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
ADAMS EXPRESS CO	COM	006212104	1,209	93,172	SH		SOLE		90,972	0	2,200
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	480	25,813	SH		SOLE		24,213	0	1,600
ALLIANCEBERNSTEIN INCOME FUN	COM	01881E101	400	54,500	SH		SOLE		43,300	0	11,200
ALLIANZGI EQUITY & CONV INCO	COM	018829101	1,194	61,383	SH		SOLE		55,920	0	5,463
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	271	32,331	SH		SOLE		32,331	0	0
APOLLO SR FLOATING RATE FD I	COM	037636107	260	14,249	SH		SOLE		14,249	0	0
APOLLO TACTICAL INCOME FD IN	COM	037638103	850	47,626	SH		SOLE		46,506	0	1,120
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,394	132,109	SH		SOLE		125,759	0	6,350
ASIA PAC FD INC	COM	044901106	181	17,501	SH		SOLE		15,868	0	1,633
AVENUE INCOME CR STRATEGIES	COM	05358E106	1,213	68,909	SH		SOLE		62,909	0	6,000
BLACKROCK CORPOR HI YLD FD V	COM	09255P107	371	30,232	SH		SOLE		26,992	0	3,240
BLACKROCK DEBT STRAT FD INC	COM	09255R103	724	176,500	SH		SOLE		173,070	0	3,430
BLACKROCK DEFINED OPPRTY CR	COM	09255Q105	624	45,261	SH		SOLE		41,030	0	4,231
BLACKROCK DIVID INCOME TR	SHS	09250D109	1,223	93,745	SH		SOLE		86,992	0	6,753
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	2,580	324,949	SH		SOLE		301,213	0	23,736
BLACKROCK FLOAT RATE OME STR	COM	09255X100	1,520	104,319	SH		SOLE		99,069	0	5,250
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	147	10,076	SH		SOLE		10,076	0	0
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	3,775	220,141	SH		SOLE		210,629	0	9,512
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	394	22,206	SH		SOLE		22,206	0	0
BLACKROCK UTIL & INFRASTRCTU	COM	09248D104	199	10,500	SH		SOLE		10,500	0	0
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	2,707	153,712	SH		SOLE		145,992	0	7,720
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	1,075	60,649	SH		SOLE		57,749	0	2,900
BROOKFIELD GLOBL LISTED INFR	COM SHS	11273Q109	1,466	68,565	SH		SOLE		63,406	0	5,159
BROOKFIELD HIGH INCOME FD IN	COM	11272P102	266	26,446	SH		SOLE		25,631	0	815
BROOKFIELD MTG OPP INC FD IN	COM	112792106	1,597	94,932	SH		SOLE		82,232	0	12,700
CALAMOS GBL DYN INCOME FUND	COM	12811L107	1,217	135,271	SH		SOLE		131,771	0	3,500
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	2,787	250,621	SH		SOLE		234,971	0	15,650
CENTRAL SECS CORP	COM	155123102	1,921	85,863	SH		SOLE		80,043	0	5,820
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	935	73,364	SH		SOLE		63,757	0	9,607
COHEN & STEERS CLOSED END OP	COM	19248P106	1,838	143,059	SH		SOLE		125,759	0	17,300
COHEN & STEERS DIV MJRS FDIN	COM	19248G106	3,324	215,268	SH		SOLE		203,845	0	11,423
COHEN & STEERS LTD DUR PFD I	COM	19248C105	1,981	83,228	SH		SOLE		78,613	0	4,615
COHEN & STEERS SLT PFD INCM	COM	19248Y107	649	26,035	SH		SOLE		22,508	0	3,527
COLUMBIA SELIGM PREM TECH GR	COM	19842X109	392	24,785	SH		SOLE		24,125	0	660
CREDIT SUISSE ASSET MGMT INC	COM	224916106	1,949	540,010	SH		SOLE		489,228	0	50,782
DELAWARE ENHANCED GBL DIV &	COM	246060107	2,147	174,586	SH		SOLE		158,751	0	15,835
DELAWARE INVTS DIV & INCOME	COM	245915103	3,279	342,680	SH		SOLE		296,541	0	46,139
DENALI FD INC	COM	24823A102	3,851	188,215	SH		SOLE		176,205	0	12,010
DOUBLELINE INCOME SOLUTIONS	COM	258622109	756	35,650	SH		SOLE		35,150	0	500
DREYFUS MUN BD INFRSTRCTR FD	SHS	26203D101	346	30,816	SH		SOLE		30,816	0	0
DWS HIGH INCOME OPPORT FD IN	COM NEW	23339M204	400	27,361	SH		SOLE		26,361	0	1,000
DWS HIGH INCOME TR	SHS NEW	23337C208	807	85,862	SH		SOLE		77,762	0	8,100
DWS MULTI MKT INCOME TR	SHS	23338L108	876	92,126	SH		SOLE		88,926	0	3,200
DWS STRATEGIC INCOME TR	SHS	23338N104	826	64,368	SH		SOLE		61,768	0	2,600
