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	104	18,000	SH		SOLE		6,600	0	11,400
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	330	31,724	SH		SOLE		25,974	0	5,750
ABERDEEN SINGAPORE FD INC	COM	003244100	146	11,425	SH		SOLE		10,675	0	750
ADAMS EXPRESS CO	COM	006212104	935	71,559	SH		SOLE		64,694	0	6,865
ADVENT CLAY CONV SEC INC FD	COM	007639107	863	118,577	SH		SOLE		108,977	0	9,600
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	131	12,909	SH		SOLE		7,728	0	5,181
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	203	14,250	SH		SOLE		14,250	0	0
ALLIANZGI GLOBAL EQUITY & CO	COM	01882W100	1,281	83,743	SH		SOLE		76,643	0	7,100
ALPINE GLOBAL DYNAMIC DIVD F	COM	02082E106	70	16,662	SH		SOLE		16,662	0	0
AMERICAN INCOME FD INC	COM	02672T109	240	32,713	SH		SOLE		31,552	0	1,161
APOLLO SR FLOATING RATE FD I	COM	037636107	188	10,395	SH		SOLE		10,395	0	0
APOLLO TACTICAL INCOME FD IN	COM	037638103	318	17,664	SH		SOLE		17,664	0	0
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,224	123,696	SH		SOLE		118,936	0	4,760
ASIA PAC FD INC	COM	044901106	184	17,501	SH		SOLE		15,868	0	1,633
AVENUE INCOME CR STRATEGIES	COM	05358E106	770	43,781	SH		SOLE		37,338	0	6,443
BANCROFT FUND LTD	COM	059695106	303	16,275	SH		SOLE		16,275	0	0
BLACKROCK CORPOR HI YLD FD V	COM	09255P107	1,041	85,562	SH		SOLE		80,223	0	5,339
BLACKROCK DEBT STRAT FD INC	COM	09255R103	476	119,399	SH		SOLE		118,619	0	780
BLACKROCK DEFINED OPPRTY CR	COM	09255Q105	918	67,430	SH		SOLE		61,192	0	6,238
BLACKROCK DIVID INCOME TR	SHS	09250D109	1,456	112,379	SH		SOLE		105,468	0	6,911
BLACKROCK ECOSOLUTIONS INVT	COM SH	092546100	329	41,867	SH		SOLE		40,867	0	1,000
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	1,422	179,035	SH		SOLE		167,099	0	11,936
BLACKROCK ENHANCED GOVT FD I	COM	09255K108	298	21,328	SH		SOLE		20,500	0	828
BLACKROCK FLOAT RATE OME STR	COM	09255X100	1,298	88,838	SH		SOLE		83,588	0	5,250
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	496	61,034	SH		SOLE		57,500	0	3,534
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	2,458	143,556	SH		SOLE		137,706	0	5,850
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	376	22,000	SH		SOLE		21,200	0	800
BLACKROCK UTIL & INFRASTRCTU	COM	09248D104	342	19,149	SH		SOLE		19,149	0	0
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	2,097	117,339	SH		SOLE		113,219	0	4,120
BROOKFIELD GLOBL LISTED INFR	COM SHS	11273Q109	437	22,096	SH		SOLE		18,837	0	3,259
BROOKFIELD MTG OPP INC FD IN	COM	112792106	1,244	75,096	SH		SOLE		64,296	0	10,800
CALAMOS CONV & HIGH INCOME F	COM SHS	12811P108	343	26,552	SH		SOLE		22,552	0	4,000
CALAMOS GLOBAL TOTAL RETURN	COM SH BEN INT	128118106	153	10,920	SH		SOLE		10,920	0	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	3,031	278,288	SH		SOLE		260,488	0	17,800
CENTRAL SECS CORP	COM	155123102	2,323	106,959	SH		SOLE		100,289	0	6,670
CHINA FD INC	COM	169373107	217	10,439	SH		SOLE		9,200	0	1,239
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	1,632	106,123	SH		SOLE		100,373	0	5,750
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	2,255	172,561	SH		SOLE		153,423	0	19,138
