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	335	55,248	SH		SOLE		46,748	0	8,500
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	607	56,064	SH		SOLE		50,214	0	5,850
ABERDEEN LATIN AMER EQTY FD	COM	00306K106	660	20,820	SH		SOLE		18,970	0	1,850
ADAMS EXPRESS CO	COM	006212104	480	38,736	SH		SOLE		34,186	0	4,550
ADVENT CLAY CONV SEC INC FD	COM	007639107	737	106,018	SH		SOLE		92,001	0	14,017
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	328	18,650	SH		SOLE		17,350	0	1,300
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	422	28,078	SH		SOLE		23,278	0	4,800
ALPINE TOTAL DYNAMIC DIVID F	COM SBI	021060108	690	171,746	SH		SOLE		171,746	0	0
AMERICAN INCOME FD INC	COM	02672T109	75	10,152	SH		SOLE		8,991	0	1,161
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	1,138	62,852	SH		SOLE		57,783	0	5,069
ASIA PAC FD INC	COM	044901106	307	30,301	SH		SOLE		27,668	0	2,633
AVENUE INCOME CR STRATEGIES	COM	05358E106	277	16,374	SH		SOLE		10,374	0	6,000
BANCROFT FUND LTD	COM	059695106	295	16,488	SH		SOLE		16,488	0	0
BLACKROCK CORPOR HIGH YLD FD	COM	09255L106	852	118,539	SH		SOLE		111,739	0	6,800
BLACKROCK DEBT STRAT FD INC	COM	09255R103	43	10,672	SH		SOLE		10,672	0	0
BLACKROCK DEFINED OPPRTY CR	COM	09255Q105	979	70,056	SH		SOLE		62,815	0	7,241
BLACKROCK DIVID INCOME TR	SHS	09250D109	1,506	120,801	SH		SOLE		113,651	0	7,150
BLACKROCK ECOSOLUTIONS INVT	COM SH	092546100	549	70,288	SH		SOLE		60,605	0	9,683
BLACKROCK ENERGY & RES TR	COM	09250U101	754	29,208	SH		SOLE		27,708	0	1,500
BLACKROCK ENH CAP & INC FD I	COM	09256A109	647	49,996	SH		SOLE		39,618	0	10,378
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	1,382	183,751	SH		SOLE		166,746	0	17,005
BLACKROCK FLOAT RATE OME STR	COM	09255X100	1,463	98,659	SH		SOLE		91,809	0	6,850
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	1,240	88,622	SH		SOLE		84,972	0	3,650
BLACKROCK HIGH INCOME SHS	SHS BEN INT	09250E107	370	177,803	SH		SOLE		174,003	0	3,800
BLACKROCK HIGH YIELD TR	SHS	09248N102	264	38,126	SH		SOLE		33,022	0	5,104
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	1,450	85,463	SH		SOLE		82,713	0	2,750
BLACKROCK SR HIGH INCOME FD	COM	09255T109	762	193,516	SH		SOLE		190,716	0	2,800
BLACKROCK STRTGC BOND TR	COM	09249G106	901	69,570	SH		SOLE		67,731	0	1,839
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	1,912	103,134	SH		SOLE		99,701	0	3,433
CALAMOS CONV & HIGH INCOME F	COM SHS	12811P108	563	44,955	SH		SOLE		43,955	0	1,000
CALAMOS GBL DYN INCOME FUND	COM	12811L107	1,675	196,782	SH		SOLE		189,582	0	7,200
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	3,562	356,178	SH		SOLE		337,568	0	18,610
CBRE CLARION GLOBAL REAL EST	COM	12504G100	402	49,674	SH		SOLE		46,874	0	2,800
CENTRAL SECS CORP	COM	155123102	1,243	53,069	SH		SOLE		46,919	0	6,150
CHINA FD INC	COM	169373107	357	16,428	SH		SOLE		14,638	0	1,790
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	1,342	88,014	SH		SOLE		79,664	0	8,350
CLOUGH GLOBAL EQUITY FD	COM	18914C100	199	13,217	SH		SOLE		10,817	0	2,400
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,665	129,407	SH		SOLE		125,732	0	3,675
COHEN & STEERS CLOSED END OP	COM	19248P106	167	13,550	SH		SOLE		13,550	0	0
COHEN & STEERS DIV MJRS FDIN	COM	19248G106	3,714	271,893	SH		SOLE		253,170	0	18,723
