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	1,360	244,998	SH		SOLE		230,998	0	14,000
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	1,787	185,948	SH		SOLE		182,586	0	3,362
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	94	13,946	SH		SOLE		13,946	0	0
ADVENT CLAY CONV SEC INC FD	COM	007639107	635	100,738	SH		SOLE		100,508	0	230
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	671	41,057	SH		SOLE		39,837	0	1,220
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	236	26,506	SH		SOLE		26,506	0	0
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	1,919	154,370	SH		SOLE		128,290	0	26,080
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	2,342	146,360	SH		SOLE		135,757	0	10,603
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	109	11,055	SH		SOLE		9,055	0	2,000
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	764	90,015	SH		SOLE		72,815	0	17,200
APOLLO TACTICAL INCOME FD IN	COM	037638103	1,095	68,629	SH		SOLE		56,849	0	11,780
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	1,260	79,677	SH		SOLE		77,067	0	2,610
ASIA PAC FD INC	COM	044901106	180	16,001	SH		SOLE		14,368	0	1,633
AVENUE INCOME CR STRATEGIES	COM	05358E106	1,628	107,719	SH		SOLE		102,719	0	5,000
BLACKROCK CR ALLCTN INC TR	COM	092508100	681	52,710	SH		SOLE		45,710	0	7,000
BLACKROCK DEBT STRAT FD INC	COM	09255R103	992	266,686	SH		SOLE		264,186	0	2,500
BLACKROCK ENH CAP & INC FD I	COM	09256A109	1,560	111,634	SH		SOLE		100,734	0	10,900
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	525	64,691	SH		SOLE		58,503	0	6,188
BLACKROCK FLOAT RATE OME STR	COM	09255X100	356	26,622	SH		SOLE		23,722	0	2,900
BLACKROCK FLOATING RATE INCO	COM	091941104	146	11,380	SH		SOLE		11,380	0	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	2,829	215,489	SH		SOLE		199,505	0	15,984
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	2,696	171,527	SH		SOLE		167,016	0	4,511
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	675	40,272	SH		SOLE		37,272	0	3,000
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	1,592	102,496	SH		SOLE		95,776	0	6,720
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	374	22,709	SH		SOLE		22,709	0	0
CALAMOS GBL DYN INCOME FUND	COM	12811L107	591	64,001	SH		SOLE		60,001	0	4,000
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	3,550	310,336	SH		SOLE		291,556	0	18,780
CBRE CLARION GLOBAL REAL EST	COM	12504G100	289	32,140	SH		SOLE		26,527	0	5,613
CENTRAL SECS CORP	COM	155123102	2,097	95,449	SH		SOLE		90,679	0	4,770
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	1,191	80,652	SH		SOLE		76,248	0	4,404
CLOUGH GLOBAL EQUITY FD	COM	18914C100	281	19,373	SH		SOLE		18,373	0	1,000
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,158	90,350	SH		SOLE		88,144	0	2,206
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	242	10,664	SH		SOLE		10,664	0	0
COHEN & STEERS LTD DUR PFD I	COM	19248C105	593	26,163	SH		SOLE		21,763	0	4,400
COHEN & STEERS QUALITY RLTY	COM	19247L106	311	25,500	SH		SOLE		24,340	0	1,160
COHEN & STEERS REIT & PFD IN	COM	19247X100	322	16,950	SH		SOLE		14,200	0	2,750
CREDIT SUISSE ASSET MGMT INC	COM	224916106	1,213	368,742	SH		SOLE		333,760	0	34,982
CREDIT SUISSE HIGH YLD BND F	SH BEN INT	22544F103	192	68,629	SH		SOLE		68,629	0	0
DELAWARE ENHANCED GBL DIV &	COM	246060107	2,751	244,143	SH		SOLE		231,551	0	12,592
DELAWARE INVTS DIV & INCOME	COM	245915103	1,428	144,994	SH		SOLE		130,951	0	14,043
DENALI FD INC	COM	24823A102	4,544	201,151	SH		SOLE		187,162	0	13,989
DEUTSCHE HIGH INCOME TR	SHS	25155R100	164	18,800	SH		SOLE		16,630	0	2,170
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	587	68,846	SH		SOLE		67,546	0	1,300
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	228	19,691	SH		SOLE		19,391	0	300
DOUBLELINE INCOME SOLUTIONS	COM	258622109	4,079	204,968	SH		SOLE		182,456	0	22,512
