD LTD	COM	059695106	975	42,804	SH		SOLE		42,804	0	0
BARINGS GLOBAL SHORT DURATIO	COM	06760L100	3,867	249,476	SH		SOLE		244,673	0	4,803
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	3,018	280,183	SH		SOLE		278,198	0	1,985
BLACKROCK DEBT STRATEGIES FD	COM NEW	09255R202	1,817	174,334	SH		SOLE		173,534	0	800
BLACKROCK ENHANCD CAP & INM	COM	09256A109	1,285	61,550	SH		SOLE		59,061	0	2,489
BLACKROCK ENHANCED EQUITY DI	COM	09251A104	5,566	562,196	SH		SOLE		556,837	0	5,359
BLACKROCK ENHANCED GLOBAL DI	COM	092501105	793	70,156	SH		SOLE		70,156	0	0
BLACKROCK ENHANCED INTL DIV	COM BENE INTER	092524107	2,166	376,684	SH		SOLE		376,684	0	0
BLACKROCK ESG CAP ALLC TR	SHS BEN INT	09262F100	798	47,897	SH		SOLE		47,365	0	532
BLACKROCK FLOATING RATE INCO	COM	09255X100	288	22,157	SH		SOLE		22,157	0	0
BLACKROCK GLOBAL FLOATING RA	COM	091941104	669	52,436	SH		SOLE		52,436	0	0
BLACKROCK INNOVATION AND GRW	SHS BEN INT	09260Q108	484	42,500	SH		SOLE		42,500	0	0
BLACKROCK LTD DURATION INCOM	COM SHS	09249W101	1,234	86,037	SH		SOLE		84,627	0	1,410
BLACKROCK MULTI SECTOR INC T	COM	09258A107	1,550	94,051	SH		SOLE		91,384	0	2,667
BLACKSTONE LONG SHORT CR INC	COM SHS BN INT	09257D102	2,522	187,686	SH		SOLE		184,274	0	3,412
BLACKSTONE SENIOR FLOATNG RA	COM	09256U105	750	49,088	SH		SOLE		47,354	0	1,734
BLACKSTONE STRATEGIC CREDIT	COM SHS BEN IN	09257R101	3,192	244,622	SH		SOLE		242,267	0	2,355
BNY MELLON ALCENTRA GLOBAL C	COM	05588N108	297	34,951	SH		SOLE		34,870	0	81
BNY MELLON HIGH YIELD STRATE	SH BEN INT	09660L105	2,416	869,057	SH		SOLE		852,672	0	16,385
BOULDER GROWTH & INCOME FD I	COM	101507101	2,299	155,034	SH		SOLE		155,000	0	34
CALAMOS DYNAMIC CONV & INCOM	COM	12811V105	321	12,500	SH		SOLE		12,500	0	0
CALAMOS LNG SHR EQT DYNAMIC	COM	12812C106	1,768	86,806	SH		SOLE		86,806	0	0
CALAMOS STRATEGIC TOTAL RETU	COM SH BEN INT	128125101	2,338	133,388	SH		SOLE		130,190	0	3,198
CENTRAL & EASTERN EUROPE FD	COM	153436100	202	15,117	SH		SOLE		15,117	0	0
CENTRAL SECS CORP	COM	155123102	2,067	49,929	SH		SOLE		49,546	0	383
CHINA FD INC	COM	169373107	555	37,586	SH		SOLE		37,586	0	0
CLOUGH GLOBAL DIVID & INCOME	COM	18913Y103	1,113	120,925	SH		SOLE		120,925	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,071	113,808	SH		SOLE		111,516	0	2,292
COHEN & STEERS CLOSED-END OP	COM	19248P106	1,190	92,077	SH		SOLE		91,503	0	574
COHEN & STEERS SELECT PFD &	COM	19248Y107	287	12,454	SH		SOLE		12,454	0	0
COHEN & STEERS TAX ADVAN PFD	COM	19249X108	220	10,000	SH		SOLE		10,000	0	0
COLUMBIA SELIGM PREM TECH GR	COM	19842X109	1,338	41,679	SH		SOLE		41,679	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	84	27,692	SH		SOLE		27,692	0	0