COHEN & STEERS GLOBAL INC BL	COM	19248M103	770	73,211	SH		SOLE		61,816	0	11,395
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	210	10,623	SH		SOLE		10,623	0	0
COHEN & STEERS LTD DUR PFD I	COM	19248C105	710	31,663	SH		SOLE		31,663	0	0
COHEN & STEERS REIT & PFD IN	COM	19247X100	543	35,016	SH		SOLE		28,732	0	6,284
COHEN & STEERS SLT PFD INCM	COM	19248Y107	247	10,294	SH		SOLE		8,194	0	2,100
COLUMBIA SELIGM PREM TECH GR	COM	19842X109	443	31,146	SH		SOLE		31,146	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	323	88,101	SH		SOLE		83,201	0	4,900
DELAWARE ENHANCED GBL DIV &	COM	246060107	1,037	87,171	SH		SOLE		79,778	0	7,393
DELAWARE INVTS DIV & INCOME	COM	245915103	1,895	213,929	SH		SOLE		199,110	0	14,819
DENALI FD INC	COM	24823A102	2,748	144,238	SH		SOLE		137,928	0	6,310
DOW 30SM ENHANCED PREM & INC	COM	260537105	601	51,078	SH		SOLE		47,728	0	3,350
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	325	31,094	SH		SOLE		28,944	0	2,150
DWS HIGH INCOME OPPORT FD IN	COM NEW	23339M204	609	43,016	SH		SOLE		41,216	0	1,800
DWS HIGH INCOME TR	SHS NEW	23337C208	923	101,723	SH		SOLE		92,723	0	9,000
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	1,345	191,384	SH		SOLE		171,484	0	19,900
EATON VANCE TAX ADVT DIV INC	COM	27828G107	2,999	166,517	SH		SOLE		158,502	0	8,015
EATON VANCE TAX MNGED BUY WR	COM	27828X100	1,148	79,846	SH		SOLE		77,846	0	2,000
EATON VANCE TX ADV GLB DIV O	COM	27828U106	667	29,557	SH		SOLE		28,132	0	1,425
EATON VANCE TX ADV GLBL DIV	COM	27828S101	328	21,000	SH		SOLE		20,500	0	500
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	230	22,800	SH		SOLE		22,800	0	0
ELLSWORTH FUND LTD	COM	289074106	1,114	141,543	SH		SOLE		129,628	0	11,915
EUROPEAN EQUITY FUND	COM	298768102	1,081	132,974	SH		SOLE		121,256	0	11,718
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	321	22,089	SH		SOLE		22,089	0	0
FIRST TR DIVIDEND INCOME FD	COM	33731L100	490	58,286	SH		SOLE		54,375	0	3,911
FIRST TR ENHANCED EQTY INC F	COM	337318109	227	18,299	SH		SOLE		18,299	0	0
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	225	14,159	SH		SOLE		11,946	0	2,213
FIRST TR/ABERDEEN EMERG OPT	COM	33731K102	545	28,591	SH		SOLE		27,591	0	1,000
FRANKLIN UNVL TR	SH BEN INT	355145103	1,768	258,848	SH		SOLE		225,323	0	33,525
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	305	15,506	SH		SOLE		11,672	0	3,834
GABELLI HLTHCARE & WELLNESS	SHS	36246K103	657	64,057	SH		SOLE		62,857	0	1,200
GENERAL AMERN INVS INC	COM	368802104	271	7,947	SH		SOLE		6,947	0	1,000
GLOBAL HIGH INCOME FUND INC	COM	37933G108	352	34,208	SH		SOLE		31,208	0	3,000
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	4,217	242,524	SH		SOLE		223,175	0	19,349
H & Q HEALTHCARE INVESTORS	SH BEN INT	404052102	429	17,878	SH		SOLE		12,878	0	5,000
H & Q LIFE SCIENCES INVS	SH BEN INT	404053100	445	23,121	SH		SOLE		19,921	0	3,200
HANCOCK JOHN FINL OPPTYS FD	SH BEN INT NEW	409735206	554	25,787	SH		SOLE		21,587	0	4,200
HANCOCK JOHN INCOME SECS TR	COM	410123103	262	18,589	SH		SOLE		18,589	0	0
HANCOCK JOHN INV TRUST	TAX ADV GLB SH	41013P749	412	35,727	SH		SOLE		35,727	0	0
HANCOCK JOHN PREMUIM DIV FD	COM SH BEN INT	41013T105	1,219	101,875	SH		SOLE		98,575	0	3,300