COHEN & STEERS CLOSED END OP	COM	19248P106	1,171	93,138	SH		SOLE		84,138	0	9,000
COHEN & STEERS DIV MJRS FDIN	COM	19248G106	2,299	157,697	SH		SOLE		146,769	0	10,928
COHEN & STEERS LTD DUR PFD I	COM	19248C105	1,756	77,629	SH		SOLE		73,829	0	3,800
COHEN & STEERS QUALITY RLTY	COM	19247L106	172	18,100	SH		SOLE		18,100	0	0
COLUMBIA SELIGM PREM TECH GR	COM	19842X109	1,870	129,930	SH		SOLE		116,180	0	13,750
CREDIT SUISSE ASSET MGMT INC	COM	224916106	1,615	453,753	SH		SOLE		406,971	0	46,782
DELAWARE ENHANCED GBL DIV &	COM	246060107	1,592	130,291	SH		SOLE		120,662	0	9,629
DELAWARE INVTS DIV & INCOME	COM	245915103	2,554	271,944	SH		SOLE		234,405	0	37,539
DENALI FD INC	COM	24823A102	3,172	164,964	SH		SOLE		152,954	0	12,010
DOUBLELINE INCOME SOLUTIONS	COM	258622109	711	33,706	SH		SOLE		27,806	0	5,900
DOUBLELINE OPPORTUNISTIC CR	COM	258623107	427	19,117	SH		SOLE		13,994	0	5,123
DOW 30 PREMIUM & DIV INC FD	COM	260582101	168	10,817	SH		SOLE		10,817	0	0
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	801	79,825	SH		SOLE		79,825	0	0
DWS HIGH INCOME OPPORT FD IN	COM NEW	23339M204	673	46,718	SH		SOLE		45,718	0	1,000
DWS HIGH INCOME TR	SHS NEW	23337C208	734	80,262	SH		SOLE		71,262	0	9,000
DWS MULTI MKT INCOME TR	SHS	23338L108	1,772	188,762	SH		SOLE		182,562	0	6,200
DWS STRATEGIC INCOME TR	SHS	23338N104	880	67,765	SH		SOLE		65,165	0	2,600
EATON VANCE LTD DUR INCOME F	COM	27828H105	1,751	114,464	SH		SOLE		105,414	0	9,050
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	263	23,364	SH		SOLE		17,364	0	6,000
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	1,435	207,652	SH		SOLE		189,052	0	18,600
EATON VANCE TAX ADVT DIV INC	COM	27828G107	3,339	175,534	SH		SOLE		157,299	0	18,235
EATON VANCE TAX MNGED BUY WR	COM	27828X100	421	28,264	SH		SOLE		27,664	0	600
EATON VANCE TX ADV GLB DIV O	COM	27828U106	287	11,727	SH		SOLE		10,827	0	900
EATON VANCE TX ADV GLBL DIV	COM	27828S101	1,924	113,575	SH		SOLE		104,468	0	9,107
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	268	24,500	SH		SOLE		23,500	0	1,000
ELLSWORTH FUND LTD	COM	289074106	867	105,882	SH		SOLE		99,520	0	6,362
EUROPEAN EQUITY FUND	COM	298768102	1,398	156,278	SH		SOLE		143,666	0	12,612
FIRST TR DIVIDEND INCOME FD	COM	33731L100	1,288	146,381	SH		SOLE		136,421	0	9,960
FIRST TR HIGH INCOME L/S FD	COM	33738E109	2,088	121,279	SH		SOLE		107,429	0	13,850
FIRST TR INTER DUR PFD & IN	COM	33718W103	887	41,719	SH		SOLE		36,519	0	5,200
FIRST TR SR FLG RTE INCM FD	COM	33733U108	210	14,455	SH		SOLE		14,455	0	0
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	383	23,886	SH		SOLE		22,474	0	1,412
FIRST TR/ABERDEEN EMERG OPT	COM	33731K102	210	11,641	SH		SOLE		10,641	0	1,000
FIRST TRUST MORTGAGE INCM FD	COM SHS	33734E103	165	10,588	SH		SOLE		10,588	0	0
FLAHERTY & CRUMRINE DYN PFD	SHS	33848W106	400	19,500	SH		SOLE		17,500	0	2,000
FRANKLIN TEMPLETON LTD DUR I	COM	35472T101	143	11,000	SH		SOLE		11,000	0	0
FRANKLIN UNVL TR	SH BEN INT	355145103	1,318	189,866	SH		SOLE		161,735	0	28,131
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	517	25,840	SH		SOLE		22,506	0	3,334
GENERAL AMERN INVS INC	COM	368802104	324	9,217	SH		SOLE		9,217	0	0