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	367	20,082	SH		SOLE		18,882	0	1,200
EATON VANCE LTD DUR INCOME F	COM	27828H105	1,485	97,409	SH		SOLE		86,959	0	10,450
EATON VANCE SH TM DR DIVR IN	COM	27828V104	579	38,130	SH		SOLE		35,520	0	2,610
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	1,679	243,266	SH		SOLE		217,032	0	26,234
EATON VANCE TAX ADVT DIV INC	COM	27828G107	3,220	163,762	SH		SOLE		145,527	0	18,235
EATON VANCE TX ADV GLB DIV O	COM	27828U106	1,792	74,063	SH		SOLE		68,939	0	5,124
EATON VANCE TX ADV GLBL DIV	COM	27828S101	3,103	185,038	SH		SOLE		164,152	0	20,886
ELLSWORTH FUND LTD	COM	289074106	811	94,296	SH		SOLE		87,934	0	6,362
EUROPEAN EQUITY FUND	COM	298768102	2,143	236,568	SH		SOLE		215,356	0	21,212
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	803	57,574	SH		SOLE		54,014	0	3,560
FIRST TR DIVIDEND INCOME FD	COM	33731L100	1,181	135,284	SH		SOLE		130,984	0	4,300
FIRST TR ENHANCED EQTY INC F	COM	337318109	441	33,021	SH		SOLE		33,021	0	0
FIRST TR HIGH INCOME L/S FD	COM	33738E109	2,627	148,157	SH		SOLE		135,807	0	12,350
FIRST TR INTER DUR PFD & IN	COM	33718W103	765	34,539	SH		SOLE		34,019	0	520
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	201	12,595	SH		SOLE		11,183	0	1,412
FIRST TRUST SPECIALTY FINANC	COM BEN INTR	33733G109	244	31,681	SH		SOLE		29,481	0	2,200
FRANKLIN TEMPLETON LTD DUR I	COM	35472T101	144	11,000	SH		SOLE		11,000	0	0
FRANKLIN UNVL TR	SH BEN INT	355145103	1,456	202,438	SH		SOLE		170,398	0	32,040
GABELLI CONV&INCOM SECS FD I	COM	36240B109	127	20,548	SH		SOLE		16,048	0	4,500
GABELLI DIVD & INCOME TR	COM	36242H104	2,012	91,571	SH		SOLE		79,811	0	11,760
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	772	38,832	SH		SOLE		35,498	0	3,334
GENERAL AMERN INVS INC	COM	368802104	1,529	43,402	SH		SOLE		41,132	0	2,270
GUGGENHEIM ENHANCED EQUITY S	COM	40167K100	405	21,649	SH		SOLE		21,649	0	0
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	3,226	171,436	SH		SOLE		154,984	0	16,452
HANCOCK JOHN FINL OPPTYS FD	SH BEN INT NEW	409735206	720	29,897	SH		SOLE		28,737	0	1,160
HANCOCK JOHN PFD INCOME FD	SH BEN INT	41013W108	379	19,015	SH		SOLE		15,265	0	3,750
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	679	39,214	SH		SOLE		36,214	0	3,000
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	489	24,567	SH		SOLE		22,052	0	2,515
ING ASIA PAC HGH DIVID EQ IN	COM	44983J107	377	29,648	SH		SOLE		27,389	0	2,259
ING EMERGING MKTS HGH DIV EQ	COM	45685X104	288	24,100	SH		SOLE		23,100	0	1,000
ING GLBL ADV & PREM OPP FUND	COM	44982N109	2,505	209,420	SH		SOLE		196,720	0	12,700
ING GLOBAL EQTY DIV & PREM O	COM	45684E107	1,013	110,162	SH		SOLE		106,662	0	3,500
ING INTL HIGH DIVD EQTY INC	COM	45684Q100	478	52,127	SH		SOLE		49,827	0	2,300
ING PRIME RATE TR	SH BEN INT	44977W106	519	89,430	SH		SOLE		86,930	0	2,500
ING RISK MANAGED NAT RES FD	COM	449810100	466	44,097	SH		SOLE		43,500	0	597
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,261	97,443	SH		SOLE		88,643	0	8,800
INVESCO HIGH INCOME TR II	COM	46131F101	1,550	93,818	SH		SOLE		85,624	0	8,194
IVY HIGH INC OPPORTUNITIES F	COM	465893105	1,075	58,818	SH		SOLE		52,518	0	6,300
JAPAN EQUITY FD INC	COM	471057109	146	22,446	SH		SOLE		20,436	0	2,010
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	602	68,743	SH		SOLE		65,479	0	3,264
JPMORGAN CHINA REGION FD INC	COM	48126T104	520	36,508	SH		SOLE		34,608	0	1,900
KKR INCOME OPPORTUNITIES FD	COM	48249T106	2,585	144,763	SH		SOLE		132,864	0	11,899
LATIN AMERN DISCOVERY FD INC	COM	51828C106	216	16,793	SH		SOLE		15,934	0	859
LAZARD WORLD DIVID & INCOME	COM	521076109	663	47,583	SH		SOLE		44,783	0	2,800
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	4,277	727,368	SH		SOLE		669,140	0	58,228