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	1,946	111,843	SH		SOLE		101,893	0	9,950
HELIOS ADVANTAGE INCOME FD I	COM NEW	42327W206	356	41,763	SH		SOLE		41,594	0	169
HELIOS HIGH INCOME FD INC	COM NEW	42327X204	97	11,629	SH		SOLE		8,629	0	3,000
HELIOS MULTI SEC HI INC FD I	COM NEW	42327Y202	491	84,471	SH		SOLE		81,371	0	3,100
ING ASIA PAC HGH DIVID EQ IN	COM	44983J107	873	65,133	SH		SOLE		57,674	0	7,459
ING GLBL ADV & PREM OPP FUND	COM	44982N109	1,824	152,735	SH		SOLE		137,735	0	15,000
ING GLOBAL EQTY DIV & PREM O	COM	45684E107	364	40,266	SH		SOLE		33,466	0	6,800
ING RISK MANAGED NAT RES FD	COM	449810100	868	86,631	SH		SOLE		84,231	0	2,400
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,546	120,246	SH		SOLE		107,946	0	12,300
INVESCO HIGH INCOME TR II	COM	46131F101	515	32,322	SH		SOLE		26,659	0	5,663
J F CHINA REGION FD INC	COM	46614T107	534	36,508	SH		SOLE		34,608	0	1,900
JAPAN EQUITY FD INC	COM	471057109	88	12,936	SH		SOLE		10,926	0	2,010
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	388	42,631	SH		SOLE		39,367	0	3,264
LATIN AMERN DISCOVERY FD INC	COM	51828C106	432	31,180	SH		SOLE		27,520	0	3,660
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	244	14,558	SH		SOLE		14,558	0	0
LAZARD WORLD DIVID & INCOME	COM	521076109	907	67,736	SH		SOLE		63,564	0	4,172
LEGG MASON BW GLB INC OPP FD	COM	52469B100	467	27,906	SH		SOLE		26,906	0	1,000
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	1,413	261,206	SH		SOLE		242,507	0	18,699
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	1,956	397,607	SH		SOLE		383,934	0	13,673
LMP CAP & INCOME FD INC	COM	50208A102	201	13,508	SH		SOLE		13,508	0	0
LMP CORPORATE LN FD INC	COM	50208B100	745	60,001	SH		SOLE		54,101	0	5,900
MADISON CVRED CALL & EQ STR	COM	557437100	423	53,384	SH		SOLE		53,384	0	0
MADISON STRTG SECTOR PREM FD	COM	558268108	211	18,133	SH		SOLE		17,633	0	500
MANAGED HIGH YIELD PLUS FD I	COM	561911108	382	191,230	SH		SOLE		162,630	0	28,600
MEXICO EQUITY & INCOME FD	COM	592834105	868	56,638	SH		SOLE		54,127	0	2,511
MFS CHARTER INCOME TR	SH BEN INT	552727109	1,437	160,546	SH		SOLE		150,656	0	9,890
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	403	71,068	SH		SOLE		59,888	0	11,180
MFS INTER INCOME TR	SH BEN INT	55273C107	438	82,460	SH		SOLE		81,960	0	500
MFS INTERMARKET INCOME TRUST	SH BEN INT	59318R103	153	19,082	SH		SOLE		19,082	0	0
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	54	19,500	SH		SOLE		14,032	0	5,468
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	77	11,600	SH		SOLE		5,100	0	6,500
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	626	37,392	SH		SOLE		35,891	0	1,501
MORGAN STANLEY EM MKTS DM DE	COM	617477104	527	37,373	SH		SOLE		35,090	0	2,283
MORGAN STANLEY EMER MKTS DEB	COM	61744H105	302	30,183	SH		SOLE		27,976	0	2,207
NASDAQ PREM INCM & GRW FD IN	COM	63110R105	290	18,054	SH		SOLE		16,804	0	1,250
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	1,496	114,516	SH		SOLE		111,798	0	2,718
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	205	45,424	SH		SOLE		42,924	0	2,500
NEW GERMANY FD INC	COM	644465106	1,674	81,319	SH		SOLE		77,339	0	3,980
NEW IRELAND FUND INC	COM	645673104	295	25,024	SH		SOLE		23,748	0	1,276
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	1,742	112,223	SH		SOLE		106,388	0	5,835