GUGGENHEIM CR ALLOCATION FD	COM	40168G108	1,032	45,888	SH		SOLE		42,788	0	3,100
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	102	11,506	SH		SOLE		11,506	0	0
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	3,021	159,925	SH		SOLE		143,315	0	16,610
H & Q LIFE SCIENCES INVS	SH BEN INT	404053100	1,066	52,133	SH		SOLE		47,733	0	4,400
HANCOCK JOHN FINL OPPTYS FD	SH BEN INT NEW	409735206	662	28,090	SH		SOLE		26,842	0	1,248
HANCOCK JOHN INCOME SECS TR	COM	410123103	244	17,079	SH		SOLE		17,079	0	0
HANCOCK JOHN PFD INCOME FD	SH BEN INT	41013W108	257	14,387	SH		SOLE		12,887	0	1,500
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	169	10,863	SH		SOLE		10,863	0	0
HELIOS HIGH INCOME FD INC	COM NEW	42327X204	225	27,331	SH		SOLE		22,331	0	5,000
HELIOS HIGH YIELD FD	COM	42328Q109	906	93,437	SH		SOLE		89,137	0	4,300
ING ASIA PAC HGH DIVID EQ IN	COM	44983J107	484	37,996	SH		SOLE		34,546	0	3,450
ING EMERGING MKTS HGH DIV EQ	COM	45685X104	327	27,800	SH		SOLE		26,800	0	1,000
ING GLBL ADV & PREM OPP FUND	COM	44982N109	2,135	181,582	SH		SOLE		167,282	0	14,300
ING GLOBAL EQTY DIV & PREM O	COM	45684E107	1,151	128,570	SH		SOLE		121,970	0	6,600
ING RISK MANAGED NAT RES FD	COM	449810100	793	80,857	SH		SOLE		77,317	0	3,540
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,330	103,070	SH		SOLE		94,270	0	8,800
INVESCO HIGH INCOME TR II	COM	46131F101	1,313	81,689	SH		SOLE		73,495	0	8,194
IVY HIGH INC OPPORTUNITIES F	COM	465893105	658	36,600	SH		SOLE		31,200	0	5,400
JAPAN EQUITY FD INC	COM	471057109	157	22,446	SH		SOLE		20,436	0	2,010
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	308	33,631	SH		SOLE		30,367	0	3,264
JPMORGAN CHINA REGION FD INC	COM	48126T104	553	36,508	SH		SOLE		34,608	0	1,900
KKR INCOME OPPORTUNITIES FD	COM	48249T106	328	18,250	SH		SOLE		18,250	0	0
LATIN AMERN DISCOVERY FD INC	COM	51828C106	219	16,793	SH		SOLE		15,934	0	859
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	243	13,812	SH		SOLE		13,339	0	473
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	2,877	481,931	SH		SOLE		441,095	0	40,836
LMP CORPORATE LN FD INC	COM	50208B100	581	47,508	SH		SOLE		44,808	0	2,700
LMP REAL ESTATE INCOME FD IN	COM	50208C108	478	47,555	SH		SOLE		47,555	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	326	39,845	SH		SOLE		39,845	0	0
MADISON STRTG SECTOR PREM FD	COM	558268108	174	14,526	SH		SOLE		14,026	0	500
MANAGED HIGH YIELD PLUS FD I	COM	561911108	321	158,050	SH		SOLE		158,050	0	0
MEXICO EQUITY & INCOME FD	COM	592834105	791	53,133	SH		SOLE		50,622	0	2,511
MFS CHARTER INCOME TR	SH BEN INT	552727109	593	65,533	SH		SOLE		60,693	0	4,840
MFS INTER INCOME TR	SH BEN INT	55273C107	157	30,390	SH		SOLE		30,390	0	0
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	465	28,069	SH		SOLE		26,568	0	1,501
NASDAQ PREM INCM & GRW FD IN	COM	63110R105	848	47,614	SH		SOLE		46,364	0	1,250
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	1,277	96,302	SH		SOLE		93,602	0	2,700
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	62	14,175	SH		SOLE		14,175	0	0
NEW GERMANY FD INC	COM	644465106	879	44,093	SH		SOLE		41,767	0	2,326
NEW IRELAND FUND INC	COM	645673104	641	49,944	SH		SOLE		41,928	0	8,016
