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	2,495	402,495	SH		SOLE		389,795	0	12,700
ABERDEEN EMERGING MKTS SMALL	COM	00301T102	226	11,371	SH		SOLE		11,371	0	0
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	402	36,339	SH		SOLE		32,839	0	3,500
ABERDEEN LATIN AMER EQTY FD	COM	00306K106	666	21,220	SH		SOLE		20,470	0	750
ADAMS EXPRESS CO	COM	006212104	188	15,700	SH		SOLE		13,650	0	2,050
ADVENT CLAY CONV SEC INC FD	COM	007639107	487	70,446	SH		SOLE		63,146	0	7,300
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	1,591	105,865	SH		SOLE		94,415	0	11,450
ALLIANZGI GLOBAL EQUITY & CO	COM	01882W100	299	21,445	SH		SOLE		21,445	0	0
ALLIANZGI INTL & PREM STRATE	COM	01882X108	164	17,475	SH		SOLE		17,475	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SBI	021060108	1,489	380,746	SH		SOLE		363,048	0	17,698
ASIA PAC FD INC	COM	044901106	313	31,002	SH		SOLE		28,369	0	2,633
BLACKROCK CORE BD TR	SHS BEN INT	09249E101	1,599	121,708	SH		SOLE		112,708	0	9,000
BLACKROCK CORPOR HI YLD FD V	COM	09255P107	470	39,262	SH		SOLE		36,262	0	3,000
BLACKROCK CORPOR HI YLD III	COM	09255M104	316	42,699	SH		SOLE		40,499	0	2,200
BLACKROCK CORPOR HIGH YLD FD	COM	09255L106	1,002	137,385	SH		SOLE		134,985	0	2,400
BLACKROCK DEBT STRAT FD INC	COM	09255R103	159	37,355	SH		SOLE		37,355	0	0
BLACKROCK DEFINED OPPRTY CR	COM	09255Q105	530	37,683	SH		SOLE		34,719	0	2,964
BLACKROCK ECOSOLUTIONS INVT	COM SH	092546100	508	63,388	SH		SOLE		60,373	0	3,015
BLACKROCK ENERGY & RES TR	COM	09250U101	944	37,708	SH		SOLE		36,208	0	1,500
BLACKROCK ENH CAP & INC FD I	COM	09256A109	2,002	158,612	SH		SOLE		152,225	0	6,387
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	1,738	228,390	SH		SOLE		212,290	0	16,100
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	1,944	143,971	SH		SOLE		138,821	0	5,150
BLACKROCK HEALTH SCIENCES TR	COM	09250W107	208	6,708	SH		SOLE		6,108	0	600
BLACKROCK HIGH INCOME SHS	SHS BEN INT	09250E107	383	178,129	SH		SOLE		174,329	0	3,800
BLACKROCK HIGH YIELD TR	SHS	09248N102	77	10,559	SH		SOLE		10,559	0	0
BLACKROCK INCOME OPP TRUST I	COM	092475102	255	25,383	SH		SOLE		21,600	0	3,783
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	1,454	197,315	SH		SOLE		183,382	0	13,933
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	417	23,712	SH		SOLE		21,962	0	1,750
BLACKROCK S&P QLTY RK EQ MD	SHS	09250D109	1,383	110,612	SH		SOLE		103,462	0	7,150
BLACKROCK SR HIGH INCOME FD	COM	09255T109	557	134,335	SH		SOLE		131,535	0	2,800
BLACKROCK STRTGC BOND TR	COM	09249G106	891	68,156	SH		SOLE		65,456	0	2,700
BROOKFIELD GLOBL LISTED INFR	COM SHS	11273Q109	566	26,332	SH		SOLE		26,132	0	200
CALAMOS GBL DYN INCOME FUND	COM	12811L107	908	108,855	SH		SOLE		107,655	0	1,200
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	2,027	199,870	SH		SOLE		184,860	0	15,010
CENTRAL SECS CORP	COM	155123102	2,793	132,439	SH		SOLE		122,689	0	9,750
CHINA FD INC	COM	169373107	335	16,759	SH		SOLE		14,969	0	1,790
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	231	15,234	SH		SOLE		14,234	0	1,000