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	1,452	129,855	SH		SOLE		121,441	0	8,414
NUVEEN EQTY PRM OPPORTUNITYF	COM	6706EM102	661	54,809	SH		SOLE		43,909	0	10,900
NUVEEN EQUITY PREM INCOME FD	COM	6706ER101	1,582	130,926	SH		SOLE		128,405	0	2,521
NUVEEN FLOATING RATE INCOME	COM	67072T108	585	48,927	SH		SOLE		48,077	0	850
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	637	26,822	SH		SOLE		25,922	0	900
NUVEEN QUALITY PFD INC FD 3	COM	67072W101	1,082	137,179	SH		SOLE		129,219	0	7,960
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	1,997	264,120	SH		SOLE		230,926	0	33,194
NUVEEN QUALITY PFD INCOME FD	COM	67072C105	1,414	173,340	SH		SOLE		164,140	0	9,200
NUVEEN SR INCOME FD	COM	67067Y104	1,140	158,739	SH		SOLE		138,339	0	20,400
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	857	58,638	SH		SOLE		55,729	0	2,909
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	932	74,413	SH		SOLE		61,482	0	12,931
PIMCO DYNAMIC INCOME FD	SHS	72201Y101	1,690	58,893	SH		SOLE		53,688	0	5,205
PIONEER FLOATING RATE TR	COM	72369J102	643	51,268	SH		SOLE		47,818	0	3,450
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	1,300	72,210	SH		SOLE		63,816	0	8,394
PUTMAN HIGH INCOME SEC FUND	SHS BEN INT	746779107	2,522	320,457	SH		SOLE		299,253	0	21,204
ROYCE FOCUS TR	COM	78080N108	1,031	142,776	SH		SOLE		136,093	0	6,683
ROYCE MICRO-CAP TR INC	COM	780915104	1,629	139,127	SH		SOLE		126,714	0	12,413
ROYCE VALUE TR INC	COM	780910105	499	30,955	SH		SOLE		29,755	0	1,200
SINGAPORE FD INC	COM	82929L109	189	14,425	SH		SOLE		12,075	0	2,350
SOURCE CAP INC	COM	836144105	856	13,779	SH		SOLE		12,579	0	1,200
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	1,163	66,057	SH		SOLE		64,467	0	1,590
STRATEGIC GLOBAL INCOME FD	COM	862719101	995	107,150	SH		SOLE		98,299	0	8,851
TEMPLETON DRAGON FD INC	COM	88018T101	975	37,449	SH		SOLE		33,550	0	3,899
TRANSAMERICA INCOME SHS INC	COM	893506105	316	15,471	SH		SOLE		14,471	0	1,000
TRI CONTL CORP	COM	895436103	1,259	68,725	SH		SOLE		61,893	0	6,832
VIRTUS TOTAL RETURN FD	COM	92829A103	392	99,524	SH		SOLE		86,124	0	13,400
WELLS FARGO ADV GLB DIV OPP	COM	94987C103	700	96,815	SH		SOLE		96,015	0	800
WELLS FARGO ADVANTAGE INCOME	COM SHS	94987B105	895	99,467	SH		SOLE		88,967	0	10,500
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	350	24,737	SH		SOLE		24,217	0	520
WESTERN ASSET EMRG MKT INCM	COM	95766E103	149	11,911	SH		SOLE		11,111	0	800
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	823	73,893	SH		SOLE		67,993	0	5,900
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	631	35,451	SH		SOLE		34,751	0	700
WESTERN ASSET HIGH INCM OPP	COM	95766K109	195	32,707	SH		SOLE		25,173	0	7,534
WESTERN ASSET INCOME FD	COM	95766T100	418	32,892	SH		SOLE		30,393	0	2,499
WESTERN ASSET INVT GRADE DEF	COM	95790A101	387	19,717	SH		SOLE		19,717	0	0
WESTERN ASSET MGD HI INCM FD	COM	95766L107	1,054	185,241	SH		SOLE		177,346	0	7,895
WESTERN ASSET PREMIER BD FD	SHS BEN INT	957664105	676	47,751	SH		SOLE		46,451	0	1,300
WESTERN ASSET VAR RT STRG FD	COM	957667108	177	10,400	SH		SOLE		10,400	0	0
WESTERN ASSET WORLDWIDE INCO	COM	957668106	491	39,047	SH		SOLE		37,904	0	1,143
ZWEIG FD	COM NEW	989834205	2,889	213,835	SH		SOLE		199,622	0	14,213