DREYFUS HIGH YIELD STRATEGIE	SH BEN INT	26200S101	558	154,606	SH		SOLE		133,206	0	21,400
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	1,899	193,546	SH		SOLE		185,246	0	8,300
EATON VANCE ENH EQTY INC FD	COM	278277108	167	12,054	SH		SOLE		12,054	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	208	15,052	SH		SOLE		13,252	0	1,800
EATON VANCE LTD DUR INCOME F	COM	27828H105	3,033	214,783	SH		SOLE		202,203	0	12,580
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	3,012	282,563	SH		SOLE		256,200	0	26,363
EATON VANCE SH TM DR DIVR IN	COM	27828V104	359	25,375	SH		SOLE		25,375	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	673	107,926	SH		SOLE		98,626	0	9,300
EATON VANCE TAX ADVT DIV INC	COM	27828G107	580	27,893	SH		SOLE		25,633	0	2,260
EATON VANCE TAX-ADV BD & OPT	COM SH BEN INT	27829M103	471	37,129	SH		SOLE		35,579	0	1,550
EATON VANCE TX ADV GLBL DIV	COM	27828S101	4,643	287,166	SH		SOLE		279,250	0	7,916
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	352	31,555	SH		SOLE		31,555	0	0
EATON VANCE TXMGD GL BUYWR O	COM	27829C105	2,208	200,398	SH		SOLE		191,698	0	8,700
ELLSWORTH FUND LTD	COM	289074106	578	66,318	SH		SOLE		63,912	0	2,406
EUROPEAN EQUITY FUND	COM	298768102	2,428	294,998	SH		SOLE		272,389	0	22,609
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	1,551	128,847	SH		SOLE		119,097	0	9,750
FIRST TR DIVIDEND INCOME FD	COM	33731L100	3,001	324,104	SH		SOLE		298,475	0	25,629
FIRST TR HIGH INCOME L/S FD	COM	33738E109	1,572	98,247	SH		SOLE		94,347	0	3,900
FIRST TR INTER DUR PFD & IN	COM	33718W103	284	12,514	SH		SOLE		12,514	0	0
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	424	29,255	SH		SOLE		25,905	0	3,350
FRANKLIN LTD DURATION INC TR	COM	35472T101	342	28,080	SH		SOLE		28,080	0	0
FRANKLIN UNVL TR	SH BEN INT	355145103	1,125	158,494	SH		SOLE		127,729	0	30,765
GABELLI EQUITY TR INC	COM	362397101	2,694	416,450	SH		SOLE		377,150	0	39,300
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	202	10,390	SH		SOLE		8,890	0	1,500
GUGGENHEIM ENHANCED EQUITY S	COM	40167K100	971	54,766	SH		SOLE		53,609	0	1,157
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	1,319	152,612	SH		SOLE		139,712	0	12,900
HANCOCK JOHN FINL OPPTYS FD	SH BEN INT NEW	409735206	457	19,382	SH		SOLE		18,992	0	390
HANCOCK JOHN INVS TR	COM	410142103	315	17,784	SH		SOLE		17,284	0	500
HANCOCK JOHN PREMUIM DIV FD	COM SH BEN INT	41013T105	258	18,750	SH		SOLE		16,220	0	2,530
INVESCO DYNAMIC CR OPP FD	COM	46132R104	450	37,998	SH		SOLE		37,398	0	600
INVESCO HIGH INCOME TR II	COM	46131F101	816	54,359	SH		SOLE		53,969	0	390
IVY HIGH INC OPPORTUNITIES F	COM	465893105	205	12,955	SH		SOLE		12,955	0	0
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	275	30,612	SH		SOLE		27,348	0	3,264
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	1,572	96,312	SH		SOLE		87,930	0	8,382
JPMORGAN CHINA REGION FD INC	COM	48126T104	638	37,708	SH		SOLE		36,708	0	1,000
KKR INCOME OPPORTUNITIES FD	COM	48249T106	1,477	91,276	SH		SOLE		77,814	0	13,462
LATIN AMERN DISCOVERY FD INC	COM	51828C106	144	12,947	SH		SOLE		12,421	0	526
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	657	41,553	SH		SOLE		41,227	0	326
LAZARD WORLD DIVID & INCOME	COM	521076109	1,456	111,167	SH		SOLE		103,467	0	7,700
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	3,975	664,744	SH		SOLE		619,331	0	45,413
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	4,994	967,880	SH		SOLE		923,108	0	44,772
LMP CAP & INCOME FD INC	COM	50208A102	220	13,127	SH		SOLE		13,127	0	0
MADISON CVRED CALL & EQ STR	COM	557437100	1,521	186,891	SH		SOLE		179,668	0	7,223
MADISON STRTG SECTOR PREM FD	COM	558268108	1,112	93,653	SH		SOLE		88,832	0	4,821
MANAGED HIGH YIELD PLUS FD I	COM	561911108	368	204,678	SH		SOLE		184,978	0	19,700