CREDIT SUISSE HIGH YIELD BD	SH BEN INT	22544F103	853	391,228	SH		SOLE		378,311	0	12,917
DELAWARE ENHANCED GLOBAL DIV	COM	246060107	2,779	307,762	SH		SOLE		307,762	0	0
DELAWARE INVTS DIVID & INCOM	COM	245915103	344	31,723	SH		SOLE		31,723	0	0
DOUBLELINE INCOME SOLUTIONS	COM	258622109	4,113	283,265	SH		SOLE		279,496	0	3,769
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	1,378	82,243	SH		SOLE		82,243	0	0
DOUBLELINE YIELD OPPORTUNITI	COM	25862D105	759	45,315	SH		SOLE		44,458	0	857
EATON VANCE FLTING RATE INC	COM	278279104	1,680	127,063	SH		SOLE		123,747	0	3,316
EATON VANCE LTD DURATION INC	COM	27828H105	609	52,018	SH		SOLE		51,221	0	797
EATON VANCE SHORT DURATION D	COM	27828V104	362	31,345	SH		SOLE		31,053	0	292
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	788	58,740	SH		SOLE		56,988	0	1,752
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	1,510	237,484	SH		SOLE		232,742	0	4,742
EATON VANCE TAX-MANAGED GLOB	COM	27829F108	2,489	256,312	SH		SOLE		255,784	0	528
EATON VANCE TX ADV GLBL DIV	COM	27828S101	5,061	245,897	SH		SOLE		243,571	0	2,326
ELLSWORTH GROWTH & INCOME FD	COM	289074106	583	55,040	SH		SOLE		54,886	0	154
EUROPEAN EQUITY FD INC	COM	298768102	2,340	255,231	SH		SOLE		255,231	0	0
FIRST TR / ABERDEEN GLOBAL O	COM SHS	337319107	92	12,326	SH		SOLE		12,326	0	0
FIRST TR ENERGY INFRASTRCTR	COM	33738C103	546	35,853	SH		SOLE		33,187	0	2,666
FIRST TR HIGH INCOME LONG /	COM	33738E109	1,670	124,077	SH		SOLE		122,545	0	1,532
FIRST TR HIGH YIELD OPPRT 20	COM	33741Q107	348	20,016	SH		SOLE		19,356	0	660
FIRST TR SPECIALTY FIN & FIN	COM BEN INTR	33733G109	144	34,533	SH		SOLE		33,166	0	1,367
FRANKLIN LTD DURATION INCOME	COM	35472T101	124	16,400	SH		SOLE		16,400	0	0
GABELLI DIVID & INCOME TR	COM	36242H104	10,502	426,237	SH		SOLE		422,909	0	3,328
GENERAL AMERN INVS CO INC	COM	368802104	8,171	192,403	SH		SOLE		190,855	0	1,548
HANCOCK JOHN PFD INCOME FD I	COM	41013X106	585	30,729	SH		SOLE		30,413	0	316
HIGHLAND GLOBAL ALLOCATION F	COM	43010T104	4,009	406,996	SH		SOLE		404,853	0	2,143
INVESCO HIGH INCOME TR II	COM	46131F101	1,215	98,394	SH		SOLE		95,556	0	2,838
JAPAN SMALLER CAPITALIZATION	COM	47109U104	405	56,523	SH		SOLE		56,523	0	0
JOHN HANCOCK HEDGED EQUITY &	COM	47804L102	497	38,228	SH		SOLE		38,228	0	0
KKR INCOME OPPORTUNITIES FD	COM	48249T106	1,051	72,818	SH		SOLE		71,686	0	1,132
KOREA FD INC	COM NEW	500634209	333	11,069	SH		SOLE		11,069	0	0
LAZARD GLOBAL TOTAL RETURN &	COM	52106W103	203	11,314	SH		SOLE		11,314	0	0
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	299	39,623	SH		SOLE		39,256	0	367
LMP CAP & INCOME FD INC	COM	50208A102	2,948	201,616	SH		SOLE		199,936	0	1,680
MACQUARIE / FIRST TR GLOBAL	COM	55607W100	638	62,866	SH		SOLE		62,866	0	0