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	200	15,503	SH		SOLE		14,003	0	1,500
COHEN & STEERS DIV MJRS FDIN	COM	19248G106	2,803	195,895	SH		SOLE		180,972	0	14,923
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	229	12,123	SH		SOLE		12,123	0	0
COHEN & STEERS REIT & PFD IN	COM	19247X100	859	49,732	SH		SOLE		45,982	0	3,750
COHEN & STEERS SLT PFD INCM	COM	19248Y107	301	11,600	SH		SOLE		10,250	0	1,350
COLUMBIA SELIGM PREM TECH GR	COM	19842X109	879	61,146	SH		SOLE		61,146	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	211	55,488	SH		SOLE		53,188	0	2,300
DELAWARE ENHANCED GBL DIV &	COM	246060107	2,081	178,935	SH		SOLE		162,641	0	16,294
DELAWARE INVTS DIV & INCOME	COM	245915103	2,026	227,172	SH		SOLE		217,573	0	9,599
DENALI FD INC	COM	24823A102	2,383	122,444	SH		SOLE		119,794	0	2,650
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	163	14,874	SH		SOLE		14,874	0	0
DWS HIGH INCOME OPPORT FD IN	COM NEW	23339M204	848	58,828	SH		SOLE		54,828	0	4,000
DWS HIGH INCOME TR	SHS NEW	23337C208	401	42,963	SH		SOLE		42,063	0	900
DWS MULTI MKT INCOME TR	SHS	23338L108	716	73,573	SH		SOLE		69,273	0	4,300
DWS STRATEGIC INCOME TR	SHS	23338N104	181	14,043	SH		SOLE		13,043	0	1,000
EATON VANCE LTD DUR INCOME F	COM	27828H105	1,279	80,198	SH		SOLE		79,348	0	850
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	541	71,923	SH		SOLE		69,953	0	1,970
EATON VANCE TAX ADVT DIV INC	COM	27828G107	2,128	116,548	SH		SOLE		111,038	0	5,510
EATON VANCE TAX MNGED BUY WR	COM	27828X100	150	10,349	SH		SOLE		9,149	0	1,200
EATON VANCE TX ADV GLBL DIV	COM	27828S101	1,578	104,660	SH		SOLE		103,460	0	1,200
ELLSWORTH FUND LTD	COM	289074106	958	125,044	SH		SOLE		115,388	0	9,656
EUROPEAN EQUITY FUND	COM	298768102	1,012	141,275	SH		SOLE		139,474	0	1,801
FIRST TR ACTIVE DIVID INCOME	COM	33731L100	3,063	376,268	SH		SOLE		355,685	0	20,583
FIRST TR ENHANCED EQTY INC F	COM	337318109	135	10,735	SH		SOLE		10,735	0	0
FIRST TR HIGH INCOME L/S FD	COM	33738E109	208	11,857	SH		SOLE		10,910	0	947
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	509	32,343	SH		SOLE		29,542	0	2,801
FIRST TR/ABERDEEN EMERG OPT	COM	33731K102	540	28,691	SH		SOLE		27,691	0	1,000
FRANKLIN UNVL TR	SH BEN INT	355145103	1,593	233,284	SH		SOLE		206,472	0	26,812
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	447	23,757	SH		SOLE		16,639	0	7,118
GABELLI HLTHCARE & WELLNESS	SHS	36246K103	146	14,909	SH		SOLE		14,909	0	0
GABELLI HLTHCARE & WELLNESS	RIGHT 07/17/2013	36246K129	2	14,909	SH		SOLE		14,909	0	0
GENERAL AMERN INVS INC	COM	368802104	670	20,973	SH		SOLE		20,173	0	800
GLOBAL HIGH INCOME FUND INC	COM	37933G108	516	47,022	SH		SOLE		47,022	0	0
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	3,930	216,080	SH		SOLE		197,480	0	18,600
HANCOCK JOHN PFD INCOME FD	SH BEN INT	41013W108	371	17,828	SH		SOLE		13,150	0	4,678
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	979	53,745	SH		SOLE		49,545	0	4,200
HANCOCK JOHN PREMUIM DIV FD	COM SH BEN INT	41013T105	1,611	121,475	SH		SOLE		115,875	0	5,600
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	1,634	86,840	SH		SOLE		84,190	0	2,650