LMP CORPORATE LN FD INC	COM	50208B100	389	32,045	SH		SOLE		29,345	0	2,700
LMP REAL ESTATE INCOME FD IN	COM	50208C108	512	47,415	SH		SOLE		47,415	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	808	97,647	SH		SOLE		79,995	0	17,652
MADISON STRTG SECTOR PREM FD	COM	558268108	270	22,167	SH		SOLE		21,667	0	500
MEXICO EQUITY & INCOME FD	COM	592834105	611	42,095	SH		SOLE		39,573	0	2,522
MFS INTER INCOME TR	SH BEN INT	55273C107	52	10,000	SH		SOLE		10,000	0	0
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	93	31,561	SH		SOLE		27,000	0	4,561
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	364	55,763	SH		SOLE		55,763	0	0
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	462	28,069	SH		SOLE		26,568	0	1,501
MORGAN STANLEY EM MKTS DM DE	COM	617477104	511	38,935	SH		SOLE		38,935	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	75	15,988	SH		SOLE		15,988	0	0
NEW GERMANY FD INC	COM	644465106	1,525	78,355	SH		SOLE		76,029	0	2,326
NEW IRELAND FUND INC	COM	645673104	554	38,535	SH		SOLE		31,619	0	6,916
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	148	12,644	SH		SOLE		12,644	0	0
NUVEEN EQTY PRM OPPORTUNITYF	COM	6706EM102	435	34,556	SH		SOLE		32,256	0	2,300
NUVEEN EQUITY PREM ADV FD	COM	6706ET107	1,498	118,038	SH		SOLE		116,068	0	1,970
NUVEEN EQUITY PREM INCOME FD	COM	6706ER101	1,838	145,381	SH		SOLE		141,378	0	4,003
NUVEEN FLOATING RATE INCOME	COM	67072T108	417	34,843	SH		SOLE		34,333	0	510
NUVEEN PFD INCOME OPPRTNY FD	COM	67073B106	201	21,600	SH		SOLE		21,600	0	0
NUVEEN QUALITY PFD INC FD 3	COM	67072W101	935	111,755	SH		SOLE		108,355	0	3,400
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	726	90,130	SH		SOLE		83,925	0	6,205
NUVEEN SHT DUR CR OPP FD	COM	67074X107	466	25,210	SH		SOLE		22,078	0	3,132
NUVEEN SR INCOME FD	COM	67067Y104	1,768	246,865	SH		SOLE		219,165	0	27,700
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	4,106	268,397	SH		SOLE		257,874	0	10,523
PIMCO DYNAMIC INCOME FD	SHS	72201Y101	571	18,843	SH		SOLE		18,013	0	830
PIMCO INCOME STRATEGY FUND	COM	72201H108	2,393	204,025	SH		SOLE		186,528	0	17,497
PIMCO INCOME STRATEGY FUND I	COM	72201J104	2,519	242,171	SH		SOLE		213,828	0	28,343
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	332	60,000	SH		SOLE		44,900	0	15,100
ROYCE FOCUS TR	COM	78080N108	1,285	161,478	SH		SOLE		150,063	0	11,415
ROYCE MICRO-CAP TR INC	COM	780915104	1,171	95,651	SH		SOLE		83,461	0	12,190
ROYCE VALUE TR INC	COM	780910105	1,665	105,817	SH		SOLE		103,237	0	2,580
SOURCE CAP INC	COM	836144105	2,338	34,041	SH		SOLE		30,755	0	3,286
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	368	22,667	SH		SOLE		22,667	0	0
STONE HBR EMERG MKTS TL INC	COM	86164W100	266	14,286	SH		SOLE		14,286	0	0
STRATEGIC GLOBAL INCOME FD	COM	862719101	197	21,336	SH		SOLE		15,719	0	5,617
SWISS HELVETIA FD INC	COM	870875101	713	49,561	SH		SOLE		45,280	0	4,281
TEMPLETON DRAGON FD INC	COM	88018T101	223	9,106	SH		SOLE		7,207	0	1,899
TRI CONTL CORP	COM	895436103	3,931	195,772	SH		SOLE		178,090	0	17,682
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	228	13,515	SH		SOLE		13,515	0	0
WELLS FARGO ADV GLB DIV OPP	COM	94987C103	750	95,283	SH		SOLE		83,533	0	11,750
WELLS FARGO ADVANTAGE UTILS	COM	94987E109	554	44,045	SH		SOLE		38,645	0	5,400
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	1,374	125,360	SH		SOLE		119,030	0	6,330
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	629	35,200	SH		SOLE		31,050	0	4,150
WESTERN ASSET MGD HI INCM FD	COM	95766L107	851	148,472	SH		SOLE		142,472	0	6,000
WESTERN ASSET PREMIER BD FD	SHS BEN INT	957664105	512	35,191	SH		SOLE		21,754	0	13,437
ZWEIG FD	COM NEW	989834205	1,300	85,613	SH		SOLE		79,051	0	6,562