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

OMB APPROVAL

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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 GLOBAL INCOME FD IN	COM	003013109	383	35,781	SH		SOLE		35,781	0	0
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	99	13,946	SH		SOLE		13,946	0	0
ADAMS EXPRESS CO	COM	006212104	2,210	158,549	SH		SOLE		155,699	0	2,850
ADVENT CLAY CONV SEC INC FD	COM	007639107	907	133,549	SH		SOLE		124,319	0	9,230
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	180	19,016	SH		SOLE		19,016	0	0
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	230	23,281	SH		SOLE		21,281	0	2,000
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	408	48,000	SH		SOLE		48,000	0	0
APOLLO SR FLOATING RATE FD I	COM	037636107	275	16,057	SH		SOLE		16,057	0	0
APOLLO TACTICAL INCOME FD IN	COM	037638103	1,463	84,555	SH		SOLE		77,855	0	6,700
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,470	144,970	SH		SOLE		136,570	0	8,400
ASIA PAC FD INC	COM	044901106	210	18,601	SH		SOLE		16,968	0	1,633
ASIA TIGERS FD INC	COM	04516T105	161	13,600	SH		SOLE		13,600	0	0
AVENUE INCOME CR STRATEGIES	COM	05358E106	3,298	196,302	SH		SOLE		177,305	0	18,997
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	300	25,321	SH		SOLE		23,281	0	2,040
BLACKROCK CR ALLCTN INC TR	COM	092508100	750	56,352	SH		SOLE		55,152	0	1,200
BLACKROCK DEBT STRAT FD INC	COM	09255R103	910	238,199	SH		SOLE		231,419	0	6,780
BLACKROCK DIVID INCOME TR	SHS	09250D109	259	19,764	SH		SOLE		18,564	0	1,200
BLACKROCK ENERGY & RES TR	COM	09250U101	312	13,024	SH		SOLE		9,824	0	3,200
BLACKROCK FLOAT RATE OME STR	COM	09255X100	805	57,281	SH		SOLE		53,750	0	3,531
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	3,196	226,501	SH		SOLE		198,281	0	28,220
BLACKROCK INCOME TR INC	COM	09247F100	257	40,433	SH		SOLE		40,433	0	0
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	618	82,060	SH		SOLE		76,860	0	5,200
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	3,895	240,861	SH		SOLE		228,622	0	12,239
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	180	10,138	SH		SOLE		8,559	0	1,579
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	2,516	150,683	SH		SOLE		144,063	0	6,620
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	2,399	142,973	SH		SOLE		134,263	0	8,710
BROOKFIELD GLOBL LISTED INFR	COM SHS	11273Q109	756	32,456	SH		SOLE		31,206	0	1,250
BROOKFIELD HIGH INCOME FD IN	COM	11272P102	198	21,093	SH		SOLE		21,093	0	0
BROOKFIELD MTG OPP INC FD IN	COM	112792106	204	12,008	SH		SOLE		11,508	0	500
CENTRAL SECS CORP	COM	155123102	2,096	91,211	SH		SOLE		86,191	0	5,020
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	1,653	115,491	SH		SOLE		105,709	0	9,782
CLOUGH GLOBAL EQUITY FD	COM	18914C100	502	35,007	SH		SOLE		34,007	0	1,000
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	3,359	281,534	SH		SOLE		263,685	0	17,849
COHEN & STEERS CLOSED END OP	COM	19248P106	248	19,018	SH		SOLE		19,018	0	0
COHEN & STEERS TOTAL RETURN	COM	19247R103	3,118	260,880	SH		SOLE		249,326	0	11,554
CREDIT SUISSE ASSET MGMT INC	COM	224916106	2,651	775,004	SH		SOLE		697,922	0	77,082
DELAWARE ENHANCED GBL DIV &	COM	246060107	2,670	222,103	SH		SOLE		207,238	0	14,865
DELAWARE INVTS DIV & INCOME	COM	245915103	2,073	210,487	SH		SOLE		195,385	0	15,102
DENALI FD INC	COM	24823A102	4,169	192,048	SH		SOLE		178,855	0	13,193
DEUTSCHE HIGH INCOME TR	SHS	25155R100	780	87,247	SH		SOLE		79,177	0	8,070
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	1,230	138,860	SH		SOLE		133,730	0	5,130
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	828	68,184	SH		SOLE		65,784	0	2,400
DOUBLELINE INCOME SOLUTIONS	COM	258622109	680	31,403	SH		SOLE		24,003	0	7,400