MAINSTAY CBRE GBL INFRSTR ME	COM	56064Q107	454	23,969	SH		SOLE		23,969	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	541	73,722	SH		SOLE		73,504	0	218
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	1,676	315,656	SH		SOLE		310,500	0	5,156
MORGAN STANLEY CHINA A SH FD	COM	617468103	715	43,744	SH		SOLE		43,744	0	0
MORGAN STANLEY EMERGING MKTS	COM	617477104	856	171,573	SH		SOLE		163,873	0	7,700
NEUBERGER BERMAN NEXT GENERA	COMMON STOCK	64133Q108	767	55,000	SH		SOLE		51,208	0	3,792
NEW GERMANY FD INC	COM	644465106	2,386	208,788	SH		SOLE		208,072	0	716
NEW IRELAND FD INC	COM	645673104	126	13,643	SH		SOLE		13,643	0	0
NUVEEN CORE PLUS IMPACT FUND	COM BEN INT	67080D103	442	29,412	SH		SOLE		26,665	0	2,747
NUVEEN CR STRATEGIES INCOME	COM SHS	67073D102	3,045	492,758	SH		SOLE		484,650	0	8,108
NUVEEN DOW 30 DYNMC OVERWRT	SHS	67075F105	8,075	486,164	SH		SOLE		484,193	0	1,971
NUVEEN EMERGING MKTS DEBT 20	COM	67077P101	1,185	169,301	SH		SOLE		169,301	0	0
NUVEEN FLOATING RATE INCOME	COM	67072T108	1,106	110,493	SH		SOLE		110,493	0	0
NUVEEN MULTI ASSET INCOME FU	COM	670750108	2,165	133,670	SH		SOLE		133,328	0	342
NUVEEN PFD & INCM SECURTIES	COM	67072C105	2,819	335,649	SH		SOLE		332,204	0	3,445
NUVEEN PFD & INCOME OPPORTUN	COM	67073B106	3,376	393,506	SH		SOLE		392,744	0	762
NUVEEN REAL ASSET INCOME & G	COM	67074Y105	1,779	116,404	SH		SOLE		116,404	0	0
NUVEEN REAL ESTATE INCOME FD	COM	67071B108	579	49,008	SH		SOLE		49,008	0	0
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	973	68,308	SH		SOLE		68,308	0	0
NUVEEN S&P 500 DYNAMIC OVERW	COM	6706EW100	4,784	266,218	SH		SOLE		262,902	0	3,316
NUVEEN SHORT DURATION CR OPP	COM	67074X107	1,790	125,807	SH		SOLE		123,317	0	2,490
NUVEEN SR INCOME FD	COM	67067Y104	2,486	438,506	SH		SOLE		428,044	0	10,462
PGIM GLOBAL HIGH YIELD FD FO	COM	69346J106	266	19,900	SH		SOLE		15,888	0	4,012
PGIM HIGH YIELD BOND FUND IN	COM	69346H100	1,348	93,925	SH		SOLE		93,925	0	0
PGIM SHORT DUR HIG YLD OPP F	COM	69355J104	190	11,368	SH		SOLE		11,191	0	177
PIMCO DYNAMIC INCOME OPRNTS	COM BEN SHS	69355M107	1,544	90,890	SH		SOLE		88,925	0	1,965
PIMCO INCOME STRATEGY FD II	COM	72201J104	170	19,528	SH		SOLE		16,473	0	3,055
PIONEER DIVERSIFIED HIGH INC	COM	723653101	1,188	92,343	SH		SOLE		91,600	0	743
PIONEER FLOATING RATE FUND I	COM	72369J102	1,202	114,757	SH		SOLE		111,603	0	3,154
PIONEER HIGH INCOME FUND INC	COM	72369H106	2,519	310,262	SH		SOLE		303,609	0	6,653
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	1,670	466,342	SH		SOLE		449,364	0	16,978
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	1,827	457,897	SH		SOLE		455,845	0	2,052
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	760	60,997	SH		SOLE		59,230	0	1,767
