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 GLOBAL INCOME FD IN	COM	003013109	2,150	231,190	SH		SOLE		216,299	0	14,891
ADVENT CLAY CONV SEC INC FD	COM	007639107	1,023	152,208	SH		SOLE		103,094	0	49,114
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	832	48,153	SH		SOLE		46,933	0	1,220
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	2,017	160,476	SH		SOLE		137,458	0	23,018
ALLIANZGI EQUITY & CONV INCO	COM	018829101	664	33,518	SH		SOLE		29,318	0	4,200
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	559	34,274	SH		SOLE		32,241	0	2,033
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	536	52,008	SH		SOLE		49,802	0	2,206
ALPINE GLOBAL PREMIER PPTYS	COM SBI	02083A103	130	19,000	SH		SOLE		19,000	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	404	45,315	SH		SOLE		31,115	0	14,200
APOLLO TACTICAL INCOME FD IN	COM	037638103	1,486	91,047	SH		SOLE		77,136	0	13,911
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,135	131,307	SH		SOLE		128,247	0	3,060
ASIA PAC FD INC	COM	044901106	163	14,001	SH		SOLE		13,368	0	633
AVENUE INCOME CR STRATEGIES	COM	05358E106	152	10,037	SH		SOLE		9,088	0	949
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	1,973	176,785	SH		SOLE		169,024	0	7,761
BLACKROCK DEBT STRAT FD INC	COM	09255R103	237	63,476	SH		SOLE		63,476	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	303	21,766	SH		SOLE		21,766	0	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	1,104	79,547	SH		SOLE		76,757	0	2,790
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	769	108,477	SH		SOLE		104,634	0	3,843
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	3,038	192,414	SH		SOLE		188,221	0	4,193
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	1,715	106,248	SH		SOLE		103,018	0	3,230
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	195	12,040	SH		SOLE		10,780	0	1,260
BOULDER GROWTH & INCOME FD I	COM	101507101	4,711	549,715	SH		SOLE		519,793	0	29,922
BROOKFIELD GLOBL LISTED INFR	COM SHS	11273Q109	229	11,252	SH		SOLE		11,252	0	0
BROOKFIELD HIGH INCOME FD IN	COM	11272P102	286	32,450	SH		SOLE		31,483	0	967
CALAMOS GBL DYN INCOME FUND	COM	12811L107	2,352	267,594	SH		SOLE		246,834	0	20,760
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	2,524	224,226	SH		SOLE		211,560	0	12,666
CENTRAL SECS CORP	COM	155123102	1,927	88,404	SH		SOLE		83,361	0	5,043
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,061	85,156	SH		SOLE		78,876	0	6,280
COHEN & STEERS LTD DUR PFD I	COM	19248C105	526	21,846	SH		SOLE		20,638	0	1,208
COHEN & STEERS REIT & PFD IN	COM	19247X100	330	16,950	SH		SOLE		14,200	0	2,750
CREDIT SUISSE ASSET MGMT INC	COM	224916106	2,389	744,228	SH		SOLE		680,277	0	63,951
CREDIT SUISSE HIGH YLD BND F	SH BEN INT	22544F103	718	258,233	SH		SOLE		241,048	0	17,185
DELAWARE ENHANCED GBL DIV &	COM	246060107	3,143	274,058	SH		SOLE		259,161	0	14,897
DELAWARE INVTS DIV & INCOME	COM	245915103	2,123	211,027	SH		SOLE		192,418	0	18,609
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	719	85,039	SH		SOLE		82,878	0	2,161
DOUBLELINE INCOME SOLUTIONS	COM	258622109	2,244	113,066	SH		SOLE		100,839	0	12,227
DREYFUS HIGH YIELD STRATEGIE	SH BEN INT	26200S101	2,554	699,794	SH		SOLE		630,370	0	69,424
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	2,334	238,849	SH		SOLE		223,706	0	15,143
EATON VANCE LTD DUR INCOME F	COM	27828H105	2,773	192,687	SH		SOLE		180,167	0	12,520
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	3,879	358,467	SH		SOLE		331,492	0	26,975