DOW 30SM ENHANCED PREM & INC	COM	260537105	442	33,135	SH		SOLE		33,135	0	0
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	1,669	170,481	SH		SOLE		151,053	0	19,428
EATON VANCE FLTING RATE INC	COM	278279104	574	39,426	SH		SOLE		39,426	0	0
EATON VANCE LTD DUR INCOME F	COM	27828H105	2,144	147,060	SH		SOLE		130,383	0	16,677
EATON VANCE SH TM DR DIVR IN	COM	27828V104	589	40,121	SH		SOLE		37,511	0	2,610
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	1,077	165,459	SH		SOLE		140,525	0	24,934
EATON VANCE TAX ADVT DIV INC	COM	27828G107	2,596	128,567	SH		SOLE		114,762	0	13,805
EATON VANCE TAX MNGED BUY WR	COM	27828X100	954	61,042	SH		SOLE		59,092	0	1,950
EATON VANCE TX ADV GLB DIV O	COM	27828U106	1,177	47,636	SH		SOLE		45,382	0	2,254
EATON VANCE TX ADV GLBL DIV	COM	27828S101	1,770	103,991	SH		SOLE		98,180	0	5,811
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	1,880	164,807	SH		SOLE		152,748	0	12,059
ELLSWORTH FUND LTD	COM	289074106	808	93,396	SH		SOLE		86,734	0	6,662
EUROPEAN EQUITY FUND	COM	298768102	2,484	302,558	SH		SOLE		281,346	0	21,212
FIRST TR DIVIDEND INCOME FD	COM	33731L100	2,454	271,108	SH		SOLE		256,216	0	14,892
FIRST TR ENHANCED EQTY INC F	COM	337318109	485	33,910	SH		SOLE		28,186	0	5,724
FIRST TR HIGH INCOME L/S FD	COM	33738E109	1,954	114,354	SH		SOLE		105,746	0	8,608
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	158	10,263	SH		SOLE		10,263	0	0
FRANKLIN LTD DURATION INC TR	COM	35472T101	225	18,202	SH		SOLE		15,480	0	2,722
FRANKLIN UNVL TR	SH BEN INT	355145103	1,699	241,952	SH		SOLE		201,912	0	40,040
GABELLI GLB SML & MD CP VAL	COM	36249W104	135	13,218	SH		SOLE		11,853	0	1,365
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	345	17,990	SH		SOLE		17,990	0	0
GENERAL AMERN INVS INC	COM	368802104	3,336	90,007	SH		SOLE		82,099	0	7,908
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	634	32,130	SH		SOLE		31,330	0	800
HANCOCK JOHN FINL OPPTYS FD	SH BEN INT NEW	409735206	201	9,028	SH		SOLE		8,638	0	390
HANCOCK JOHN PFD INCOME FD I	COM	41013X106	201	10,020	SH		SOLE		8,210	0	1,810
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	1,184	67,610	SH		SOLE		65,339	0	2,271
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	261	12,662	SH		SOLE		12,662	0	0
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,233	99,865	SH		SOLE		90,065	0	9,800
INVESCO HIGH INCOME TR II	COM	46131F101	2,087	134,112	SH		SOLE		125,471	0	8,641
IVY HIGH INC OPPORTUNITIES F	COM	465893105	902	52,196	SH		SOLE		49,996	0	2,200
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	686	70,808	SH		SOLE		67,544	0	3,264
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	509	29,126	SH		SOLE		28,226	0	900
JPMORGAN CHINA REGION FD INC	COM	48126T104	555	36,508	SH		SOLE		35,508	0	1,000
KKR INCOME OPPORTUNITIES FD	COM	48249T106	263	15,197	SH		SOLE		11,907	0	3,290
LATIN AMERN DISCOVERY FD INC	COM	51828C106	177	13,480	SH		SOLE		12,621	0	859
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	418	24,063	SH		SOLE		24,057	0	6
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	4,419	758,032	SH		SOLE		700,964	0	57,068
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	3,494	685,069	SH		SOLE		640,836	0	44,233
LMP CORPORATE LN FD INC	COM	50208B100	496	42,917	SH		SOLE		34,417	0	8,500
MADISON CVRED CALL & EQ STR	COM	557437100	1,722	205,037	SH		SOLE		197,514	0	7,523
MADISON STRTG SECTOR PREM FD	COM	558268108	1,587	128,102	SH		SOLE		121,202	0	6,900
MANAGED HIGH YIELD PLUS FD I	COM	561911108	460	230,999	SH		SOLE		211,999	0	19,000
MEXICO EQUITY & INCOME FD	COM	592834105	243	14,737	SH		SOLE		14,698	0	39
MFS CHARTER INCOME TR	SH BEN INT	552727109	2,423	273,464	SH		SOLE		242,271	0	31,193