HELIOS ADVANTAGE INCOME FD I	COM NEW	42327W206	765	91,975	SH		SOLE		91,306	0	669
HELIOS HIGH INCOME FD INC	COM NEW	42327X204	628	77,062	SH		SOLE		70,393	0	6,669
HELIOS HIGH YIELD FD	COM	42328Q109	826	85,875	SH		SOLE		81,575	0	4,300
HELIOS MULTI SEC HI INC FD I	COM NEW	42327Y202	445	77,821	SH		SOLE		74,721	0	3,100
HELIOS STRATEGIC INCOME FD I	COM NEW	42328A203	179	29,250	SH		SOLE		29,250	0	0
ING ASIA PAC HGH DIVID EQ IN	COM	44983J107	818	60,133	SH		SOLE		55,174	0	4,959
ING RISK MANAGED NAT RES FD	COM	449810100	777	71,774	SH		SOLE		70,274	0	1,500
INVESCO DYNAMIC CR OPP FD	COM	46132R104	217	16,600	SH		SOLE		15,600	0	1,000
INVESCO HIGH INCOME TR II	COM	46131F101	342	21,478	SH		SOLE		20,978	0	500
J F CHINA REGION FD INC	COM	46614T107	481	36,508	SH		SOLE		34,608	0	1,900
JAPAN EQUITY FD INC	COM	471057109	199	30,777	SH		SOLE		24,477	0	6,300
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	417	48,631	SH		SOLE		45,367	0	3,264
LATIN AMERN DISCOVERY FD INC	COM	51828C106	421	31,180	SH		SOLE		27,520	0	3,660
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	336	20,558	SH		SOLE		19,808	0	750
LAZARD WORLD DIVID & INCOME	COM	521076109	1,066	81,283	SH		SOLE		73,528	0	7,755
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	3,925	754,833	SH		SOLE		703,410	0	51,423
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	2,041	455,624	SH		SOLE		423,500	0	32,124
LMP CAP & INCOME FD INC	COM	50208A102	254	16,444	SH		SOLE		15,644	0	800
MADISON CVRED CALL & EQ STR	COM	557437100	933	117,702	SH		SOLE		117,702	0	0
MANAGED HIGH YIELD PLUS FD I	COM	561911108	523	261,730	SH		SOLE		225,730	0	36,000
MEXICO EQUITY & INCOME FD	COM	592834105	833	54,138	SH		SOLE		53,927	0	211
MFS CHARTER INCOME TR	SH BEN INT	552727109	1,280	138,335	SH		SOLE		131,295	0	7,040
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	419	69,890	SH		SOLE		64,710	0	5,180
MFS INTER INCOME TR	SH BEN INT	55273C107	1,125	195,701	SH		SOLE		189,701	0	6,000
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	180	62,599	SH		SOLE		56,399	0	6,200
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	586	37,392	SH		SOLE		35,891	0	1,501
MORGAN STANLEY EM MKTS DM DE	COM	617477104	2,294	158,892	SH		SOLE		150,592	0	8,300
MORGAN STANLEY EMER MKTS DEB	COM	61744H105	644	63,282	SH		SOLE		60,082	0	3,200
NASDAQ PREM INCM & GRW FD IN	COM	63110R105	474	30,279	SH		SOLE		26,489	0	3,790
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	1,880	146,661	SH		SOLE		141,161	0	5,500
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	255	52,973	SH		SOLE		50,473	0	2,500
NEW GERMANY FD INC	COM	644465106	1,956	111,117	SH		SOLE		105,518	0	5,599
NEW IRELAND FUND INC	COM	645673104	267	25,686	SH		SOLE		22,687	0	2,999
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	2,214	147,396	SH		SOLE		137,723	0	9,673
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	405	33,593	SH		SOLE		32,093	0	1,500
NUVEEN EQUITY PREM & GROWTH	COM	6706EW100	229	16,608	SH		SOLE		16,608	0	0
NUVEEN EQUITY PREM INCOME FD	COM	6706ER101	940	74,757	SH		SOLE		72,974	0	1,783
NUVEEN FLOATING RATE INCOME	COM	67072T108	625	49,622	SH		SOLE		46,512	0	3,110