ROYCE GLOBAL VALUE TR INC	COM	78081T104	703	61,913	SH		SOLE		61,913	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	5,260	500,002	SH		SOLE		493,650	0	6,352
ROYCE VALUE TR INC	COM	780910105	2,065	121,516	SH		SOLE		119,064	0	2,452
SABA CAPITAL INCOME & OPRNT	SHARES	78518H103	315	69,739	SH		SOLE		69,739	0	0
SOURCE CAP INC	COM	836144105	7,189	171,162	SH		SOLE		169,618	0	1,544
SPDR S&P 500 ETF TR	TR UNIT	78462F103	7,452	16,500	SH		SOLE		16,431	0	69
SPROTT FOCUS TR INC	COM	85208J109	3,094	341,137	SH		SOLE		335,943	0	5,194
SWISS HELVETIA FD INC	COM	870875101	1,485	161,009	SH		SOLE		158,141	0	2,868
TAIWAN FD INC	COM	874036106	1,163	35,350	SH		SOLE		34,972	0	378
TEKLA HEALTHCARE INVS	SH BEN INT	87911J103	602	29,000	SH		SOLE		29,000	0	0
TEKLA HEALTHCARE OPPORTUNITI	SHS	879105104	665	29,868	SH		SOLE		29,868	0	0
TEKLA LIFE SCIENCES INVS	SH BEN INT	87911K100	269	16,284	SH		SOLE		16,284	0	0
TEMPLETON DRAGON FD INC	COM	88018T101	771	57,586	SH		SOLE		57,586	0	0
TEMPLETON EMERGING MKTS FD	COM	880191101	250	18,212	SH		SOLE		18,212	0	0
TEMPLETON EMERGING MKTS INCO	COM	880192109	520	75,886	SH		SOLE		75,886	0	0
TEMPLETON GLOBAL INCOME FD	COM	880198106	1,670	332,057	SH		SOLE		319,187	0	12,870
THORNBURG INCM BUILDER OPP T	COM	885213108	603	35,256	SH		SOLE		35,256	0	0
TRI CONTL CORP	COM	895436103	10,384	336,694	SH		SOLE		334,925	0	1,769
VIRTUS ALLIANZGI ARTIFICIAL	COM	92838Y100	566	25,872	SH		SOLE		25,872	0	0
VIRTUS ALLIANZGI CONVERTIBLE	COM	92838U108	527	121,673	SH		SOLE		119,018	0	2,655
VIRTUS ALLIANZGI EQUITY & CO	COM	92841M101	742	27,348	SH		SOLE		27,348	0	0
VIRTUS DIVIDEND INTEREST & P	COM	92840R101	6,642	461,580	SH		SOLE		455,128	0	6,452
VIRTUS GLOBAL MULTI-SECTOR I	COM	92829B101	3,287	331,336	SH		SOLE		327,576	0	3,760
VOYA ASIA PAC HIGH DIV EQT I	COM	92912J102	1,420	174,635	SH		SOLE		170,070	0	4,565
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	462	68,904	SH		SOLE		68,904	0	0
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	1,889	195,153	SH		SOLE		194,255	0	898
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	309	52,813	SH		SOLE		52,813	0	0
VOYA INFRASTRUCTURE INDLS &	COM	92912X101	332	28,521	SH		SOLE		28,521	0	0
WESTERN ASSET DIVERSIFIED IN	COM SHS BEN INT	95790K109	1,364	84,133	SH		SOLE		82,457	0	1,676
WESTERN ASSET EMERGING MKTS	COM	95766A101	3,016	281,080	SH		SOLE		275,661	0	5,419
WESTERN ASSET GBL HIGH INC F	COM	95766B109	2,565	302,816	SH		SOLE		298,103	0	4,713
WESTERN ASSET HIGH INCOME FD	COM	95766J102	692	114,984	SH		SOLE		114,286	0	698
WESTERN ASSET HIGH INCOME OP	COM	95766K109	1,988	444,753	SH		SOLE		443,026	0	1,727
WESTERN ASSET HIGH YIELD DEF	COM	95768B107	1,387	99,897	SH		SOLE		97,131	0	2,766