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	883	135,569	SH		SOLE		124,217	0	11,352
EATON VANCE TAX ADVT DIV INC	COM	27828G107	446	21,621	SH		SOLE		20,877	0	744
EATON VANCE TAX-ADV BD & OPT	COM SH BEN INT	27829M103	1,454	113,508	SH		SOLE		94,940	0	18,568
EATON VANCE TX ADV GLBL DIV	COM	27828S101	1,842	108,602	SH		SOLE		107,602	0	1,000
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	1,101	97,043	SH		SOLE		94,152	0	2,891
EUROPEAN EQUITY FUND	COM	298768102	1,727	197,153	SH		SOLE		184,134	0	13,019
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	1,947	166,126	SH		SOLE		156,376	0	9,750
FIRST TR DIVIDEND INCOME FD	COM	33731L100	3,253	367,545	SH		SOLE		343,167	0	24,378
FIRST TR ENHANCED EQTY INC F	COM	337318109	525	36,485	SH		SOLE		36,485	0	0
FIRST TR HIGH INCOME L/S FD	COM	33738E109	1,125	68,699	SH		SOLE		65,929	0	2,770
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	1,813	127,519	SH		SOLE		122,176	0	5,343
GABELLI DIVD & INCOME TR	COM	36242H104	4,005	189,001	SH		SOLE		178,253	0	10,748
GABELLI EQUITY TR INC	COM	362397101	3,255	500,777	SH		SOLE		465,926	0	34,851
GABELLI HLTHCARE & WELLNESS	SHS	36246K103	707	62,811	SH		SOLE		55,302	0	7,509
GUGGENHEIM ENHANCED EQUITY S	COM	40167K100	1,054	59,947	SH		SOLE		59,338	0	609
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	798	94,403	SH		SOLE		85,803	0	8,600
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	941	48,241	SH		SOLE		46,216	0	2,025
HANCOCK JOHN INVS TR	COM	410142103	219	12,481	SH		SOLE		10,460	0	2,021
HANCOCK JOHN PFD INCOME FD	SH BEN INT	41013W108	733	34,626	SH		SOLE		31,076	0	3,550
HANCOCK JOHN PFD INCOME FD I	COM	41013X106	307	14,639	SH		SOLE		13,342	0	1,297
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	851	39,837	SH		SOLE		38,314	0	1,523
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,293	108,009	SH		SOLE		103,649	0	4,360
INVESCO HIGH INCOME TR II	COM	46131F101	1,150	76,037	SH		SOLE		75,340	0	697
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	392	39,412	SH		SOLE		36,148	0	3,264
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	2,429	147,938	SH		SOLE		136,731	0	11,207
JPMORGAN CHINA REGION FD INC	COM	48126T104	672	37,208	SH		SOLE		36,708	0	500
KKR INCOME OPPORTUNITIES FD	COM	48249T106	1,201	72,951	SH		SOLE		59,203	0	13,748
LATIN AMERN DISCOVERY FD INC	COM	51828C106	112	11,332	SH		SOLE		10,806	0	526
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	267	16,515	SH		SOLE		16,515	0	0
LAZARD WORLD DIVID & INCOME	COM	521076109	2,448	193,693	SH		SOLE		187,593	0	6,100
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	4,263	729,888	SH		SOLE		693,818	0	36,070
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	5,651	1,082,538	SH		SOLE		1,013,698	0	68,840
MADISON STRTG SECTOR PREM FD	COM	558268108	910	75,578	SH		SOLE		74,656	0	922
MANAGED HIGH YIELD PLUS FD I	COM	561911108	435	226,449	SH		SOLE		223,013	0	3,436
MEXICO EQUITY & INCOME FD	COM	592834105	210	16,974	SH		SOLE		16,974	0	0
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	325	58,105	SH		SOLE		56,323	0	1,782
MFS INTER INCOME TR	SH BEN INT	55273C107	565	116,092	SH		SOLE		94,754	0	21,338
MORGAN STANLEY CHINA A SH FD	COM	617468103	287	8,725	SH		SOLE		7,725	0	1,000
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	507	41,097	SH		SOLE		39,597	0	1,500
NEW IRELAND FUND INC	COM	645673104	363	27,852	SH		SOLE		23,866	0	3,986
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	208	12,116	SH		SOLE		11,716	0	400