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	373	14,684	SH		SOLE		13,784	0	900
NUVEEN QUALITY PFD INC FD 3	COM	67072W101	1,379	163,747	SH		SOLE		153,387	0	10,360
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	1,529	184,200	SH		SOLE		172,600	0	11,600
NUVEEN QUALITY PFD INCOME FD	COM	67072C105	1,201	137,879	SH		SOLE		131,679	0	6,200
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	199	13,384	SH		SOLE		13,038	0	346
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	256	20,706	SH		SOLE		20,706	0	0
PIMCO DYNAMIC INCOME FD	SHS	72201Y101	2,475	84,612	SH		SOLE		81,512	0	3,100
PIMCO INCOME OPPORTUNITY FD	COM	72202B100	460	16,100	SH		SOLE		15,600	0	500
PIMCO INCOME STRATEGY FUND	COM	72201H108	432	36,139	SH		SOLE		36,139	0	0
PIMCO INCOME STRATEGY FUND I	COM	72201J104	347	33,000	SH		SOLE		33,000	0	0
PIONEER FLOATING RATE TR	COM	72369J102	296	22,363	SH		SOLE		22,363	0	0
PUTMAN HIGH INCOME SEC FUND	SHS BEN INT	746779107	2,358	298,453	SH		SOLE		277,749	0	20,704
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	1,290	259,079	SH		SOLE		243,159	0	15,920
ROYCE FOCUS TR	COM	78080N108	901	129,015	SH		SOLE		126,315	0	2,700
ROYCE MICRO-CAP TR INC	COM	780915104	1,226	113,372	SH		SOLE		108,772	0	4,600
ROYCE VALUE TR INC	COM	780910105	256	16,900	SH		SOLE		16,900	0	0
SINGAPORE FD INC	COM	82929L109	251	19,425	SH		SOLE		19,425	0	0
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	633	37,392	SH		SOLE		36,702	0	690
STRATEGIC GLOBAL INCOME FD	COM	862719101	1,910	202,795	SH		SOLE		196,460	0	6,335
SWISS HELVETIA FD INC	COM	870875101	1,952	158,442	SH		SOLE		150,201	0	8,241
TEMPLETON DRAGON FD INC	COM	88018T101	940	37,449	SH		SOLE		33,550	0	3,899
TEMPLETON EMERG MKTS INCOME	COM	880192109	203	13,600	SH		SOLE		13,600	0	0
TRANSAMERICA INCOME SHS INC	COM	893506105	1,343	65,114	SH		SOLE		57,525	0	7,589
TRI CONTL CORP	COM	895436103	1,033	57,720	SH		SOLE		53,788	0	3,932
VIRTUS TOTAL RETURN FD	COM	92829A103	646	167,038	SH		SOLE		149,653	0	17,385
WELLS FARGO ADVANTAGE INCOME	COM SHS	94987B105	521	54,967	SH		SOLE		50,467	0	4,500
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	240	16,405	SH		SOLE		16,405	0	0
WESTERN ASSET EMRG MKT INCM	COM	95766E103	173	13,090	SH		SOLE		13,090	0	0
WESTERN ASSET GLB HI INCOME	COM	95766B109	159	13,000	SH		SOLE		13,000	0	0
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	691	60,709	SH		SOLE		53,209	0	7,500
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	644	35,451	SH		SOLE		34,751	0	700
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	908	51,348	SH		SOLE		48,798	0	2,550
WESTERN ASSET HIGH INCM OPP	COM	95766K109	63	10,607	SH		SOLE		3,073	0	7,534
WESTERN ASSET INCOME FD	COM	95766T100	806	62,648	SH		SOLE		52,860	0	9,788
WESTERN ASSET MGD HI INCM FD	COM	95766L107	1,565	267,941	SH		SOLE		256,046	0	11,895
WESTERN ASSET PREMIER BD FD	SHS BEN INT	957664105	183	12,500	SH		SOLE		12,500	0	0
WESTERN ASSET WORLDWIDE INCO	COM	957668106	474	36,212	SH		SOLE		33,598	0	2,614
ZWEIG FD	COM NEW	989834205	3,046	237,792	SH		SOLE		222,880	0	14,912