MFS INTER INCOME TR	SH BEN INT	55273C107	879	175,449	SH		SOLE		151,249	0	24,200
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	565	207,702	SH		SOLE		187,140	0	20,562
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	71	11,070	SH		SOLE		11,070	0	0
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	316	19,364	SH		SOLE		19,035	0	329
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	281	21,800	SH		SOLE		21,800	0	0
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	135	27,988	SH		SOLE		27,988	0	0
NEW IRELAND FUND INC	COM	645673104	628	49,599	SH		SOLE		41,788	0	7,811
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	3,532	205,728	SH		SOLE		190,765	0	14,963
NUVEEN DIVER CURRENCY OPPOR	COM	67090N109	283	26,508	SH		SOLE		26,508	0	0
NUVEEN EQUITY PREM & GROWTH	COM	6706EW100	2,127	151,255	SH		SOLE		143,955	0	7,300
NUVEEN EQUITY PREM ADV FD	COM	6706ET107	903	69,121	SH		SOLE		63,181	0	5,940
NUVEEN FLEXIBLE INVT INCOME	COM	67075B104	304	17,388	SH		SOLE		13,888	0	3,500
NUVEEN GLOBAL EQUITY INCOME	COM	6706EH103	1,593	119,267	SH		SOLE		107,167	0	12,100
NUVEEN INTER DURATION MN TMF	COM	670671106	209	16,725	SH		SOLE		16,725	0	0
NUVEEN QUALITY PFD INC FD 3	COM	67072W101	914	109,255	SH		SOLE		105,855	0	3,400
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	1,444	177,221	SH		SOLE		157,546	0	19,675
NUVEEN QUALITY PFD INCOME FD	COM	67072C105	555	63,775	SH		SOLE		53,775	0	10,000
NUVEEN SHT DUR CR OPP FD	COM	67074X107	207	12,115	SH		SOLE		11,288	0	827
NUVEEN SR INCOME FD	COM	67067Y104	1,926	287,920	SH		SOLE		273,920	0	14,000
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	2,395	154,796	SH		SOLE		141,606	0	13,190
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	2,757	199,027	SH		SOLE		187,136	0	11,891
PIMCO INCOME STRATEGY FUND I	COM	72201J104	1,709	162,296	SH		SOLE		143,403	0	18,893
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	1,288	77,014	SH		SOLE		70,334	0	6,680
PUTMAN HIGH INCOME SEC FUND	SHS BEN INT	746779107	410	49,314	SH		SOLE		49,314	0	0
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	171	34,002	SH		SOLE		26,302	0	7,700
ROYCE FOCUS TR	COM	78080N108	1,013	128,659	SH		SOLE		117,140	0	11,519
ROYCE GLOBAL VALUE TR INC	COM	78081T104	973	111,765	SH		SOLE		108,180	0	3,585
ROYCE VALUE TR INC	COM	780910105	339	23,365	SH		SOLE		20,365	0	3,000
SOURCE CAP INC	COM	836144105	2,539	39,073	SH		SOLE		36,847	0	2,226
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	2,451	147,057	SH		SOLE		133,637	0	13,420
STRATEGIC GLOBAL INCOME FD	COM	862719101	254	28,755	SH		SOLE		23,438	0	5,317
SWISS HELVETIA FD INC	COM	870875101	553	40,909	SH		SOLE		36,095	0	4,814
TEMPLETON EMERG MKTS INCOME	COM	880192109	331	25,989	SH		SOLE		25,989	0	0
TRI CONTL CORP	COM	895436103	3,932	188,382	SH		SOLE		169,082	0	19,300
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	372	21,810	SH		SOLE		21,010	0	800
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	557	44,048	SH		SOLE		43,548	0	500
VOYA EMERGING MKTS HIGH DIVI	COM	92912P108	131	11,098	SH		SOLE		8,498	0	2,600
WELLS FARGO ADVANTAGE INCOME	COM SHS	94987B105	1,506	166,443	SH		SOLE		157,843	0	8,600
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	770	55,185	SH		SOLE		51,685	0	3,500
WESTERN ASSET EMRG MKT INCM	COM	95766E103	171	14,253	SH		SOLE		14,253	0	0
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	1,249	120,091	SH		SOLE		116,561	0	3,530
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	1,476	88,853	SH		SOLE		81,247	0	7,606
WESTERN ASSET MGD HI INCM FD	COM	95766L107	933	168,801	SH		SOLE		151,774	0	17,027
WESTERN ASSET PREMIER BD FD	SHS BEN INT	957664105	180	12,564	SH		SOLE		12,564	0	0
WESTERN ASSET WORLDWIDE INCO	COM	957668106	138	11,238	SH		SOLE		7,818	0	3,420