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	199	16,280	SH		SOLE		16,280	0	0
NUVEEN DOW 30 DYN OVERWRITE	SHS	67075F105	1,329	87,594	SH		SOLE		82,213	0	5,381
NUVEEN FLEXIBLE INVT INCOME	COM	67075B104	228	13,314	SH		SOLE		13,045	0	269
NUVEEN GLOBAL EQUITY INCOME	COM	6706EH103	404	31,324	SH		SOLE		29,824	0	1,500
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	1,431	83,850	SH		SOLE		75,883	0	7,967
NUVEEN MTG OPPTY TERM FD 2	COM	67074R100	238	10,512	SH		SOLE		8,329	0	2,183
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	1,177	62,751	SH		SOLE		51,362	0	11,389
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	159	18,582	SH		SOLE		18,582	0	0
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	1,165	91,017	SH		SOLE		84,696	0	6,321
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	627	44,849	SH		SOLE		41,201	0	3,648
NUVEEN SR INCOME FD	COM	67067Y104	778	116,828	SH		SOLE		116,828	0	0
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	4,022	297,021	SH		SOLE		281,935	0	15,086
PIMCO DYNAMIC CR INCOME FD	COM SHS	72202D106	586	28,709	SH		SOLE		28,209	0	500
PIMCO DYNAMIC INCOME FD	SHS	72201Y101	1,326	45,713	SH		SOLE		41,071	0	4,642
PIMCO INCOME STRATEGY FUND I	COM	72201J104	477	47,461	SH		SOLE		42,544	0	4,917
PIONEER DIV HIGH INCOME TRUS	COM	723653101	3,296	189,006	SH		SOLE		179,251	0	9,755
PIONEER FLOATING RATE TR	COM	72369J102	215	18,500	SH		SOLE		18,500	0	0
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	225	13,828	SH		SOLE		12,202	0	1,626
PUTMAN HIGH INCOME SEC FUND	SHS BEN INT	746779107	261	31,982	SH		SOLE		28,551	0	3,431
RMR REAL ESTATE INCOME FUND	COM	76970B101	297	14,089	SH		SOLE		14,089	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	953	118,384	SH		SOLE		116,552	0	1,832
ROYCE MICRO-CAP TR INC	COM	780915104	1,273	130,028	SH		SOLE		124,900	0	5,128
ROYCE VALUE TR INC	COM	780910105	1,395	97,384	SH		SOLE		85,648	0	11,736
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	4,089	265,178	SH		SOLE		253,050	0	12,128
SPROTT FOCUS TR INC	COM	85208J109	4,064	559,749	SH		SOLE		518,996	0	40,753
STONE HBR EMERG MKTS TL INC	COM	86164W100	614	42,417	SH		SOLE		40,663	0	1,754
SWISS HELVETIA FD INC	COM	870875101	385	33,335	SH		SOLE		30,982	0	2,353
TEMPLETON EMERG MKTS INCOME	COM	880192109	225	20,875	SH		SOLE		16,875	0	4,000
TRI CONTL CORP	COM	895436103	2,406	110,927	SH		SOLE		96,021	0	14,906
VIRTUS TOTAL RETURN FD	COM	92829A103	47	10,389	SH		SOLE		10,389	0	0
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	349	30,172	SH		SOLE		29,672	0	500
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	2,331	280,215	SH		SOLE		247,184	0	33,031
VOYA INTL HIGH DIVID EQTY IN	COM	92912Y109	129	16,000	SH		SOLE		15,140	0	860
WELLS FARGO ADV GLB DIV OPP	COM	94987C103	423	56,123	SH		SOLE		49,329	0	6,794
WELLS FARGO ADVANTAGE INCOME	COM SHS	94987B105	750	85,178	SH		SOLE		79,255	0	5,923
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	1,271	95,202	SH		SOLE		87,878	0	7,324
WESTERN ASSET EMRG MKT DEBT	COM	95766A101	192	12,180	SH		SOLE		12,180	0	0
WESTERN ASSET GLB HI INCOME	COM	95766B109	3,099	278,908	SH		SOLE		242,858	0	36,050
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	1,863	194,645	SH		SOLE		185,199	0	9,446
WESTERN ASSET HIGH INCM FD I	COM	95766J102	1,437	178,904	SH		SOLE		176,042	0	2,862
WESTERN ASSET HIGH INCM OPP	COM	95766K109	1,685	316,728	SH		SOLE		284,924	0	31,804
WESTERN ASSET MGD HI INCM FD	COM	95766L107	648	125,363	SH		SOLE		97,263	0	28,100
ZWEIG FD	COM NEW	989834205	1,704	110,763	SH		SOLE		100,387	0	10,376