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	2,615	153,992	SH		SOLE		141,265	0	12,727
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	1,056	93,693	SH		SOLE		87,893	0	5,800
NUVEEN EQTY PRM OPPORTUNITYF	COM	6706EM102	1,229	97,153	SH		SOLE		89,453	0	7,700
NUVEEN EQUITY PREM ADV FD	COM	6706ET107	393	31,120	SH		SOLE		31,120	0	0
NUVEEN EQUITY PREM INCOME FD	COM	6706ER101	1,305	104,003	SH		SOLE		100,703	0	3,300
NUVEEN FLOATING RATE INCOME	COM	67072T108	384	32,243	SH		SOLE		31,733	0	510
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	463	20,022	SH		SOLE		19,122	0	900
NUVEEN PFD INCOME OPPRTNY FD	COM	67073B106	164	18,500	SH		SOLE		18,500	0	0
NUVEEN QUALITY PFD INC FD 3	COM	67072W101	639	81,400	SH		SOLE		80,000	0	1,400
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	989	128,664	SH		SOLE		118,459	0	10,205
NUVEEN QUALITY PFD INCOME FD	COM	67072C105	413	50,726	SH		SOLE		47,726	0	3,000
NUVEEN REAL ASSET INC & GROW	COM	67074Y105	450	26,874	SH		SOLE		25,174	0	1,700
NUVEEN SHT DUR CR OPP FD	COM	67074X107	503	26,710	SH		SOLE		23,578	0	3,132
NUVEEN SR INCOME FD	COM	67067Y104	1,246	174,786	SH		SOLE		154,386	0	20,400
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	3,610	230,526	SH		SOLE		220,203	0	10,323
PIMCO INCOME OPPORTUNITY FD	COM	72202B100	257	9,100	SH		SOLE		7,600	0	1,500
PIMCO INCOME STRATEGY FUND	COM	72201H108	2,349	207,711	SH		SOLE		193,493	0	14,218
PIMCO INCOME STRATEGY FUND I	COM	72201J104	1,591	159,912	SH		SOLE		141,842	0	18,070
PIONEER FLOATING RATE TR	COM	72369J102	701	55,147	SH		SOLE		43,155	0	11,992
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	1,590	91,408	SH		SOLE		81,914	0	9,494
ROYCE FOCUS TR	COM	78080N108	630	82,657	SH		SOLE		74,042	0	8,615
ROYCE VALUE TR INC	COM	780910105	1,935	120,881	SH		SOLE		114,281	0	6,600
SOURCE CAP INC	COM	836144105	1,040	15,502	SH		SOLE		14,302	0	1,200
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	1,035	59,285	SH		SOLE		57,695	0	1,590
STRATEGIC GLOBAL INCOME FD	COM	862719101	481	53,239	SH		SOLE		46,323	0	6,916
TEMPLETON DRAGON FD INC	COM	88018T101	792	30,599	SH		SOLE		27,900	0	2,699
TEMPLETON GLOBAL INCOME FD	COM	880198106	462	58,133	SH		SOLE		56,633	0	1,500
TRI CONTL CORP	COM	895436103	1,704	85,274	SH		SOLE		77,742	0	7,532
VIRTUS TOTAL RETURN FD	COM	92829A103	535	136,157	SH		SOLE		131,157	0	5,000
WELLS FARGO ADV GLB DIV OPP	COM	94987C103	2,191	302,214	SH		SOLE		277,014	0	25,200
WELLS FARGO ADVANTAGE INCOME	COM SHS	94987B105	663	72,248	SH		SOLE		65,248	0	7,000
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	162	11,532	SH		SOLE		11,012	0	520
WELLS FARGO ADVANTAGE UTILS	COM	94987E109	230	19,493	SH		SOLE		17,393	0	2,100
WESTERN ASSET EMRG MKT INCM	COM	95766E103	409	34,550	SH		SOLE		31,250	0	3,300
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	1,601	147,845	SH		SOLE		139,015	0	8,830
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	695	39,261	SH		SOLE		35,111	0	4,150
WESTERN ASSET HIGH INCM OPP	COM	95766K109	235	39,695	SH		SOLE		32,195	0	7,500
WESTERN ASSET MGD HI INCM FD	COM	95766L107	976	172,414	SH		SOLE		166,414	0	6,000
ZWEIG FD	COM NEW	989834205	2,658	178,868	SH		SOLE		166,693	0	12,175