MEXICO EQUITY & INCOME FD	COM	592834105	247	19,554	SH		SOLE		19,554	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	132	14,400	SH		SOLE		14,400	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	388	81,092	SH		SOLE		69,592	0	11,500
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	672	252,521	SH		SOLE		235,262	0	17,259
MORGAN STANLEY EM MKTS DM DE	COM	617477104	119	11,300	SH		SOLE		11,300	0	0
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	293	23,835	SH		SOLE		22,935	0	900
NEUBERGER BERMAN RE ES SEC F	COM	64190A103	175	33,000	SH		SOLE		33,000	0	0
NEW IRELAND FUND INC	COM	645673104	482	38,232	SH		SOLE		32,346	0	5,886
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	735	62,441	SH		SOLE		60,351	0	2,090
NUVEEN FLEXIBLE INVT INCOME	COM	67075B104	812	49,598	SH		SOLE		43,688	0	5,910
NUVEEN GLOBAL EQUITY INCOME	COM	6706EH103	838	64,438	SH		SOLE		58,738	0	5,700
NUVEEN PFD & INCOME TERM FD	COM	67075A106	504	22,450	SH		SOLE		17,510	0	4,940
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	542	67,204	SH		SOLE		67,204	0	0
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	1,958	161,674	SH		SOLE		146,347	0	15,327
NUVEEN SR INCOME FD	COM	67067Y104	558	85,150	SH		SOLE		85,150	0	0
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	1,961	121,402	SH		SOLE		116,472	0	4,930
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	4,751	357,507	SH		SOLE		332,874	0	24,633
PIMCO DYNAMIC CR INCOME FD	COM SHS	72202D106	251	12,157	SH		SOLE		11,657	0	500
PIMCO INCOME STRATEGY FUND I	COM	72201J104	2,025	206,444	SH		SOLE		186,511	0	19,933
PIONEER DIV HIGH INCOME TRUS	COM	723653101	1,633	91,987	SH		SOLE		88,207	0	3,780
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	203	12,763	SH		SOLE		12,363	0	400
PUTMAN HIGH INCOME SEC FUND	SHS BEN INT	746779107	128	15,747	SH		SOLE		15,747	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	592	112,765	SH		SOLE		102,765	0	10,000
ROYCE FOCUS TR	COM	78080N108	2,169	298,331	SH		SOLE		264,460	0	33,871
ROYCE GLOBAL VALUE TR INC	COM	78081T104	925	115,017	SH		SOLE		115,017	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	111	11,000	SH		SOLE		0	0	11,000
ROYCE VALUE TR INC	COM	780910105	778	54,322	SH		SOLE		50,052	0	4,270
SOURCE CAP INC	COM	836144105	1,513	21,182	SH		SOLE		19,927	0	1,255
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	2,317	150,733	SH		SOLE		141,578	0	9,155
TEMPLETON EMERG MKTS INCOME	COM	880192109	186	16,445	SH		SOLE		16,445	0	0
TRI CONTL CORP	COM	895436103	3,578	167,125	SH		SOLE		150,525	0	16,600
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	911	57,460	SH		SOLE		52,745	0	4,715
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	347	30,324	SH		SOLE		29,824	0	500
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	150	13,055	SH		SOLE		13,055	0	0
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	2,740	329,354	SH		SOLE		293,072	0	36,282
VOYA RISK MANAGED NAT RES FD	COM	92913C106	86	10,346	SH		SOLE		10,346	0	0
WELLS FARGO ADV GLB DIV OPP	COM	94987C103	737	98,433	SH		SOLE		98,433	0	0
WELLS FARGO ADVANTAGE INCOME	COM SHS	94987B105	1,354	152,340	SH		SOLE		127,410	0	24,930
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	471	34,530	SH		SOLE		34,530	0	0
WESTERN ASSET GLB HI INCOME	COM	95766B109	2,335	210,323	SH		SOLE		179,883	0	30,440
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	1,659	169,300	SH		SOLE		158,040	0	11,260
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	408	25,871	SH		SOLE		24,871	0	1,000
WESTERN ASSET HIGH INCM FD I	COM	95766J102	712	85,700	SH		SOLE		85,700	0	0
WESTERN ASSET HIGH INCM OPP	COM	95766K109	999	186,052	SH		SOLE		168,552	0	17,500
WESTERN ASSET MGD HI INCM FD	COM	95766L107	498	97,481	SH		SOLE		69,381	0	28,100
ZWEIG FD	COM NEW	989834205	3,437	222,322	SH		SOLE		208,192	0	14,130